First Latitude Elite Mastercard® Secured Credit Card
First Latitude Elite Mastercard is a secured credit card designed for rebuilding credit, backed by a refundable deposit, with 1% cash back on payments and a low annual fee. Best for those with bad or no credit who want easy approval and a simple path to build credit.
Card Details
- Issuer: Synovus Bank (Columbus, GA), Member FDIC
- Credit Needed: Bad, poor, or no credit accepted (no minimum score; must be 18+, valid SSN, and not in bankruptcy).
- Application: Soft credit pull for approval (no hard inquiry).
- Security Deposit & Credit Limit: $200 minimum deposit (refundable). If you deposit more than $200, the minimum required becomes $300. Credit line equals deposit, up to $2,000.
- Available Credit at Opening: Your deposit minus the $29 annual fee.
- Credit Reporting: Reports monthly to Equifax, Experian, and TransUnion.
- Rewards: 1% cash back on payments (not on purchases).
Rates & Fees
- Annual Fee: $29 (charged at account opening).
- Purchase APR: 24.24% Variable.
- Cash Advance APR: 29.24% Variable.
- Cash Advance Fee: 3% of amount (minimum $10).
- Foreign Transaction Fee: 3% of each transaction.
About The Card
The First Latitude Elite Mastercard® is a straightforward secured card for people rebuilding or starting credit. A refundable deposit sets your limit (from $200 up to $2,000), and your activity is reported monthly to all three credit bureaus. Unlike prepaid cards, this is real credit — and responsible use (on-time payments, low balances) can help improve your score.
The card charges a modest $29 annual fee and has high APRs, so carrying a balance or taking cash advances is expensive. Its standout feature is 1% cash back on payments, which can offset the annual fee if you use and repay the card regularly. Approval is easy, with no hard credit check, making it accessible to those with bad or no credit.
Pros
- Easy approval: no minimum score, soft pull only.
- Low deposit requirement ($200–$2,000, refundable).
- Reports monthly to all 3 bureaus for credit building.
- $29 annual fee is modest compared to other subprime cards.
- 1% cash back on payments — rare for a secured card.
Cons
- $29 annual fee reduces initial available credit.
- Deposit required ($200–$2,000, funds locked until account closure).
- High APRs: Higher Apr compared to other cards in the market.
- Foreign transaction fee: 3% per purchase abroad.
- Rewards are limited to payments only, and redeemable in $5 increments.
- No upgrade path — must close the account to get your deposit back.
Is this card for me?
The First Latitude Elite Mastercard® Secured Credit Card is best for those with bad or no credit who want a simple card that reports to all bureaus. It costs $29 per year, but its unique 1% back on payments can offset that fee if you use the card consistently. Just avoid carrying balances or cash advances, since the APRs are very high. It’s a good short-term tool to build credit until you qualify for a no-fee or unsecured card.
