First Progress Platinum Elite Mastercard® Secured Credit Card

People with poor credit scores know how difficult it can be to get back on track after making bad financial decisions. For this group of people, it's very difficult to get new cards, as most providers will reject their applications.

At the same time, when they get rejected, the event is also reported to the credit bureaus, which means that their credit scores will look even worse. And that's where cards like First Progress Platinum Platinum Elite Mastercard® comes into play.

This card doesn't require any credit inquiries, and most applicants get approved when applying for one. They are designed to help people with poor credit, or no credit at all get off on the right foot as credit holders.

Who Is This Card for?

The First Progress Platinum Elite Secured Card is designed solely for people with a poor credit score. It's one of the three different secure credit cards offered by First Progress (Select/ Elite/ Prestige). No matter what kind of credit score a person has, they will get approved for this card without a credit inquiry.

People that have never owned a credit card or carried loans can use First Progress Platinum Elite to start building a healthy credit history. On the other hand, those who've seriously damaged their score can use it to get back on track.

All the payments on this card are reported to the three major credit bureaus, which makes it ideal for building a credit score.

Platinum Elite Secured Credit Card Benefits

First Progress Platinum Elite is designed with only one goal in mind - rebuilding credit score. The card allows holders to do this effectively each month, without too much risk, which is why this secure credit card doesn't offer many other benefits.

All of them are focused on this area and nothing else. First Progress will consistently report all your activities on your credit card account to the largest credit reporting agencies - TransUnion, Experian, and Equifax.

You can get the card without a credit check, and even if someone's application gets denied, there will be no trail on their credit history. First Progress also gives users an online account through which they can track their balance and automate payments.

Are There Any Disadvantages?

First Progress Platinum Elite Mastercard® comes with the lowest annual fee of all three cards offered by the company. You will be expected to pay $29 annually, which is not that much. Still, compared to other secured cards out there, this is a bit expensive.

However, other security cards require more thorough checks, and getting your application accepted is not that easy. With this card, you can rest assured that you will get approved no matter what your score is at the moment.

Another disadvantage of this card is that it has a minimum deposit of $200. There are secured credit cards that have lower deposits.

(Read related: Secured Credit Cards Explained)

Should You Use This Card?

If you've made a lot of financial mistakes in the past, or you simply want to learn responsibility early on, this card is the right choice for you. On the other hand, if your credit score is so bad that you can't get any other card, this secure credit card is a safe bet, and you should rely on it.

However, it does require a deposit of a minimum of $200. It's an excellent option for getting yourself out of the financial slump, but it comes at a price. You need to gather enough cash for the deposit and the $29 annual fee. If you can do this, go for this card and build your credit score on a monthly basis.

Read the Review of First Progress Elite Mastercard