Review of the Surge Secured Mastercard®

Surge Secured Mastercard® Fees and Features

Before you sign up for the Surge Secured Mastercard®, you need to understand the card's terms. Let's take a look at the fees, interest rate, and other features on this cash back secured card:

• 1% cash back rewards on nearly all purchases
• 19.99% APR
• 25-day grace period
• Payments reported to all three credit bureaus
• Free Vantage 3.0 credit scores with e-statement enrollment
• $69 annual fee
• $0 fraud liability

How to Maximize Your Cash Back with Surge Secured Mastercard®

Most secured credit cards do not come with rewards programs, making Surge Secured Mastercard® a standout card in this category. If you decide this is a good card for you, there are steps you can take to maximize your cash back rewards.

• Use your credit card for as much as you can. Make your daily purchases with your secured card rather than using cash or a debit card. Just make sure to save the money you would have spent otherwise. You can use that to pay off your credit card balance.
• Read the cash back rewards terms closely. There are some exclusions to the cash back offer, such as cash advances, lottery tickets, balance transfers and money orders. You can still use your card for these transactions, but they will not yield cash back.
• Make your credit card payments on time each month. This will help you avoid late fees, which could eat away at your earnings.
• Pay off your balance within the grace period each month. If you pay off the balance in full, you will not have to pay interest on it. Once again, the interest could detract from your cash back earnings.
• Increase your credit limit when possible. By having more money to spend on your card, you may be able to lower your debt utilization (a significant factor in building your credit score) and have a better chance at earning cash back rewards.
• Plan to make big purchases with your cash back secured card. Save the money, then pay for the purchase with your card. You can pay off your balance in a few days and enjoy some extra cash back.
• Stay up to date about the terms of your credit card. Be informed about the fees, interest rates, and other costs on your card in order to keep your expenses to a minimum.
• Notify the card issuer about suspicious activity. If you notice any fraudulent or unauthorized charges, contact your card provider. Surge Secured Mastercard® has $0 fraud liability, so you will not have to pay for these transactions. Removing them will ensure you don't pay for something you didn't buy.

Is Surge a Good Secured Credit Card?

Overall, Surge Secured Mastercard® is a very good choice for a secured card. Before you decide to apply for this card, you should determine if it's the right card for your needs. Weigh out the pros and cons of the card.

Pros of Surge Secured Mastercard®

The cash back rewards are a major perk for the Surge Secured Mastercard®. Rewards in general are rare among secured credit cards. These cards cater to a specific market, and they usually have minimal features. Getting 1% cash back on purchases could make this the perfect card for you.

Another benefit to the Surge Secured Mastercard® is having access to free monthly credit scores. Simply sign up for e-statements, and you can see your Vantage 3.0 score at no cost. You can monitor your credit score and quickly resolve any disputes on your reports.

The Surge Secured Mastercard® comes with fraud protection and no foreign transaction fee for the first year. If you plan to travel within the next year, both of these features can give you peace of mind.

The 25-day grace period is great for credit building because it gives you time to pay off your balance without incurring interest. The Surge Secured Mastercard® has a fairly high APR, but an interest rate is only harmful when you carry a balance beyond the grace period.

Cons of Surge Secured Mastercard®

The biggest drawback to the Surge secured card is the $69 annual fee. That is higher than most other secured cards, but it can be offset with cash back rewards. If you consistently spend money on your Surge Secured Mastercard®, you should be able to earn enough rewards to cover the annual fee.

At this time, consumers can only fund their account with a $300 deposit. This also becomes their credit limit. This is low compared to other secured cards on the market. If you are looking for a secured card with a higher credit limit, this may be a drawback to you.

Another downside is the slightly high APR of 19.99%. As previously mentioned, you can avoid the APR by paying off your balance within the 25-day grace period. If you plan to carry a balance each month, you may prefer a secured card with a lower APR. Just note that you will be giving up the cash back opportunity at that point.

Secured Card Tips to Build Credit Fast

Think Surge Secured Mastercard® is a good option for you? Follow these tips to build credit fast with a secured credit card.

• Avoid mistakes you made in the past. Most secured card applicants have had previous credit challenges. Think back on what you did wrong, and actively avoid those actions with your new card. Consider this a fresh start and a step toward building a better financial future.
• Keep an eye on your credit score. You can see your score for free each month with Surge Secured Mastercard®. Use that as a tool to track your credit progress and motivate you to continue making smart decisions.
• Maintain a low revolving balance. Ideally, you should pay off your balance in full each month. If you are unable to do that, pay as much toward the balance as you can to keep your credit utilization rate low. This is a significant factor in your credit score.
• Don't apply for multiple cards at once. You want a diverse credit portfolio, but not right away. Use one card properly for several months before opening another account. Never open more than you can manage.
• Use your secured card to pay bills. This is an easy way to make transactions with the card and then immediately pay off the balance. Just be mindful of the fees some billing companies charge for processing card payments.
• Set up automatic credit card payments. If you struggle to pay your bills on time or remember the due date, auto-pay could keep your account in good standing. You could also set calendar reminders on your phone to keep you on track each month.
• Don't spend what you can't afford to repay. This is a rule of thumb for any debt source. Think critically about your budget and available funds. Only use your card if you know you can pay off the balance in a timely manner.