First Tech® Platinum Secured Mastercard®
- Annual fee
- None
- Recommended credit
- Poor / No Credit Required
- Card network
- Mastercard
- Regular purchase APR
- 14% to 18.00% variable based on creditworthiness and the Prime Rate
At a glance
If you are looking to build or rebuild your credit, then the Platinum Secured Mastercard® from First Tech Federal Credit Union may be the right fit. It offers a low-interest rate and the opportunity to earn rewards on every purchase. Furthermore, there is no annual fee for this card. Keep reading to learn more.
Our review of the First Tech® Platinum Secured Mastercard®
If you have poor credit or no credit, many credit card issuers may penalize you with high interest rates and fees. However, that’s not the case with the Platinum Secured Mastercard from First Tech FCU. This card stands out for not charging an annual fee, as well as no fees for cash advances, balance transfers, or foreign transactions. Additionally, cardholders benefit from a low APR.
High Credit Limits
One of the standout features of the Platinum Secured Mastercard is the high credit limit it offers. Cardholders can receive up to $25,000 in credit, providing significant purchasing power. To secure this card, applicants must make a minimum deposit of $500, which then becomes their credit limit. This deposit also acts as collateral in case of non-payment, and is refunded if the account is closed after paying off the balance.
One Low APR
Unlike many other secured cards with varying APRs, the Platinum Secured Mastercard offers a single flat rate that aligns with the national average for credit cards. This eliminates uncertainty for applicants regarding their APR based on their credit rating.
No Fee Makes It (Almost) Free
Another attractive feature of this card is the absence of fees for various transactions. There is no annual fee, balance transfer fee, cash advance fee, or foreign transaction fee. This makes the card cost-effective and convenient for everyday use.
Rewards
Despite being a secured card, the Platinum Secured Mastercard allows cardholders to earn rewards points on most purchases. Points are earned at a one-to-one ratio and can be redeemed for merchandise, travel, or charitable contributions. There is no limit to the number of points that can be earned, and they do not expire.
Should You Apply?
The Platinum Secured Mastercard is a highly competitive option in the secured card market. With its lack of annual fees, low APR, and rewards program, it stands out among its peers. However, the required security deposit and limited credit union membership may be deterrents for some applicants.
If you’re considering other options, the Odyssey Rewards World Elite Mastercard for good credit or the First Progress Platinum Prestige Mastercard for secured credit are worth exploring.
Overall, the Platinum Secured Mastercard from First Tech FCU offers a compelling combination of benefits for those looking to build or rebuild their credit.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- No annual fee
- No fees on foreign transactions or cash advances
- Earn 1 rewards point for every $1 spent
- Low APR
Who this card may suit
- You need to build up your credit score
- You do not qualify for a non-secured credit card
- You want to earn rewards points on your purchases
- You don’t want to pay an annual fee or fees for balance transfers, cash advances, and foreign transactions
Rates, fees and terms
| Annual Fee | None |
|---|---|
| Regular Purchase APR | 14% to 18.00% variable based on creditworthiness and the Prime Rate |
| Cash Advance APR | 15% to 18.00% variable based on creditworthiness and the Prime Rate |
| Late Payment Penalty Fee | Up to $25 |
| Return Payment Penalty Fee | Up to $25 |
| Minimum Deposit Required | $500 |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Poor Credit Limited or No Credit.
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First Tech® Platinum Secured Mastercard®
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