Citibank Launches Secured MasterCard Tied to 18-Month CD
Citibank has introduced a new secured Citi MasterCard for consumers lacking credit histories that would support issuance of a standard credit card.
A deposit, which is placed in an 18-month CD, with a minimum of $200 and a maximum of $5,000, secures the Citi MasterCard and becomes the amount of the customer's credit line. Unlike some secured cards, the deposit will earn interest. If payments are made on time, and the account is kept in good standing for a full 18 months, the customer may be eligible for an unsecured Citi credit card as well as other financial products.
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