Everything You Need to Know About First Progress Platinum Elite Mastercard Secured Credit Card

The First Progress Platinum Elite Mastercard Secured Credit Card is a great option for those looking to rebuild their credit or establish a credit history. It requires a security deposit that becomes your credit limit.

This card has no annual fee, which is a huge perk for those on a tight budget. You can earn 1% cash back on all your purchases, which can add up over time.

The card also offers a range of benefits, including travel insurance, car rental insurance, and purchase protection. These perks can provide peace of mind and extra protection for your purchases.

The First Progress Platinum Elite Mastercard Secured Credit Card has its pros and cons, which are worth considering.

This card is accessible to those with poor or no credit, as it doesn't require a credit history for approval.

The card offers flexibility in deposits, allowing you to increase the refundable deposit over time to extend your credit limit.

First Progress cards are reported to the three major credit bureaus, helping you establish or rebuild credit when used responsibly.

Here are some key pros and cons of the First Progress Platinum Elite Mastercard Secured Credit Card:

If you're looking for a card with low annual fees, First Progress offers that, with different level cards available to suit your needs.

The card has good approval rates and is a good option for building credit, making it a solid choice for those looking to improve their credit score.

However, keep in mind that payment due dates are at least 25 days after the balance closes, and no interest is charged if you pay off your balance monthly.

If you do carry over a balance, the minimum interest is $1.50 per month, and you should be aware that charges and repayments are subject to change due to the variable APR.

The First Progress Platinum Elite Mastercard Secured Credit Card comes with a range of fees and rates that you should be aware of.

The annual fee for this card is between $29 to $49, depending on the specific card you choose. This fee will be charged to your account upon opening, and it will reduce your credit limit for the first month.

You can expect to pay an annual fee of $29, $39, or $49, which will eat into your credit limit for the first month. For example, if you provided the lowest allowable deposit of $200, your credit limit would be reduced to $171, $161, or $151, respectively.

The APR (Annual Percentage Rate) for this card varies, but it's lower than the average for secured credit cards. You can expect to pay a variable interest rate of 18.49% or higher, depending on your creditworthiness.

In addition to the annual fee and APR, you may also be charged late payment and returned payment fees. Late payment fees can go up to $40, while returned payment fees can go up to $29.

Here's a summary of the fees and rates associated with the First Progress Platinum Elite Mastercard Secured Credit Card:

By understanding these fees and rates, you can make informed decisions about how to use your credit card and avoid unnecessary charges.

To apply for the First Progress Platinum Elite Mastercard Secured Credit Card, you'll need to meet some basic requirements. You must be at least 18 years old (19 in Alabama and Nebraska) and have a valid Social Security number.

To complete your application, you'll need to provide your name, address, date of birth, Social Security number, and information about your income and expenditures. You'll also need to pay a deposit, which will be returned to you if you're not approved for the card.

Applications can take up to 3 weeks to process, but you can pay $19.95 for an expedited service that will have your application processed in 7 days or less. A bank account is required to make monthly payments to pay off your balance. To qualify for the card, you'll need to meet the following requirements:

Applying for the First Progress Secured Credit Card is a relatively straightforward process. To start, applicants must be at least 18 years old (19 in Alabama and Nebraska) and have a valid Social Security number.

You'll also need to be a resident of a U.S. state. If you've applied for another credit card issued by First Progress within the last 30 days, you may be ineligible.

To apply, you'll need to complete an online form with your personal and financial information, including your name, address, date of birth, Social Security number, and income and expenditure details.

Once you've accepted the terms and conditions, you'll need to pay a deposit, which will be returned to you if you're not approved for the card.

Here are the key requirements for applying:

Applications can take up to 3 weeks to process, but you can opt for an expedited service for an additional $19.95, which will take 7 days or less. A bank account is also required to make monthly payments to pay off your balance.

The minimum deposit required to apply for a First Progress Platinum secured card is a crucial aspect of the application process. It's a relatively low $200, which makes it an attractive option for those who want to start building their credit history.

To give you a better idea of how the deposit works, let's break it down. If you deposit $200, your credit limit will also be $200, minus the annual card fee. This is because the deposited amount serves as a guarantee to lenders in case you're unable to pay off the balance.

The maximum deposit amount you can make is $2,000, but keep in mind that any changes to your deposit must be communicated and approved by the company. Over time, if you demonstrate responsible credit behavior, First Progress may increase your credit limit without requiring an additional security deposit.

Here's a quick rundown of the minimum deposit requirements:

The low minimum deposit is one of the benefits that makes First Progress Platinum secured cards appealing to people of various backgrounds. It's especially suitable for students who want to start their credit history on the right foot.

The First Progress Platinum Elite Mastercard Secured Credit Card is a great option for those looking to build or repair their credit. No credit check is required for application, making it accessible to those with poor or no credit.

You'll be happy to know that card account activity is reported to all 3 credit bureaus (Experian, TransUnion, and Equifax) to help you build on your credit rating. This regular reporting is a key factor in establishing or rebuilding credit.

One of the best features of this card is that payment due dates are at least 25 days after the balance closes, and no interest is charged if you pay off your balance monthly. This gives you a clear and manageable payment schedule.

If you do happen to carry over a balance, be aware that a minimum interest of $1.50 per month will be charged.

Here are some key benefits of the First Progress Platinum Elite Mastercard Secured Credit Card:

The First Progress Platinum Elite Mastercard Secured Credit Card is a great option for those looking to build their credit history. If you're confident you'll repay your balance every month, the Platinum Elite card offers the lowest annual fee of $29 per year.

Comparing to other secured cards, First Progress cards stand out for their simplicity and accessibility, particularly for those new to credit or looking to rebuild. However, it's essential to consider the annual fee and high-interest rate, which might be a drawback for some.

Before choosing a First Progress card, it's crucial to understand your motivation for using a secured credit card. If you're looking to build your credit history, then the Platinum Elite card is the best option, as it offers the lowest annual fee and a higher APR rate that's irrelevant if you clear your balance every month.

If you're a sensible-spender, it's worth putting down a higher security deposit to achieve a lower credit utilization ratio, which is essential for a positive impact on your credit rating. Try to spend 10-30% of your credit allowance to achieve this, but be aware that a $200 credit limit can make it tricky to do so.

To improve your credit score with First Progress, focus on clearing your monthly balances in full each month. This shows the credit rating agencies that you have a good relationship with credit.

Use your First Progress credit card for everyday expenses like groceries, gas, and morning coffee. This will help you build credit history.

Make sure to put the cash to one side after every purchase, so you can clear your balance every month. This will prevent you from accumulating high interest rates and struggling to meet your monthly statement.

First Progress offers a secured credit card, the Platinum Select Mastercard Secured Credit Card, which can improve your credit score and history. This card is a solid recovery package, especially for those who want to keep their balances and fees in check.

The annual fee for this card is $39, but it's a small price to pay for the benefits of improving your credit score.