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
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: Dec 15th, 2014 at 1:39 EST