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Did you know that it’s possible to build up your credit history with a credit card, even without a great financial track record?
A secured credit card could be the key to this! It works simply: you make an initial deposit and, in return, you receive a credit limit equal to the amount deposited.
Citi Diamond Secured is an excellent option for those who want to start building or improving their credit. Are you interested and want to know how to apply? Then read on!
Citi Diamond Secured
Build or rebuild Security depositHow does the Citi Diamond Secured work?
The Citi Diamond Secured Mastercard is a great option for those who want to start building or improving their credit history. As it is a secured card, you make a security deposit, which will be equal to your card’s credit limit.
This amount can vary between $200 and $2,500, depending on your budget. The difference is that, despite being a secured card, it works like a traditional credit card.
In other words, you can use it to make purchases and pay your bill every month. Best of all, by using the card responsibly, your payment information is sent to the main credit agencies, helping to improve your score.
What’s more, Citi Diamond Secured offers benefits such as fraud protection and free access to your FICO score, making it easy to keep track of your financial progress.
Main benefits for the Citi Diamond Secured
The Citi Diamond Secured offers several benefits for those who want to start or improve their credit history. One of the biggest attractions is that the card has no annual fee, which makes it more affordable.
It also helps build your credit score, since your purchases and payments are reported to the three main credit agencies, as long as you pay on time.
Another important benefit is fraud protection. With Citi Diamond Secured, you are not liable for unauthorized purchases, which makes your purchases more secure. The card also offers free access to your FICO score, which makes it easier to track your progress.
What’s more, you can choose the due date of your bill and even add the card to digital wallets, making payment in stores and apps easier and faster.
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Cons for the Citi Diamond Secured
Although the Citi Diamond Secured Mastercardha s several advantages, there are also some negative points. The main one is that it requires a security deposit, which can be difficult for those who don’t have this amount available.
This deposit will be your credit limit, meaning you can’t spend more than the amount you’ve deposited.
Another point to consider is the interest rate, which can be high if you don’t pay your bill in full, which can lead to additional costs if the balance isn’t paid by the due date.
APR and Fees
The Citi Diamond Secured has a variable interest rate (APR) of 26.99% for purchases. This means that if you don’t pay the entire bill on time, the remaining balance will be charged at this interest rate, which can generate a higher cost.
The good thing is that the card has no annual fee, which makes it easy to use without this extra cost.
However, you should be aware of other fees, such as the late payment fee, which is applied if you don’t pay your bill on time. It is therefore important to try to pay your bill in full whenever possible to avoid interest and additional fees.
How to apply for the Citi Diamond Secured
To apply for the Citi Diamond Secured Mastercard, simply follow the steps below and take advantage of the opportunity to build your credit securely.
Follow the steps below:
- Complete the online application: Go to the card’s website and provide your personal details, such as name, address, social security number (or ITIN) and date of birth.
- Choose the deposit amount: Set how much credit limit you want. The amount of the security deposit will be equal to your limit. The minimum amount is $200 and can go up to $2,500.
- Enter your bank account details: You will need to provide the details of the account where the deposit will be made. Citi may ask you to confirm that you have access to the account.
- Wait for approval: The approval process can take up to 10 days. If approved, you will have 14 days to make the deposit.
After that, if approved, you will have 14 days to complete the deposit transfer.
