As of 2015, some features of the Citi Secured MasterCard include damage and theft purchase protection, worldwide acceptance, and worldwide travel accident insurance, according to Citigroup. The exact features of a Citi Secured MasterCard may vary.
The Citi Secured MasterCard’s damage and theft purchase protection offer consumers coverage on purchases of up to $1,000 with an annual total maximum coverage limit of $50,000, notes Citigroup. Cardholders have to use their Citi cards to make the purchase in order to qualify for the damage and theft purchase protection feature, and purchases are eligible if someone steals or damages the item within 120 days of the purchase. Citi Secured MasterCard holders can make purchases globally at millions of ATMs, merchants and financial institutions that accept the card. Worldwide travel accident insurance that comes with the card provides $250,000 in coverage.
The Citi Secured MasterCard allows those with little credit experience to build a credit history, according to NerdWallet. After approval, applicants make security deposits of $200 to $5,000. Citi requires the security deposit to protect against default, and the applicant’s credit line is equivalent to the amount of the security deposit. The card also has an annual fee and carries a high annual percentage rate.