If you are looking for a credit card with rewards that will help build your credit rating, then you may want to consider a Citibank Secured Credit Card. Like many other cards on the market, this Citibank Secured Credit Card has no annual fees. All payments are reported to the major credit reporting agencies, which means you can build significant credit over time with these cards. However, there are some additional features that make this card a great choice.
With the Citi secured card, you have the option of applying for an introductory offer. During the introductory period, you will enjoy reduced interest rates and an air mile program. You will not be charged any annual fees. On your next bill, you will see great rewards. These benefits are transferred to your regular APR at the end of the introductory period. But, you must keep in mind that after the regular APR, you will be charged interest on the amount you spend.
Another benefit of the CITI secured credit card is the ability to make a deposit. You can make a one time small, up to $1000 deposit to help build your credit score. You may choose to withdraw the money when you need it or keep it in an account earning you interest. Your deposit may be tax deductible if you itemize your deductions.
A third benefit is the ability to take advantage of the no-exchange-for-refund feature. If you get a balance transfer to a CITI secured credit card and are no longer able to get cash back, your no-exchange-for-refund deposit can help you catch up. This could be beneficial if you transfer your balance because you will have higher spending limits once your introductory 0% interest rate has expired.
You can also use your cash back bonus for a variety of expenses. Some benefits include gasoline purchases, department store and drug store purchases, hotels and travel, and airline tickets. You do not have to pay the full amount of your cash back; just the portion you are allowed to use as cash. This means you will not have to repay the full annual fee or deposit required.
One of the best ways to build credit is to make small purchases using your new card. You will be rewarded with cash back bonuses and the ability to make larger purchases after your introductory 0% interest rate expires. To maximize your rewards, you should make your small purchases at merchants who accept your credit card. With citi secured Mastercard, you are given the flexibility to build credit quickly and easily.