First Progress Platinum Select Mastercard® Secured Credit Card review
Are you looking for a secured credit card that can help you rebuild your credit? The Platinum Select Mastercard® from First Progress might be a good option for you! So, read on to learn more!
Bad credit? No problem!
Are you looking for a secured card? So the First Progress Platinum Select Mastercard® Secured Credit Card is worth considering.
It has a reasonable annual fee. Still, it has plenty of benefits that make it an attractive option for people with bad credit.
In this article, we’ll take a closer look at the Platinum Select Mastercard® Secured Credit Card and what it has to offer.
- Credit Score: no minimum credit score is required;
- Annual Fee: $39;
- Regular APR: 19.24% variable APR for purchases; and 25.24% variable APR for cash advances;
- Welcome bonus: not applied;
- Rewards: 1% cashback on payments (terms apply).
First Progress Platinum Select Mastercard® Secured Credit Card: how does it work?
Opening a secured card account is a good way to start building your credit history. Secured cards are available to anyone, regardless of their credit history.
This product is an option that can help you repair your credit history.
First Progress offers three cards. The Platinum Select Mastercard® is for people with bad or no credit histories. Here is how it works:
First, you will need to provide a security deposit of at least $200. This will be the limit on how much you can spend (less the $39 annual fee).
Then if you deposit $200, your initial credit limit will be $161. After some time, you can ask for a limit increase if you need more credit (up to $2,000).
Second, in exchange for your security deposit, you’ll get your credit card with an 19.24% variable APR for purchases.
This means that you should try to pay off your balance in full each month so you don’t have to pay interest.
Last, this card helps you build your credit score over time by reporting your activity to three major credit bureaus.
Let’s look at some of the benefits and drawbacks of the Platinum Select Mastercard® Secured Credit Card. Read on!
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First Progress Platinum Select Mastercard® Secured Credit Card: should you get one?
Before you decide, let’s look at some advantages and disadvantages of getting the First Progress Platinum Select Card.
On the plus side, this card can help you build or rebuild your credit history. But on the downside, it might charge you an average-cost annual fee.
So, before you decide to apply for this card, be sure to weigh up all the pros and cons carefully.
- 1% Cash Back Rewards on payments.
- Choose your own credit line – $200 to $2000 – based on your security deposit.
- Build your credit score.¹ Reports to all 3 credit bureaus.
- No minimum credit score required for approval!
- Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- It charges an annual fee;
- No sign-up bonuses;
- It charges a 3% foreign transaction fee.
Credit score required
First Progress Platinum Select Mastercard® Secured Credit Card doesn’t require a credit score.
That means that even if your credit score isn’t perfect, you can still get this card and enjoy all the benefits that come with it.
First Progress Platinum Select Mastercard® Secured Credit Card application: how to do it?
The application is now available online. If you’d like to apply for one, please have a look at our post. It will only take a few minutes!
About the author / Suzana Brito
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