First Latitude Platinum Mastercard® Secured Credit Card

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Last updated on August 19th, 2022

The First Latitude Platinum Mastercard® Secured Credit Card

The First Latitude Platinum Mastercard® Secured Credit Card

The First Latitude Platinum Mastercard® Secured Credit Card
  • Regular Purchase APR 22.24% (Variable)
  • Cash Advance APR 27.24% (Variable)
  • Annual Fee $25 for the first year, after that $35 annually
  • Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.
    Fair , Poor , No Credit Required
  • Processing Network Mastercard
Best Benefits
  • Start Building Your Credit with as Little as $100
  • Pay a Deposit (as Little as $100! Or up to $2000)
  • Quick and Easy Online Application
  • No Credit History or Minimum Credit Score Required!
  • Get a Platinum Mastercard (Bank Account Required)
  • Reports to all 3 Major Credit Bureaus
  • Credit Reporting Starts Immediately when your Account is Opened
  • *Just pay your bill on time to continue establishing your credit
  • First Latitude Mastercard is Accepted Nationwide and Online
  • Make 6-months of on-time payments & you’ll be invited to apply for an unsecured First Digital Mastercard!
Rates & Fees
  • Regular Purchase APR: 22.24% (Variable)
  • Cash Advance APR: 27.24% (Variable)
  • Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
  • Annual Fee: $25 for the first year, after that $35 annually
  • Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
  • Late Payment Penalty Fee: Up to $41
  • Return Payment Penalty Fee: Up to $30
  • Minimum Deposit Required: $100
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The First Latitude Platinum Mastercard® Secured Credit Card

The First Latitude Platinum Mastercard® Secured Credit Card

Terms & Conditions

At a Glance

The First Latitude Platinum Mastercard is a secured credit card from Synovus Bank and First Progress. The card can help you build a positive credit history with financial responsibility and regular payments, all for a $25 annual fee.

Ideal for Those Who:

  • Have little to no credit history and struggle to get approved for other credit cards
  • Want to establish a credit history or improve your credit score
  • Can submit a minimum of $100 for the security deposit
  • Don’t intend to carry a balance from month-to-month

First Latitude Platinum Mastercard Secured Credit Card Review

The First Latitude Platinum Mastercard is a secured credit card designed for anyone who may have had credit issues in the past and need to rebuild credit or are just starting out and need to establish credit for the first time. The First latitude Platinum Mastercard is serviced by First Progress (itself an issuer of three secured cards) and Synovus Bank, First Progress’ parent company.

How Does a Secured Card Work?

You might think all credit cards act the same: you are given a line of credit, and you can make purchases off of that line, which you must repay. Yes, this is how all credit cards operate, but how that line of credit is opened differs dramatically based on card type.

Secured credit cards, like the First Latitude Platinum Mastercard, require collateral to “secure” the loan. This collateral takes the form of a cash deposit. The amount you deposit equals the credit line, which in turn acts like any other credit card would, by making purchases and then paying those purchases off by the due date (plus interest, if applicable), thus replenishing the credit line. Should you close your account, you receive your security deposit back (minus any outstanding charges or fees).

Because these card types require a deposit, they often come without needing a credit check. This means that when you apply for a secured credit card, there is no hard inquiry on your credit report.

Security Deposit

Like other secured credit cards, the First Latitude Platinum Mastercard requires a refundable deposit to open. The card has a refundable credit limit of between $100 and $2,000. Your deposit must be from $100 to a $2,000 maximum – you decide how much to deposit. If your application is approved, your credit limit will equal your deposit amount (less the $25 annual fee for year one. Once paid, your credit limit will match your deposit amount).

A $100 credit line may sound meager. Still, for someone with limited resources, it can be a lifeline that can help them build credit towards renting an apartment, getting a loan, or another financial event. Many secured cards feature a minimum deposit of $200, making the $100 minimum with First Latitude much more accommodating.  

