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The First Latitude Platinum Mastercard® Secured Credit Card
REVIEW

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By : Mr Credit Card

No Credit Checks and Low Security Deposit Requirements

The First Latitude Secured Mastercard distinguishes itself as a secured credit card that does not check your credit when you apply and has a very low minimum security deposit of $100 which is lower than most of its' peers. It is marketed by First Progress which also issuers secured credit cards under the First Progress brand. It is ideal for rebuilders who have been denied other secured or unsecured rebuilder credit cards and want to avoid another hard inquiry, but will also appeal to those looking for a secured credit card with a low security deposit requirement.


Card Details

Annual Fee $25 for First Year, after that $35 annually
Regular APR 22.24% *Variable
Security Deposit Requirements $100 - $2,000
Credit Checks No credit checks or hard inquiries


Competition

Card Annual Fee Regular APR Min Deposit
First Latitude $25 1st Year
Then $35
22.24%*(V) $100 - $2,000
First Progress Prestige $49 12.99% $100 - $2,000
First Progress Select $39 16.99% $200 - $2,000
First Progress Elite $29 22.99% $200 - $2,000
Opensky $35 18.89% $200 - $3,000
Sable One $0 See Website $10 - $10,000
Chime $0 N.A. - Pay in full No min or max
Self $25 23.24% $100


Compared with other First Progress Credit Cards

Since First Latitude is marketed by First Progress, we will start our comparison here. As you can see from the table above, First Progress has three secured credit cards marketed under the First Progress name. They vary in annual fee and APR but are essentially similar to First Latitude in most other aspects like the security deposit range and the fact that there are no credit checks. One area which is different is that First Latitude has a lower minimum security deposit requirement of $100 whereas First Progress has a $200 minimum requirement.

Compared to other No Credit Check Secured Credit Cards

There are other secured credit cards that do not check your credit when you apply. One of the most prominent one is the Opensky credit card. As you can see from the table above, they are both quite similar in annual fee and security deposit requirements. But Opensky has the following features which First Latitude does not have. They will evaluate your account from a credit limit increase without additional security deposit and also for a graduation to an unsecured credit card after 6 months.

There are other secured credit cards issued by new Fintech companies that are worth comparing to. Two of them are the Chime Credit Builder Secured Credit Card and the Sable One Secured Credit Card. Like the First Latitude, both have no credit checks. They also have no annual fee (unlike First Latitude). As far as security deposit go, Sable One allows you to deposit anywhere from $10 - $10,000. Hence, they have a lower and higher limit compared with First Latitude. Chime has no minimum or maximum security deposit requirements though you have to pay in full every month. However, you have to pay full. Having said that, Chime allows you to use your security deposit to pay your bills and replenish it every month. In a sense, it works like a prepaid card.

Thought both Sable One and Chime have some nifty features, they both require you to set up an online banking account with them. In Chime's case, you also need to do a certain amount of direct deposits first before you can get their secured credit card.


Pros: What We Like

  • No Credit Checks - First Latitude does not check your credit when you apply and you will definitely get your card as long as you fund your security deposit.

  • Low Security Deposit Requirement - The minimum security deposit of $100 is much lower than most secured credit cards, most of which have a $200 minimum.


Cons: What We don't like

  • Annual Fee Increase After 1st Year - First Latitude increases their $25 annual fee to $35 from the second year onwards. Very few credit card do that.

  • Does not graduate to unsecured - Not many secured credit cards that graduate to an unsecured credit card. But some do and so I have to highlight the lack of this feature in this review.


Our Take: Low Deposit Minimum and No Hard Inquiry

The First Latitude Secured Mastercard is one of the few secured credit cards that does not your credit when you apply and will definitely ship you your card if you fund your security deposit. This is an important because though you think it is easy to get approved for a secured credit card because you actually put up a security deposit, in reality, many rebuilders have been denied secured credit cards.

If this describes you, then you would want to consider a card like First Latitude because you know you will definitely be approved. Furthermore, the minimum security deposit deposit is very low at $100. The one peeve I have about this card is that they increase the annual fee from $25 in the first year to $35 thereafter. To be honest $35 for an annual fee is very reasonable for a secured credit card but it would have been better if First Latitude kept it at $25.

You should also consider other secured credit cards that do not perform any credit checks because there are quite a few of them with different features that might interest you more.

To sum up, based on our evaluations and review, we give the First Latitude a 4 star out of 5 for having no credit checks and a low minimum security deposit. The increase in annual fee from the first year onwards and the inability to graduate to an unsecured credit card prevents us from giving this card a higher rating.