M&T Bank Secured Credit Card

M&T Bank Secured Credit Card Review

This is a secured credit card card issued by M&T Bank. If you're wondering whether M&T Bank Secured Credit Card is the right card for you, read on.

Key Takeaways

• High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR of 20.24%
• No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
• 4% Balance transfer fee. M&T Bank Secured Credit Card charges a fee of 4% on balance transfers. For example, a balance of $1,000 could cost $40 in transfer fees. The minimum fee is $10.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
• Secured card. This card requires a refundable deposit before you qualify for a line of credit. These cards are often used to improve the credit of people with poor credit or little credit history.
• Poor credit accepted. This card will consider people who have bad credit. Even if you have poor credit, you may still have relatively good approval odds.

Pros & Cons of M&T Bank Secured Credit Card

The Good	The Bad
No annual fee. Free access to your credit score. Considers applicants with fair credit. M&T Bank Secured Credit Card reports to multiple credit bureaus.	Higher than average purchase APRs. Does not offer a signup bonus. Does not offer rewards or cash back. Charges a foreign transaction fee of 3%. You don't earn rewards on every purchase. Charges a 4% balance transfer fee. Does not include many credit card benefits.

M&T Bank Secured Credit Card FAQ

Does M&T Bank Secured Credit Card have a cash back or rewards program?

No, it does not offer a rewards program.

What are the M&T Bank Secured Credit Card benefits?

It provides the following benefits:

• Free Credit Score
• Zero fraud liability
• Reports to major credit bureaus

What are the relevant APRs for M&T Bank Secured Credit Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has higher than average regular APRs.

M&T Bank Secured Credit Card has a variable purchase APR of 20.24%. The card has a variable balance transfer APR of 20.24% . It also has a variable cash advance APR of 25.24% . Note that late payments are subject to an APR of 24.99% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the fees for M&T Bank Secured Credit Card?

The following fees apply:

• An overlimit fee of $15.

M&T Bank Secured Credit Card Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$15
Foreign Transaction Fee	3%
Returned Payment Fee	up to $25
Late Payment Fee	up to $35

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost card.

Does M&T Bank Secured Credit Card report your account activity to credit bureaus?

Yes, M&T Bank Secured Credit Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for M&T Bank Secured Credit Card

• Visit the M&T Bank Secured Credit Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.