First Progress Platinum Select MasterCard® Secured Credit Card
Fair, Limited History, Bad
- ONE-TIME FEES None
- ANNUAL FEE $39
- MONTHLY FEE None
- REGULAR RATE 14.99% (V)
- GRACE PERIOD 25 days
First Progress Platinum Select MasterCard® Secured Credit Card’s Highlights
- Full-feature Platinum MasterCard secured credit card.
- No credit history or minimum credit score required for approval.
- Monthly reporting to all 3 major credit bureaus to help build credit.
- Set your own credit limit, which is secured by your deposit of $300 - $2,000.
- Deposit held at FDIC-insured bank.
- 24/7 access to your account online.
- The First Progress Platinum MasterCard Secured Card requires no credit history or minimum credit score for approval, but the refundable security deposit must be provided before a card can be issued. The new CARD Act regulations also require all credit card issuers to verify the identity of every applicant before approval. We can usually complete this identity verification using fast, automated methods, but it is sometimes necessary for us to contact an applicant in order to verify his or her identity. Applicants will receive their cards more quickly if they respond promptly to our call or letter relating to this verification process. Virtually every applicant who successfully provides the refundable security deposit and passes the identity verification step will be approved for the card. If you have applied for the card and have a question or want to check the status of your application, please call First Progress toll-free at (888) 403-4783.
- Receive your card more quickly with new Expedited Processing option.
First Progress Platinum Select MasterCard® Secured Credit Card’s Additional Info
- MAX LATE FEE $37
- MAX OVERLIMIT FEE None
- MAX PENALTY APR None
- SMART CHIP No
- CASH ADVANCE RATE 19.99% (V)
- CASH ADVANCE FEE 3% (min $10)
First Progress Platinum Select MasterCard® Secured Credit Card Reviews
There is no minimum credit score to apply. That is right if your brand new to credit and credit building you have nothing to worry about when applying in fact I encourage you to apply to a no minimum credit score than a card that requires a minimum if you do not have credit already established.
Credit history is not required. This kind of goes in hand with the no minimum same approach applies here.
Initial credit limit if accepted can be as high as $2,000. Now this is great for someone that is just establishing credit like myself. $2,000 is enough to cover the expenses you think you may fall behind on or can't pay until your next pay cycle or whatever your situation is. This amount is also not difficult to recover from if you have exhausted the entire credit limit and you will recover. Some people take their entire life to pay off say student loans or mortgages, though they are completely different from the particular credit card the point is that $2,000 in debt is not the end of the world. Especially if you are working like I am it should take no longer than 2 years to complete payments on a debt like that.
Sadly that sums it up on the pros for me.
You must maintain a security deposit of at least $300 in a non-interest bearing deposit account at synovus bank as a condition of getting your account approved. This is not necessarily put in front of your face to know, you have to read the fine print when it comes to stuff like this and this is a hit or miss for some but for me to comes out as a con for the simple fact that this isn't presented to you in plain sight.
APR is 14.99% though it may vary this is not the lowest APR for First Progress credit cards. Even worse, for cash advances APR is 19.99%, worst case almost 20% APR is not a good look and can add up if your money management is not on point.
Penalty fees are expected from a credit card vendor, I look at for example an overdraft fee from a regular checking account. Late fees can be up to $37.00. Annual fee comes to be $39.00 a year, though this is not a penalty fee I consider it one because this is basically paying a full membership on top of your APR.
Clearly, the cons outweigh the pros in this situation. I believe if you are brand new this card is not bad to have as long as you can practice and discipline money management this is very important. If you are someone with established credit, there are so many other better choices and this is not the card for you.… more
Annual fee: $35
Mailed CC to wrong address.
Allowed unauthorized person (presumable without any info of mine) to activate card.
Sent a late notice.
Reported card stolen.
2 months later...they sent a check for $330...citing late fees for charges I didn't make on a card I never received.
Additionally, since a month went by before I was aware they sent the card to wrong address they gave my otherwise flawless credit score it's only 30-day-late...on a secured card which I didn't receive.
Phoned in to discuss the above, where I was told they can only address this by physical (not electronic) mail.
I paid money for a product/service I never received...only to have them erroneously damage my credit and refund me 3/4ths of what I initially paid.....5 months of arguing later.
So in short, no, not a good company.… more
After a few months I began to get offers of unsecured cards, including from Merrick Bank and CapitalOne (which had previously turned down an application for a secured card, as did Orchard Bank, after inviting me to apply -- you can imagine, I was not too happy about that). Both Merrick Bank and CapitalOne recently increased my credit lines without me requesting that they do so, Capital One by a whopping $1,500. Interestingly, my credit score actually went down slightly after the initial rise last year, despite perfect payment records. I have been experimenting, and I find using more of the credit limits and not paying until close to the due dates seem to have led to a slight increase in my score recently. It really is kind of a dance that seems to defy ordinary human logic.
In any case, after a year now, I am happy with this card. But it seems (from the information available) that First Progress does not automatically convert secured cards to unsecured after a certain period, and this would be a downside if that is the case. I'll be looking into this aspect in another couple of months to see what the options are.… more
Great card , haven't had any issues at all with it. I didn't have bad credit I am the opposite end of the spectrum, I don't have any. With the help of this secured card and another I have built up enough credit history to hopefully get into a real credit card. Never an issue and works everywhere.
I am looking for a secured credit card which can be later converted to unsecured in Canada. Can you help?
I did not complete application but First Progress immediately without authorization charged my account by $300 and did not respond to my req to refund it.
Just a few clarifications: 1) If you send $100 your credit limit will go from $200 to $300 and if you send $200 your credit line will be $400; 2) After some time of solid payment history you will be eligible for a fully UNsecured credit card; and 3) Almost all secured credit cards will allow you to increase your security deposit over time and will increase your credit line for the exact same amount.… more
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Last updated on: Feb 11th, 2015 at 11:57 EST