The Citi Secured does not have purchase protection. In fact, purchase protection has never been a Citi Secured benefit, since Citibank has always opted to put other perks on this card. This is pretty common, unfortunately. Only around half of the major credit card issuers still offer purchase protection on at least one of their credit cards.
Although the Citi Secured doesn’t have purchase protection, applying could still make a lot of sense in the right situation. The Citi Secured has automatic account alerts and identity theft protection. It also has an annual fee of $0. All in all, the Citi Secured is a good card for people who are building or rebuilding their credit.
If you’re set on finding a good credit card for purchase protection, consider checking out the Chase Sapphire Reserve or the U.S. Bank Altitude Reserve Visa Infinite® Card. Both credit cards have great purchase protection coverage, according to the most recent WalletHub purchase protection study.
The best secured card that graduates to unsecured is Bank of America Custom Cash Secured Card. Bank of America periodically reviews accounts for possible graduation and it reports to all 3 major credit bureaus. With this card, you also get 3% cash back in a category of your choice, 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly in the 3% and 2% categories combined), and 1% back on all other purchases.
When your secured card graduates to an … read full answerunsecured card, your credit line no longer needs to be secured with collateral. So when you graduate, the initial deposit you made to open the account will be refunded. You may get to keep the same physical credit card, or you may be migrated to another one. Either way, you’ll keep the good credit history you’ve earned with your secured card.
Yes, the Citi Secured will do a hard pull. You can apply for it with bad credit though.
There is no way to get pre-approved for the Citi Secured. A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can learn more about how to minimize the credit score damage … read full answerhere.
The Citi Secured card credit limit is $200 to $2,500. Everyone who gets approved for Citi Secured is guaranteed a credit limit of at least $200, though each person’s exact starting credit limit will depend on how much of a security deposit they put down. When you first open the secured card, the amount of your security deposit will be your credit limit.… read full answer
The Citi Secured card credit limit that you start with isn’t necessarily your credit line forever. Citibank will usually allow you to increase your security deposit for a higher credit line. In some cases, they’ll also graduate your secured card to an unsecured card if you’ve used it responsibly. This could get you a higher credit limit, too.
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