First Latitude Assent Mastercard® Secured Credit Card
The First Latitude Assent Mastercard® Secured Credit Card helps you build or rebuild credit with a refundable cash deposit that doubles as your credit limit. It works like a regular Mastercard, reports to all three bureaus, and even gives 1% cash back on payments, rewarding responsible use without hidden fees.
Card Details
- Card Type: Secured
- Issuer: Synovus Bank (Columbus, GA)
- Credit Needed: Bad, limited, or no credit history is fine.
- Security Deposit: $200–$2,000 refundable deposit (equals your credit line); can increase up to $5,000
- Credit Reporting: Reports monthly to Equifax, Experian, and TransUnion
- Rewards: 1% cash back on payments (redeemable in $5 increments after 500 points; payments toward fees/deposit don’t earn rewards)
Rates & Fees
- Annual Fee: $0
- Monthly/Startup Fees: None
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
About The Card
The First Latitude Assent Mastercard® is a secured credit card that requires a refundable cash deposit to “fund” your account. Your deposit sets your credit limit (minimum $200, up to $2,000 to start, with the potential to increase to $5,000). For example, a $500 deposit gives you a $500 limit. The deposit is held as collateral and returned when you close the account in good standing. Unlike a prepaid card, this is a real credit card that reports monthly to all three major bureaus (Equifax, Experian, TransUnion). Using it responsibly—keeping balances low and making on-time payments—helps you build or rebuild positive credit history.
This card is designed for accessibility. There’s no minimum credit score, often no hard credit check, and approval is quick (usually within minutes online). To qualify, you must be 18 or older, have a valid Social Security number, and not be in bankruptcy. It charges no annual or monthly fees, but the APR is high (about 28% variable), so carrying a balance is costly. Its standout feature is 1% cash back on payments, redeemable as statement credits in $5 increments, which rewards you for paying down debt. Used correctly—charging what you can afford and paying in full each month—the Assent card is a simple, low-cost way to establish credit while earning a small bonus on your good habits.
Pros
- Easy Approval: No minimum credit score, only a soft inquiry, and simple requirements make approval very likely even with bad or no credit.
- No Annual Fee: $0 yearly cost keeps it budget-friendly while you build credit.
- Credit Reporting: Reports to all 3 major bureaus monthly, helping you steadily rebuild credit with on-time payments.
- Flexible Credit Line: Deposit $200–$2,000 to start, with the option to grow to $5,000 over time.
- Refundable Deposit: Your deposit isn’t lost — it’s returned when you close the account in good standing.
- 1% Cash Back on Payments: Rare perk for a secured card; earn small statement credits for paying your balance.
- No Hidden Fees: No startup, monthly, or over-limit fees.
- Fast Setup: Online approval in minutes, option to expedite card delivery for $19.95
Cons
- Deposit Required: At least $200 upfront; funds are locked until account closure.
- High APR: You’ll pay very high interest, at around 30% APR
- No Upgrade Path: Card doesn’t graduate to unsecured; the only way to reclaim your deposit is closing the account.
- Foreign Transaction Fee: 3% added to purchases abroad.
- Limited Rewards: 1% back only on payments, redeemable in $5 increments (500 points).
Is this card for me?
This card works best if you need to build or rebuild credit, can spare at least $200 for the deposit, and plan to pay in full each month. It’s low-cost (no annual or monthly fees) and even offers small payment rewards, but the high APR and lack of upgrade path mean it’s a temporary stepping stone, not a long-term solution. Used responsibly, it can help you strengthen your credit profile until you qualify for better cards.
