A First Progress Platinum Elite Mastercard Secured credit card is a type of credit card that requires the applicant to make a cash or guarantee deposit, which typically ranges from $200 to $1,000. The deposit will be held by the issuing bank and released after the cardholder has made all payments as agreed.
This card offers several strong features like security deposit requirements and competitive rates. It also includes an introductory offer where there is 0% APR on purchases for 12 months, no annual fee, etc. First Progress reported most of its credit data to the three major credit bureaus – Equifax, Experian and TransUnion.
While contributing to any one of these agencies can improve your credit score, it’s best to contribute to all three to raise your score quickly.
Rates and fees
The First Progress Platinum Elite Mastercard Secured Card comes with an annual fee of $29 which is charged to the card itself. This means that if your deposit is $200, you will only have $171 of credit available to use. This card also incurs a 3% foreign transaction fee and a late payment fee of up to $40 and $29.
Additionally, cash advances come with a total transaction fee of $10 or 3%, whichever is greater, and a variable APR of 27.24% for cash advances. The default APR for this card is a variable 22.24%, which is lower than the average rate offered by most cards with similar protections.
If you’re concerned that your payment won’t be posted before the due date, don’t delay and make a quick payment over the phone for an additional fee! The fee to request a copy of your billing statement is $1, but is waived for the first six months after you apply.
How to claim your First Progress Platinum Elite Mastercard Secured
The application process for First Progress is easy and streamlined. They don’t require credit and income checks and speed things up considerably. We process orders as soon as we receive them without questioning your credit history. This means you can get a loan without having to worry about your credit score going down.
Once the application is approved, the lender will deduct a security deposit from you to cover your risk. This deposit is used to clear credit checks during the initial stage of your application.
First Progress Platinum Elite Mastercard SecuredLOW INTEREST RATES FLEXIBILITY TO PAY NO TRANSFER FEE CREDIT LINE INCREASE
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