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Ten New Thoughts About Citi Secured Mastercard That Will Turn Your World Upside Down

The Citi Secured Mastercard is an excellent credit card which comes without many of the benefits that other standard cards offer. Secured credit cards generally are credit-building instruments for those with bad or limited credit histories, hence they are not always helpful for reaping rewards and advantages. They tend to be more for the purposes of boosting credit profiles and increasing spending power. So, should one apply for a CITI Secured MasterCard?

First of all, one should note that this particular credit card is issued on behalf of someone who has filed for bankruptcy within the past two to three years. So, how does this affect the holder? Well, he will be excluded from getting a rate of interest that goes beyond what he would have enjoyed had he not filed for bankruptcy within such a short period. He will also be excluded from getting any cash-back or rewards apart from the cash deposit he may have made to the account. This will help in regaining some lost spending power and will help ensure that bankruptcy stays out of the record even after having been declared.

Secondly, there are penalties that apply if the user does not maintain the monthly balance. The user will then be charged a fee of a certain percentage of the unused credit limit. A CITI Secured MasterCard can also be less beneficial if the user has a poor or non-existent financial history. So, he might not get as much benefit as a person who has a history of payments and positive financial history.

The CITI Secured MasterCard is a bit different to the normal CITI cards in that they have a unique feature called rebate points. These rebates can be used towards making new purchases and they do not need to be paid for using them. Also, they do not expire if they have not been used in a specific period of time. These rebate points can either be used to pay for airline tickets or for hotel rooms. There are different types of cards that are associated with the CITI scheme. They are as follows:

An individual will be able to earn interest by using the debit card and the amount he earns depends on how much his security deposit is. The greater the security deposit, the more interest he will earn. A regular debit card will not earn interest; instead, this scheme will allow individuals to use the money saved in the security deposit and earn interest. An individual who has a CITI Secured MasterCard will be qualified for a higher earning cap than one without a CITI Secured MasterCard.

All CITI secured cards will require an annual fee to be paid. This is not the case for the non-secured cards. One will only need to pay the annual fee to CITI if he fails to meet his payment obligations for three months in a year. A person with a high credit limit will be given a lower annual fee than one with a low limit.

In the US, Discover it may be required to waive the annual fee when the person opens a CITI secured credit card. Similarly, it may also be required to waive the Discover it secured credit card's processing fee when the individual applies for a CITI Discover it credit card. There are many people who do not have a security deposit and therefore cannot acquire a CITI secured MasterCard. However, there are other cards that offer no annual fee and require only a one-time application fee for the applicant.

CITI makes sure that the money deposited in a person's account is sufficient to cover the total cost of services rendered over a month. If the individual's credit limit is reached before the deposit amount is exhausted then a special 'roll-over” provision is made available from the CITI Website. The benefit to the customer here is that he does not have to make a further deposit and hence can use this money to pay his bills or any other expenses.

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