First Progress Platinum Elite Mastercard^® Secured Credit Card

Who is The First Progress Platinum Elite Mastercard^® Secured Credit Card for?

If you’re new to opening a bank account or trying to establish credit, this could be the fit you’ve been looking for. This card is among the best for new and inexperienced cardholders. This card has the rare “no credit line” policy, meaning they won’t take your credit score into account when deciding whether or not to approve you for the card.

Upon attaining this card, you will not need to link any bank accounts. Probably one of the most exciting features of these secured credit cards is that all money that goes into this card will be used as a credit line. With a credit line, all money that can be taken out from your bank under your account is stated. The final feature this card offers that is superior to most other credit cards is building credit. With monthly reporting to the three major credit bureaus (TransUnion, Equifax, and Experian), the credit will be billed in a timely fashion each month in the quickest way possible.

Rewards Rate

Something very interesting about this card is it doesn’t have typical bonus rewards points, therefore, it doesn't have redeemable rewards points either. This card really is for those who are just starting out and trying to figure out how to establish a great credit score.

Benefits and Credits

The application does not require a credit check which is a big relief for those with non-existent or bad credit history - getting approval for this card is relatively easy. If you’re a recent college graduate looking for work, this card is great to start out with. If you’re currently in college and looking to get a head start on your finances for the future, opening a credit card connected to the three major credit bureaus would be a positive start to personal gains in raising a credit score.

One of the more interesting things about this card is its refundable deposit within the credit line limit. When first opening your account with this card, you must make an initial deposit. This first deposit then becomes your credit line limit for this card. You can deposit as low as $200 or as much as $2,000.

Welcome Bonus

While this card has no formal or informal welcome bonus, it is still a great starter card for those with lower credit scores.

Annual Fee

There is an annual fee of $29 on this card, however, for the first year the annual fee is not going to be deducted because it is waived. Some may think of this as a sort of welcome bonus.

Conclusion

If you have established credit and aren’t looking for anything to upgrade your credit score, this probably isn’t for you. If you’re someone who wants to get into a better credit score standing, either because you’ve never had one or because of some untimely purchases, this could be the card to set you on the right path.