Finding a good card for repairing your credit score can be really difficult. If you’re having trouble with this, you’re probably familiar with all the struggles. One of the biggest issues is that no credit card provider wants to give their services to applicants with a troubled credit history. On the other hand, everyone needs to start somewhere. What’s great about the First Progress Platinum Prestige Secured card is that when people apply for this card, they won’t have a credit inquiry marked on their report. This means that even if someone is rejected for the card, it won’t damage their score further. The Platinum Prestige has basic requirements and comes with basic features. It’s designed with one goal – to help improve credit score.
Who Is the Prestige Secured Card for?
The card is designed for people that really damaged their credit score. Unlike similar secured credit cards, it’s quite straightforward and doesn’t offer any additional “perks” that might cause you to use the card even when you don’t really have to. It targets people who don’t have a great credit score, and it has an amazing approval rate. All US residents, except those from several defined states, can apply and get the First Progress Platinum Prestige Secured credit card. The only reason for getting this card should be to build your credit score. Even if you have a good credit score, you can get this as an additional card to help you build it faster.
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First Progress Platinum Prestige Benefits
- Credit reporting. The primary benefit of holding this card is that First Progress reports your card activity to the three largest credit bureaus.
- Guaranteed approval. You can rely on this at the end of each month. The second large benefit of the First Progress Platinum Prestige card is that anyone can get it. You only need to give some basic personal and financial information during your application to get approved. There aren’t any credit checks, and it’s almost impossible to get rejected for the card. The card also comes with an online account, where you can track your balance at all times.
Are There Any Disadvantages?
High annual fee. All credit cards have their own upsides and downsides. The important thing is whether the users can surpass the negative aspects and harness the benefits, which is exactly the case with this card. It does come with a fairly high annual fee, but it has low interest in turn. The reason why the annual fee is a bit high is that these cards are available to high-risk holders. Still, when you look at the fee price and what the card allows you to do, you quickly realize that it’s a fair trade. Nobody is going to do you any favors, especially when we’re talking about credit.
Should You Use the Prestige Card?
Whether you should use this card purely depends on your current financial situation. It’s up to you to analyze your needs and see whether this card is a good fit for you. If you don’t have financial stability and you would like to start building your credit, this card might be the right thing for you. If you have enough money to pay for your annual fee and give a minimum of $200 security deposit, then this card is a good option. Out of all the First Progress Platinum secured cards, the Prestige Mastercard has the lowest interest rates, so even if you make some mistakes on the way to building credit, you won’t be affected too much.
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