Citibank Secured Credit Card

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