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Last updated on March 4th, 2021
- Credit lines available from $200 to $5,000! Super Low 9.99% variable interest rate on purchases - with no penalty rate
- No minimum credit score requirements! We invite all credit types to apply. No processing or application fees
- Helps strengthen your credit with responsible card use. Reports to three national bureaus
- Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line
- Nationwide Program though not yet available in NY, IA, AR, or WI
- See website for additional Oakstone Platinum Secured Mastercard® details
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
- Regular Purchase APR: 9.99% variable based on the Prime Rate
- Cash Advance APR: 18.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $49
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $200
At a Glance
The Oakstone Platinum Secured Mastercard® is an exciting secured credit card that provides a tremendous low APR, no monthly service fees, and monthly reporting to all the major credit reporting bureaus. The card, issued through Synovus Bank, features a modest $49 annual fee and the purchasing power of the Mastercard payment network.
Ideal for Those Who:
- Have a limited credit history, damaged credit, or no credit history at all
- Are looking to improve their credit or build it from its early stages
- Want a credit card with a very low regular APR in case they need to carry a balance
- Prefer a secured card where they can control their credit limit
Oakstone Platinum Secured Mastercard® Review
The Oakstone Platinum Secured Mastercard is a credit builder card that provides an excellent, everyday-low APR and the purchasing power of Mastercard – all in one package.
An Exceptional Purchase APR
Secured credit cards are ideal for people looking to boost a bad credit score – or establish a credit profile for the first time. Part of growing a credit score is keeping credit utilization low. Keeping your credit use to a minimum is ideal – but not always possible. It is in instances like these where the Oakstone Platinum Secured Card shines.
While secured credit cards aren‘t designed for carrying a balance, the Oakstone Platinum Mastercard makes such an occasion painless. The card features an exceptional 9.99% variable APR on purchases. The average APR for a person with a bad credit score is approximately 21.74% – significantly higher than the interest rate that Oakstone charges. This makes the card an ideal option for someone who wants the versatility to build credit and carry a balance at the same time.
Build Credit with On-Time Payments
As is the case with the Oakstone Platinum Secured Mastercard, secured cards serve as an ideal way to repair damaged credit scores or establish a good credit history for the first time. Since the Oakstone Secured Mastercard reports monthly to all three major credit bureaus – Experian, Equifax, and TransUnion – responsible use of the card can lead to impressive credit building in as little as a handful of months. Responsible use means only purchasing what you can afford to pay off right away and ensuring you at least pay the minimum due on your card statement each month.
Security Deposit Requirement
Secured cards are like any other credit card: they provide flexibility when paying, offer fraud protection, and help you establish a positive credit history with on-time payments. The only difference between a secured credit card and an unsecured card is that secured cards require a cash deposit.
This security deposit acts as the collateral for the account and serves as the line of credit. With the Oakstone Platinum, that refundable security deposit is a minimum of $200, with a maximum initial deposit of $5,000. This is on par with other secured card options and makes the card a solid choice for those who want a low rate and a modest initial deposit requirement.
Other Card Features
Other notable features of the Oakstone Platinum include:
- A fast, easy application process that takes minutes
- No processing fees or monthly servicing fees
- Reasonable $49 annual fee
- Can be used for foreign purchases, but a 3% transaction fee applies
Should You Apply for the Oakstone Platinum Secured Mastercard®?
The Oakstone Platinum Secured Mastercard® hits many of the right notes for a credit builder card. The purchase APR with the card is excellent and provides users with a super low rate that rivals many of the best balance transfer or low rate credit cards on the market – even for those with excellent credit.
The addition of a modest annual fee, the freedom to select a refundable security deposit that fits your financial situation, and a fast, easy application process are more feathers in the Oakstone‘s cap. And the near-global acceptance of the Mastercard payment network doesn’t hurt, either. Mastercard is the world’s second-largest payment network (behind only Visa). While Mastercard is accepted at slightly fewer merchants, it is taken in more countries than Visa – making it the perfect global payment tool.
While the Oakstone Platinum may seem like a “can‘t-miss“ offer, there are limitations to consider before applying. The card’s primary restriction is that it is not currently available to New York, Iowa, Arkansas, or Wisconsin residents.
Beyond that slight limitation, the Oakstone Platinum Secured Mastercard® is an excellent secured card to consider. It is a product with the prospects of helping you boost your credit score fast.