Lendle Secured Mastercard Review

Lendle Secured Mastercard Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated September 12, 2022

If you have bad credit or no credit, it can be tough to get approved for a traditional credit card. In this case, you may want to look into alternative financial products, including the Lendle Secured Mastercard.   

This secured credit card is easy to get approved for and can be used to help build your credit.

Let’s go into a little more detail about the Lendle Secured Mastercard and why it may be a great financial product to add to your wallet.

What Is The Lendle Secured Credit Card

The Lendle Secured Mastercard is a type of secured card that is designed to help consumers build and improve their credit scores. By using it responsibly, you can establish healthy credit, which will open up more doors for you in the financial space. To use the card, you’ll need to make a one-time deposit, which also acts as your credit limit (min $400). 

You can also make your money work for you thanks to Lendle’s secured Mastercard’s 0.5% cash back rewards system. Earn 0.5% on every dollar spent using your Lendle secured credit card. 

To make purchases more affordable, there’s no interest on the Lendle Mastercard, unlike other traditional secured and unsecured credit cards. That means you can carry a balance month after month without having to worry about accumulating sky-high interest charges on unpaid balances. 

Instead, the card comes with a fee of $120, which is paid annually. This fee helps protect you from late payments as Lendle will use it to pay the minimum balance of $10. This allows you to miss payments without having to worry about receiving a negative remark on your credit report.  

Lendle Secured Credit Card Perks

The Lendle secured credit card is a unique card that offers a number of benefits from cash back to better credit. 

Build credit

Each timely payment you make will be reported to the credit bureaus, which can help you build your credit score. Moreover, the annual fee covers your minimum payments in the event you’re unable to make a payment, which helps protect your credit from being negatively affected. 

No Interest

Most traditional secured and unsecured credit cards charge interest rates on balances carried over month-to-month. But the Lendle Mastercard comes with 0% interest, which allows you to carry a balance with no interest charged. This can save you a lot of money, especially if you tend to carry your balances forward. 

Similarly, if you transfer a balance to your Lendle secured credit card, no interest will be charged. If you use your credit card to take out a cash advance, no interest will be charged on that as well. 

No Minimum Payment

There’s no requirement to make a monthly minimum payment on the Lendle secured credit card. You can simply pay how much you can each month until your balance is zero. In fact, as mentioned, if you’re unable to make a payment, your annual fee will cover your minimum payment obligations, which will protect you from any missed or late payment remarks on your credit report. Moreover, these minimum payments will be reported to Equifax, which will help you build your payment history. 

No Collections

With your minimum payments covered, any outstanding balances you have will not be reported to the collection agency. However, you will have to ensure you pay the $120 fee each year. Moreover, you’ve got the flexibility to carry your debt as long as you need to without hurting your credit score or having your debt sent to a collections agency.

Guaranteed Credit Limit Increase

Lendle allows you to set your credit card limit according to what you want (with the minimum being $400), however, you must ensure that you pay your annual fee. If your credit card account is in good standing (as in you pay your annual fee and make regular payments), your credit limit will increase by $200 or more every year. 

Lendle doesn’t do credit checks, they base their approval according to your credit history. If you don’t want a credit limit increase, you can choose to reject the offer. You can also choose to cancel your card and get a refund of your security deposit. However, if you have a balance on your card, the security deposit will be used to pay off the remaining balance. Whatever is left of the security deposit will then be refunded back to you. 

No Credit Checks

If you have bad credit, you can still qualify for the Lendle Secured Mastercard. To qualify, you simply need to be able to provide the $120 annual fee. Lendle will not conduct a credit check when you apply for the secured credit card, which can help protect your credit from any negative impacts from a hard inquiry. 

Cash back

Secured cards generally don’t offer cash back or points, however, Lendle’s Secured Mastercard. allows you to earn 0.5% cash back with every purchase you make. 


You can change or lock your credit card online through your Lendle account if you lose the card or detect any suspicious behaviour.

Lendle Secured Credit Card Overview

The following chart outlines the features and perks that come with the Lendle secured credit card:  

Credit Limit  – Your choice, with the minimum starting at $400
– Plus qualify for a $200 annual increase when the annual fee is maintained and the card is in good standing)
Annual Fee$120 
Interest Rate0%
Minimum PaymentNone (Your annual fee is used to cover the $10 minimum payments)
Fees– 0% on balance transfers
– 0% on cash advances
Cash BackEarn 0.5% cash back with every purchase
Extra Features– Build credit
– No credit checks
– Lock your card if lost or stolen
– No collections

How To Apply For A Lendle Secured Mastercard?

To apply for the Lendle Secured Mastercard, follow these steps:

Step #1: Create an Account 

To create your Lendle profile, you’ll need to input the following information:

  • Full name
  • Email address
  • Phone number
  • Date of birth

You’ll then be prompted to create and confirm your password, which you’ll use to log into your account. 

Step #2: Fill Out the Application

To complete the application process, you’ll need to upload a government-issued ID, then choose your desired credit limit.

Step #3: Get Approved

Once you’re approved, you’ll receive your Lendle secured credit card in the mail within a few days.

What Are the Requirements?

In order to qualify for the Lendle secured credit card, you’ll need to meet the following requirements:

  • Have a steady income. You should have a steady job and earn a sufficient income that can support both your new Lendle credit card payments as well as all your other existing debt.
  • Have a good banking history. Lendle won’t do a credit check, which means your credit score won’t be affected. But you may need to show some evidence of a positive banking record. 

Cost Of A Lendle Secured Credit Card

Having access to a credit card that you can use to make online purchases and earn points with each expenditure while helping you build credit is a big perk of the Lendle secured credit card. But there is one particular drawback to the card to be aware of:

  • Annual fee. You will be charged an annual fee of $120, but it will be used to cover your minimum payments which will protect your credit if you can’t make a payment that month. Moreover, there are no other costs associated with the card, like interest on purchases, cash advances, and balance transfers.

Lendle Secured Credit Card FAQs

Is the Lendle secured credit card available in Canada?

Yes, the Lendle secured credit card is available to residents in all provinces and territories of Canada, except Quebec. You must be over the age of 18 and be a permanent resident or Canadian citizen.  

When do I need to repay my credit card bill? 

No monthly payments are required. Instead, you can pay down your balance as you like. If you’re not able to make monthly payments, part of your annual fee will be reported to a credit bureau as a $10 payment, so your credit scores won’t be negatively affected.

What is the credit limit? 

The minimum credit limit for the Lendle secured credit card is $400.

When can I get back my security deposit?

If you continually make regular payments since your card has been activated, you may be eligible for a refund on your security deposit by year-end. You may also qualify for an increase in your credit limit. 

Final Thoughts

The Lendle Secured Mastercard is a great option if you’re looking to get access to the perks of a credit card but aren’t yet in the financial position to secure a traditional product. The card is easy to get approved for, comes with perks like cash back rewards, and helps you build good credit with every payment you make.

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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