First Progress Platinum Elite MasterCard® Secured Credit Card
Things We Like
Things We Dislike
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.