Last updated on February 28th, 2023
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At a Glance
The OakStone Secured Mastercard® Gold Credit Card is a quality secured credit card that provides a highly competitive purchase APR, regular reporting to the three nationwide credit bureaus, and the purchasing power of a full-fledged Mastercard – all for a $39 annual fee.
Ideal for Those Who:
- Have a limited credit history, damaged credit, or no credit history at all
- Wish to repair or build their credit
- Want a great low everyday APR
- Are looking for a simple, everyday use credit card
OakStone Secured Mastercard® Gold Credit Card Review
The Oakstone Gold Secured Mastercard® is a robust secured credit that provides the credit-building foundation you need, with a competitive APR for everyday use.
A Highly Competitive APR on Purchases
One of the biggest headlines with the Oakstone Gold Secured Mastercard is the variable APR on purchases. The Gold’s APR is slightly higher than its sibling’s, the Oakstone Platinum Card. However, the Gold features an annual fee $10 lower than the Platinum Mastercard’s.
The average APR for someone with bad credit is approximately 21.74%. This is significantly higher than the interest rate that Oakstone charges on either of its cards. And these low rates make them card an ideal option for someone who wants the versatility to build credit and carry a balance (if necessary) at the same time.
No Minimum Credit Score or History Required
One of the best features of cards like the Oakstone Gold Mastercard is that people with no credit history can apply for the card. There are also no minimum credit score requirements, which will help those who are just starting on their personal finance journey.
Build Credit with On-Time Payments
Oakstone and Synovus Bank (the card’s issuer) report customer activity to the major credit bureaus – Equifax, Experian, and TransUnion – every month, making a card like the Oakstone Gold Secured Mastercard excellent for establishing a history of on-time payments. Payment history accounts for 35% of your FICO Score. This means paying your minimum amount due every month is critical for raising your credit score.
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 Gold, 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 (including the Oakstone Platinum Mastercard) and makes the card a solid choice for those who want a low rate and a modest initial deposit requirement.
The Oakstone Gold Secured Mastercard offers additional benefits beyond a low interest rate and a pathway to a stronger credit profile. Other highlights include:
- No penalty APR for late payments
- A fast, easy application process with a decision in minutes
- A very reasonable $39 annual fee
- No monthly servicing fees or application processing fees
- Can be used to make foreign transactions (although a 3% fee on purchases made outside the United States applies)
Oakstone Card Ratings
How does the Oakstone Mastercard stack up? Here are a selection of expert reviews for the card:
What is the Oakstone Gold Secured Mastercard® like to live with? Before deciding if the card is right for you, here’s what our readers and members think about the card:
Here are answers to frequently asked questions about OakStone and the OakStone Secured Mastercard:
OakStone Mastercard FAQs
- No, the card face carries the words “Platinum”, “Oakstone”, and “MasterCard”, and will be embossed with your name.
- Oakstone credit cards are currently available to applicants in all 50 U.S. states.
Should You Apply for the OakStone Secured Mastercard® Gold Credit Card?
Oakstone – and card issuer Synovus Bank – have two great secured credit cards on offer with the Oakstone Platinum and Oakstone Gold Secured Mastercard. While the Gold version features a slightly higher purchase APR, the lower annual fee compensates for this discrepancy. The Gold Card’s APR on purchases is still highly competitive – and significantly lower than the national average interest rate for those with an imperfect credit score.
The freedom to select a refundable security deposit that fits your needs and a fast, easy application process is also a great feature, as is the near-global acceptance of the Mastercard payment network.
All told, the Oakstone Gold Secured Mastercard offers everyday value, strong purchasing power, and the foundation required to raise your credit score fast.