First Progress Platinum Elite Mastercard® Secured Credit Card Review 2024. Building Credit with a Secured Card

The First Progress Platinum Elite Mastercard® Secured Credit Card is a solid option to build credit.

The First Progress Platinum Elite Mastercard® Secured Credit Card is designed for individuals aiming to build or rebuild their credit. As a secured credit card, it requires a refundable security deposit, which also serves as the credit limit. It features some helpful aspects but comes with a few drawbacks to consider.

First Progress Platinum Select Mastercard® Secured Credit Card
Learn More	Get a First Progress Select Card and Earn 1% Cash Back Rewards! Secure your credit line with your refundable security deposit – choose from $200- $2,000 – with the ability to increase up to $5,000 over time! Choose the First Progress Select Card for a lower annual fee! All credit types welcome to apply! Build your credit history across 3 major credit reporting agencies: Equifax, Experian and TransUnion.¹ ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score. Learn More
Purchase APR Rate: 18.49% (V) – Annual Fee: $39 – Credit Needed: Poor/Limited/No Credit – Credit Line: $2,000

First Progress Platinum Prestige Mastercard® Secured Credit Card
Learn More	Earn 1% Cash Back Rewards with First Progress Prestige! Apply now and fund your security deposit over 90 days with the option to make partial payments. You Can’t Rebuild credit with a Debit Card. Try First Progress Today! ¹ Build your credit history across 3 major credit reporting agencies: Equifax, Experian and TransUnion.¹ All credit types welcome to apply! ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score. Learn More
Purchase APR Rate: 14.49% (V) – Annual Fee: $49 – Credit Needed: Poor/Limited/No Credit – Credit Line: $2,000

Key features:

• Security deposit: Choose your credit line between $200 and $2,000 based on your initial security deposit.
• 1% cash back: Earn 1% cash back on all payments made on the card. (Platinum Select and Platinum Elite)
• Credit reporting: Reports to all three major credit bureaus (Experian, Equifax, and TransUnion) to help build your credit history.
• No minimum credit score required: Easier to qualify for compared to traditional credit cards making the card accessible to a wide range of applicants, including those with poor or no credit history.
• Mobile app: Manage your account and access credit education resources through the First Progress Card Mobile App.
• Annual Fee: The card comes with an annual fee, which is on the lower end for secured credit cards ($29).

Potential drawbacks:

• Annual fee: $29 annual fee deducted from your initial credit limit, reducing your spending power.
• High APR: The variable purchase APR is 25.24%, which can be expensive if you carry a balance.
• No rewards beyond 1% cashback: Compared to other cards, the rewards program might be considered less generous.
• Non Interest Bearing Account: You don’t earn any interest on your security deposit.

Overall, the First Progress Platinum Elite Mastercard® Secured Credit Card can be a useful tool for building credit, especially for those with limited credit history. Remember the high APR and annual fee means if you don’t pay your balance in full each month you begin accumulating interest charges.

Here are some additional points to consider:

• Alternatives: Explore other secured credit cards with lower annual fees or potentially better rewards programs.
• Responsible credit card use: Regardless of the card, pay your bills on time and in full to get you the highest credit score possible.
• Credit score monitoring: Monitor your credit score regularly to track progress and identify any errors that might need correction.

Remember, building good credit takes time and consistent on-time payments. The First Progress Platinum Elite Mastercard® Secured Credit Card can be a stepping stone, to get your credit rating on the right path.

First Progress Secured Credit Card: Credit Limit and Deposit

Credit Limit:

• The initial credit limit for First Progress secured cards depends on your deposit amount, ranging from $200 to $2,000.
• Unlike traditional unsecured cards, the deposit you make becomes your credit limit.

Getting Your Deposit Back:

• You can get your deposit back from First Progress when you close your account in good standing (no outstanding balance or late payments) and after fulfilling any minimum account holding period requirements, if applicable.
• The annual fee, if any, will be deducted from your deposit before it’s returned.

Credit Limit Increase:

• Yes, First Progress may increase your credit limit if you demonstrate responsible credit habits, such as making timely payments and maintaining a good credit utilization ratio (using a low percentage of your available credit).
• However, unlike some other secured cards, increasing your credit limit with First Progress typically requires adding to your deposit.
• The maximum credit limit you can reach with a First Progress secured card is $5,000.

Additional notes: Be sure to review the specific terms and conditions of your First Progress secured card agreement for details on credit limit increases and deposit return policies.