For those interested in building or rebuilding credit, a secured credit card is often the way to go. The First Progress Platinum Elite MasterCard Secured Credit Card is a great option, if you are in this situation. A secured credit card allows you the benefits of using a credit card, showing your responsibility when it comes to making payments, and developing a positive credit history.
Unlike traditional credit cards, a secured credit card will require you to put down a refundable security deposit (unless, of course, you default—which you would never dream of doing if you are trying to build your credit!). In exchange for the security deposit, you will have a line of credit that you can spend just like a traditional credit card. Let’s take a closer look at the details, so that you can decide if this card is the right one for you!
Apply Now: First Progress Platinum Elite MasterCard® Secured Credit Card
Low Annual Fee
Many secured credit cards have higher annual fees, since most of the people applying for these cards are considered to be a higher risk for the bank. The First Progress Platinum Elite MasterCard Secured credit card has an annual fee of $29, which is not too bad!
Competitive APR For Purchases and Cash Advances
Secured credit cards are almost always going to have much higher APRs than traditional credit cards, for the same reason—the user is generally a higher risk than someone with excellent credit. The First Progress Platinum Elite offers a 19.99% APR for purchases, which is not terrible considering it could be much higher. The cash advance APR is 24.99%.
Range of Options for Security Deposit
With any secured credit card, you will need to make a security deposit. For the First Progress Platinum Elite, you will have to make a security deposit of $300-2000, depending on your credit history and the amount of a credit line you are hoping to get. Your line of credit will be the same as your security deposit for this MasterCard. You can add to your security deposit if you start at the lower and want a higher credit limit.
Get Approved With No Credit History!
To be approved for the First Progress Platinum Elite Secured MasterCard, you do not need to have any credit history established. You also won’t have to have any specific minimum credit score to qualify, the security deposit will do the trick!
Build Your Credit Up Quickly
As you make your monthly payments on time each month, this will be reported to the three major credit bureaus, and you will be able to quickly establish yourself as a solid candidate for a traditional credit card.
The Nitty Gritty
As mentioned, the First Progress Platinum Elite Secured MasterCard has an annual fee of $29. You will have to provide a refundable security deposit of $300-2000 in order to be approved for the card. The APR for purchases is 19.99%, and the APR for cash advances is 24.99%. Cash advance fees are $10.00 or 3% of the amount advanced, whichever is greater. Foreign transaction fees are 3%. Late payment penalties are $35.
In conclusion, the First Progress Platinum Elite Secured MasterCard is a solid choice for anyone who is looking to build up or repair their credit. With an easy approval process that nearly anyone can qualify for, this is a great way to establish yourself as a great customer for a traditional credit card. If it’s time for you to improve your credit, then consider this secured credit card as the perfect stepping stone!