Finding the right secured credit card can feel overwhelming, especially if you have bad credit.
This First Latitude Credit Card review will help you understand how this card works and determine if it’s right for you.
- Low-security deposit starting at $100
- Earn 1% back for each payment made
- No minimum credit score requirement
- Reports to all three credit bureaus
- Has a high APR of 24.49%
- Charges a $19.95 set-up fee
- Charges a $25 annual fee the first year, then $35
Apply for the First Latitude Card
The First Latitude credit card is a secured credit card with fewer benefits than others, but here’s what you can look forward to with this card.
Unlike most secured credit cards, the security deposit is low with the First Latitude credit card. You need only $100 to open a credit card. Now, this means your credit line is only $100, but if that’s all you have to put toward it, you can start building credit with $1 at a time.
Most reward credit cards pay you when you make purchases, but the First Latitude credit card rewards you for making payments instead. Each time you make a payment, you’ll earn 1% of the payment as cashback rewards. You can redeem the points for a credit card statement credit.
If you need a secured credit card, chances are you don’t have good credit, or maybe you haven’t built credit yet. This doesn’t matter with the First Latitude credit card. They don’t require a minimum credit score.
The point of a credit building credit card is to report your activity to the credit bureaus.
Fortunately, First Latitude reports your history to all three credit bureaus. Using your credit card wisely, making payments on time, and not overextending your credit line can help you build credit.
The First Latitude credit card has some downsides you must consider.
There isn’t much you can do with a $100 credit line. While it’s nice that they allow this low of a security deposit, it doesn’t leave much for use to help you build a credit score.
Ideally, you shouldn’t have a balance that exceeds 30% of your credit line, which means only $30, which isn’t enough to do much.
The First Latitude credit card has some high fees that you might avoid if you look at your alternatives. The fees include:
- $19.95 set-up fee that you must pay within 30 days of opening the card or they withdraw your application, which increases your up-front fees to $119.95, including the minimum $100 security deposit
- Annual fee of $25 for the first year; the fee increases to $35 annually, even if you don’t use the card
- Cash advance fee equal to $10 or 3% of the amount, whichever is greater
- Late payment fee of $41
- Returned payment fee of $30
The cashback rewards are a nice incentive to pay your bill, but you cannot cash them in until you have 500 points. This is equal to a $5 credit card statement credit.
The First Latitude credit card is best for people who don’t have a credit score yet since First Latitude doesn’t require a specific credit score. However, I would use it to build credit for the first year, pay my bill off, and receive my security deposit back.
The fees are high but not excessive. The $19.95 set-up fee is something most cards don’t have, but then again, they accept any credit score, so it’s a small price to pay to start building your credit if you don’t qualify for other alternatives, as I discuss below.
The First Latitude credit card isn’t the worst credit card, but it’s not the best, either. Here are some alternatives to compare it to.
The Discover it® secured credit card doesn’t have an annual or set-up fee, and credit lines start at $200, with a $200 security deposit.
The card pays 2% back on gas and restaurant purchases up to $1,000 per quarter and 1% on everything else. Discover also matches your cashback earned for the first year, dollar for dollar.
The Capital One Platinum Secured credit card doesn’t have an annual fee and allows security deposits of $49, $99, or $200 for a $200 credit line. It depends on your credit score and qualifying factors.
The APR on this card is high at 30.74% versus the First Latitude APR of 24.49%, but there are much lower fees.
The Capital One Quicksilver Secured credit card also doesn’t have an annual fee but requires at least a $200 security deposit. Cardholders earn an unlimited 1.5% back on all purchases, but the APR, like on the Capital One Platinum card, is high at 30.74%.
The OpenSky® Plus Secured Visa® credit card doesn’t have an annual fee and doesn’t require a credit check for approval. The minimum security deposit is $300, and they report to all three credit bureaus.
After six months, they’ll reassess to see if you qualify for a higher credit line or if you can graduate to an unsecured card.
The Avant credit card has a $39 annual fee, offers an initial credit line of $300, and has a high 31.24% APR.
The tradeoff is that you don’t need a security deposit, and they automatically determine if you can have a higher credit limit when you use the card. There are no hidden fees, but they do a hard credit check to determine if you qualify.
The UNITY Visa® Secured credit card shares information with the three credit bureaus. The card also has a $39 annual fee and 17.99% APR. However, they are not transparent about how much is required for a security deposit.
The First Latitude credit card may help you build credit if you don’t have any yet. Here are some common questions people ask about the card.
The First Latitude credit card has a lot of fees, and the annual fee immediately depletes your low $100 credit line if that’s all you put down. You’ll be in a better position if you qualify for other secured credit cards, like the Discover it® secured credit card.
You can log into your First Latitude credit card on the website or download their mobile app to easily manage your account.
The lowest credit limit for the First Latitude credit card is $100, but if you can afford a higher security deposit, you get a higher credit line. They go up to $2,000.
First, Latitude pays 1% cash back when you make payments to your credit card. This is different than most credit cards, but it’s motivation to pay your bill.
Unfortunately, First Latitude doesn’t offer any promotions for new credit card holders. The benefit of this card is you can start building credit.
Yes, First Latitude does a hard pull on your credit. However, they don’t require a minimum credit score, so it won’t matter. The downside is that your credit score will drop a few points, but if you use your credit card correctly, it should increase quickly again.
You must complete an application to determine if you qualify for the First Latitude credit card. They don’t offer a no-credit pull pre-approval.
Fortunately, First Latitude doesn’t require a minimum credit score. Because it’s a credit building secured credit card, they don’t have a minimum score requirement.
You can use the First Latitude credit card anywhere Mastercard® is accepted. This means millions of stores, restaurants, and entertainment establishments.
Yes, you can make a cash advance with the First Latitude credit card; however, the APR increases to 29.49%, and there is a fee of $10 or 3% of the amount, whichever is greater.
The First Latitude credit card works if you don’t qualify for other secured credit cards with no fees that pay rewards.
In my First Latitude credit card review, I discovered that the card is only good for those with no credit or a score that doesn’t allow them to qualify for any other card.
I encourage you to check out your alternatives and compare your options. Look not only at the credit line but also at the fees and other benefits each card offers.