ReviewsCerulean Credit Card Review: A Card to Rebuild Credit, Potentially without a Security Deposit
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The Cerulean Credit Card can help you rebuild your poor credit, and depending on your credit score, may not require a security deposit for approval. Even if you don’t qualify for an unsecured version, there’s a good chance you could still qualify for a secured version that requires a security deposit. Either one is a passable way to build credit, but there are more affordable options out there.
One thing to note, however, is that you can only apply for the Cerulean Credit Card if you’ve received a pre-qualified offer in the mail.
If you haven’t, you’ll have to find another credit card. And there are plenty of better secured card options anyhow.
Not sure which card is best for you? Check with CardCruncher to see a list of credit cards that you’ll most likely qualify for:
Cerulean Credit Card Highlights
Here are the highlights of the Cerulean Credit Card:
Annual Fee: $99
APR: 23.85% or 25.90%
Sign-Up Bonus: $0
Cerulean Credit Card Benefits:
- Open to people with poor credit
- Card issuer reports payments to three credit bureaus
- May be approved with no security deposit
- Initial credit limit between $400 and $750
- No monthly maintenance fees
Cerulean Credit Card Fees:
- $30 additional card fee (if applicable)
- Cash advance fee of $5 or 5%, whichever is greater (waived for the first 12 months)
- 3% foreign transaction fee (waived for the first 12 months)
- Up to $39 late payment fee
- Up to $39 returned payment fee
Why Apply for the Cerulean Credit Card
There are a few reasons you might want the Cerulean Credit Card:
You’re trying to improve your bad credit
The Cerulean Credit Card accepts applicants with all types of credit—even bad credit. Once you’re approved, you can begin using the card for small purchases. The card issuer reports your payments to the three major credit bureaus, and if you make at least the minimum payment by the due date, your credit score should rise over time.
You may not have to put down a security deposit
When you apply for the Cerulean Credit Card, you’ll automatically be considered for an unsecured card first. If you qualify, you’ll get the card with no money down. If you don’t qualify, you’ll receive the secured version of the card instead. In this case, you’ll have to put down a refundable security deposit equal to your credit limit. If you later cancel the card, the card issuer will refund your deposit as long as your account is in good standing.
Cerulean Credit Card: Drawbacks and Downsides
The Cerulean Credit Card can help you rebuild your credit, but there are a few drawbacks:
It’s only available if you receive a pre-qualified offer
You can’t apply for the Cerulean Credit Card without getting a pre-qualified offer in the mail. Each pre-qualified offer has a unique reservation number. You need that reservation number to proceed with an application. If you haven’t received an offer in the mail, you can try reaching out to the card issuer, Continental Finance, or you can apply for a different secured credit card instead.
Credit limits are low
The Cerulean Credit Card comes with an initial credit limit ranging from $400 to $750. While higher than many secured credit cards, this limit still isn’t enough to make large purchases. But if you’re only focused on rebuilding your poor credit, a few small purchases each month should be all you need.
You can’t earn rewards
The Cerulean Credit Card doesn’t offer any rewards. Most credit cards for poor credit don’t, but a small number do. Rewards earning isn’t an essential feature, but it can help to make up somewhat for the cost of owning a secured credit card. Take a look at some of the best secured credit cards on the market to get an idea of what’s out there.
Cerulean Credit Card Alternatives
Try one of these secured credit cards if the Cerulean Credit Card doesn’t suit you:
Capital One® Secured Mastercard®
The Capital One® Secured Mastercard® requires a security deposit for approval. That deposit may be $49, $99 or $200, depending on your credit. In exchange, you’ll receive a $200 initial line of credit. If you make on-time payments for the first five months, Capital One will consider you for a credit limit increase, too.
The card has an annual fee of $0, so it’s more affordable than the Cerulean Credit Card. But be careful not to carry a balance. The Capital One® Secured Mastercard®’s has an even higher APR than the Cerulean Credit Card, and any balance you carry can balloon quickly.
Discover it® Secured
The Discover it® Secured card is one of the few secured credit cards that offers rewards while you rebuild your credit. You’ll earn 2% cash back on your first $1,000 on gas and dining each quarter, plus 1% back on everything else. There’s no limit to the rewards you earn, though your credit limit will dictate how much you can actually spend each month.
This is one of the few secured credit cards with a $0 annual fee, so it’s a good choice if your budget is tight. Your initial credit limit will be $200, and you’ll have to put down an equivalent security deposit equivalent. After eight months, Discover will consider you for a credit limit increase up to $2,500 if you’ve made all of your payments on time.
Cerulean Credit Card FAQs
Here are answers to the most commonly asked questions about the Cerulean Credit Card:
How do I apply for the Cerulean Credit Card?
If you received a pre-approved qualification offer in the mail, you can go to the card issuer’s website and enter your reservation number. Otherwise, you can reach out to Continental Finance, the card’s issuer, to see if you can apply.
How do I request a Cerulean Credit Card credit limit increase?
After a few months of on-time payments, you can reach out to the card issuer and request a credit limit increase. Only do this if you feel confident you’ll be approved, as a hard inquiry on your credit report can drop your credit score by a few points.
Bottom Line: Should You Apply for the Cerulean Credit Card?
If you’ve received a pre-qualified offer for the Cerulean Credit Card, you may want to consider it. If you have bad credit, getting a credit card without a security deposit can be a luxury. Still, a more affordable secured credit card will probably make more sense for most people. If you haven’t received an offer for the Cerulean Credit Card in the mail, you probably won’t have a choice but to look for another credit card instead anyway.
Why haven’t received card approved in March.
This card is absolute garbage. If you are trying to rebuild credit just go to your bank and get a secured credit card. The annual charges and obnoxious random “fees” you end up getting are atrocious and this card is absolutely predatory. Never missed a payment, and canceled after 6 months.
its a bottom of the barrel card on parr with the first premier cards.run.
I received the application to apply in the mail. I completed the application on-line and was immediately declined. Probably best form what I am reading…..
its a bad credit credit card.no more.customer service is rude and no help.they don’t put your credit limit back after a payment for up to 2 weeks.when the annual fee is due im dropping this one.they took my payment out for $178 twice.said they couldn’t put it back.told me to just use it for that amount.so after I did they credited that overpayment back to my bank account.its paid off and in the sock drawer.i have a blaze card which is much better.
So sorry to read these bad reviews. I’ve had this card for 2 years and my limit has been increased 3 times. Customer service has been great. I use it quite often but rarely carry a balance. Has been a good card for me.