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The secured credit cards belong to a group of cards called restorative cards or rebuilders. They are cards for people who have bad credit or credit that is so limited that it qualifies as poor credit. Citi Bank offers people the opportunity to hold credit cards in their name. Its secured credit card is a fine option that many people tend to qualify to receive. The following are some details about this option. Interested persons can apply for a secured card today:

Basic Requirements for the Card

citi-secured-credit-cardCiti Bank is mildly lenient in its issuance of this card. The bank does seem to approve people who have bad credit at times. However, it still has a few requirements. The applicant has to be at least 18 years of age and live in the United States. Furthermore, the person cannot have had any bankruptcy procedures against him or her in the past two years before completing the application. Citi does examine the applicant’s income and debt before it approves this card. If the bank approves the card, the cardholder will have to send in a deposit between $200 and $2,500.

Features and Benefits

The Citi Bank card has many features and benefits to it. One of the main benefits of holding this particular card is that it has no annual fee. That allows the cardholders the ability to have access to a larger portion of their funds than usual. Another benefit of carrying this particular card is that the card comes with chip technology. Chip technology protects the cardholder in instances of fraud. Cardholders also can feel confident that their faithful payments will be reported to all of the major credit bureaus in a timely fashion. They can watch as their credit is restored to a positive number as it should be.

Fees and Rates

lazy-dog-credit-cardThe rates for the Citi Bank secured card are not the best, but they are not the worst either. The variable percentage rate is 22.24 percent. Cardholders who make late payments may be subject to a penalty fee that is as high as 29.99 percent. The cash advance fee may be 5 percent of the advanced amount or $10. The balance transfer fee is either 3 percent of the transferred amount or $5. The greater of both figures will prevail. Foreign purchases have a 3 percent fee.

The Application Process

The application process is easy and calm. The interested person just has to visit the website and complete some questions about income, debt and employment. If the bank approves the application, the prospective cardholder will then be prompted to submit the security deposit. The applicant can send the deposit by ACH transaction. A new credit card usually arrives in the mail within about 14 days after all approval loose ends are tied up. The new cardholders can begin using the card shortly after it is validated and activated.