First Progress Platinum Elite Mastercard® Secured Credit Card Review of 2024

The First Progress Platinum Elite Mastercard Secured Credit Card aims to assist cardholders in building credit. There is no need for you to check for the credit or credit history.

Depending on the size of your first deposit, credit limits range from $200 to $2,000. First, Progress keeps track of all three credit agencies, making it simpler to improve your credit rating over time.

First Progress is a credit card firm dedicated to assisting people in establishing or rebuilding their credit. It provides three secured credit cards, each with a different annual charge but comparable features and restrictions. Let’s take a detailed look!

What is First Progress Platinum Elite Mastercard® Secured?

With a rapid application procedure, no background check, and a configurable quantity of money starting at $200, the First Progress Platinum Elite Mastercard Secured credit card is a wonderful choice. Moreover, it’s beneficial if you want to develop a credit history or repair a damaged credit rating.

The First Progress Platinum Mastercard is one of several secured cards available to those with low or no credit. If you’re eligible for one card, you’re suitable for all three). As a result, if you cannot qualify for unsecured credit cards and can pay the $200 refundable deposit, this card may be worth considering.

The card sends monthly reports to all three main credit agencies, so it can help you develop or rebuild your credit history if you use it wisely. However, while this card has certain advantages for people with bad credit, it may not be the greatest option compared to similar goods. This is especially true for individuals who study, who may benefit from cards tailored to their specific requirements.

How does First Progress Platinum Elite Mastercard® Secured Credit Cards work?

Rather than depending on an individual’s credit history, First Progress Platinum secured cards are full-service cards that protect credit against a security deposit. They’re an excellent alternative for people with bad credit or those just getting started on their credit journey.

When you apply, these cards don’t need a credit check, and approvals aren’t dependent on a minimum credit score. Therefore, they’re great for those who may otherwise turn down after a credit check. Every month, all cards record activity to the three major credit agencies to establish or restore credit history.

Applying for a First Progress Platinum Secured Card

Here’s how the Platinum secured credit card works!

• The Applicants will restrict their age, i.e., they must be at least 18 years old (19 in Alabama and Nebraska) and have a valid Social Security number to apply.
• The Applicants should be citizens of the United States (excluding Arkansas, Iowa, New York, or Wisconsin, where the program is not yet available)
• Applicants may disqualify if they have applied for another First Progress credit card within the previous 30 days.

To apply, fill out this online form, which asks for your name, address, date of birth, Social Security number, as well as all the details about your income and expenses. After accepting the terms and conditions, you must pay your deposit, which will be refunded to you if you are not authorized for the card.

Click Here to Get Started With First Progress Platinum Elite Mastercard.

What are the Features of First Progress Platinum Elite Mastercard® Secured?

The First Progress Platinum Elite Mastercard Secured Credit Card doesn’t provide many additional benefits outside of credit growth. But this shouldn’t be a deal-breaker because few secured cards do. Now let’s take a deeper look at the characteristics!

Wide international acceptance

This First Progress card, being a Mastercard-branded credit option, is accepted nationwide and internationally everywhere Mastercard is accepted. This distinguishes it from retail-branded credit cards, which might help you improve your credit score but only enable you to shop at their physical and online stores.

The Mastercard Nearby mobile app can help you identify stores and ATMs that take Mastercard near you. You have to be aware that a 3 percent foreign transaction fee will be on you when you use this card overseas.

Credit reporting to all three bureaus

All First Progress’ credit information is shared with the three main credit bureaus: Equifax, Experian, and TransUnion. While sending data to just one of these agencies will help you improve your credit score, reporting to all three regularly makes it simpler to develop credit faster.

Low APR

This First Progress card boasts one of the lowest APRs on the market compared to other secured credit cards. However, this may not be as beneficial because the maximum amount is $2,000 when combined with the $49 annual charge.

What is the Credit Score Requirement of First Progress Platinum Elite Mastercard® Secured?

A security deposit is required to open a First Progress Platinum Secured card, and credit becomes secured against the cash deposited. A $200 minimum deposit is necessary, which means your credit limit will be $200 as well (less your annual card fee).

You may raise deposits after the initial application by contacting First Progress at 866-706-5543. The maximum amount to be placed is $2,000, and deposits might increase after the initial application by calling First Progress 866-706-5543.

If there is no outstanding debt to pay when you terminate your card account, you will receive your whole deposit back. If there is an outstanding balance, You will repay the deposit less the amount owed.

How much does First Progress Platinum Elite Mastercard® Secured Cost?

The First Progress Platinum Elite Mastercard Secured Card has a $29 annual fee. It means that if you put down a $200 deposit, you’ll only have $171 in credit to spend until you pay the cost off.

A 3% international transaction fee, as well as late payment, will be counted. This cost will be up to $40, and a returned payment fee of up to $29 applies to this card. Cash advances are also subject to a $10 or 3% total transaction charge, whichever is larger, as well as a 24.99 percent variable APR.

This card’s introductory APR is changeable at 19.99 percent, higher than the norm for secured cards. If you’re concerned that you didn’t receive the payment before the due date, you can pay a $10 charge for an expedited telephone payment. If you require a copy of a billing statement from before six months ago, it may charge you a $1 request fee.

