best repair card ever, or too good to be true?

[Anonymous]

Anyone ever heard about or actually had a Citi Secured Mastercard from Citibank?

here's the link to check it out

BASICS:

$29 p/year

17.74% apr

minimum finance charge $.50

secured by a mandatory 18 month cd which accrues 4% interest.

after 18 months, history is reviewed for the possibility of issuance of a nonsecured card or other financial products (i.e. loans, etc)
___________________

I've talked to several representatives and done a bit of digging around, but there seem to be no hidden fees or negative reviews anywhere.

(yes, the apr is a tad high, but my plan is to pay the balance to almost nothing every month, so i really won't be dealing with much of a finance charge.)

I've been searching everywhere for a reasonable secured card that reports, this seems like a bad credit repairer's dream come true. I'd love some feedback from anyone that might know more than me.

Also, thought there might be other people like me that could really use a decent secured card. I think I'm going for it...tell me what you know!

thanks much,
Angel

[Anonymous]

Actually that isn't the best card. The CD sounds good but honestly, it's a way for Citi to take more of your money. its an 18 month CD, which sounds to me like Citi will not increase your limit or give you another unsecured card until the CD has matured. Plus, if you want to increase your limit (which you can do by adding funds) i don't think you can with a CD vs a regular savings acct.

I recommend Bank of America, you can walk in with cash, deposit into the savings account and *poof* higher credit limit.

B of A gave me a card equal to my credit limit 12 months later.

[Anonymous]

actually, that was one of my questions for the reps. I can increase my limit at any time in increments of $100 by adding to the cd. no extra fees and the 18 months does not start over. I'm finding out today if i can simply visit a location near me i saw eariler. if not, I'm mailing out the money order this afternoon.