- Helps you build credit
- Chip technology
- Fraudulent activity protection
- Cash Advance APR: 18.99%
- No minimum credit score for approval
First Progress is a financial company that offers credit to consumers with less than ideal credit in order to help them build their credit up. With each of their secured credit cards, you will be able to make on time payments each month and have your payments reported to the three major credit bureaus.
Good credit isn’t easy to obtain, but it is easy to ruin good credit. With that being said, let’s take a look at one of the cards offered by First Progress- the First Progress Platinum Prestige MasterCard.
Security Deposit and Credit Line
So, what type of benefits and rewards can you expect to get with the First Progress Platinum Prestige MasterCard?
It seems that this card definitely has a lot to offer. Perhaps one of the biggest perks is that it will help you to build or rebuild your credit. They will report your on time payments each month, allowing the credit bureaus to see that you are creditworthy.
While this isn’t a rewards card that offers cash back or travel rewards, it is a great option for people that don’t have good credit. They don’t require a minimum credit score for approval, and they will even issue cards to people that have no credit history at all. There aren’t a lot of cards out there that will do this, so take advantage of it.
One thing that you will want to be aware of when using a credit card that is secured to help you build credit is that it is a secured card. Secured cards require a deposit to be put down when you open the card. This just protects the creditor from being liable if you don’t make your payments. The fact that you have a deposit on file, however, does not mean that you don’t have to make your payments. Over time, with good payment history, you will be able to apply for non secured cards and get your deposit back by closing out your secured account.
On top of helping you build your credit, you will also find that this card has some great security features. It is equipped with chip technology, so you can rest assured that your purchases are safe and secure each time you use it. You also aren’t liable for fraudulent activity on your account. Also, MasterCard is accepted around the world, so you can trust that your card will not be turned away.
Rates and Fees
14.99% - 27.99%
So, what are the rates and fees that come along with the First Progress Platinum Prestige MasterCard? First of all, consider the annual fee of $44. This fee is charged upon opening your account, and is also charged annually after that. On top of the annual fee, there are also certain transaction fees that you will want to be aware of. For instance, the cash advance fee is either 3% or $10, whichever is more. There are also foreign transaction fees if you use your card abroad, and this fee will be 3% of the total transaction.
While you won’t want to make late payments or have returned payments with your secured card because it will definitely not help you with building your credit, if you do there are fees that may be applied. Late payments may hold a fee of up to $38, while returned payments can assess fees of up to $27. The actual amount of the fee will depend on your state and their laws on these types of penalty fees.
Now that you know about the fees, let’s look closer at the interest rates. The good news is that your APR on all purchases made with your card will be 11.99%, but may vary based on market rates. This is actually a lower rate than many of the other cards out there. The APR on cash advances is higher though, at 18.99%, which is still lower than the average on cards. To avoid interest fees altogether, simply make your payment of the total balance by the due date at the close of each billing cycle.
If you are looking for a card and don’t have the best credit, the First Progress Platinum Prestige MasterCard may be a great choice for you. They don’t require good credit, or any credit at all really. They also offer competitive rates, but your credit limit may not be as high with this card as it would be a regular unsecured credit card. Just remember, secured cards are good for building credit, but aren’t always the most ideal for those that already have good credit.