First Progress Platinum Elite Mastercard® Secured Credit Card
No Credit History or Minimum Credit Score Required
- Regular Purchase APR 19.99% variable based on the Prime Rate
- Cash Advance APR 24.99% variable based on the Prime Rate
- Annual Fee $29
- Credit Needed Poor , No Credit Required
- Processing Network Mastercard
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
- Quick and Complete Online Application; No credit inquiry required!
- Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
- Regular Purchase APR: 19.99% variable based on the Prime Rate
- Cash Advance APR: 24.99% 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 $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $200
First Progress Platinum Select Mastercard® Secured Credit Card
No Credit History or Minimum Credit Score Required
- Regular Purchase APR 13.99% variable based on the Prime Rate
- Cash Advance APR 19.99% variable based on the Prime Rate
- Annual Fee $39
- Credit Needed Poor , No Credit Required
- Processing Network Mastercard
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
- Quick and Complete Online Application; No credit inquiry required!
- Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
- Regular Purchase APR: 13.99% variable based on the Prime Rate
- Cash Advance APR: 19.99% 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 $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $200
First Progress Platinum Prestige Mastercard® Secured Credit Card
No Credit History or Minimum Credit Score Required
- Regular Purchase APR 9.99% variable based on the Prime Rate
- Cash Advance APR 18.99% variable based on the Prime Rate
- Annual Fee $49
- Credit Needed Poor , No Credit Required
- Processing Network Mastercard
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
- Quick and Complete Online Application; No credit inquiry required!
- Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
- Regular Purchase APR: 9.99% variable based on the Prime Rate
- Cash Advance APR: 18.99% 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 $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $200
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.
The Best First Progress Secured Credit Cards of 2021
- For Those New to Credit: First Progress Platinum Elite Mastercard® Secured Credit Card
- Building Credit with Everyday Use: First Progress Platinum Select Mastercard® Secured Credit Card
- Best for Carrying a Balance: First Progress Platinum Prestige Mastercard® Secured Credit Card
Common First Progress Credit Card FAQs
What’s the difference between a secured card and a prepaid card?
- 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.
What’s “Expedited Processing?”
- · $19.95, however, making it essential in only small circumstances.
Who should apply for a First Progress secured Mastercard?
- 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.
Does the card say “secured?”
- 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.
How long do applications take to process?
- 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.
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