First Latitude Credit Card Review 2025: Pros, Fees, And Verdict
Complete guide to First Latitude secured credit card: benefits, drawbacks, and who should apply.
First Latitude Credit Card Review 2025
Finding the right secured credit card can feel overwhelming, especially if you have poor credit or no credit history. The First Latitude credit card offers an accessible entry point for those looking to build or rebuild their credit profile. This comprehensive review will help you understand how this card works and determine whether it’s the right choice for your financial situation.
First Latitude Credit Card Highlights
Before diving into the details, here’s a quick overview of what the First Latitude credit card offers:
- Low-security deposit starting at $100
- Earn 1% cash back for each payment made
- No minimum credit score requirement
- Reports to all three credit bureaus
- High APR of 24.49%
- $19.95 set-up fee
- Annual fee of $25 the first year, then $35
Main Benefits & Perks
The First Latitude credit card is a secured credit card designed for individuals with limited credit history or poor credit. While it offers fewer benefits than some competitors, several advantages make it worth considering.
Low-Security Deposit
One of the most attractive features of the First Latitude credit card is its low-security deposit requirement. Unlike most secured credit cards that require deposits of $500 to $2,500, First Latitude allows you to open an account with just $100. Your security deposit becomes your credit line, meaning you’ll start with a $100 credit limit. While this may seem restrictive, it makes credit building accessible to individuals with minimal savings. If you only have a limited amount to invest in credit building, you can start with as little as $1 and gradually increase your usage over time.
Earn Rewards for Payments
Most reward credit cards compensate you for purchases, but First Latitude takes a unique approach by rewarding you for making payments. Each time you make a payment toward your credit card balance, you earn 1% cash back rewards. This is uncommon in the secured credit card market and provides a strong incentive to pay your bills consistently and on time. The rewards can be redeemed as statement credits, helping you reduce your outstanding balance over time.
No Minimum Credit Score Required
First Latitude stands out by not requiring a minimum credit score to qualify. If you need a secured credit card, you likely don’t have an excellent credit history or may be building credit from scratch. This card welcomes applicants regardless of their credit profile, making it accessible to those who have faced financial challenges or are new to credit.
Reports to All Three Credit Bureaus
For your credit-building efforts to matter, your account activity must be reported to the major credit bureaus—Equifax, Experian, and TransUnion. First Latitude reports to all three, ensuring that your responsible payment history and credit management contribute to building a positive credit profile.
Main Drawbacks
While the First Latitude credit card has appealing features, several significant drawbacks warrant careful consideration before applying.
Small Credit Line
The $100 credit line, while accessible, severely limits your ability to build credit effectively. Credit utilization—the percentage of available credit you’re using—significantly impacts your credit score. Financial experts recommend keeping your balance below 30% of your credit line. With a $100 limit, this means you should ideally maintain a balance under $30, which isn’t sufficient for most financial needs. This constraint limits how much credit building you can actually accomplish with this card.
Multiple Fees Add Up Quickly
First Latitude charges numerous fees that can substantially increase your costs:
- $19.95 Set-Up Fee: You must pay this within 30 days of opening the card, or your application will be withdrawn. Combined with the $100 security deposit, your initial investment reaches $119.95.
- Annual Fee: $25 the first year, increasing to $35 in subsequent years, even if you don’t use the card.
- Cash Advance Fee: $10 or 3% of the amount withdrawn, whichever is greater.
- Late Payment Fee: $41 per occurrence.
- Returned Payment Fee: $30 if a payment bounces.
These fees, particularly the annual charges and set-up fee, are higher than many competitors and can quickly offset any rewards you earn.
High APR
The First Latitude credit card carries an APR of 24.49%, which is higher than the average credit card APR. This means carrying a balance becomes expensive quickly. Additionally, if you take a cash advance, the APR jumps to 29.49%, making this an especially costly option.
Rewards Redemption Threshold
While earning 1% cash back on payments sounds appealing, there’s a significant catch: you cannot redeem your rewards until you accumulate 500 points, which equals a $5 statement credit. This means you need to make $500 in payments before you can redeem any rewards. Given the $100 credit line and annual fees, reaching this threshold requires extended card usage and consistent payments over several months.
Fee Comparison Table
| Fee Type | Amount | When Charged |
|---|---|---|
| Set-Up Fee | $19.95 | Within 30 days of account opening |
| Annual Fee (Year 1) | $25 | Annually |
| Annual Fee (Year 2+) | $35 | Annually |
| Cash Advance Fee | $10 or 3% (greater amount) | Per cash advance |
| Late Payment Fee | $41 | Per late payment |
| Returned Payment Fee | $30 | Per returned payment |
Who Is First Latitude Credit Card Best For?
