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First Progress Platinum Elite MasterCard® Secured Credit Card



Product Details:
Everyone Needs Credit

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First Progress Platinum Elite MasterCard® Secured Credit Card
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account
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Card Reviews: ,

Things We Like

Three card options, which provides choices to consumers who usually don’t have many. 25-day grace period to help avoid late fees and establishing a record of poor payment history

Things We Dislike

As with all secured cards, there are annual fees and high APRs.

PostedMarch 28, 2014 by

Full Article

Aiming to help consumers build or rebuild credit, First Progress offers a selection from among three different cards to choose from. Ranging in APR from 11.99% to 19.99%, the rates are comparable or better than other cards in this category. Remember, these are secured credit cards, which means you must put down a deposit before you start using them.

Choosing between these cards means deciding whether the APR or the annual fee is more important. If you qualify for these cards (note: if you qualify for one, you qualify for all) you can select a low variable APR and a higher annual fee, or vice-versa. For instance, one card offers an APR of 11.99 and an annual fee of $44. The other 2 options include a 14.99% APR with a $39 annual fee or a 19.99% APR with a $29 annual fee, respectively. So clearly you need to determine how you are going to use the card in order to decide which option is best for you.

Be sure to read the terms and conditions before you choose any of these cards. If you do, you’ll notice this: “Payments you make on your Account will not increase your Available Credit until we are assured that the payment has not been dishonored. This payment hold may take up to ten (10) days.” Translated, this means you may have to wait up to 10 days after you make a deposit in order to use the full balance on your card.

Bottom Line: First Progressive offers 3 card flavors, which can help you find a card that best matches your spending habits. Overall, these are good cards – with annual fees and variable APR’s on par with the industry – that can help build or rebuild credit.

Curtis Arnold



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