In this article we will be doing a first progress credit card review, we will review all features, benefits, advantages, and downsides of the first progress credit.
First Progress Platinum secured cards are full-feature credit cards that secure credit against a security deposit rather than relying on an individual’s credit history.
They’re a good option for individuals who have a poor credit rating, or for those who are just starting out on the credit ladder.
First Progress Platinum secured cards don’t require a credit check on application and approvals are not based on a minimum credit score, so they are very accessible for those who might otherwise be rejected after a credit inquiry.
First Progress Platinum secured cards are full-service credit cards that secure credit against a security deposit rather than relying on an individual’s credit history.
They’re a good option for individuals who have a poor credit rating, or for those who are just starting out on the credit ladder.
These cards don’t require a credit check on application and approvals are not based on a minimum credit score, so they are very accessible for those who might otherwise be rejected after a credit inquiry.
All cards report activity to the 3 big credit bureaus each month to help establish or restore credit history.
First Progress provides limited ways to contact customer support and pay your credit card bill, with a heavy reliance on snail mail.
If you’d prefer a secured card you can manage online or through an app, consider other options like the Discover it Secured Credit Card or Capital One Platinum Secured Credit Card.
Keeping reading this article to know our first progress credit card reviews;
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First Progress Platinum Secured Cards at a Glance
Let’s start up this first progress credit card review by taking a little glance at the first progress platinum secured cards.
Platinum Secured Cards come in 3 options Prestige, Select, and Elite each offering different interest rates and monthly fees.
By choosing a higher monthly fee, you’re buying down the monthly interest rate, which is useful if you don’t plan to pay off the balance each month.
The cards work by granting credit up to the value of a security deposit that is submitted by the customer at the time of application (and can be increased afterward).
This limits the risk to the credit card provider as they always have the funds to cover the outstanding balance, should the customer fail to pay this off.
Applying for a First Progress Platinum Secured Card
Applicants must be at least 18 years old (19 in Alabama and Nebraska) and have a valid Social Security number
Applicants must be a resident of a U.S. state
Applicants may be ineligible if they applied for another credit card issued by First Progress within the last 30 days
To apply, complete your information within this online form that requires your name, address, date of birth, Social Security number, and information about your income and expenditures.
Once you have accepted the terms and conditions, you’ll need to pay your deposit, which will be returned to you if you’re not approved for the card.
Applications can take up to 3 weeks to process, or you can pay $19.95 for an expedited service taking 7 days or less. A bank account is required to make monthly payments to pay off your balance.
Security Deposit and Credit Limit
All First Progress Platinum Secured cards require a security deposit to open the card, and credit is secured against these deposited funds.
A minimum deposit of $200 is required, which would mean that your credit limit would also be $200 (less your annual card fee).
The maximum amount that can be deposited is $2,000, and deposits can be increased after the initial application, by calling First Progress at 866-706-5543.
When you come to close your card account, the full deposit will be returned to you, provided there is not an outstanding balance to settle. If an outstanding balance is due, then the deposit will be returned minus the amount due.
First Progress Platinum Secured Cards Features and Drawbacks
No credit check is required for application and approval is not based on your credit history
Card account activity is reported to all 3 credit bureaus (Experian, TransUnion, and Equifax) to help you build on your credit rating
Payment due dates are at least 25 days after the balance closes and no interest is charged if you pay off your balance monthly
Minimum interest is $1.50 per month when carrying over a balance
As with most credit cards, First Progress has a variable APR based on the market rate, so you need to be aware that charges and repayments are subject to change
A bank account is required to make monthly payments
All 3 cards are basic credit cards for building credit, so customers won’t earn any rewards for spending
First Progress Platinum Secured Cards Online Account
Customers can register their card for online account management by clicking the Customer Center button at the top right corner of the First Progress website. From here, customers can view account information and pay bills.
Which First Progress Platinum Secured Card Should I Choose?
If you are approved for one of the First Progress Platinum secured cards, then you would also qualify for either of the other cards available, should your situation change and a different interest rate/monthly payment be more suitable.
If you’re confident that you’ll repay your balance every month, then opt for the First Progress Platinum Elite card that offers the lowest annual fee.
If you pay back your balance every month, then the high-interest rate wouldn’t impact you, but if your financial situation changes, do take into consideration the First Progress Platinum Select card.
