First Progress Platinum Elite Mastercard® Secured Credit Card

Welcome Bonus

N/A

N/A

Annual Fee

$29

Annual Rewards

N/A

N/A

Rewards on Approval

N/A

Interest rates

Purchase Rates

25.24%

Cash Advance Rates

30.24%

Balance Transfer Rates

25.24%

Table of Contents

First Progress Platinum Elite Mastercard® Secured Credit Card

The First Progress Platinum Elite Mastercard® offers a pathway to improved credit by providing a secured credit card option. With a focus on responsible credit use, cardholders can benefit from a range of features aimed at helping them establish or rebuild their creditworthiness.

Pros

  1. Secured Credit Building: With a refundable security deposit, cardholders can establish or rebuild their credit by demonstrating responsible financial behavior.

  2. Reports to Major Bureaus: The card reports to all three major credit bureaus—Experian, Equifax, and TransUnion—helping users build a positive credit history.

  3. Flexible Approval Process: The card's application process is designed to be accessible, making it a viable option for individuals with limited or damaged credit.

  4. Mastercard Benefits: As a Mastercard, this secured credit card provides global acceptance and various Mastercard benefits, including fraud protection and online account management.

  5. No Minimum Credit Score: The card doesn't require a minimum credit score for approval, making it accessible for those who may not qualify for other unsecured credit cards.

Cons

  1. Annual Fee: The card comes with an annual fee, which may be a consideration for those seeking credit-building options with lower fees.

  2. No Rewards Program: Unlike some other credit cards, the First Progress Platinum Elite Mastercard® does not offer a rewards program, limiting potential benefits beyond credit building.

  3. Security Deposit Required: As a secured credit card, a security deposit is necessary, tying up funds that could otherwise be used for other purposes.

  4. High APR: The card carries a variable APR that is relatively high, underscoring the importance of paying the balance in full each month to avoid interest charges.

  5. Limited Features: While the card serves its primary purpose of credit building, it may lack some of the features and perks found in traditional unsecured credit cards.

Details & Eligibility

  • 0 - 499
  • N/A
  • N/A
  • $29
  • N/A
  • Mastercard
  • No
  • 25.24%
  • 30.24%
  • 25.24%
  • N/A
  • N/A
  • N/A
The First Progress Platinum Elite Mastercard® Secured Credit Card is a financial tool designed for individuals looking to build or rebuild their credit history. As a secured credit card, it requires a refundable security deposit, making it an accessible option for those with limited or damaged credit.
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