Looking to build or rebuild your credit? The M&T Secured Credit Card is your gateway to financial empowerment. Whether you’re starting from scratch or need a fresh start, this card provides the essential tools to help you establish a strong credit history.

Along with its credit-building benefits, it also offers several perks, including no annual fee and access to your FICO® Credit Score. This card is designed to support you on your journey to better financial health, making it a smart choice for those seeking to improve their creditworthiness.

Key information about the M&T Secured Credit Card

The M&T Secured Credit Card is thoughtfully designed with your financial growth in mind. It’s secured by a deposit that you make into an M&T savings account, which then becomes your credit limit. This unique arrangement not only helps you manage your spending responsibly but also provides you with the opportunity to build or improve your credit over time.

By using this card wisely and making timely payments, you can gradually strengthen your credit profile, paving the way for better financial opportunities in the future.

How does the annual fee work?

With the M&T Secured Credit Card, you’ll enjoy the freedom of no annual fee. Yes, you heard that right—no hidden charges at the end of the year, and no need to worry about an extra expense just to keep your card active. This is especially beneficial if you’re working to build your credit and want to keep costs low while doing so.

How Is the credit limit determined?

The credit limit for the M&T Secured Credit Card is directly tied to the deposit you make when you open the account. Your deposit must be at least $250, and whatever amount you choose will become your credit limit. Unlike traditional credit cards, where the bank decides your limit based on various factors, here, you have full control over how much you want to spend and secure with your deposit.

Benefits of the M&T Secured Credit Card

This card comes packed with a range of advantages, making it an ideal choice for anyone looking to strengthen their financial footing:

• No Annual Fee: Keep your money where it belongs—in your wallet.
• Access to FICO® Credit Score: Monitor your credit progress with free quarterly updates.
• Security Features: Protect your finances with fraud detection and chip technology.
• Customizable Card Design: Personalize your card with a design that reflects your style, at no additional cost.
• Link to Digital Wallet: Add your card to your digital wallet for seamless transactions.

Standout feature: Graduating to an Unsecured Card

One of the most appealing aspects of the M&T Secured Credit Card is the potential to graduate to an unsecured card. After demonstrating responsible credit management, M&T Bank will periodically review your account to see if you qualify to move to an unsecured card. This means that you can eventually get your deposit back while continuing to build your credit with an unsecured card—essentially taking the next step in your financial journey.

Disadvantages of the M&T Secured Credit Card

While the M&T Secured Credit Card offers many benefits, it’s important to consider the potential downsides as well:

• Initial Deposit Requirement: You must have at least $250 available to secure your credit limit.
• Limited to M&T Accounts: The card requires that you hold a deposit in an M&T savings account, which may not be ideal if you prefer banking elsewhere.
• No Immediate Unsecured Option: The path to an unsecured card isn’t guaranteed and depends on your credit behavior over time.

Main drawback: Initial Deposit Requirement

The most significant drawback of the M&T Secured Credit Card is the necessity of an upfront deposit. This might be a hurdle for some, particularly if you’re already facing financial challenges. However, it’s essential to view this deposit as an investment in your financial future—an investment that could pay off in the form of better credit and more financial opportunities down the line.

Who can apply for the M&T Secured Credit Card?

Applying for the M&T Secured Credit Card is straightforward, but there are a few prerequisites:

• Minimum Age: Applicants must be at least 18 years old.
• M&T Savings Account: A deposit into an M&T savings account is required to secure the card.
• Credit History: While this card is designed for those with limited or poor credit, M&T Bank will still assess your creditworthiness.
• Identification: A valid Social Security number and government-issued ID are required.
• Residency: You must reside in a state where M&T Bank operates.

How to apply for the M&T Secured Credit Card

M&T Bank offers multiple convenient ways to apply for the Secured Credit Card. Whether you prefer online, mobile, or in-person methods, you can choose the option that works best for you.

Online Application

To apply online, visit the M&T Bank website and navigate to the credit cards section. Select the M&T Secured Credit Card and follow the prompts to complete your application. Ensure that you have your identification documents and deposit amount ready.

Through the Mobile App

If you prefer to use your mobile device, download the M&T Bank app from the App Store or Google Play. Log in or create an account, then follow the steps to apply for the Secured Credit Card. The app makes it easy to upload documents and complete the process from anywhere.

In-Branch Application

For a more personalized experience, visit your nearest M&T Bank branch. A representative will guide you through the application process, answer any questions you may have, and help you make your initial deposit. This is a great option if you want face-to-face assistance or need more information before applying.

With the M&T Secured Credit Card, you have a powerful tool at your disposal to help you achieve your financial goals. Whether you’re building credit for the first time or looking to recover from past financial difficulties, this card offers a solid foundation with the potential for future growth.