The First Progress Platinum Elite Mastercard is a fantastic choice for people with bad credit. Also, it’s the finest of the three First Progress secured credit cards. But why? That is because it has the lowest annual cost, at $29. As a result, Platinum Elite may be worthwhile for low-cost credit enhancement. However, this card has the highest APR of the three First Progress secured cards. But, it shouldn’t matter too much because secured cards are not for financing. After all, your spending limit is equal to the amount of the refundable security deposit you make when registering.
The First Progress credit card is available to assist cardholders in building credit without requiring a credit check or a minimum credit score. Depending on your first deposit amount, credit limits of $200 to $2,000 are available. First, Progress reports to all three credit agencies, making it easier to improve your credit rating over time. This is the primary reason why this card is so popular.
The First Progress Platinum Elite card is the most outstanding First Progress card. But it still doesn’t imply it’s a good credit card for you. There is some stiff competition from other credit card providers. You can read our reviews on other credit cards in our website. Also, you should know few additional features about Platinum Elite that you should be aware of before applying.
Welcome offer available with First Progress credit card
The First Progress credit card does not have any welcome offers, sign-up bonuses, or reward rates. That is because it is a secured credit card. Its primary selling point is that it allows you to get credit despite your credit history. No minimum credit score requirement is there for the First Progress Elite Mastercard. You don’t even need to have a credit history to qualify. Instead, you must be a first-time First Progress cardholder with a valid Social Security number. You will also have to be an adult. It can vary depending upon the state you are in. In addition to your refundable security deposit, you’ll need enough money to pay your monthly bills.
First Progress prioritizes application speed overtaking you through a lengthy application process that includes credit and income checks. You can easily apply online, and they will process your application as soon as possible. However, once they authorize it, you’ll have to pay a security deposit to mitigate the lender’s risk. This is the price you pay for the lack of a credit check throughout the application process for this credit card.
You are not obligated to a specific amount. You can open an account with a deposit ranging anywhere from $200 to more than this. This way the amount of your deposit determines your credit limit. This means that if your deposit is $200, you’ll have $200 in available credit. When you apply for this credit card, you’ll have to submit this deposit. The amount you deposit when you first register serves as your spending limit. After that, you’ll need to ask First Progress for permission to increase your deposit limit. If your application doesn’t get through, you will receive a prompt refund of your deposit.
What about the benefits of having a First Progress credit card?
The First Progress credit card comes with several benefits in addition to secured credit. These can help you restore your credit rating. In addition, You can use the First Progress credit card nationwide as a Mastercard-branded credit alternative. This distinguishes it from retail-branded credit cards. It can help you improve your credit score but only allow you to shop at their physical or online stores.
Finally, all of First Progress’s credit information is shared with the three main credit bureaus: Equifax, Experian, and TransUnion. Sending data to any one of these agencies will help you improve your credit score. But, reporting to all three on a regular basis makes it easier to develop credit faster. Thus it is evident why this credit card is popular among people. This an excellent credit card for people who have gone through some unfortunate times. They can use this card to get their lives back on track.
About the expenses and interest rates
Platinum Elite, Platinum Prestige, and Platinum Select credit card are the three secured credit cards offered by First Progress. The yearly fee for the First Progress Platinum Elite Mastercard is $29. However, the fees for the Select and Prestige cards are higher. The most crucial aspect of picking a secured credit card is minimizing fixed expenses. Thus Platinum Elite is the way to go if you want to work with First Progress.
The First Progress credit card has a substantially higher interest rate than its Platinum Select and Platinum Prestige siblings. But it is a tradeoff for having a meager annual fee. That shouldn’t be a problem though. Carrying a balance on a secured credit card from month to month is a bad idea. This is because you must prepay for any money you spend. But how? This is because your spending limit is equivalent to your refundable security deposit. Do you want to pay interest on a loan you’re essentially giving yourself?
This credit card has a rapid application procedure, no credit check, and a configurable deposit amount. Thus the First Progress credit card is a wonderful choice. But consider it only if you want to develop a credit history or repair a damaged credit rating. Even a little deposit can help you start developing credit. First Progress takes little risk because your deposit is there to repay credit debt if you can’t make regular payments. If your credit isn’t too bad, you may be better off opting for other secured credit cards. Many cards with no annual fees are now available.