- Annual percentage rate (APR): 24.49% (V);
- Purchase intro APR: None;
- Rewards: None;
- Annual fee: $29;
- Late fee: Up to $41;
- Credit score: Any (300 and up).
- Apply Today.
Table of Contents
Benefits
- Rebuild your credit: First Progress won’t check your credit when you apply for a secured card, which is ideal if you’ve been denied in the past because of bad credit. You’ll have the chance to rebuild your credit once you’re approved — First Progress reports your payments to the credit bureaus.
- Low fees: Some secured credit cards charge fees for nearly everything. Application fees, monthly maintenance fees, and account fees are typical. The First Progress Platinum Elite doesn’t come with many of the charges other secured cards have. Other than an annual fee, a late fee, and a competitive annual percentage rate (APR), you won’t have to worry about overpaying for the privilege of having a credit card.
- Qualify for other First Progress secured cards: First Progress has three secured credit cards. The only difference between the three is the annual fee and APR. You may prefer to pay a lower annual fee and a higher interest rate, or vice versa. According to First Progress, if you qualify for one card, you qualify for the other two.
Drawbacks
- High late fee: Watch out for the late payment fee of up to $41, which can throw a wrench in your budget. Not to mention, late payments will be reported to the credit bureaus, setting you back on your journey to rebuilding your credit.
- No mobile app: Being able to manage your spending and payments through your smartphone is standard nowadays. Unfortunately, First Progress doesn’t have a mobile app. You’ll need to login to the online portal to manage your card account.
- No rewards offered: One of the top reasons to use a credit card is to earn perks on your spending, such as points that can be redeemed for travel, merchandise, or cash. The First Progress Platinum Elite secured card doesn’t come with any rewards program.
What Can You Expect From the First Progress Platinum Elite Mastercard® Secured?
If you’ve been unsuccessful in getting approved for a credit card, you may finally luck out with First Progress. The card issuer doesn’t evaluate your credit to decide on whether you’re a good candidate. Here’s more on what you can expect when you’re approved for a First Progress Platinum Elite Mastercard Secured card.
Security Deposit Required
A security deposit is used (instead of your credit history) to reduce the card issuer’s risk in extending credit to you. You’ll need to deposit an amount between $200 and $2,000, depending on the amount First Union approves you for. The amount you provide as a security deposit will become your new credit limit, minus the $29 annual fee. If you decide to close your account, your deposit will be returned, with any outstanding balance paid off from the security deposit.
Activity Reported to the Credit Bureaus
The best benefit of having a First Progress secured card is the opportunity to rebuild your credit. First Progress will report your activity and payments to the credit bureaus. Make your payments on time and you’ll likely see your credit score improve. As your FICO increases, you may even qualify for unsecured credit cards.
Discreet
Your First Progress Mastercard® looks just like an ordinary Mastercard and can be used anywhere credit cards are accepted. It doesn’t display the word “secured” on the card, so no one will know you’re paying with a credit card for rebuilding credit.
Manage Your Secured Card Online
Unfortunately, there is no First Progress mobile app available. But you can manage your card, review your transactions, and make payments by logging into the online portal.
Credit Line Increases
If you’re approved for a small credit limit of $200, you can work towards a higher credit limit over time — First Progress allows cardholders to have a credit limit of up to $5,000. The higher the credit limit you have, the more your credit score may increase. Raising your credit limit with First Progress takes time. Remember that you started with lower credit and need to build trust by showing you’re a responsible cardholder.
Make your card payments on time for a few months and contact First Progress to request a credit line increase. The card issuer will review your account. If they approve a credit line increase, they may require an additional security deposit to cover the increase or may not ask you for one at all.
Who Should Get the First Progress Platinum Elite Mastercard® Secured?
The First Progress Platinum Elite Mastercard® Secured is an excellent alternative when you’re unable to get approved for a traditional unsecured credit card due to your credit history. Your chances of approval are high, but you’ll need to provide a security deposit to cover your credit limit.
Don’t be discouraged by the security deposit requirement. It will be refunded when you close the account (minus any outstanding balance). Additionally, First Progress will report your card payments and activity to the credit bureaus.
Make your payments on time and the positive reports to the credit bureaus will improve your credit score. But if you forget to make payments or max out your card regularly, you may do more harm than good to your credit and have to pay expensive late fees.
Apply Today for the First Progress Platinum Elite Secured Mastercard.
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