First Progress Platinum Credit Card Reviews
The First Progress Platinum Elite Mastercard Secured Credit Card is for people who want to build their credit without having to check their credit or have any credit history. Credit limits range from $200 to $2,000, depending on the amount of your first deposit. First Progress reports to all three credit bureaus, which makes it easier to improve your credit rating over time. This article outlines First Progress Platinum Credit Card Reviews.
Watch the below video on First Progress Platinum Credit Card Reviews:
A closer look at the cards that are available right now.
* Rewards rate: N/A.
* Welcome offer: N/A.
* Annual fee: $29
* Purchase intro APR: N/A
* Balance transfer intro APR: N/A
* Regular APR: 19.99% variable
Know before you apply: What to know before you apply
A secured credit card doesn’t have any welcome offers, sign-up bonuses, or reward rates. The First Progress Platinum Elite Mastercard doesn’t have any of these things. Instead, its main selling point is that it lets you get credit even if your credit history or credit score isn’t great.
Rather than taking you through a long application process that checks your credit and income, First Progress wants to make the process as quick as possible. You can easily apply online, and applications are processed quickly without a hard credit check, so your credit score won’t be hurt for a short time. Once you’re approved, you’ll need to put down a security deposit to protect the lender. This is the trade-off for not having your credit checked during the first part of the application process.
As long as you make a deposit of at least $200, you can open an account. The amount of your deposit is what determines how much you can use your credit. So, when you put down $200, your credit line is going to be the same amount. We think you should go for the higher end of this range to improve your credit utilization ratio and raise your score more quickly. Fortunately, you can later ask for a $5,000 increase in your credit limit by increasing your security deposit in the same way.
The First Progress Makes Things Better If you want to build your credit, the Platinum Elite Mastercard Secured Credit Card doesn’t have many other benefits. This shouldn’t be a deal breaker, though, because very few secured cards have extra benefits.
Wide acceptance around the world
As a Mastercard-branded credit card, this First Progress card can be used both in the United States and around the world at stores that accept Mastercard. If you want to improve your credit, you can get retail-branded credit cards that can help, but they only let you buy things at their stores and online. This makes it a step above those cards.
The Mastercard Nearby app can help you find stores and ATMs that accept Mastercard near you. Keep in mind that when you use this card outside of the United States, you’ll pay a 3% foreign transaction fee.
A credit report must be sent to all three bureaus. First Progress sends all of its credit data to all of them. As long as you report to one of these agencies, it helps your credit rating. If you report to all three, it makes it easier to build your credit more quickly.
The First Progress Platinum Elite Mastercard Secured credit card is a good choice if you want to build your credit history or repair your credit rating. It has a quick application process, no credit check, and a deposit amount that can start at $200.
Because this card is a secured credit card, it doesn’t stand out very much from the rest of the people who have that kind of credit Other secured cards, like the BankAmericard Secured credit card, give you bigger credit limits at the start. The Discover it Secured card, on the other hand, gives you cash back rewards. You should also know that First Progress Platinum Elite Mastercard Secured can’t be turned into an unsecured card after a certain number of on-time payments or card ownership. However, you can request to boost your secured credit line.
When you apply for the First Progress Platinum Elite Mastercard Secured, there is no hard credit check. The ongoing APR (19.99% variable) can also be lower than the rates of other cards.
The pros and cons
Pros
It’s easy to apply for, there’s no credit check, and it reports to all three credit bureaus. The APR is a little lower than other secured cards (19.99 percent variable)
Cons
Annual fees: $29 for the first year, $29 for the second year, and $99 for the third year
