Whether you are trying to establish credit for the first time, or fighting your way back from credit problems and trying to rebuild, the First Progress Platinum Select MasterCard Secured Credit Card is certainly a choice that you should consider.
Secured credit cards offer those with no credit or bad credit a way of building credit fairly quickly and working toward qualifying for loans or traditional credit cards. You will have to make a security deposit in order to qualify for this card, but you will get the security deposit returned to you when you close the account in good standing, without owing any money to First Progress.
Link: First Progress Platinum Select MasterCard® Secured Credit Card
Here are some of the highlights that you might be interested in learning about!
Competitive Annual Fee
Secured credit cards often have to have a higher annual fee than some of the other major credit cards for those with good credit. First Progress Platinum Select MasterCard secured credit card is available to you with an annual fee of $39, which is quite competitive, even with some of the bigger and more popular banks.
Low APR For Purchases and Cash Advances
Almost all secured credit cards have high interest rates, but the First Progress Platinum Select offers a pretty low variable APR of 14.99%. The cash advance APR is only 19.99%, which is competitive with some of the top unsecured credit cards!
Security Deposit Matches Credit Line
Your credit line will be the equivalent of your security deposit, and can range from $300-2000. If you do not begin at the highest level, you can gradually increase your credit line by increasing your security deposit by mailing in a check to First Progress for that purpose.
Bad Credit or No Credit, You Can Get Approved
You do not need any credit history to be approved for the First Progress Platinum Select Secured MasterCard. Even if your credit is bad, you can still qualify for a credit line that matches your security deposit. This is very different from traditional credit cards, when your credit score and credit history will determine not only if you qualify, but also determine your interest rate and credit limit—and sometimes your annual fee, too.
Quick Credit Establishment
Make every payment on time, and don’t go over your credit limit, and you will find that your credit score will rise fairly quickly. The credit bureaus will be notified on a monthly basis regarding your good credit behavior, getting you quickly qualified to apply for a traditional credit card.
The Nitty Gritty
As mentioned, the First Progress Platinum Select Secured MasterCard has an annual fee of $39. 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 14.99%, and the APR for cash advances is 19.99%. 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 Select Secured MasterCard offers those with bad credit or no credit an opportunity to build or rebuild their credit by providing a credit line in exchange for a security deposit.
The rates are very reasonable, in terms of APR and fees, making this a definite competitor when it comes to secured credit cards. Your credit should be taken seriously, and building or rebuilding it should always be a priority. First Progress definitely gives consumers some great options!
Apply Now: First Progress Platinum Select MasterCard® Secured Credit Card