1% Cash Back Rewards on payments
Choose your own credit line - $200 to $2000 – based on your security deposit
Build your credit score.¹ Reports to all 3 credit bureaus
No minimum credit score required for approval!
¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
August 2, 2022
Who is the First Progress Platinum Prestige Mastercard® Secured Credit Card for?
The First Progress Platinum Prestige Mastercard® Secured Credit Card is ideal for cardholders looking to build a good credit history and eventually transition into an unsecured credit card. Given that this card does not require a credit history or minimum credit score for approval, the First Progress Platinum Prestige Mastercard® Secured Credit Card is an attractive option for new credit card owners and low-credit score owners alike.
This card is accompanied by an annual fee of $49 and a 3% ($10 minimum) cash advance fee. There is also a 3% foreign transaction fee that cardholders might need to consider.
The First Progress Platinum Prestige Mastercard® Secured Credit Card comes with a low 15.24% APR (variable) and requires a minimum security deposit of $200. Furthermore, your credit limit is determined by the amount of your security deposit, with a maximum credit limit of $2,000.
Ultimately, the First Progress Platinum Prestige Mastercard® Secured Credit Card is a great option for those who want to establish a good credit history. If you are accepted for this card, you are also automatically eligible for the First Progress Platinum Elite and First Progress Platinum Select cards. When applying, you don’t need to pay an application processing fee, so what’s stopping you from applying today?
Easy and Harmless Application Process
The highlight of the First Progress Platinum Prestige Mastercard® Secured Credit Card is the ability to establish or reestablish your credit history. With no credit history or a minimum credit score required for approval, this card is ideal for those with limited credit who want a starter credit card as well as those with damaged credit. This card allows you to add information to all three major credit reports each month. Timely payments and reasonable spending will be reflected in these reports and contribute to a credit score increase.
In addition, the application process is extremely easy for prospective cardholders. Not only is it fast and simple, but applying does not hurt your credit score. When applying for the First Progress Platinum Prestige Mastercard® Secured Credit Card, only a “soft inquiry” is conducted into your credit score, which doesn’t show up on your credit history nor lowers your credit score.
Fees
The price prospective applicants have to pay for the First Progress Platinum Prestige Mastercard® Secured Credit Card is an annual fee of $49 and a fully refundable security deposit. Rather than using your credit history, your credit line is secured by your fully refundable security deposit. This is to ensure that you can make your payments on time since the goal is to build credit. The minimum security deposit required is $200 and the maximum security deposit is $2,000.
Conclusion
The First Progress Platinum Prestige Mastercard® Secured Credit Card is a solid option for cardholders looking to rebuild their credit and learn responsible credit card habits without the fear of incurring large debt. This card does come with a minimum security deposit of $200 and a maximum security deposit of $2,000. People looking for a credit card to make large purchases may want to look elsewhere. Nevertheless, the First Progress Platinum Prestige Mastercard® Secured Credit Card is a great card for people to gradually build their credit scores simply and easily.
Serious Security
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