The M&T Secured Credit Card is specifically designed to empower people looking to build or rebuild their credit. With this card, users gain the opportunity to establish responsible credit habits, setting a foundation for their future financial growth.

Whether you’re new to credit or working towards improving your score, this card provides a reliable starting point, secured by a refundable deposit, and offers key features to support your journey. With straightforward terms, low rates, and no annual fees, the M&T Secured Credit Card makes credit-building manageable and cost-effective.

Plus, you’ll have the chance to elevate your card to unsecured status based on periodic account reviews. Beyond helping to strengthen your credit, this card offers valuable benefits like free FICO® score access and convenient account management tools, ensuring that you stay informed and in control.

Key information about the credit card

How does the annual fee work?

One of the great aspects of the M&T Secured Credit Card is its no annual fee policy. Many credit-building cards come with fees, which can feel like a burden, especially for those just starting. However, with M&T’s secured card, you won’t have to worry about paying an annual fee. This means more savings for you to use towards reaching other financial goals or simply maintaining peace of mind, knowing that building credit won’t come with hidden costs.

How is the credit limit determined?

With the M&T Secured Credit Card, your credit limit is determined based on the amount you choose to deposit into a linked M&T Bank savings account. This deposit secures your credit card line and acts as collateral, providing reassurance for both you and the bank.

You decide the limit, starting at $250 or more, depending on your financial situation and credit-building goals. Unlike traditional cards, where the bank assesses your creditworthiness to determine the limit, this secured card empowers you to choose an amount within your budget.

Advantages of the credit card

• No annual fee: With no annual fee, users can focus on building credit without the worry of added expenses.
• Free FICO® credit score: Track your progress with free, quarterly access to your FICO® credit score, available directly on your statements.
• Graduation to unsecured: M&T Bank periodically reviews your account to determine if you qualify for an unsecured credit card, enabling the return of your security deposit.
• Flexible management options: Manage your account through M&T’s online and mobile banking, making payments or setting preferences from anywhere.
• Custom card design: Personalize your card’s appearance to suit your style at no additional cost.
• Overdraft protection: Link your secured credit card to your M&T checking account for added overdraft protection, a valuable safety net.

Standout advantage

A unique feature of the M&T Secured Credit Card is the opportunity to graduate to an unsecured card. After demonstrating responsible credit management for at least six months, your account may qualify for this upgrade, resulting in the return of your security deposit to your savings account.

This transition is particularly helpful as it reflects your progress and allows you to continue building credit without the requirement of a secured deposit, showing M&T’s commitment to customer growth and responsible lending.

Disadvantages

• Requires a security deposit: This card is secured, so it requires an initial deposit, which can be a challenge for some.
• Higher variable APR: At 21.99%, the variable APR may be high compared to other credit-building options.
• Limited rewards: Unlike other M&T credit cards, the secured card doesn’t offer cashback or rewards, focusing instead on credit-building.

A standout disadvantage

One of the primary downsides of the M&T Secured Credit Card is the necessity of a refundable security deposit. While this deposit is essential to secure the credit line, it can pose an initial barrier for those with limited funds.

The minimum deposit required is $250, which will be held in an M&T savings account. Although this money is refundable and may be returned upon graduation to an unsecured card, the deposit requirement could limit accessibility for certain applicants.

Who can apply for this card?

The M&T Secured Credit Card is an option for individuals looking to build or rebuild their credit, making it especially useful for those with limited or damaged credit histories. To apply, individuals must be at least 18 years old and have a valid Social Security number or tax identification number.

The application process also requires opening an M&T savings account, where the security deposit is held, with a minimum deposit of $250 to secure the credit line. Although M&T aims to be accessible, the application process doesn’t specifically accommodate those with very poor credit scores or recent delinquencies. While credit history is less of a factor, maintaining a satisfactory financial standing increases the chance of approval.

How to apply for the M&T Secured Credit Card

For the website

Applying online is the most convenient method for most users. Start by visiting M&T’s official website, navigating to the secured credit card page, and filling out the application form. You’ll need to provide basic information, including personal details and financial information.

You’ll also have the option to set up a linked M&T savings account for your deposit if you don’t already have one. After completing the application, M&T will review your submission, and you should receive an approval or request for further information within a few business days.

Through the app

The M&T app provides a user-friendly application process right from your mobile device. Download the app, navigate to the credit card section, and select the secured credit card option. You can fill in your application details and link an M&T savings account for the deposit.

The app allows you to check your application status in real-time, offering a seamless experience. Plus, if you’re approved, you’ll be able to manage your credit card directly through the app, making account maintenance straightforward and accessible.

At the branch

If you prefer a more personalized application experience, visit an M&T branch to apply in person. M&T Bank staff are available to guide you through the process, answer questions, and help you set up the necessary savings account if you don’t already have one.

In-person applications offer the advantage of direct assistance, making it a good choice for those who value a face-to-face interaction. Simply book an appointment with your local branch to ensure you have dedicated time with an M&T representative.