First Progress Credit Card, That Build Credit At Low Costs: If you’re looking to rebuild your credit, make sure to read this in-depth review of three secured cards from First Progress.
When try to rebuilding your credit, it can be a long and uncertain road. Especially if you aren’t utilising the appropriate resources.
A secured card – a credit card that requires a small deposit and allows you to use that deposit as your credit line – can help you rebuild your credit through responsible account use.
So, in this article, I’ll go over three First Progress credit cards – all secured, and all designed to help you get your credit back on track.
First Progress Credit Card, That Build Credit At Low Costs
Platinum Prestige MasterCard® Secured Credit Card From First Progress
It is a secured credit card that is ideal for those who are new to credit or are working to improve their overall credit score. To that end, account information is reported to all three major credit bureaus once a month.
This card requires a $200 refundable security deposit, and the annual fee is relatively low at $49 per year.
It has the lowest purchase APR (9.99 percent (V)) but the highest annual fee (49 dollars).
For those who intend to use their card more frequently, I recommend the First Progress Platinum Prestige MasterCard® Secured Credit Card.
There is none of requirement for a minimum credit score – or even a credit history – to obtain the card.
Purchase That Is Reasonable APR
A 9.99 percent (V) rate on a secured card is actually quite good. Now, I always recommend paying your balance in full, but if you don’t, this is a pretty good rate.
Credit Limit Increases Over Time
If you consistently make on-time payments, you will eventually be eligible for a credit line increase. What’s more, you won’t have to put down an additional security deposit to obtain a higher credit line.
Return Your Deposit
If you pay and balance in full, you can request that your deposit be returned in full as well. You’ll have to put down a deposit again if you want to use the card, but if you’re in a pinch, it’s a good option to have.
There Is No Need For A Credit History
You can get approved for this card even if you have no credit or have severely damaged credit, making it an excellent card to use to begin your credit-building journey.
You will receive the same benefits that MasterCard holders do, such as zero-liability protection, rental car collision damage waiver, extended warranty coverage, and more.
While the fee is only $49, having an annual fee is a significant disadvantage for any credit card, especially since this one requires a security deposit.
Because this card does not have a rewards programme, it is primarily intended to help you build your credit.
There Is No Signup Bonus
You receive nothing for signing up, even if you pay a security deposit and an annual fee.
Platinum Select MasterCard® Secured Credit Card From First Progress
To Sum It Up
You did’nt need a minimum credit score or a credit history to apply for the First Progress Platinum Select MasterCard® Secured Credit Card.
It is good choice for those who want to build or repair their credit through responsible account usage. The card’s low annual fee more than compensates for all of the benefits.
The First Progress Platinum Select MasterCard® Secured Credit Card is the company’s “middle-model” secured card.
It has a reasonable annual fee of $39 and an average purchase APR (but still solid by today’s standards) of 13.99 percent (V).
I still think people who want to carry a balance can get away with this card because the interest rate isn’t too bad at 13.99 percent (V), but there’s also the annual fee to consider.
High Approval Odds
Even if you have limit the credit history, you have a good chance of getting approved for this secured card.
Even at 13.99 percent (V), it is still lower than the national average for credit card rates right now, making this a viable option for an everyday card and even one that can carry a balance (if absolutely necessary).
Processing Time Is Reduced
The processing time for this card is really fast, as stated on their website and validated by cardholders in personal testimonials – meaning you can get approved right away.
Really Works For Credit Rebuilding
Numerous positive reviews indicate that cardholders are pleased with the opportunity this card provided to help improve their credit score through responsible account usage.
Extra benefits include auto rental insurance, a chip card for security, purchase price protection, and zero-fraud liability.
Not Reward Program
There is no rewards programme with this card, even if you pay a deposit, which I found disappointing.
Annual Fee Is Lower Than The First Progress Platinum Prestige MasterCard® Secured Credit Card
Although the annual fee is lower than that of the First Progress Platinum Prestige MasterCard® Secured Credit Card, $39 is still a lot after paying a minimum $200 deposit for a secured card. I would have preferred that there be no annual fee.
Customer Service That Is Questionable
Cardholders, in particular, expressed dissatisfaction with the customer service provided by this card (or lack thereof).
Secured Credit Card First Progress Platinum Elite MasterCard®
In A Nutshell
Its a good choice for people who are new to credit or working to rebuild their credit.
Your credit line determine by your security deposit rather than your credit score, and you pay a low annual fee. The application process is online and streamlined, making it both convenient and secure.
This card is the “highest” model (or “lowest,” depending on your perspective) card that First Progress offers, with the highest purchase APR of 19.99 percent (V) but the lowest annual fee of $29.
I recommend this card for someone who uses their credit card infrequently and pays their balance in full each month.
Because a 19.99 percent (V) APR is too high to justify carrying a balance, paying in full is critical here. Even with moderate usage, the $29 annual fee is manageable.
Low Annual Fee
I’m not a fan of cards that charge an annual fee, especially secured cards, but this one is only $29, which is quite reasonable.
There is no credit history or minimum credit score requirement for approval on this card, making it essential choice for those looking to rebuild their credit through responsible account usage.
With a new expedited processing option, you can receive your card sooner, allowing you to begin building your credit as soon as possible.
As with the other cards in this lineup, there are no rewards for using the card, implying that it is only for credit rebuilding.
Do not recommend carrying a balance on this card because the APR is simply too high. Each month, pay it in full.
Annual Fee Charged Right Away
Some holders of card complaint that the annual fee was charged right away after signing up, before they even receive the credit card, which is a source of frustration.