5 Things to Know About the First Latitude Credit Cards
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Georgia-based Synovus Bank issues two secured credit cards for those with bad, limited or no credit:
The First Latitude Elite Mastercard® Secured Credit Card.
The First Latitude Assent Mastercard® Secured Credit Card.
These cards’ best quality is their accessibility: You don’t need a credit history or minimum credit score to qualify. As long as you're at least 18 years old, the issuer has only two eligibility requirements: You can’t be part of a bankruptcy proceeding, and you must provide the necessary government documents to verify your identity.
Before applying for one of the First Latitude cards, you’ll probably want to weigh this benefit against the specific card's annual fee.
Here’s what you need to know about the two First Latitude secured credit cards.
1. Both cards require a security deposit
Like many other secured cards, a refundable security deposit of at least $200 is required to open a First Latitude account. The amount of the security deposit becomes your credit limit.
You can deposit more than $200 if you want a bigger credit line, but in that case, First Latitude says that you must submit at least $300 but less than $2,000.
A $200 upfront deposit, even though it is refundable, may be out of reach for some people. Some cards like the Capital One Platinum Secured Credit Card let you pay the security deposit in installments.
As with many secured cards, cardholders can get their security deposits back by closing the account and paying off all balances. But there's an added twist with the First Latitude cards: You must return your credit card to the issuer by mail to get the deposit back.
2. The Elite charges an annual fee
The First Latitude Assent Mastercard® Secured Credit Card has a $0 annual fee, but the First Latitude Elite Mastercard® Secured Credit Card will charge you a $29 annual fee each year.
The annual fee is assessed upon account opening and immediately eats into your credit limit. Say you open the First Latitude Elite with a $200 security deposit. Your initial credit line will be $171 due to the $29 annual fee, and it won’t return to the full amount until you pay off the annual fee.
Note that annual fees, unlike security deposits, aren’t refundable. Cards like Discover it® Secured Credit Card and OpenSky® Plus Secured Visa® Credit Card don’t charge an annual fee.
3. Interest rates vary by card
The interest rate on the First Latitude cards increases as the annual fee decreases. For example, the First Latitude Elite has a lower annual fee, but also the highest interest rate. Here are the interest rates, or purchase APRs:
First Latitude Assent Mastercard® Secured Credit Card: 28.49% Variable APR.
First Latitude Elite Mastercard® Secured Credit Card: 24.49% Variable APR.
Of course, you can avoid credit card interest charges entirely by paying off balances in full.
4. Both cards earn rewards
Most rewards credit cards rack up rewards based on spending. Rare is the card that rewards you for making payments. First Latitude’s secured cards belong to the latter group, giving cardholders an incentive to pay down their balances.
Cardholders get 1% cash back on payments made toward their credit cards. (Payments toward the annual fee and security deposit aren’t eligible to earn rewards.)
Cash back is earned as points, which are worth 1 cent each, the industry standard. Points may be redeemed for statement credits starting at 500 points, equal to a $5 statement credit.
Points never expire as long as the account is in good standing.
Rewards applied as statement credits will lower your overall account balance but don't count as payments. First Latitude cardholders must pay at least the minimum amount due to avoid late payment fees.
5. Both cards report to credit bureaus
Credit activity on First Latitude cards will be reported to the three major credit bureaus: Equifax, Experian and TransUnion.
So if you use your First Latitude card responsibly — you consistently pay off balances in full and on time and use less than 30% of available credit — the credit bureaus will know about it, and your credit score could benefit.
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