First Progress Platinum Select Mastercard^® Secured Credit Card Review

Who is the First Progress Platinum Select Mastercard^® Secured Credit Card for?

Consider applying for the First Progress Platinum Select Mastercard^® Secured Credit Card if your main focus is to build a good credit history. Since no credit history or minimum credit score is required for approval, this card is an attractive option for new card owners as well those with a damaged credit score. For an annual price of $39 and a fully refundable security deposit of $200 upon applying, you will receive monthly reports to all three major credit bureaus to establish a credit history. 

Other features of this card to consider is the low APR of 19.24% (variable). This card does not charge a monthly fee nor an application-processing fee. Furthermore, your credit limit is determined by the amount of your security deposit, with a maximum credit limit of $2,000. 

Ultimately, the First Progress Platinum Select Mastercard^® Secured Credit Card is a great option for those who want to establish a good credit history. If you are 18 years or older, and these features fit your criteria, the First Progress Platinum Select Mastercard^® Secured Credit Card could be right for you.

Credit and Other Benefits

The highlight of the First Progress Platinum Select Mastercard^® Secured Credit Card is the ability to establish or reestablish your credit history. With no credit history or a minimum credit score required for approval, this card is ideal for those with limited credit who want a starter credit card as well as those with damaged credit. This card allows you to add information to all three major credit reports each month. Timely payments and reasonable spending will be reflected in these reports and contribute to a credit score increase.

In addition, the application process is extremely easy for prospective cardholders. Not only is it fast and simple, but applying does not hurt your credit score; no credit inquiry will be recorded in your credit bureau file.

Fees

The price prospective applicants have to pay for the First Progress Platinum Select Mastercard^® Secured Credit Card is an annual fee of $39 and a fully refundable security deposit. Rather than using your credit history, your credit line is secured by your fully refundable security deposit. This is to ensure that you are able to make your payments on time since the goal is to build credit. The minimum security deposit required is $200 and the maximum security deposit is $2,000. Compared to other popular secured cards, you won’t find a card that guarantees a lower deposit requirement. On the flip side, other popular secured cards have a maximum that goes up to $10,000. The required security deposit range is something to keep in mind especially if you need more flexibility in regards to how much you can charge to your card. Therefore, this card is not ideal for those who often incur high monthly statements due to utilities, rent, food, shopping, and other expenses.

While the Platinum Select card charges an annual fee, it does not charge a monthly fee nor does it charge an application-processing fee - unlike some credit cards for bad credit. It also has a low APR of 19.24% (variable) when compared to other secured credit cards.

Conclusion 

The First Progress Platinum Select Mastercard^® Secured Credit Card is a solid option for new cardholders who want to familiarize themselves with the responsibilities of owning a card and for those with damaged credit. While there are both an annual fee and a minimum security deposit, there are no monthly or application-processing fees, eliminating further complications with owning a credit card. As long as you are maintaining reasonable spending habits and making your monthly payments promptly, this card is a simple and effective way to build a good credit history.