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First Progress Platinum Elite Mastercard® Secured Credit Card
February 21, 2020
First Progress Platinum Elite Secured Mastercard® credit card is made for people who have really poor credit scores. If you have a FICO score of 600 or less, then you might benefit from holding this card. It's also made for people with a limited amount of cash at their disposal. It's also a great option for people with no credit history who would like to start building it properly. This card is issued by First Progress to US residents, and each month, the company sends out reports of all the activity on their cards to three of the largest credit bureaus. Even though it has the lowest annual fee of all the First Progress secured credit cards, it comes with the highest interest. However, if used properly, this won't be an issue. Here is what you need to know about this card.
Intro APR
N/A
Intro APR Period
N/A
Min. Credit Level
Bad Credit OK*
Card Details
- Invest your tax refund to improve your credit by making the refundable deposit for your new secured card today
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 - $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Read full First Progress Elite Mastercard Review
Editor's take
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.
See full review of First Progress Elite Mastercard credit card
Advantages
- No credit inquiry
- Credit reports to all of the largest credit bureaus
- 99.99% of applicants are approved
- Good for building a credit score
Disadvantages
- Requires security deposit
- Has an annual fee
- Doesn't have any rewards
Basic Info
Card Issuer:
Synovus Bank
Card Network:
Mastercard®
Card Category:
Consumer (Secured)
Common Uses:
- Cards for Bad Credit
- Instant Decision Cards
- Tax Refund Cards
Rewards Card:
No
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Finance & Rates
Introductory APR (%):
N/A
Applied Towards:
N/A
Intro Period:
N/A
Regular APR:
19.99%
Regular APR Type:
Variable*
Annual Fee:
$29*
Balance Transfer:
No*
APR on Cash Advances:
24.99%*
Grace Period:
25 Days*
Late Payment Fee:
$40*
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First Progress Platinum Elite Mastercard® Secured Credit Card - Alternatives & Comparison
Card
First Progress Platinum Elite Mastercard® Secured Credit Card
Annual Fee
$29*
Regular APR
19.99% (Variable)*
Intro APR
N/A
Min. Credit Level
Bad Credit OK*
Additional Information & Comments
*Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
IMPORTANT
The information provided for First Progress Platinum Elite Mastercard® Secured Credit Card is believed to be accurate at the time of evaluation or recent update on February 21, 2020. However, we strongly advise visitors to review the Terms and Conditions on card issuer's website by following Apply Now link to verify the accurancy of the information posted prior to applying for this card offer.
