Cortrust Credit Card basics
Cortrust is a credit card issued by Megalith Credit Card Bank, designed for people rebuilding credit or starting from scratch. The card requires a cash deposit that becomes your credit limit — if you deposit $500, your limit is $500. You use it like a regular credit card, and your payment history reports to the three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments build your credit score over time.
The card charges an annual fee and a monthly maintenance fee. Both fees are deducted from your available credit, so they reduce the amount you can actually spend. Interest rates on purchases and cash advances are set by the bank based on your creditworthiness at the time you open the account.
Key Takeaways
- Cortrust requires a cash deposit that becomes your credit limit, so you control how much you're willing to risk.
- Monthly maintenance fees and an annual fee reduce your available credit each month, making the card more expensive than it first appears.
- Payment history reports to all three credit bureaus, so consistent on-time payments directly build your credit score.
- You can request a credit limit increase after a period of responsible use, though the bank may require an additional deposit.
How the deposit and credit limit work
When you open a Cortrust account, you choose how much to deposit. This deposit sits in a reserve account and secures the card issuer against your risk of default. Your credit limit equals your deposit amount — you cannot spend more than what you've put down. This structure protects the bank and gives you a clear boundary on how much debt you can take on.
The deposit itself is not a fee. It's your money, held by the bank. You can withdraw it or close the account and recover it, though the bank may explore any unpaid balance or fees to the deposit first. Some cardholders keep the deposit in place for years while building credit; others deposit the minimum and add more later if they want a higher limit.
Fees that reduce your available credit
Cortrust charges a monthly maintenance fee and an annual fee. These are not paid separately — they're deducted directly from your available credit. If your limit is $500 and the monthly fee is $5, you effectively have $495 to spend that month. Over a year, fees can consume a meaningful portion of your deposit.
Before opening an account, ask the bank for the exact monthly and annual fee amounts. These vary and change over time. Calculate what you'll actually have available to spend after fees are deducted, and decide whether the cost makes sense for your situation. Some secured cards charge lower fees; others charge higher ones but offer faster paths to unsecured status.
Interest rates and how they're set
Cortrust sets your interest rate (APR) at the time you open the account, based on your credit history, income, and other factors the bank considers. If you have poor credit or no credit history, expect a higher rate. The rate applies to purchases and cash advances, though cash advances typically carry a higher APR and an upfront fee.
Your rate is not fixed forever. The bank can raise it, though usually only after notifying you in advance. If you make all payments on time and your credit score improves significantly, you can contact the bank and ask for a rate reduction — they may grant one, but they're not required to.
Building credit with on-time payments
The main reason to use Cortrust is that your payment activity reports to Equifax, Experian, and TransUnion. Every on-time payment strengthens your credit score; every late payment damages it. This is how a secured card becomes a tool for credit building rather than just a way to spend money you've already set aside.
To maximize the benefit, use the card regularly but keep your balance low — aim to use less than 30% of your limit. Pay the full statement balance by the due date every month, or at minimum pay more than the minimum payment. After 6 to 12 months of perfect payment history, your credit score should improve noticeably, and you may become may be able to access for unsecured cards with better terms.
When to request a credit limit increase
After several months of on-time payments, you can ask Cortrust to increase your credit limit. The bank may grant an increase without requiring an additional deposit, or it may ask you to deposit more money. Some banks automatically review accounts for increases after a set period; others wait for you to ask.
A higher limit helps your credit score in two ways: it lowers your credit utilization ratio (the percentage of your limit you're using), and it shows lenders you've been trusted with more credit. However, don't increase your limit just to have more to spend. The goal is to build credit, not to take on more debt.
Comparing Cortrust to other secured cards
Cortrust is one option among many secured cards. Other issuers include Capital One, Discover, and various credit unions. The differences that matter most are the monthly and annual fees, the interest rate you're offered, and how quickly the bank will convert you to an unsecured card.
Before choosing Cortrust, compare it to at least two other secured cards. Look at the total cost over one year (deposit plus all fees), the APR you're likely to receive, and whether the issuer has a clear path to unsecured status. Some cards offer lower fees but higher interest rates; others do the opposite. Your choice depends on whether you plan to carry a balance or pay in full each month.
Frequently Asked Questions
Can I get my deposit back?
Yes. You can withdraw your deposit or close the account at any time, though the bank will first deduct any unpaid balance, fees, or interest owed. If you've paid everything off and have no balance, the full deposit is yours to take. Some people keep the deposit in place for years while using the card to build credit.
What happens if I miss a payment?
A missed payment reports to all three credit bureaus and damages your credit score. The bank may charge a late fee and raise your interest rate. If you miss a payment by 30 days or more, it will significantly harm your credit for years. If you're struggling to pay, contact the bank when ready — some issuers offer hardship programs or payment plans.
How long does it take to move to an unsecured card?
This varies by issuer and your credit history. Some banks convert accounts after 6 to 12 months of perfect payments; others take longer. When you're may be able to access, the bank may offer you an unsecured card automatically, or you may need to ask. Your new card will have a different credit limit, set by the bank based on your updated credit score.
Does Cortrust report to all three credit bureaus?
Yes, Cortrust reports to Equifax, Experian, and TransUnion. This means your payment history builds your credit score across all three bureaus, which is important because most lenders check at least one of them. Confirm this with the bank before opening an account, as policies can change.
What if I can't afford the monthly fee?
If the monthly fee is a burden, look for a secured card with lower fees or no monthly fee. Some credit unions offer secured cards with minimal or no monthly charges. Calculate the true cost before opening any account — a card that seems cheap upfront may cost more over time if the fees are high.