Citibank secured credit card fee schedule
By CreditCards.com staff
|2011 Credit Card Fee Survey|
A year after the Credit CARD Act's major provisions went into effect, predictions of an onslaught of fees haven't come true.
Applicants for these cards must deposit money into an account to secure their borrowing. When they use the secured card to make purchases, they are essentially borrowing and paying back their own money. Credit counselors advise secured card users to make small purchases and pay off the entire balance on time each month to avoid interest charges and to show they are good credit risks.
The survey of secured card offers was conducted in May 2011.
Here are the 2011 secured card fees for the Citibank secured card:
|Other fees, conditions||Credit Limit is equal to deposit ($200-$5,000 - additional deposits in $100 increments), deposited into an 18-mo CD (at which time there is a review for possible upgrade to an unsecured card). Additional deposits will require opening another CD. No other fees. Reports to all 3 credit bureaus. Secured deposit is refunded as either a credit on the card or, if card is closed, a check. Interest is paid on the CD at 1.00%.|
Published: May 31, 2011
- Applications dip, credit market shows signs of cooling off – The market for consumer loans, including credit cards, pulled back in a February survey of consumers ...
- Online and mobile banking statistics – Bank branches aren't a thing of the past yet, but that could be the way they're headed now that consumers can deposit checks, check balances and even open accounts via computer or smartphone ...
- Fed: Card balances fell $3.8 billion in January – Credit card balances fell in January, according to the Federal Reserve ...