The First Latitude Assent Secured Mastercard® is a pretty good card to consider if you want to rebuild a bad credit score but don’t want to pay an annual fee. The First Latitude Assent Secured Card gives you 1% cash back, which is more than you’ll get from most cards for people with bad credit. 

This card has a high regular APR. The interest rate on a secured card shouldn’t really matter. If you pay the bill in full every month, as you should, interest charges won’t accrue.

Below, you can find more information to help you make an informed decision about applying for the First Latitude Assent Secured Card.

What I Like About the First Latitude Assent Secured Mastercard®

1% Cash Back

Although this is just the minimum rewards rate for the best cards, which also offer bonus rewards in certain spending categories, it’s more than most other credit cards available to people with bad credit currently offer.

If you charge $500 per month to the First Latitude Assent Secured Card and pay the bill in full monthly, for example, you’ll earn $60 in rewards. That’s certainly better than nothing. Just bear in mind that you get the rewards after paying the card’s bill, not right after making a purchase. Aditionally, you can also earn up to 10% cash back on purchases at a limited number of participating merchants.
 

Reports to the 3 Major Credit Bureaus

The fact that information about your First Latitude Assent Secured Card account gets reported to TransUnion, Equifax and Experian on a monthly basis is a good thing because it gives you the opportunity to add positive information to your credit reports and cover up past mistakes. You just need to manage your account responsibly. Most importantly, that means never missing a due date. In addition, you should try to keep your credit utilization low.
 

$0 Annual Fee

The First Latitude Assent Secured Card’s $0 annual fee is lower than the average fee among credit card offers available to new applicants right now ($28.25).
 

Easy to Get

The First Latitude Assent Secured Card is designed for people with bad credit, so a credit score under 640 should not hold you back. As long as you you meet the basic requirements, like being at least 18 years old and having a Social Security number, you should have high odds of approval.

What I Don’t Like About the First Latitude Assent Secured Mastercard®

Relatively High APR

The First Latitude Assent Secured Card charges interest at an annual rate of 27.49% (V). The average secured card has an APR of 21.76% right now, while the average across card types is 22.11%.

It’s generally unwise to carry a balance from month to month with a secured card. The spending limit on a secured card equals the amount of your refundable security deposit, so you can’t borrow more money than you have to begin with. If you carry a balance from month to month, you’d therefore wind up paying interest to the credit card company on what amounts to a loan you gave yourself.
 

Security Deposit Required

To get the First Latitude Assent Secured Card, you have to place a refundable security deposit. The minimum is $200 but you can deposit as much as $2,000, and the amount you put down becomes your spending limit. This is the norm for a secured card, but all else being equal, not having to part with your cash temporarily would be preferable.

Finally, it’s worth noting that the First Latitude Assent Secured Mastercard® is not your only option, even among First Latitude cards. You may also want to consider the First Latitude Elite Secured Mastercard®, along with our editors’ picks for the best credit cards for rebuilding credit.