The First Progress credit card company offers a $49 annual charge for a secured credit card that might help you develop your credit.
If you have poor credit or no credit, a secured credit card can help you improve your credit rating and develop your credit history.
Most credit cards demand a specific degree of creditworthiness and a minimum credit score to be eligible. Cardholders of the First Progress Platinum Prestige Mastercard Secured Credit Card should expect a different experience than with other credit cards.
Deposits are required with secured credit cards in order to “secure” the card and increase your credit limit.
After a period of prudent use on a secured card, you may be eligible to move on to an unsecured card. Platinum Prestige Mastercard is not one of the cards.
Compared to other secured credit cards, this one has a somewhat high annual cost. First Progress’ secured credit card doesn’t have many added benefits. Does it make sense to buy it, or are there other choices out there?
Who should apply for the First Progress Platinum Prestige Mastercard Secured Credit Card?
A good choice for those looking to establish or improve their credit is the First Progress Platinum Prestige Mastercard Secured.
First Progress offers three different types of secured credit cards. Of the three Progress credit cards, the Prestige has the lowest interest rate of the three cards, but it also has some of the highest annual fees, at $49 per year.
You should avoid paying interest if you want to improve your credit score by paying your bills in full each month. You should also always make your monthly payments on time (preferably before your due date in a billing cycle), in order to keep from getting a negative remark on your credit report, which can ultimately lead to you having bad credit. Making late payments is one of the worst financial decisions you can make when trying to build credit.
First Progress credit cards does monthly reporting to the three major credit bureaus, like any financial institution that has provided you with a line of credit. These cards can be a great way to build credit, as long as you use them responsibly.
First Progress does not provide the option to switch to an unsecured credit card, thus you should only apply for the Platinum Prestige card from the three First Progress credit cards if you want to use it solely for building credit.
A 3 percent foreign transaction fee applies to this Mastercard, which is widely recognized across the world, therefore it’s not the best card to use while traveling abroad.
Your initial credit limit will depend on a variety of factors, the major one being credit scores. First Progress will make a credit inquiry when you apply for a Progress card.
Residents of Arkansas, Iowa, New York, and Wisconsin are not eligible for the First Progress Platinum Prestige Mastercard Secured. Consider alternative secured credit card choices if you live in one of those states.
How to Apply for the First Progress Platinum Prestige Mastercard Secured Credit Card
You can apply for the First Progress credit card by going to First Progress’ website, and filling out the required information. There is a credit inquiry required, so you will need to pass a credit check. This will determine both your eligibility for one of First Progress credit cards and determine your initial credit limit.
You can, however, choose to opt for the new expedited processing option, which has no credit history requirements, or a minimum credit score requirement for eligibility. This processing option includes free real-time access to your personal credit score, along with an ongoing credit monitoring provided by Experian.
The Advantages of Having a Secured Credit Card From First Progress Platinum Prestige
- There are no prerequisites for taking this course. First Progress secured cards can be applied for by anybody, regardless of their credit history or credit score.
- Deposit. Cardholders can increase their credit line by depositing more money than the initial $200 refundable deposit. After subtracting any fees and interest costs that haven’t yet been billed, you’ll be able to get up to $2,000 in credit. Please keep in mind that First Progress must approve any increase in your deposit before you may do so.
- Deposit that can be refunded. Your deposit will be returned to you in full, less any unpaid fees. Within ten weeks, your account will be automatically credited and a refund cheque will be mailed to you.
- Secured credit cards can be processed up to seven days faster with expedited processing, which costs $19.95. This is only possible if you pay your security deposit using a debit or prepaid card.
- The deposit refund procedure can also be expedited upon request. The only way to get in touch with First Progress is through sending a letter.
Problems With the First Step Forward Secured Mastercard Platinum Prestige
- A $49.50 yearly fee is charged by the First Progress Platinum Prestige Mastercard Secured. Other secured credit cards may be better options than this one for those who are seeking an annual fee-free card.
- If you’re going to be traveling outside of the United States, this card may not be the ideal choice for you. There’s a 3% international transaction fee with this card.
- Although this is a good credit card for those who want to establish their credit, there is no possibility for customers to upgrade to an unsecured card.
Is your credit limit raised by First Progress?
A secured credit card may raise your credit limit, however, that is not the case with First Progress.
By adding cash to your security deposit, you may boost your First Progress secured credit card’s credit limit by up to $2,000. Adding more money to your account requires First Progress approval.