The First Latitude credit card is specifically designed for individuals with no credit history or those beginning their credit-building journey. It’s best suited for people who:
- Don’t have a credit score yet and need a starting point
- Have no other secured credit card options available
- Can afford the upfront fees ($119.95) and annual charges
- Commit to using the card responsibly for at least one year
- Plan to pay off the balance and retrieve their security deposit after establishing credit history
The optimal strategy for using this card is to make small, manageable purchases, pay them off immediately, and use it primarily for one year to build credit. After demonstrating responsible credit usage, you can request your security deposit back and graduate to a better card with lower fees and higher credit limits.
Rewards Program Details
Cash Back on Payments
First Latitude offers 1% cash back on payments made to your credit card account. This rewards structure differs from traditional credit cards that provide cash back on purchases. You earn cash back as points, with each point worth 1 cent. However, payments toward your annual fee and security deposit don’t earn rewards, only regular balance payments qualify.
Redemption Requirements
Points can be redeemed for statement credits in 500-point increments, equal to $5 per redemption. Points never expire as long as your account remains in good standing. It’s important to note that statement credits reduce your account balance but don’t count as actual payments, so you must still make the minimum payment due to avoid late fees.
Frequently Asked Questions
Q: Does the First Latitude Credit Card Have an Intro APR Offer on Balance Transfers?
A: No, First Latitude doesn’t offer promotional APR rates or balance transfer offers for new cardholders. The primary benefit of this card is the opportunity to build credit without requiring a minimum credit score.
Q: Does First Latitude Do a Hard Pull on Your Credit?
A: Yes, First Latitude performs a hard inquiry when you apply. This temporarily lowers your credit score by a few points. However, since they don’t require a minimum credit score, this shouldn’t prevent approval. If you use the card responsibly, your score should recover and improve quickly.
Q: Can I Use the First Latitude Credit Card Anywhere?
A: Yes, the First Latitude card is a Mastercard, so you can use it anywhere Mastercard is accepted—millions of stores, restaurants, online retailers, and entertainment venues worldwide.
Q: Can I Withdraw Cash From the First Latitude Credit Card?
A: Yes, you can make cash advances. However, the cash advance APR is 29.49%, higher than the purchase APR of 24.49%, and you’ll pay a $10 or 3% fee, whichever is greater. Cash advances are expensive, and you should avoid them if possible.
Q: How Long Does It Take to Get My Security Deposit Back?
A: While not explicitly stated in the card terms, after demonstrating responsible credit management and potentially graduating to an unsecured card, you can contact First Latitude to request your security deposit be returned. The timeline varies but typically takes several weeks to process.
Q: What if I Miss a Payment?
A: Late payments result in a $41 fee and may be reported to credit bureaus, negatively impacting your credit score. First Latitude does not forgive first late payments, so it’s crucial to pay at least the minimum amount by the due date.
How to Get the Most Out of Your First Latitude Card
To maximize the benefits and minimize costs of the First Latitude credit card:
- Make small purchases you can pay off immediately to demonstrate responsible credit usage
- Never miss a payment—set up automatic payments if necessary
- Keep your balance well below 30% of your $100 credit line
- Avoid cash advances due to high fees and interest rates
- Monitor your credit reports for accuracy and ensure all activity is reported
- After one year of responsible use, evaluate upgrading to a better card
- Request your security deposit back once you’re approved for an unsecured card
Conclusion
The First Latitude credit card serves a specific market: individuals with no credit history or poor credit seeking an accessible entry point into credit building. While the no-minimum-credit-score requirement and low $100 security deposit are attractive features, the high fees, small credit line, and expensive APR make this card better as a short-term credit-building tool than a long-term financial product. If you have limited other options and are committed to using credit responsibly, it may be worth considering. However, explore alternatives like the Discover Secured Card, which offers no annual fees and cash back on purchases, before committing to First Latitude’s higher-cost structure.
References
- First Latitude Credit Card Review — Money Crashers. 2025. https://www.moneycrashers.com/first-latitude-credit-card-review/
- First Latitude Platinum Elite Mastercard Secured Credit Card Review — Bankrate. 2025. https://www.bankrate.com/credit-cards/reviews/first-latitude-platinum-elite-secured-credit-card/
- 5 Things to Know About the First Latitude Credit Cards — NerdWallet. 2025. https://www.nerdwallet.com/credit-cards/learn/first-latitude-secured-card
- First Latitude Secured Mastercard Cash Back Rewards — Experian. 2025. https://www.experian.com/credit-cards/details/first-latitude-secured-mastercard-cash-back-rewards/
- Credit Score Building Guide — Federal Trade Commission (FTC). 2024. https://www.consumer.ftc.gov/articles/0152-how-build-your-credit-profile-and-history
- Understanding Credit Utilization and Credit Scores — Consumer Financial Protection Bureau (CFPB). 2024. https://www.consumerfinance.gov/ask-cfpb/what-is-credit-utilization-en-1577/
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