Because First Latitude prefers cardholders have a bank account to make monthly payments, using your primary checking account might be a good idea with the card. This can streamline the credit-building process with the addition of autopay.

How to Build Credit with First Latitude

The easiest way to build credit with a secured card is by making small purchases and paying them off before the statement due date. Payment history is the most critical factor in a person’s credit score, followed closely by credit use – or credit utilization.

Credit utilization refers to how much of your available credit you are using. Say you get the First Latitude Card, for example, and make a $100 deposit; A $30 purchase would amount to 30% of your total credit use.

Lenders prefer borrowers to use 30% of their credit or less, as it shows that your finances aren’t stretched. Because of this, it is crucial to keep your credit use low – even with a secured card with a small deposit. Don’t worry – you can still use your card as usual, ensure you consistently make payments to refresh the credit limit – and make sure your credit use is never more than 30% overnight – just in the off chance the lender might report your credit file that evening.

These basic steps can help you build credit quickly with First Latitude. The card reports all usage and payment activity to all three national credit bureaus every month (Experian, Equifax, and TransUnion), meaning as few as six months with the card can yield impressive results.

APR

Despite what you might think, secured cards don’t feature extremely high-interest rates. The deposit requirement of secured cards makes them less risky to lenders, meaning cardholders can expect a decent, fixed APR.

Fees

The First Latitude Platinum has an annual fee of $25 for the first year. After that, the annual fee for the card is $35, which is on-par for cards of this type. The card also requires a one-time program fee of $19.95, payable when applying.

Other Card Features

The First Latitude Platinum Secured is a full-feature Mastercard credit card. This means cardholders can expect the following basic Mastercard protections:

Zero Liability Protection Mastercard Global Services ID Theft Protection

First Latitude Card Ratings

How does the First Latitude Secured Card stack up? Here is a selection of expert reviews for the card:

4/5
2/5
3.25/5

User Rating

3.74/5

FAQs About First Latitude

Here you will find commonly asked questions about the First Latitude Platinum Secured Mastercard, as well as the answers:

  • Prepaid and debit cards are available to consumers with poor or inadequate credit scores, but these products generally do not offer credit and do not report to the major consumer credit bureaus. Some prepaid and debit card programs carry monthly membership fees or carry a charge for reloading funds to the card.

    A secured card is a real credit card that extends credit based on a security deposit provided by the cardholder rather than relying on the applicant’s credit history. Aside from the security deposit requirement, a secured card works just like any major (Visa®, Mastercard or American Express®) bankcard. The cardholder can revolve a balance by paying only the minimum monthly payment, or avoid finance charges by paying the balance in full each month. Activity on the First Latitude Platinum Secured Mastercard Credit Card is reported monthly to all three major credit bureaus to help speed the accumulation of new credit history in the cardholder’s credit files.

  • First Latitude offers an optional Expedited Processing Service for $19.95. With the Expedited Processing Service your secured credit card will be processed up to 7 days faster and is only available if you use a debit or prepaid card to fund your security deposit. The $19.95 will be applied to your debit or prepaid card account along with the security deposit amount selected to fund your secured credit card.
  • Existing First Latitude Card customers can enter the secure Online Customer Center or write to the bank at:

First Latitude Card 
P.O. Box 9053
Johnson City, TN 37615-9053

  • No, not at this time.

Should You Apply for the First Latitude Platinum Secured Mastercard?

Overall, the First Latitude Platinum Secured Mastercard hits many of the right notes while avoiding some of the missteps with other similarly marketed credit cards. The annual fee with the card is modest, the minimum-security deposit is lower than with most other cards, and the everyday APR is highly competitive.

Some applicants might seek rewards card options, with the Surge Secured Mastercard a good choice in that area. While earning rewards and enjoying the exact APR as First Latitude might sound appealing, the Surge also features an annual fee of $69 – considerably higher than First Latitude.

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