First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
- 15.24% variable based on the Prime Rate Regular Purchase APR
- 24.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Platinum Prestige Mastercard Secured Credit Card offers an excellent rate, robust Mastercard security, and the ability to rebuild or establish credit – all in one package.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 1% Cash Back Rewards on payments
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Regular Purchase APR: 15.24% variable based on the Prime Rate
- Cash Advance APR: 24.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $49
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You're looking to rebuild a damaged credit score
- You plan to carry a balance
- You prefer the versatility of a credit card vs. a debit card or prepaid cards
- You want the freedom to use your card virtually anywhere worldwide
First Progress Platinum Select Mastercard® Secured Credit Card
First Progress Platinum Select Mastercard® Secured Credit Card
First Progress Platinum Select Mastercard® Secured Credit Card
- 19.24% variable based on the Prime Rate Regular Purchase APR
- 25.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Platinum Select Mastercard® Secured from First Progress is a versatile tool for those looking to advance to an unsecured credit card. Offering a reasonable purchase APR and more control of spending via a refundable security deposit, the First Progress Secured card opens a clear path for customers to build their credit. The card also features the purchasing power and protections users have come to expect from Mastercard, all for an annual fee of $39.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 1% Cash Back Rewards on payments
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Regular Purchase APR: 19.24% variable based on the Prime Rate
- Cash Advance APR: 25.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $39
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You currently have little to no credit history
- You want to establish a credit history
- You're budgeting and prefer the spending limits set by a secured credit card
- You can submit a minimum of $200 for the security deposit
- You may occasionally carry a balance month-to-month
First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
- 25.24% variable based on the Prime Rate Regular Purchase APR
- 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Progress Platinum Elite Mastercard Secured Credit Card is a solid card to have if you’ve set your sights on credit building. With no upfront credit check or history required, there’s no need to worry about hurting your score before you even get started. Instead, you can jump right in – after submitting your $200 security deposit, of course.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Regular Purchase APR: 25.24% variable based on the Prime Rate
- Cash Advance APR: 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $29
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You have little to no credit history and struggle to get approved for other credit cards
- You want to establish credit history or improve your credit score
- You can submit a minimum of $200 for the security deposit
- You want a secured card with an initial credit limit of up to $2,000
- You don’t intend to carry a balance from month-to-month
What Is a Secured Credit Card?
A secured card looks and acts in the same manner as any other credit card. The difference between a secured card and an “unsecured” card is that secured credit cards require a security deposit. Security deposits are a refundable payment to a lender that provides the collateral for a line of credit. Typically, that collateral is also the available credit limit.
Once an account is opened, the cardholder can use their secured card like any other credit card. They’ll receive the same purchase protection and security of an unsecured card. In essence, no one will be able to tell the difference. And, with regular on-time payments, they can quickly rebuild their credit.
Once a secured card account is closed, the account holder will receive their deposit back in full. If, however, they fail to pay off their balance, the issuer has the right to withhold some (or all) of the deposit to recover their losses.
Features of Secured Cards
Many secured credit cards have a few features in common. These include:
- Security Deposit: All secured cards require a deposit – typically starting around $200
- Annual Fee: Secured cards usually charge an annual fee. These can range from $25 to over $100, though First Progress features very competitive yearly charges.
- Report to Major Credit Bureaus: Most importantly, all secured cards report to the three major credit reporting bureaus: Equifax, Experian, and TransUnion. This regular reporting ensures that cardholders can quickly rebuild credit with responsible use of their card.
Who Can Benefit from a First Progress Secured Credit Card?
Who are secured cards designed for? First Progress credit cards are ideal for those who are new to credit. Those with no credit history at all often struggle to find a lender willing to take a chance on them.
For those individuals, secured cards provide a foothold into the world of credit. And, once they establish a strong credit history with regular payments, they can graduate to different types of unsecured cards, such as rewards credit cards.
Secured credit cards are also perfect for those in need of a credit boost. This includes consumers with previous financial troubles affecting their credit. Secured cards can also be useful to students who want to build a credit history, but aren’t ready to apply for an unsecured student credit card.
Common First Progress Credit Card FAQs
- Secured cards differ from debit cards and prepaid cards in that they are credit cards. Secured cards might require a deposit, but this acts as the credit line. When you close the account in good standing, you get the deposit back. With a prepaid card, the deposit acts as an equivalent to cash – you add, you spend, and it’s gone.
- Expedited processing allows customers to gain access to their First Progress secured card than standard processing and shipping. The cost is $19.95, however, making it essential in only small circumstances.
- First Progress cards make the most sense for people with no credit and bad credit. The cards aim to help you improve your credit score by paying your bill on time. The bank reports to all the major credit bureaus.
- No. The card does not say secured anywhere, meaning no one will know it is a secured card. Instead, all cards say “Platinum,” meaning they look – and act – like any other traditional credit card.
- First Progress tries to offer a decision as quickly as possible. Often this can be instantaneous or within a few days. If you have not heard from the card issuer within three weeks of applying, call their customer service representatives.
- Withdrawing cash from a credit card is not the same as with a debit or checking card. This process is known as a cash advance and comes with an APR that is higher than your purchase APR. You are also liable for additional fees.
- You can pay your credit card bill by logging into your account on the First Progress website. First Progress alsoaccepts, at no charge, all payments mailed to the payment address listed on every payment coupon: PO Box 84019 Columbus, GA 31908.
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