- Annual percentage rate (APR): 14.49% (V);
- Purchase intro APR: None;
- Rewards: 1% Cash Back;
- Annual fee: $49;
- Late fee: Up to $41;
- Credit score: Any (300 and up).
- Apply Today.
Table of Contents
- Bad credit credit card: If you recently filed bankruptcy or have negative accounts on your credit report, you’re probably all too familiar with how difficult it is to get approved for a credit card. First Progress provides bad credit solutions by approving you for a secured credit card, regardless of your FICO score.
- Rebuild your credit: Although First Progress doesn’t check your credit report to approve you, the issuer does work with the credit bureaus. Your payments will be reported to the credit bureaus, so you have the chance to improve your credit score by making on-time payments to your card account.
- Low interest: The First Progress Platinum Prestige has one of the lowest APRs of all secured and unsecured credit cards. You’ll save money on your monthly payments when you have a lower interest rate.
- You’ll need a bank account: You’ll need to link a bank account to make your monthly payments. Individuals with poor credit may not be able to open a bank account, which may be an issue. The alternative is to pay your card each month using an outside payment vendor such as Prism, but it will cost you an additional fee.
- No rewards: The low APR comes with a trade-off — no rewards program. The First Progress Platinum Prestige Mastercard® doesn’t provide cardholders with any perks or opportunities to earn points that can be redeemed for cash back, travel, or merchandise.
- Not available in all states: Unfortunately, residents of Arkansas, Iowa, New York, and Wisconsin, aren’t able to apply for a First Progress Secured card.
What Can You Expect From the First Progress Platinum Prestige Mastercard® Secured?
If you’re not familiar with how a secured credit card works, you’ll find it’s not too different from a credit card, except for the fact that you can get approved for one, regardless of your credit history.
You Can Use It Anywhere Mastercard Is Accepted
Your First Progress Prestige Mastercard Secured card is just like a regular credit card — you can pay with it anywhere Mastercard is accepted. Furthermore, no one has to know the card is for bad credit. The word “secured” is not printed on the card.
Payments Due Every Month
Like a regular credit card, your payment is due each month on the same day. Pay your balance off in full or pay the minimum. The important part is to make your payment on time or you’ll have to pay a fee up to $41 and risk having your late payment reported to the credit bureaus.
Secured credit cards are infamous for tacking on a variety of fees, such as application, account, and monthly maintenance fees. The First Progress Platinum Prestige Mastercard Secured comes with a competitively low APR and few fees, including a $49 annual fee and up to a $41 late fee.
Activity Reported to the Credit Bureaus
As mentioned, First Progress will report your activity to the credit bureaus. Leverage this wisely by spending responsibly and making your payments on time and your credit score could improve over time.
Manage Your Account Online
You can view your transactions, manage your card, and make payments through the card website. There is no mobile app available at this time.
Credit Line Increases May Be Possible
You may only be approved for a small credit limit of $200 at first, but don’t feel discouraged. Remember your credit isn’t good enough to qualify for many cards and the small credit limit is a good opportunity to get your foot in the door.
Make small purchases with the card and pay the balance when it’s due each month. Do this for a few months and contact First Progress to ask for a credit limit increase. If First Progress approves the increase, you may not even have to pay an additional security deposit.
Who Should Get the First Progress Platinum Prestige Mastercard® Secured?
College students with a limited credit history or individuals with bad credit would benefit from a First Progress Platinum Prestige Mastercard Secured. The issuer doesn’t factor in credit history to approve applicants, increasing your odds of getting approved. However, your payment history will be reported to the credit bureaus, which could help (or hurt) your credit over time.
You’ll have to pay a security deposit equal to the credit limit First Progress approves, but the amount is refundable once you close your account. Use the secured card wisely — First Progress will report your payments (or lack of payments) to the credit bureaus. Maintain good payment and spending habits and you’ll be rewarded with a growing credit score.
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