Researching Citibank secured credit card? Duane here with how to build credit TV
and in this video I'm gonna talk to you guys about the Citibank secured credit
card. But before we get started I have a quick message. Once again my name is
Duane with how to build credit TV. This channel offers 100% free information
about how to build credit, how to get cash back actual cash money from using
credit cards, as well as credit card reviews. We also talk about everything
you need to know about credit. Whether you're looking to expand accredit build
credit, rebuild credit or learn more about the FICO score and how it is
comprised so you can increase your credit score. If this sounds like
something in which you're interested be sure to subscribe to our channel and
click the notification bell so you don't miss a thing. As a matter of fact
subscribe to our channel right now can help us get to 1,000 subscribers faster
so that we can monetize this channel which will make it a lot easier to
continue to upload videos just like this one. So if this is your first time here
consider subscribing. Alright now that that's out the way let's talk about the
Citibank secured credit card. So there are a lot of secured credit cards out
there that you can apply for but me personally I actually have the Citibank
secured credit card and the reason why I got that card was because I was
trying to re-establish a relationship with Citibank. I actually had a Citibank
Card ah a long time ago when I was in college and believe it or not I had a
12,000 dollar limit on that credit card when I was in college. Now I had no job I
don't know why I would need a $12,000 credit limit but Citibank gave me that
credit limit because of course I'm sure they wanted to make money for me by
paying interest or me using a lot of my credit limit. And
you know continually having to pay my credit card for a long time. So long
story short I don't have a Citibank credit card and so that is the reason
why I decided to re-establish a relationship with Citibank
by getting the Citibank a secured credit card. So what I'm gonna do is I'm gonna
jump on my laptop and have a look at the Citibank secured credit card on their
website so you guys can know what to expect when you're interested in getting
the Citibank security credit card so give me one second and I'll jump on over
to my laptop. Okay so as you can see here I'm on I'm on Google and I just typed in
Citibank secured credit card and it pulls up their site here. I'll provide
this link at the bottom of this video in the description so you can just click on
the link if you want to apply for this card so I'll click on that and it'll
bring you to the Citibank website I'll click on learn more and apply even
though I already have this card okay so it says here at the top help build
improve or rebuild your credit with a city secured credit card start building
credit for tomorrow with a secured credit card a lot of people think that
secured credit cards is only for building credit or establishment credit
or I'm sorry building credit or exception credit but a secured credit
card actually can build and help your credit score that's why I use it for
credit cards because I can control the credit limit. I can control the fact that
I'm gonna be approved for it so it's not going to hurt my feelings so and I don't
get approved for the card. So as you can see here this Citibank secured credit
card does not have an annual fee that's pretty cool because that means that all
you have to worry about is the deposit. So the deposit amount is between $200
and $2,500 and you submit that with your application. The money basically comes
out of a checking account so you would have to put your routing number your
checking account number you know the usual stuff. Your security deposit will
be held in a collateral holding account for up to 18 months and it will not earn
any interest. The reason why I'm saying up to 18 months is because if you
are promoted to or graduate to the unsecured credit card you'll
get your deposit back before 18 months. Let's just plan on 18 months okay
if I were you what I would do is I would deposit the minimum the $200 just to open
the account if you don't have a lot of money laying around and then after the
first or second billing statement you can put in more money into the account
which will increase your credit limit and you can do that in increments of
$100. So I would suggest doing that and you can just look at this like a savings
account but it will be building your credit limit as well as your credit
score and you'll be you'll be starting to have good credit history because
you'll be paying your bills on time and make sure that you don't go over your
balance and so on and so forth. Just use the card responsibly okay so it says to
receive a city secure of MasterCard you must meet our credit qualification
criteria for this card which includes our review of your income and your debt.
If you are approved your credit limit will be equal to the amount of your
security deposit. You must not have any bankruptcy history within the last two
years. So if you file bankruptcy or what not within the last two years do
not apply for this card. There are secured credit cards that allow you to
have a secured credit card if you file bankruptcy but this is not one of them.
It talks about the purchase APR being 23.99% variable at the moment and then it
talks again about the security deposit a minimum of two hundred dollars. They talk
about your Citi identity theft solutions. It talks about purchase
protection convenience being able to use the card where a wide, ATM
blah-blah-blah-blah. One of the things that it doesn't talk about here
which i think is interesting is with the city secured credit card you actually
get a free a free credit score and you can access the credit score it's a FICO
score so it's actually a little more accurate than the credit score you would
get with credit wise or even sometimes with Credit Karma. So this is an actual FICO
score. The FICO credit score is what they use to determine your eligibility for
you know what type of percentage you're gonna get on your car loan or your home
or just about any kind of major loan that you would get they actually check
your FICO score so that's pretty cool that you're gonna be getting a free a
free reading of your current FICO score every single month it updates every
month. And you can use the app you can go online to see your FICO score. So that's
pretty much it for the citi security credit card I'll see you guys here back
in just one sec. Thanks for watching this video if you want to learn more about
secured credit cards please feel free to have a look at our channel. As a matter
of fact we talked about everything that you need to know pertaining to credit
whether you're looking to establish credit, build credit, rebuild credit or
learn more about the FICO score and how it is comprised so that you can increase
your credit score. Be sure to subscribe to our channel because in doing so
you'll help us get to 1,000 subscribers faster and we'll be able to monetize
this channel which will make it a lot easier to continue to upload videos just
like this one. So if you're new here consider subscribing. Once again thank
you so much for watching the video until next time take care and be blessed. Peace