With the average interest rate for a secured credit card at around 18%, the First Progress Platinum Prestige card is a good option if you are looking for a low-interest credit card if you need to carry your balance.
Other Secured Cards
If you’re interested in some other secured card options, then consider the OpenSky Secured Visa Credit Card, which does not pull your credit when you apply, allows you to set your own credit limit, reports your payments to all 3 credit bureaus, and has an annual fee of just $35.
Looking for a no-annual fee option? The Capital One Platinum Secured Credit Card does not charge an annual fee, offers an initial credit line of $200 after making the security deposit, and gives you access to a higher credit limit after the first 5 months of on-time payments.
Things to Know About First Progress Secured Credit Cards
Each requires an initial deposit of $200 to $2,000, which becomes your credit limit. But unlike some other secured cards, you’ll also owe an annual fee, you won’t earn rewards, and there’s no clear upgrade path to a “normal” unsecured product from First Progress.
Still, you can apply for these cards without dinging your credit scores, and all of them report your activity to the three major credit bureaus. Plus, they come with comparatively low-interest rates for cards in their class, ideal if you carry a balance.
Here are five things to know about First Progress secured credit cards.
- The annual fees and interest rates are inversely related
All three First Progress credit cards charge an annual fee. The higher the card’s fee, the lower the interest rate it charges. Here’s how the cards compare:
First Progress Platinum Elite MasterCard Secured Credit Card
Annual fee: $29
APR: The ongoing APR is 19.99% Variable
First Progress Platinum Select MasterCard Secured Credit Card
Annual fee: $39
APR: The ongoing APR is 13.99% Variable
First Progress Platinum Prestige MasterCard Secured Credit Card
Annual fee: $49
APR: The ongoing APR is 9.99% Variable
- The annual fee will eat into your credit limit for the first month
The annual fee is due upon account opening, which means you’ll automatically have a balance of $29, $39 or $49 on your first statement (and any statement in the future when the annual fee comes due).
That’s important to note, especially if you provided the lowest allowable deposit of $200, which would reduce your credit limit to $171, $161 or $151 in the first month.
No-annual-fee secured credit cards are available, though they typically charge higher interest rates.
For instance, the Discover it Secured Credit Card has a $0 annual fee and it charges a 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 22.99% Variable APR.
Unlike the First Progress cards, this card earns rewards: 2% cashback on up to $1,000 in a gas station and restaurant purchase each quarter, and 1% back everywhere else.
Plus, there’s a bonus for new cardholders, phrased this way: “INTRO OFFER: Unlimited Cashback Match only from Discover.
Discover will automatically match all the cashback you’ve earned at the end of your first year. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.” The minimum security deposit is $200.
The Capital One Platinum Secured Credit Card doesn’t offer rewards, but it’s possible to get a $200 credit limit with a lower initial deposit if you’re eligible.
Depending on your financial situation, you may qualify for a minimum security deposit of $49, $99 or $200.
- You need a qualifying bank account
Regardless of which First Progress card you apply for, you must have a qualifying Synovus Bank account to be approved. Your security deposit (of at least $200) will live there.
First Progress notes that you’ll also need a bank account to make your monthly payments and “avoid having to incur separate costs imposed by outside payment vendors.”
If this requirement is a deal-breaker for you, you may want to consider the OpenSky Secured Visa Credit Card, which doesn’t require a bank account or a credit check. You’ll still owe an annual fee of $35.
- Applying won’t take a bite out of your credit scores
Unlike some other secured cards, applying for one of the First Progress secured credit cards won’t have a negative effect on your credit scores.
That’s because completing an application doesn’t result in a credit inquiry, which is especially helpful for consumers who have low credit scores.
Among secured cards, this is a relatively rare feature, although it’s not unheard of. A handful of no-credit-check credit cards that charge no annual fee and may not even require an upfront deposit at all.
- Residents of certain states won’t qualify
First Progress secured credit cards aren’t available to residents of Arkansas, Iowa, New York or Wisconsin.
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CONCLUSION
To conclude, the bottom line of this first progress credit card review is that First Progress Platinum secured cards are useful if you need to build up a non-existent or damaged credit history, or if you have a tendency to spend beyond your means.