GET.com's Review of First Progress Platinum Elite Mastercard® Secured Credit Card
|Highlights||Credit Card Feature|
|Things We Like||Reports to the 3 main credit bureaus each month|
|Our Least Favorite||$29 annual fee|
|Our Verdict||Great card for people with a bad credit score or no credit history|
- 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.
- Intro APR
- Annual Fee
- Regular APR
- Credit Required
First Progress Platinum Elite Mastercard® Secured Credit Card is a low annual fee secured card that helps people with bad or no credit history enjoy a line of credit with the possibility of improving their credit score over time.
This card reports to the 3 major credit bureaus and lets you enjoy a line of credit starting between $200-$2,000, depending on the security deposit upon application.
Here are the main features of this First Progress Platinum Elite Mastercard® Secured Credit Card so that you can see if it meets your expectations.
Things We Like About First Progress Platinum Elite Mastercard® Secured Credit Card
It reports to the 3 main credit bureaus each month. This means that if you make timely payments and are financially responsible, this may be reflected on your credit score over time.
You can be approved for this card regardless of your credit score or credit history. You don't need a minimum credit score to be approved for this card and you can even be approved if you have no credit history.
Credit line is equal to your security deposit submitted in your application. This deposit must be between $200-$2,000, and will determine your line of credit. Your annual fee will be charged from this deposit, decreasing your available credit by the annual fee amount that was charged.
Your deposit is fully refundable. You'll receive your deposit back after paying off your balance in full and canceling you account. However, it may take up to 10 weeks for you to receive this security deposit back after your account is cancelled, and you must send the issuer your unexpired cards cut in half before you can cash the deposit.
Your credit limit may increase over time up to $5,000. The issuer may allow your credit line to increase without adding an additional security deposit. The maximum line of credit you can have with this card over time is $5,000.
Low $29 annual fee. This is a very low annual fee when it comes to secured credit cards, as most of these cards charge high annual fees to people with bad or no credit.
20.74% variable APR on purchases. This APR isn't very high considering it's for people with bad credit scores or no credit history. If you hold a balance and must pay this interest, you'll have to pay a $1.5 minimum interest regardless of your account balance.
Accepted worldwide. This Mastercard is accepted around the globe when you use it to make purchases
Enjoy online access to your account anytime. You can access your account online 24/7 and monitor your purchases any day of the year.
Our Least Favorite Things About First Progress Platinum Elite Mastercard® Secured Credit Card
Annual fee. Every year you'll be charged $29 to use this card, although it's a low annual fee compared with many other secured credit cards. This annual fee will be deducted from your initial security deposit decreasing your available credit.
Your security deposit doesn't earn interest. You don't earn any interest on the security deposit placed in this account.
How Other Cards Compare With First Progress Platinum Elite Mastercard® Secured Credit Card
|Regular APR:||20.74% (Variable)|
|Credit Required:||Bad Credit|
First Progress Platinum Elite Mastercard® Secured Credit Card is for people with a bad credit score or no credit history who want to have a line of credit but aren't accepted for regular credit cards. This card offers a line of credit equal to the initial security deposit which must be between $200-$2,000.
Although this card has a $29 annual fee, this is low compared to many other secured cards, especially considering that your line of credit may increase over time up to $5,000 and the issuer can even decide that you don't have to increase your security deposit for your credit line to increase.
However, one of the most important features of this First Progress Platinum Elite Mastercard® Secured Credit Card is that it reports monthly to the 3 main credit bureaus, which may help you improve your credit score in the long run if you are responsible making your payments on time.
If you'd like to know more about credit cards for bad credit you can check out our best rated credit cards for bad credit.
See more First Progress credit cards.