First Tech® Platinum Secured Mastercard®

Platinum Secured Mastercard® Review

Many credit card issuers may punish applicants who have poor credit or no credit with high interest rates and fees. That’s not the case with First Tech FCU. The Platinum Secured Mastercard never charges an annual fee, and cardholders are never responsible for paying fees for cash advances, balance transfers, or foreign transactions. What’s more, cardholders take advantage of a low APR.

Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?

High Credit Limits

One of the key features of this card that sets it apart from many other secured credit cards is the high credit limit cardholders can have. In fact, the Platinum Secured card offers the same credit limit range as two other First Tech credit cards.

Cardholders can receive up to $25,000 in credit on this card, which is a lot of purchasing power. As with most secured cards, however, applicants will need to make a security deposit. When you apply for this card, you must make a minimum deposit of $500. This deposit will equal your credit limit.

So, if you deposit $2,523, you will have a credit limit of $2,523. This deposit also serves as collateral in case you cannot pay off your credit card balance. In such a case, your First Tech will use your deposit to cancel any debt. If you close your account after paying off your card balance, then the deposit is refunded to you.

One Low APR to Rule Them All

Most credit cards offer a variable APR that applicants can be approved for. There’s no sure way to know your APR until you apply. If you’re unsure where your credit rating stands, this can add a lot of uncertainty when choosing a credit card.

While many secured cards offer a flat interest rate to all cardholders, it is usually considerably higher than APRs on non-secured credit cards. The reason for this is that the issuer cannot be certain that the cardholder will pay off his or her credit card debt based on past credit history.

The Platinum Secured Mastercard® charges one flat rate that is actually on par with the national average for any class of credit card. This way, you don’t feel punished for trying to build or repair your credit.

No Fee Makes It (Almost) Free

Another great feature of the Platinum Secured card is the fact that there are no fees involved with many types of transactions. First of all, there is no annual fee for this card, which can be rare with secured credit cards.

Additionally, you don’t have to pay fees when you transfer a balance from another account onto your secured card. If you need to withdraw some cash, you don’t have to pay any fee for that, either.

What’s more, you can travel the world with your Secured Platinum Mastercard and not worry about paying any foreign transaction fees. You truly can use this card like almost any other credit card.

Rewards

Earning rewards points isn’t something many people associate with secured credit cards, which is one of the reasons why First Tech’s secured Platinum Mastercard is so attractive to consumers. Even though you are building up your credit, you can still earn points on most purchases.

This card features a straightforward one-to-one points system. That is, you earn one point for every dollar you spend. This excludes gambling transactions and financial transactions like balance transfers and cash advances.

You can redeem your points for merchandise, travel, or contributions to your favorite charities. Your points do not expire, and there is no limit to how many points you can earn. So, you can save up your points and cash them in for big rewards, like a vacation.

Should You Apply for the Platinum Secured Mastercard®?

This credit card is perhaps one of the most competitive secured credit cards on the market. No annual fee, a low APR (for a secured card), and rewards points truly set it apart from similar types of cards from other issuers. No fees for foreign transactions, cash advances, and balance transfers only make this card that much more appealing.

There are a couple of details, however, that prevent this credit card from being a dream card. For one, cardholders must make a security deposit in order to be approved. That security deposit will equal the credit limit.

While there is a maximum credit limit of 25,000, an actual cardholder’s credit limit may only be a small fraction of that amount. Most applicants for secured cards may not have that type of cash or may need to borrow funds in order to supply the deposit amount, which can land them further into debt.

The other detail pertains to credit union membership. First Tech FCU is a private credit union, and membership is only open to people who work or live in Lane County, work for the State of Oregon, or work for a company on First Tech’s partner list.

Other Cards to Consider

Other cards to consider include the Odyssey Rewards World Elite Mastercard® for good credit, or the First Progress Platinum Prestige Mastercard® as another excellent secured card that features a tantalizingly-low APR.

Related Article: What Are the Best Secured Cards for Rebuilding Credit?

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