Citi Secured Credit Card Review

If your application for a Citi® Secured Mastercard® was denied, there are a few possible explanations. Citi has a rule against accepting applicants with a bankruptcy in the last two years, for one thing. And like other issuers of secured cards, they will turn down people who don't have enough income to make payments, or who have too much debt relative to their income. You must also be at least 18 years old and have both a U.S. mailing address and an SSN.

If you were denied for a Citi secured card, you have options. You can call for reconsideration, apply elsewhere, seek a co-signer, become an authorized user or simply wait.

Here's what you can do if your application for a Citi Secured Credit Card was denied:

• Call the Citi reconsideration line at 800-695-5171. Reconsideration is a good option if you think something about your application needs explaining, or if your situation has changed. If you can demonstrate that your finances are in better shape than they appeared, Citi may reverse your denial. But it's a longshot.
• Apply for a different secured card. Citi isn't the only secured credit card issuer. There are plenty of other options to consider, including a handful of secured cards with no credit check.
• Get a co-signer: A co-signer is someone who backs your application for a card by assuming responsibility for any balance you can't pay. Citi doesn't allow them, unfortunately, but other card issuers do. And if your co-signer has excellent credit, you should be able to get one of the best credit cards on the market.
• Become an authorized user: You can ask a friend or family member to add you to their card as an authorized user. As long as that person pays the bill on time, your credit score will improve over time.
• Wait it out. If your financial circumstances might change in the near future, or if you have a bankruptcy on your record that will soon age enough for you to get a Citi Secured Card, waiting is an option. But it's far from your best one. You need to start rebuilding your credit as soon as possible, and there are other secured cards that you can get right now.

If your application for a Citi Secured Credit Card was denied, don't get discouraged. There are other secured credit cards out there, and you'll be able to start rebuilding your credit in no time.

To qualify for Citi Secured graduation, Citibank must deem your account eligible at its maturity date - 18 months after opening it and every 12 months thereafter. While there are no specific guidelines for how to ensure your Citi Secured graduates to an unsecured card, your credit performance will factor into it. So keeping your account in good standing by paying your bills on time and preferably in full definitely helps. Also, try keeping your credit utilization below 30%. Monitoring your credit score and reviewing your credit reports is also a good idea.

Unfortunately, you cannot request an earlier graduation date for the Citi Secured. You will have to wait until the maturity date. If your account is eligible for graduation, you will be notified by mail at least 30 days prior to maturity. In the event that your account does not graduate, a letter informing you of this matter will be sent out to you 20-30 days before the age of maturity. When a Citi Secured account does not pass graduation, it can either remain secured, or you can close it.

You can check your Citi Secured application status online by providing your Application ID and your ZIP code on Citi's dedicated web page. Alternatively, you can enter your primary phone number, ZIP code and date of birth.

You can also give Citibank a call at (888) 201-4523 and provide your Social Security number to confirm your identity.

Keep in mind that the average processing time for a Citi credit card application is 7-10 days. If approved for an account, your card should arrive within 14 days of the decision.

You can apply for the Citi Secured Mastercard online or in a Citi branch.

Please note that Citi has a rule against accepting applicants with a bankruptcy in the last two years. And like other issuers of secured cards, they will turn down people who don't have enough income to make payments, or who have too much debt relative to their income. 

If your application for a Citi Secured Mastercard was denied, you might have a second chance by calling Citi's reconsideration line at 800-695-5171. By discussing your credit history, income, or other financial factors, you may be able to convince them that you should be approved for the card after all. 

Yes, a Citi Secured card can become unsecured as soon as 18 months after the account is opened. You cannot request that the account become unsecured, though, and Citi does not guarantee that it will happen. The best way to improve your odds of graduating to an unsecured card, and thus getting your deposit back early, is to pay your Citi Secured bill on time every month. If after 18 months, the Citi Secured card does not graduate to an unsecured card, you can call customer service and check on the card's graduation status.

If the Citi Secured card graduates to an unsecured card, you can either keep the existing account open or close the account and apply for a different Citi card, such as the Citi® Diamond Preferred® Card or Citi Double Cash Card. If you decide to keep your newly-unsecured card, Citi may also consider you for a credit limit increase shortly after the Citi® Secured Mastercard® card graduates.

Bear in mind that when a Citi secured card becomes unsecured, it is not considered a new account, so there's no hard pull on your credit report and no negative effect on your credit score. But if you choose to apply for a new Citi card, your credit will be pulled.

Your Citi Secured Card security deposit has to be transferred from your bank account for online applications. However, if you do not have a bank account, please visit a Citibank branch to speak with a banker about applying for the card. Hope this helps!

You should receive the card within 7 to 14 days. If you would like to check on the status of your card, customer service can be reached at 800-726-2109 . Hope this helps!

You will be able to use the Citi Secured card at any ATM outside the US. However, using your credit card for cash advances will be very costly, especially considering that your card also charges a foreign transaction fee.

You can learn more tips about withdrawing money abroad here.

The main Citi Secured requirements are that an applicant must be at least 18 years old with a valid Social Security number or Individual Taxpayer Identification number. Applicants must also agree to put down a security deposit of $200+ before they can open the account. There's no minimum credit score requirement, as the Citi Secured card is designed for people with bad credit and beginners with little or no borrowing history.

Citi Secured Card Requirements

• At least 18 years old
• Physical U.S. address (no P.O. boxes)
• Proof of income to make the monthly minimum payment
• Checking or savings account
• Social Security number or ITIN
• $200 security deposit

While the Citi Secured card has no minimum credit score requirement, Citibank may reject your application if there are serious negative entries on your credit report, such as a pending bankruptcy. In addition, if you apply for the Citi Secured card, it's vital that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.

You cannot get a credit limit increase for your Citi Secured card. Your initial security deposit will serve as your credit limit as long as your account is secured.

However, if you keep your account in good standing for 18 months, the issuer might consider graduating you to an unsecured card. If your account is eligible for graduation, your security deposit will be refunded. There's also a chance you'll be granted a higher credit limit than what your security deposit was.