The M&T Secured credit card is a versatile instrument which targets to assist people create or re-establish their credit history. This is more so if you are new to the credit world or if you are rebuilding your credit, this card is perfect for the job with numerous positives on offer. Backed by a deposit, the card allows the client to monitor his/her expenses and build a credit history.

There are no compulsory charges that come with owning an M&T Secured credit card and one of the major ones or rather the main selling point is that the card does not attract an annual fee. Furthermore, to help cardholders financially manage themselves, they get to have free FICO® Credit Score with them and they can check it often.

Key information about the M&T Secured credit card

The M&T Secured credit card is secured by a cash deposit, and this amount acts as your credit line. A cash deposit starting at $250 is maintained in an M&T savings account and can be used as security. This arrangement means that you are able to oversee your expenditure at the same time enjoy a positive credit utility.

This credit card is watched ion a regular basis but, if the user has shown that they can be responsible for their credit use, they can be migrated to an ordinary credit card and their cash deposit is termed back to them.

How does the annual fee work?

It is also important to note that M&T Secured credit card does not attract the issue Of an annual fee. This means that one can swipe the card they receive the whole year without necessarily having to pay any extra charges and this make this particular credit building or re-establishing credit card to be advantageous especially to those new in credit fraternity. This means it is radically cheaper than most credit card companies that charge an annual fee, thus, leaving more cash in your wallet.

How is the credit limit determined?

Regarding the M&T Secured credit card, your credit limit is the amount of your security deposit. While with most of the ordinary credit cards, it is the bank that determines your credit limit taking into consideration its factors, a secured card makes you the boss of the limit. This way, you ensure that your spending potential is pegged on the amount that you have deposited to act as the credit limit.

Credit card benefits 

• No annual fee: Enjoy the freedom of using your card without the burden of an annual fee.
• Access to FICO® credit score: Monitor your credit health with free access to your FICO® Credit Score on your account statement.
• Potential to graduate to an unsecured card: Demonstrate responsible credit use and you may qualify to graduate to an unsecured credit card.
• Flexible account management: Manage your account online, through mobile banking, or at an M&T branch.
• Customizable card design: Personalize your card’s appearance at no extra cost.
• Digital wallet compatibility: Add your card to your digital wallet for convenient and secure transactions.

Access to FICO® credit score

Some of the benefits linked to M&T Secured credit card include; Free FICO® Credit Score. It helps you monitor your credit position and enables you to see how you are transforming in the duration of time. Gathered and recalculated on a quarterly basis, this score makes it possible to comprehend the crucial aspects influencing credit and, thus, make the right financial decisions. Thus, the constant check of one’s credit score is informative as it prevents unhealthy habits and establishes a path to financial recovery.

Disadvantages

• Security deposit requirement: You need to make a security deposit to secure your credit limit.
• Variable APR: The card comes with a variable APR of 22.49%, which could be considered high.
• Periodic reviews: The transition to an unsecured card is not guaranteed and is subject to periodic reviews.

Security deposit requirement

The only cons on the use of M&T Secured credit card are the fact that one is usually expected to deposit money to secure the credit card. This subscription fee which is your credit limit may be discouraging to some people. It is returned if one switches to an unsecured card or if the account is in good standing and closed; however, the initial deposit could be a problem for those with little amount of money.

Who can apply for this card?

To apply for the M&T Secured credit card, you must meet certain criteria:

• Age: Applicants must be at least 18 years old.
• Identification: A valid government-issued ID is required.
• Security deposit: A minimum deposit of $250 in an M&T savings account is necessary to secure the card.
• Credit history: The card is suitable for those looking to establish or rebuild their credit, making it accessible to individuals with a range of credit backgrounds.
• Residency: You must be a resident in a state where M&T Bank operates.

How to apply for the M&T Secured credit card

By Visiting a Branch

To apply and fill the M&T Secured credit card application manually, go to the ‘Locations & Hours’ section and book a time at any M&T branch that is convenient for you. You can do this easily through the internet on the website using the branch locator or through the phone using the customer service telephone number.

It is recommended to prepare all the required documents, including a government ID, a proof of residency, and documents regarding your financial status in advance to save time during the appointment. When the appointment requested above is due, get there a few minutes early; then, a bank representative will be assigned to help you with the application process.

You will be required to fill some of your personal particulars and regarding the security deposit, the amount you are willing to pay will dictate the credit limit that is accorded to you. The minimum amount of deposit is two hundred and fifty US dollars.

The representative will also offer help in creating an M&T savings account in case you have not one that you will need for this deposit. Once you have filled the application and deposited the required amount, the bank will need to process the application – usually this takes about 3-5 days.

Once granted, you will be issued with the M&T Secured credit card through mail with a guide on how to activate the card and its usage. The process is specifically made to be simple so you would not have to wait long before being able to start repairing or even constructing your credit with the assistance of M&T Bank.

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