First Latitude Credit Card Review 2023: Pros & Cons

• 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

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 necessitate a minimum credit score.

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 necessitate a specific credit score. However, I would use it to build credit for the first year, pay my bill off, and procure 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 converse below.

The First Latitude credit card isn’t the worst credit card, but it’s not the best, either. Here are some alternatives to differentiate it to.

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, admire the unearth it® secured credit card.

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 necessitate 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 enhance quickly again.

You must complete an application to ascertain if you qualify for the First Latitude credit card. They don’t offer a no-credit pull pre-approval.

Fortunately, First Latitude doesn’t necessitate 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 inspire you to check out your alternatives and differentiate your options. Look not only at the credit line but also at the fees and other benefits each card offers.