There is no Citi Secured concierge benefit. Cardholders with questions about their account can call 1 (800) 374-9700 for assistance, but the customer service representative won’t be able to perform the wide range of services provided by some credit card concierges.
A concierge acts like an on-demand personal assistant for cardholders, able to help with nearly anything, from travel and purchase assistance to directions and restaurant reservations. Although Citi Secured does not offer concierge service, plenty of other credit cards do. If the benefit is important to you, some popular credit cards that have a concierge are Citi Premier® Card and Citi Prestige® Card.
The biggest benefits of a secured credit card are low fees and the opportunity to rebuild your credit no matter how bad it might be. The best secured cards have no annual fee and will accept people with credit scores in the 300-640 range, along with applicants who have no credit score at all. Secured cards also report account information to 1-3 of the major credit bureaus on a monthly basis and appear no different on credit reports than unsecured cards.… read full answer
There are plenty of other secured card benefits, too, including some that might initially seem like drawbacks. For example, having to place a security deposit is not ideal. Neither is being unable to spend more than the amount of that deposit before making a payment. But those two secured credit card features do benefit cardholders by allowing for lower fees and interest rates and by making it impossible to spend more than you can afford to repay. Plus, a secured card’s deposit is fully refundable when you close the account and bring the balance to zero.
With that being said, let’s go through all the major perks and advantages of having a secured card in more detail.
10 Benefits of Secured Credit Cards:
Credit building potential: If you use your card responsibly, you can establish good credit or rebuild your credit standing after past troubles. Secured cards report to the credit bureaus just like unsecured cards do.
Easier approval: Secured credit cards are available to people with bad credit or no credit history. Some secured cards don’t even check applicants’ credit history.
Low/no annual fees: Secured cards have fairly low fees because the refundable security deposit they require helps the issuer avoid losing money. Many of the best secured credit cards even have $0 annual fees.
Credit card-only transactions: You can use a secured card in situations where other payment methods (e.g. cash) may be limited. For example, if you’re planning to book a hotel or rent a car, you will need a credit card to secure the reservation.
$0 fraud liability: No major credit card issuer will hold you liable for fraudulent purchases on your account. That’s true with all credit cards, not just secured cards.
Car rental insurance: All Mastercard, Visa and Amex credit cards should cover you for theft and physical damage when your charge the car rental to your card.
Roadside assistance: Many secured cards give cardholders access to a free 24-hour phone line that dispatches help with jump starts, towing, gas, tire changes and more. Just the dispatch is free, though. Repair charges from the service provider automatically get billed to your card.
Cell phone insurance: Available with select secured cards, this insurance covers your cell phone up to $600 for loss or damage. You must pay your cell phone bill with a secured card that offers the benefit.
Interest-bearing deposit (rarely): Most secured cards don’t pay interest on your deposit money. But with certain secured cards, security deposits from $300 to $5,000 can earn up to 0.10% APY.
One last benefit of a secured card comes only through responsible use. That means paying the bill on time, preferably in full, every month and staying well within your credit limit. This behavior will help you build a good credit score and eventually qualify for an unsecured card with no deposit, a higher credit limit, better benefits and more favorable terms.
Despite all the advantages of a secured card, there are some drawbacks. For example, you won’t have access to the cash you deposit until you close the account and pay the balance in full. Plus, if you have a pending bankruptcy or tax lien on your credit report, there’s no guarantee you’ll even be approved.
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. 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.… read full answer
However, the Bank of America Custom Cash Secured Card is not the only secured credit card that can graduate.
When your secured card graduates to an unsecured card, your credit line no longer needs to be secured with collateral. So when you graduate, the initial deposit you made to open the secured card 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.
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