First Progress Select Mastercard® Secured Credit Card

The Platinum Select Mastercard is one of the three secured credit cards offered by First Progress Bank. The company has a package offer aimed at people who want to rebuild their credit score or establish it. The requirements for getting this card are quite basic, and the whole application process is simple and quick. This card has such a high approval rate that getting denied would be simply impossible. However, even if this happens, you won’t have to worry about another negative mark on your credit score, as the application doesn’t involve credit inquiries. This card is a simple-to-get tool that allows you to improve your credit score without too much stress.

Who Is This Mastercard for?

For people with bad credit scores or those who don’t have one yet. The First Progress Platinum Select credit card is unique, and anyone can get it. This card is for US residents, and even if your FICO score is under 500, you can still be approved. Many secured card providers say they issue their cards to everyone, but this isn’t the actual practice. First Progress delivers on this, and anyone can apply and get it, regardless of their credit score. The only requirements are to be over 18 years old, to have a Social Security number, and to have US residency.

First Progress Platinum Select Secured Card Benefits

• Made to build credit. A lot of secured credit cards currently on the market promise various benefits, but miss out on the single most important one – getting your credit score back on track. First Progress Platinum Select is the exact opposite. It doesn’t offer any fancy benefits other than making it easy to build credit.
• Moderate fees. It doesn’t require a big investment and comes with moderate fees and interest.
• High approval rates. The approval rates are really high, and these cards are available to everyone.
• Fast application. The application process lasts only a couple of minutes. In just a couple of days, once you receive a plastic card, you can start using it and build your credit.

Are There Any Disadvantages?

• Annual fee. If you look at the Platinum Select card from a credit-rebuilding perspective, it doesn’t have any major disadvantages. It does come with an annual fee of $39, which is fairly moderate, but compared to some other cards, this might be the downside of this card. Still, the Platinum Select Secured Card is easily approved without a credit inquiry. This isn’t something that you will come across very often. You will also need to make a deposit to extend your credit line.

Should You Use the Select Card?

We think that paying a moderate annual fee is worth it if you have a chance to build your credit in return. This is what the First Progress Platinum Select credit card guarantees you. First, it’s easy to get approved for the card, and second, your activity will be reported to the 3 main credit bureaus. Now, the important thing is to consider your options. If you really have a low credit score, then going with this card might be the answer. Some other credit providers will destroy you with fees and interest if you have a low score, and they don’t even guarantee approval.

Other Secured Cards from First Progress

• Elite Secured Mastercard
• Prestige Secured Mastercard