First Progress Platinum Elite Mastercard® Secured Credit Card

Having a poor credit score can make it challenging to get back on track after making bad financial decisions. It can be tough for this group of people to obtain new cards, as most providers reject their applications. Moreover, each rejection is reported to the credit bureaus, which further lowers their credit scores. That’s where the First Progress Platinum Elite Mastercard comes into play. This secured card doesn’t require any credit inquiries, and most applicants get approved upon applying. It’s designed to help individuals with poor credit or no credit at all to start building a healthy credit history.

Who Is This Card for?

The First Progress Elite Secured Card is designed specifically for individuals with poor credit score. It’s one of three secure credit cards offered by First Progress (Select, Elite, and Prestige), and can be approved without a credit inquiry, regardless of a person’s credit score. This card is ideal for those who have never owned a credit card or carried loans and want to build a healthy credit history, as well as for those who have damaged their credit score and want to get back on track. All payments on this card are reported to the three major credit bureaus, making it a great option for building credit.

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Benefits of the First Progress Platinum Elite Secured Card

Made to rebuild credit

The First Progress Platinum Elite Mastercard is designed with a single goal in mind: to help individuals rebuild their credit score. The card offers an effective and low-risk way for holders to build a positive credit history each month, without requiring too many other benefits. This makes it an excellent choice for those who need a secure credit card focused solely on credit rebuilding.

Credit reporting

One of the most significant benefits of the First Progress Platinum Elite Mastercard is credit reporting. First Progress consistently reports all activities on the credit card account to the three major credit reporting agencies – TransUnion, Experian, and Equifax. This means that any positive activity, such as making timely payments or paying off a balance, is reflected in the holder’s credit report, which can help them build or rebuild their credit score over time.

No credit check

Another advantage of the First Progress Platinum Elite Mastercard is that it can be obtained without a credit check. This means that even if an applicant’s application is denied, it won’t leave a trail on their credit history. Additionally, First Progress provides an online account through which holders can track their balance and automate payments, making it easier to manage their finances and stay on top of payments.

Overall, the ELITE is an excellent choice for those looking to rebuild their credit score. With a focus on credit rebuilding, credit reporting, and no credit check, this secure credit card is an effective and low-risk way for individuals to establish a positive credit history and improve their overall financial well-being.

Disadvantages

Annual fee

While the First Progress Platinum Elite Mastercard has a relatively low annual fee of $29, it’s important to consider the cost of the card in relation to other secured credit cards on the market. Some other cards may offer lower or no annual fees, making them a more cost-effective option for individuals on a tight budget. However, it’s worth noting that the annual fee on the First Progress Platinum Elite Mastercard may be worth the cost if it helps individuals improve their credit score and achieve their financial goals.

In-depth application checks

One potential drawback of the First Progress Platinum Elite Mastercard is that it does not require in-depth application checks. While this makes it easier for individuals with poor credit or no credit history to obtain the card, it may also make it riskier for them to take on credit that they may not be able to afford. Some other secured credit cards may require a more thorough review of an applicant’s credit history, income, and other factors to ensure that they are obtaining credit responsibly. However, it’s worth noting that the lack of in-depth application checks on the First Progress Platinum Elite Mastercard may be a benefit for individuals who have had difficulty obtaining credit in the past and want to start building a positive credit history.

Overall, while the ELITE offers many benefits for individuals looking to rebuild their credit score, there are also some potential drawbacks to consider, such as the annual fee and the lack of in-depth application checks. By carefully evaluating the pros and cons of the card, individuals can make an informed decision about whether it’s the right choice for their financial situation.

Should you use the Platinum Elite Card?

If you’ve made financial mistakes in the past or want to learn financial responsibility early on, this card is a good choice. Additionally, if you have a poor credit score and cannot get any other card, the Platinum Elite secured credit card is a safe bet. However, it does require a minimum deposit of $200, and you need to gather enough cash for the deposit and annual fee. If you can meet these requirements, this card is a great option to build your credit score on a monthly basis.

Other First Progress Secured Cards

• Select Secure Mastercard
• Prestige Secured Mastercard