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5 Things to Know About the First Latitude Credit Cards
5 Things to Know About the First Latitude Credit Cards
These cards are available to those without a credit history, and they earn rewards — but other cards still might be a better option.Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Published · 2 min read Written by Lead Writer & Content Strategist + more + more Edited by Managing Editor SOME CARD INFO MAY BE OUTDATEDThis page includes information about these cards, currently unavailable on NerdWallet. The information has been collected by NerdWallet and has not been provided or reviewed by the card issuer.
Pinnacle Bank issues two secured credit cards for those with bad, limited or no credit: The First Latitude Elite Secured Mastercard®. First Latitude Elite Secured Mastercard® The First Latitude Assent Secured Mastercard®. First Latitude Assent Secured Mastercard® These cards’ best quality is their accessibility: You don’t need a credit history or minimum credit score to qualify. As long as you're at least 18 years old, the issuer has only two eligibility requirements: You can’t be part of a bankruptcy proceeding, and you must provide the necessary government documents to verify your identity. Before applying for one of the First Latitude cards, you’ll probably want to weigh this benefit against the specific card's annual fee. Here’s what you need to know about the two First Latitude secured credit cards. » MORE: NerdWallet's best secured credit cards » MORE: First Latitude Elite Secured Mastercard® NerdWallet rating Apply now Apply nowon Pinnacle Bank's website
First Latitude Assent Secured Mastercard® NerdWallet rating Apply now Apply nowon Pinnacle Bank's website
1. Both cards require a security deposit
Read Review Like many other secured cards, a refundable security deposit of at least $200* is required to open a First Latitude account. The amount of the security deposit becomes your credit limit. You can deposit more than $200 if you want a bigger credit line, but in that case, First Latitude says that you must submit at least $300 but less than $2,000. A $200 upfront deposit, even though it is refundable, may be out of reach for some people. Some cards like the Capital One Platinum Secured Credit Card let you pay the security deposit in installments. Capital One Platinum Secured Credit Card » MORE: Fund your secured credit card promptly, or you’ll lose it » MORE: ? Nerdy Tip As with many secured cards, cardholders can get their security deposits back by closing the account and paying off all balances. But there's an added twist with the First Latitude cards: You must return your credit card to the issuer by mail to get the deposit back.2. The Elite charges an annual fee
The First Latitude Assent Secured Mastercard® has a $0 annual fee, but the First Latitude Elite Secured Mastercard® will charge you a $29 annual fee each year. First Latitude Assent Secured Mastercard® $0 First Latitude Elite Secured Mastercard® $29 Apply now Apply now Read Review The annual fee is assessed upon account opening and immediately eats into your credit limit. Say you open the First Latitude Elite with a $200 security deposit. Your initial credit line will be $171 due to the $29 annual fee, and it won’t return to the full amount until you pay off the annual fee. $29 Note that annual fees, unlike security deposits, aren’t refundable. Cards like Discover it® Secured Credit Card and opensky® Plus Secured Visa® Credit Card don’t charge an annual fee. Discover it® Secured Credit Card opensky® Plus Secured Visa® Credit Card3. Interest rates vary by card
The interest rate on the First Latitude cards increases as the annual fee decreases. For example, the First Latitude Elite has a lower annual fee, but also the highest interest rate. Here are the interest rates, or purchase APRs: First Latitude Assent Secured Mastercard®: 27.49% Variable APR. First Latitude Assent Secured Mastercard® 27.49% Variable APR First Latitude Elite Secured Mastercard®: 23.49% Variable APR. First Latitude Elite Secured Mastercard® 23.49% Variable APR Of course, you can avoid credit card interest charges entirely by paying off balances in full. Trying to get approved for a card? Create a NerdWallet account for insight on your credit score and personalized recommendations for the right card for you. GET STARTED4. Both cards earn rewards
Most rewards credit cards rack up rewards based on spending. Rare is the card that rewards you for making payments. First Latitude’s secured cards belong to the latter group, giving cardholders an incentive to pay down their balances. Cardholders get 1% cash back on payments made toward their credit cards. (Payments toward the annual fee and security deposit aren’t eligible to earn rewards.) Also, purchases with select merchants earn up to 10% back. Cash back is earned as points, which are worth 1 cent each, the industry standard. Points may be redeemed for statement credits starting at 500 points, equal to a $5 statement credit. Points never expire as long as the account is in good standing. ? Nerdy Tip Rewards applied as statement credits will lower your overall account balance but don't count as payments. First Latitude cardholders must pay at least the minimum amount due to avoid late payment fees.5. Both cards report to credit bureaus
Credit activity on First Latitude cards will be reported to the three major credit bureaus: Equifax, Experian and TransUnion. So if you use your First Latitude card responsibly — you consistently pay off balances in full and on time and use less than 30% of available credit — the credit bureaus will know about it, and your credit score could benefit. First Latitude Assent - *See Important Disclosures for complete offer detailsFirst Latitude Elite - *See Important Disclosures for complete offer details First Latitude Assent - *See Important Disclosures for complete offer details
First Latitude Elite - *See Important Disclosures for complete offer details for complete offer details
First Latitude Elite - *See for complete offer details
First Latitude Elite - *See About the author Jae Bratton Jae is a writer for the credit cards team at NerdWallet. Her writing has been published in newspapers, blogs and an academic journal. See full bio. Helpful resources Best Cash Back Credit Cards Best Travel Credit Cards Best Balance Transfer Credit Cards
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