Click Here to Get Started With First Progress Platinum Elite Mastercard.

Who is First Progress Platinum Elite Mastercard® Secured Best For?

If you want to keep your non-interest costs to a minimum, the Platinum Elite Mastercard® Secured Credit Card is by far the best of the three alternatives. Even though it has the highest interest rate of the three Progress secured cards, you won’t be charged interest if you pay in whole each month. Even if you only rotate a modest amount regularly, you may come out ahead because you’ll be saving money on the yearly fee.

If you need to establish or repair a credit history or have a habit of overspending, First Progress Platinum Secured cards are a good option.

This can help you curb overspending by matching your credit limit to your security deposit — It can, however, impede cardholders from reaching the optimal credit use ratio. To have the most favorable influence on your credit rating, advise is that you spend 10-30% of your credit limit, but this might be difficult if your credit limit is under $200.

Pros and Cons First Progress Platinum Elite Mastercard®

First Progress Platinum Elite Mastercard® Secured Compared to other Cards

Click Here to Get Started With First Progress Platinum Elite Mastercard.

First Progress Platinum Elite Mastercard® Secured vs. Petal 1

The First Progress Platinum Mastercard is one of several secured cards available to those with low or no credit. However, Petal 1 card comes with $500 to $5000 limits to offer different benefits. Besides this, the Progress secured credit cards can help you increase the limit without needing any additional deposit. But wait!, Petal 1 has 2-10% cash-back factors on selective merchants with no deposits requirements.

The First Progress Mastercard includes combined purchases with a low minimum security deposit and balance transfers. Although, Petal 1 helps get a credit limit increase option with no fees. The Platinum Prestige Mastercard secured credit card will not require a hard pull on poor credit.

>> Full Article: Petal 1 Visa Credit Card Reviews: No Annual Fee Visa Credit?

First Progress Platinum Elite Mastercard® Secured vs. Indigo Platinum Mastercard

The Progress secured credit cards can help you increase the limit without any additional deposit. However, the Indigo Platinum MasterCard is perfect for bad credit or no credit history. In addition to this, the First Progress Mastercard includes combined purchases with a low minimum security deposit and balance transfers.

But wait! If you are looking forward to rebuilding your history, the Indigo Platinum card will be the perfect option for you. Still, you should consider the First Progress Platinum Select card if your financial condition changes. The Indigo MasterCard enables people with bad credit and considerably contributes to the system.

>> Full Article: Indigo Platinum Mastercard Review: Fast and Easy Card Process

First Progress Platinum Elite Mastercard® Secured vs. First Access Visa

The First Progress Platinum Prestige card is a smart choice if you need a low-interest credit card to carry a load. However, the First Access Visa Card provides accessible benefits to customers with bad credit histories. Furthermore, it offers a reasonable credit limit option to rebuild history.

The Progress secured credit cards can help you increase the limit without any additional deposit. If you want to get a fully-featured Credit card, the convenience and security of First Access are beneficial.

The First Progress Mastercard includes combined purchases with a low minimum security deposit and balance transfers. Besides this, the First Access Visa card helps you report three different credit reporting agencies for more accessibility.

Conclusion: Is First Progress Platinum Elite Mastercard® Secured Worth it?

If you get accepted for one of the First Progress Platinum secured cards, you will also be eligible for any other cards. But if your circumstances change and a different interest rate/monthly payment is more appropriate.

If you’re sure you’ll be able to pay off your debt each month, go with the First Progress Platinum Elite card, which has the lowest annual cost. If you pay off your amount every month, the high-interest rate won’t bother you. Still, you should consider the First Progress Platinum Select card if your financial condition changes.

With an average interest rate of roughly 18 percent for secured credit cards, the First Progress Platinum Prestige card is a smart choice. Suppose you need a low-interest credit card to carry a load. Therefore, the First Progress Secured Cards offer free real-time access with usage and payment activity.

Moreover, the Progress Platinum Prestige Mastercard reports accounts to all three major credit bureaus with an advertising-supported comparison service.

FAQs First Progress Credit Card Reviews

What is the First Progress credit limit?

Let’s talk about the credit limit! There is no minimum credit score required for an effective credit report for credit card issuers. The maximum credit limit is $5000. However, you can add additional deposits to get increased limits without making additional deposits. The credit inquiry required by this unsecured credit card is no more an exception.

The Progress secured credit cards can help you increase the limit without any additional deposit. You can also apply for an account with more account and cardholder perks.

What bank is First Progress credit card?

The First Progress Mastercard includes combined purchases with a low minimum security deposit and balance transfers. The Progress cards include a deposit starting from $200 to $2,000 with Synovus Bank.

It offers effective credit scores with ongoing credit monitoring powered option and online access. You can open and use a credit card within the credit line. It is one of the best options with a credit bureau file and a fully refundable deposit. You can maintain accurate information with dollar-for-dollar matches and other purchases.

Does first Progress do a hard pull?

Here’s a big NO! The Platinum Prestige Mastercard secured credit card will not require a hard pull on poor credit. The application only results in a soft pull which doesn’t affect the credit card bill. The chances of approval are good with minimum credit history required even within a higher credit line.

Click Here to Get Started With First Progress Platinum Elite Mastercard.