First Latitude Credit Card Review 2025: Pros & Cons

• Low-security deposit beginning at $100
• Earn 1% again for every fee made
• No minimal credit score rating requirement
• Reviews to all three credit score bureaus
• Has a excessive APR of 24.49%
• Prices a $19.95 set-up charge
• Prices a $25 annual charge the primary 12 months, then $35

Most reward bank cards pay you once you make purchases, however the First Latitude bank card rewards you for making funds as a substitute. Every time you make a fee, you’ll earn 1% of the fee as cashback rewards. You may redeem the factors for a bank card assertion credit score.

In case you want a secured bank card, likelihood is you don’t have good credit score, or possibly you haven’t constructed credit score but. This doesn’t matter with the First Latitude bank card. They don’t require a minimal credit score rating.

The First Latitude bank card has some downsides you could contemplate.

There isn’t a lot you are able to do with a $100 credit score line. Whereas it’s good that they permit this low of a safety deposit, it doesn’t depart a lot to be used that can assist you construct a credit score rating.

Ideally, you shouldn’t have a stability that exceeds 30% of your credit score line, which suggests solely $30, which isn’t sufficient to do a lot.

The First Latitude bank card has some excessive charges that you just would possibly keep away from for those who have a look at your alternate options. The charges embody:

• $19.95 set-up charge that you could pay inside 30 days of opening the cardboard or they withdraw your utility, which will increase your up-front charges to $119.95, together with the minimal $100 safety deposit
• Annual charge of $25 for the primary 12 months; the charge will increase to $35 yearly, even for those who don’t use the cardboard
• Money advance charge equal to $10 or 3% of the quantity, whichever is bigger
• Late fee charge of $41
• Returned fee charge of $30

The cashback rewards are a pleasant incentive to pay your invoice, however you can’t money them in till you have got 500 factors. This is the same as a $5 bank card assertion credit score.

The First Latitude bank card is greatest for individuals who don’t have a credit score rating but since First Latitude doesn’t require a selected credit score rating. Nonetheless, I’d use it to construct credit score for the primary 12 months, pay my invoice off, and obtain my safety deposit again.

The charges are excessive however not extreme. The $19.95 set-up charge is one thing most playing cards don’t have, however then once more, they settle for any credit score rating, so it’s a small value to pay to start out constructing your credit score for those who don’t qualify for different alternate options, as I talk about beneath.

The First Latitude bank card isn’t the worst bank card, but it surely’s not the perfect, both. Listed here are some alternate options to check it to.

The First Latitude bank card might assist you to construct credit score for those who don’t have any but. Listed here are some frequent questions folks ask in regards to the card.

The First Latitude bank card has quite a lot of charges, and the annual charge instantly depletes your low $100 credit score line if that’s all you set down. You’ll be in a greater place for those who qualify for different secured bank cards, just like the Uncover it® secured bank card.

The bottom credit score restrict for the First Latitude bank card is $100, however for those who can afford a better safety deposit, you get a better credit score line. They go as much as $2,000.

First, Latitude pays 1% money again once you make funds to your bank card. That is totally different than most bank cards, but it surely’s motivation to pay your invoice.

Sadly, First Latitude doesn’t supply any promotions for brand spanking new bank card holders. The advantage of this card is you can begin constructing credit score.

Sure, First Latitude does a tough pull in your credit score. Nonetheless, they don’t require a minimal credit score rating, so it gained’t matter. The draw back is that your credit score rating will drop a number of factors, however for those who use your bank card accurately, it ought to improve rapidly once more.

You should full an utility to find out for those who qualify for the First Latitude bank card. They don’t supply a no-credit pull pre-approval.

Luckily, First Latitude doesn’t require a minimal credit score rating. As a result of it’s a credit score constructing secured bank card, they don’t have a minimal rating requirement.

You need to use the First Latitude bank card anyplace Mastercard® is accepted. This implies thousands and thousands of shops, eating places, and leisure institutions.

Sure, you may make a money advance with the First Latitude bank card; nonetheless, the APR will increase to 29.49%, and there’s a charge of $10 or 3% of the quantity, whichever is bigger.

The First Latitude bank card works for those who don’t qualify for different secured bank cards with no charges that pay rewards.

In my First Latitude bank card evaluate, I found that the cardboard is barely good for these with no credit score or a rating that doesn’t permit them to qualify for another card.

I encourage you to take a look at your alternate options and examine your choices. Look not solely on the credit score line but additionally on the charges and different advantages every card provides.