In this Review
While there are a number of secured cards on the market that can help you to rebuild your credit, the First Progress Platinum Elite offers some advantages. You can open your account with a deposit between $200 and $2,000. The deposit amount will determine your credit limit. So, if your deposit is $200, you’ll have a $200 credit limit.
The First Progress Platinum Elite also reports to all three of the major credit bureaus. Each time you make a monthly payment, it will be reported to Equifax, TransUnion and Experian. This makes it easier to more quickly build your credit.
This is a basic secured card, but you will need to be aware that there are fees and charges that apply to your account. The card has an $29 annual fee that is charged to your card. This means that if you will immediately have a reduced credit limit. However, the standard APR is 24.49% Variable, which is lower than similar secured cards. It is a Mastercard and provides nationwide acceptance. This card is also widely accepted overseas, but a 3% foreign transaction fee does apply.
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All financial products have both advantages and possible drawbacks and the First Progress Platinum Elite Mastercard is no exception. Here we’ll examine the pros and cons to help you determine if this is the right choice for you.
The First Progress Platinum Elite is a secured credit card, so the risk to the lender is minimized.
This means that you won’t need to worry about a lengthy application process. You can apply online and your application will be processed as quickly as possible.
This card is available to anyone regardless of their credit status.
The application process does not involve a credit check or income verification. This removes the barriers that those with poor or no credit often face when trying to obtain a credit card.
Your credit limit is determined by your deposit, so you can set your own credit limit by providing a larger deposit. Your deposit can be $200 to $2,000, so you can have a credit card with a $2,000 limit.
Unlike some secured and unsecured credit builder cards, the activity on your First Progress Platinum Elite will be reported to all three credit bureaus. This can help you to quickly build up your credit score.
This card is a Mastercard, which is widely accepted across the US and overseas. This makes this a great option for those who enjoy traveling and want the security of a widely accepted card. However, you will need to be prepared to pay a 3% foreign transaction fee.
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The card does have a $29 annual fee. While this is lower than many unsecured credit builder cards, it will still reduce your available credit limit. The fee is charged to your card and you’ll need to pay it off or it will incur interest charges.
Unlike some credit builder cards, there are no upgrade possibilities with the Platinum Elite Mastercard. This means that once you build up your credit score, you will need to qualify and apply for another card to access better rates and terms.
This is a basic card that offers no rewards. There are no introductory offers or promotional interest deals.
You can start the application process online on the First Progress Website. You’ll see there are three platinum credit card options to choose from.
Once you click “Apply Now”, you’ll be directed to the secure application form. The first section requires that you provide your name and email address. You’ll also need to confirm that you are a US resident over the age of 18.
You will then proceed to the contact details section, where you need to provide your address and phone number. You also need to consent to the company’s Electronic Communications Agreement.
The next section involves your financial details. You need to provide details of your estimated monthly income and your monthly expenses. At this stage, you will also need to specify how much of a security deposit you want to provide.
You will also need to provide your date of birth, social security number and set your password.
To finalize your application, you’ll need to check the agreements and provide your funding details. This completes your application and you can expect to receive your card within three weeks.
Is the First Progress Card Right for You?
The First Progress Platinum Elite Mastercard is a secured card that is a great option for those with no credit history or poor credit that are looking for a credit card. This card is a Mastercard, so it is widely accepted across the US and overseas.
It has a quick application process that doesn’t involve a credit check or income verification. You can also set your own credit limit by putting a deposit of $200 to $2,000 down. Your deposit reflects your credit limit.
The card has an average APR, but your account activity is reported to all three major credit bureaus. This makes it ideal for those who have the cash for a deposit, but are struggling to build or establish a good credit rating. Even a small deposit can help you to start building your credit, but be aware that there are fees that can apply to your account.
This means that you will need to be confident that you will be able to make your payments on time every month. However, this will encourage you to develop good financial habits for the future.
Compare The Alternatives
There are more cards to build credit with – here are some good alternatives to the First Progress card:
First Progress Platinum
$35 – $99
Foreign Transaction Fee
You can have control over your initial credit limit, as it is determined by the amount of deposit you supply. First Progress allows a deposit of $200 to $2,000, which would give you a credit limit of $200 to $2,000 respectively.
First Progress does allow you to add an authorized user to your Platinum Secured account without incurring a fee.
However, First Progress does reiterate that you will be responsible for any charges your authorized user incurs, so you need to ensure that you only add a user who you trust fully.
First Progress does not state how long it takes for approval, but previous and current customers have experienced a typical time of two to three weeks from application to receiving the new card.
Yes, First Progress regularly reports payment activity to all three credit bureaus, which can help you to boost your credit score. If you use your card responsibly and make payments on time, you should be able to see an improvement in your score in as little as three to six months.
You can access the customer service team via the secure website or by mail. However, there is no contact phone number listed for this card provider. So, if you have a query or question before you have your log in details, you may struggle to get a prompt reply.
First Progress has very flexible requirements to qualify for the Platinum Secured cards. Since this is a secured card, you don’t need to meet a minimum credit score or credit history, so your income should not be a major factor.
The main reason not to get this card is that the security deposit directly reflects your credit limit. If you’re looking for a secured card with a low credit limit, there are other options that provide a $200 credit limit without needing to give a $200 deposit. There are some cards that offer this line of credit with a deposit as low as $39.