GET.com's Review of First Progress Platinum Select Mastercard® Secured Credit Card
|Highlights||Credit Card Feature|
|Things We Like||Up to $5,000 credit limit|
|Our Least Favorite||Not yet available in all states|
|Our Verdict||Great card for an affordable solution to build or repair your credit record|
- Invest your tax refund to improve your credit by making the refundable deposit for your new secured card today
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum Mastercard® Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
- Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
- Intro APR
- Annual Fee
- Regular APR
- Credit Required
If your credit history has taken a hit then First Progress Platinum Select Mastercard® Secured Credit Card may just be the right tool to get your creditworthiness back on track and work towards getting the credit you need. This card was designed to enable you to build credit records at the major consumer credit bureaus, which is an important first step towards being accepted for a non-secured credit card. With an annual fee of just $39, this card is also affordable.
If you're looking for an affordable way to improve your score, then First Progress Platinum Select Mastercard® Secured Credit Card could be a good card for you. But first let's take a look at the pros and cons of this secured card.
Things We Like About First Progress Platinum Select Mastercard® Secured Credit Card
No minimum credit score is needed to get this card. Even if you have the lowest possible credit rating you can still apply for this card.
No credit history needed. If you've never owned a credit card before and have no credit record, this card is a good place to start building your credit history. Even if you are financially sound, this card could still benefit you if you are denied credit due to not having a credit record.
Low annual fee. For a credit building card like this one, an annual fee of $39 is low.
Low purchase APR. If you are working to build good credit then I would strongly recommend that you always make your payments on time and in full. That way you will also avoid paying the purchase APR altogether. There is a 13.99% variable APR on purchases, which is quite low for a secured credit card.
Up to $5,000 credit limit. You start off with a credit limit equal to your deposit. This will be $200 - $2,000. As you build creditworthiness this limit may be raised up to a $5,000 limit.
Our Least Favorite Things About First Progress Platinum Select Mastercard® Secured Credit Card
Not yet available in all states. This program isn't available in Arkansas, Iowa, New York, or Wisconsin.
Foreign transaction fee is 3%. If you travel or shop online outside the US, you will have to pay a fee equal to 3% of each transaction, so this isn't a great card for international travelers.
$200 - $2,000 deposit. You will need to place a $200 - $2,000 refundable deposit submitted with application in your account which you won't earn interest on, as a security.
First Progress Platinum Select Mastercard® Secured Credit Card will benefit you if you need to build or repair your credit record and need an affordable solution, as the annual fee is only $39. You can apply for this card even if you have a very poor credit rating, or no credit history at all. For example, if you only recently became a US resident and have no credit history, this card provides a good way to build one. First Progress Platinum Select Mastercard® Secured Credit Card is a good card for you if you have poor credit or no credit and would like to repair or build your record.
See more First Progress credit cards.