First Latitude Platinum Mastercard® Secured Credit Card Review

First Latitude Platinum Mastercard Secured Credit Card Learn More

Overview

The First Latitude Platinum Mastercard® Secured Credit Card is offered by Synovus Bank, which has its headquarters in Columbus, Ohio. Synovus provides services ranging from banking to investing and mortgages. The bank manages $45 billion in assets and has nearly 5,000 employees.

The First Latitude Platinum Mastercard® Secured Credit Card is designed for individuals with no credit history, or those with poor credit looking to rebuild. Credit limits range between $100 and $2,000, depending on your deposit, and the company reports all payments to the three major credit bureaus. The card’s fees are fair and it offers 1% cash back on all payments—you can use it anywhere that accepts Mastercard®.

Suitable For?

The First Latitude card could be suitable if you’re looking to establish or repair your credit. It requires no minimum credit score and you can start with only $100, or as much as $2,000. Applying is straightforward and you can do this 100% online—you’ll know in minutes whether you’re approved or not.

While you’ll need a deposit to open your account, the low annual fee makes it a good alternative to similar unsecured cards aimed at helping people build credit. However, if you don’t have difficulty qualifying for cards with better terms, this card might not be right for you.

Interest Rates and Fees

The First Latitude Platinum Mastercard® Secured Credit Card has an APR of 24.49%. It’s important to remember that this APR is variable, and will change with the prime rate.

The annual fee is $25 for the 1st year, and $35 each following year. You’re also responsible for a program fee of $19.95. The card has a 3% foreign transaction fee, as well as a cash advance fee of either $10 or 3%, whichever is larger. The APR for cash advances is 28.99% and is also variable.

There’s also a late payment fee of up to $41, and a fee of up to $30 for returned payments.

Rewards and Cashback

The card provides you with 1% cash back on payments, which you receive as a statement credit to the account. You’re also automatically enrolled in the rewards program and will earn one reward point for every dollar of payment you make to your account.

Once you’ve accumulated 500 points, you’ll be able to redeem the points (in 500-point increments) by heading online or calling the customer service team. Each redemption of 500 points is worth $5. Your reward points will never expire and are good as long as your account is open.

The Application Process

You can apply for the First Latitude Platinum Mastercard® Secured Credit Card online using the secure form. You’ll need to provide some personal information, like your name, address, email, phone number, social security number, employer, and more.

Once you’ve provided the required information and read through the agreements, you can pay the program fee, fund the deposit, and open the account. The entire application shouldn’t take more than a few minutes.

In many cases, you’ll get a decision on your approval within a few minutes—you’ll see an acceptance message right on the website. If First Latitude needs more information from you, it will reach out with further instructions.

The company also offers expedited processing for $19.95, where you can get your card processed up to a week faster. However, this service is only available if you use a debit or prepaid card to fund your deposit.

Help and Support

First Latitude provides a toll-free number for customers to call for assistance, making it quick and easy to get the support you need. If you just want to check your application status, it’s possible to do this online.  

The website also includes a helpful and comprehensive FAQs section that covers information on how to apply, deposit arrangements, how to order your personal credit report, and more.

Security

First Latitude takes privacy and security seriously. It has both a privacy policy and a digital privacy policy covering what information the company collects, what it does with it, why it needs it, and why it shares some of it. The digital privacy policy states that First Latitude uses physical, administrative, and technical measures to protect the information it collects.

Synovus holds your security deposit in an account protected by the Federal Deposit Insurance Corporation (FDIC), so you can be confident that your money is safe. There’s also the option to use two-factor authentication on Synovus to add an extra layer of security. And with Mastercard’s Zero Liability Protection, you won’t be on the hook if your card is used fraudulently.

FAQs

What is the APR for the card?

The APR for the card is 24.49% on purchases and 28.99% on cash advances. The APR is variable for both and will shift with the prime rate.

How will I know if I’m approved?

In most cases, you’ll know the outcome of your application within a few minutes—you’ll see an acceptance message on the site if you’re approved. In some cases you’ll need to provide more information, but First Latitude will give you directions on how to proceed. 

Will I receive my deposit back?

Yes, the deposit is 100% refundable and will be returned once you close your account, as long as you’re in good standing.

Conclusion

The First Latitude Platinum Mastercard® Secured Credit Card is designed for individuals with no credit history or those looking to rebuild their credit. You won’t need to meet a minimum credit score, and all payments are reported to the three major credit bureaus. The card comes with 1% cash back on all payments and can have a credit limit of anywhere from $100 up to $2,000.

First Latitude Platinum Mastercard Secured Credit Card Learn More

Methodology

This review was completed using information from the First Latitude website.