First Progress Secured Credit Cards Review of Benefits and Pitfalls

First Progress Secured Credit Cards Review

First Progress Secured Credit Cards Review of Benefits & Pitfalls

Secured credit cards can be a nuisance, but they are a necessary evil for many people. Rebuilding credit is hard enough as is, but it’s made much harder when the credit card companies seem unwilling to cut people any slack and take a chance on them.

For this reason, secured credit cards were offered as a way to help people rebuild their credit and still get the benefits of owning a credit card.

Secured credit cards come in all different flavors and some are definitely better than others. So where do the First Progress line (Platinum Select, Platinum Prestige and Platinum Elite) fall in the spectrum?

Here is a high level review and online applications for the line of First Progress Secured credit card offers, choose the offer that’s best for you to rebuild your credit starting now & apply online.

First Progress Secured Credit Card Features – Apply Online

4 / 5 stars     

4 / 5 stars     

4 / 5 stars     

Don’t Pay Through the Nose for Secured Cards

The problem with many secured and bad credit history cards is that you end up paying through the nose just to get a small limit card. This, for many, stinks. Frankly, some of them seem a bit crooked to us!

The First Progress series on the other hand isn’t too bad. Once you get over the initial security deposit of a whopping $300.00, you are looking at a trio of cards which aren’t at all bad on fees and APR. Here’s a breakdown of what you’ll be looking at:

Platinum Prestige MasterCard: APR of 11.99%, Annual fee of $44 (on top of the security deposit), 18.99% on cash advances. Maximum credit limit of $5,000, minimum of $264

Platinum Select: APR: 14.99%, Annual fee of $39.99, 19.99% on cash advances. Maximum credit limit of $5,000 and minimum limit of $300.00

Platinum Elite: APR: 19.99%, Annual fee of $29.00 and 24.99% on cash advances. Maximum credit limit of $5,000, minimum of $271

What’s really interesting about these cards is that the lower APRs are offset by a higher annual fee, so you really have to make a choice about which you’d prefer. None of these cards require a minimum credit score and you don’t need to have a credit history. Finally, you get a much higher maximum limit than many other cards give you, though also a lower minimum one, particularly when you take annual fees into account. It’s very important to choose the right card for your needs and balance out the fees and benefits. (We heartily suggest the First Progress Select since it’s nice and middle of the road).

There is also a foreign currency transaction fee of 3%, making it not precisely ideal for travel, but at least it can go traveling.

Other Benefits and Drawbacks

One of the other problems with many bad credit history cards is that they don’t report your habits to credit bureaus meaning that your credit score never improves. But the First Progress cards do report to all three major credit bureaus monthly. This means that you an quickly improve your credit score which means you can do things like up your credit limits or move to another card. For those who want a no fuss card, one of these may even be the one you stick with!

These cards also have a good grace period-a standard twenty five day long one instead of trying to zing you with a short period under the guise of you being less than trustworthy.

However, these cards are far from perfect. It can take up to ten full business days to clear a payment which means you have to make your minimum payment well in advance and it can take a while to get your money back. The security deposit is also higher than many other secured credit cards, though the upper limit of your credit history is higher too.

Finding good secured credit cards is not easy; it seems like many issuers take the fact that you have a problematic credit history as an excuse to charge you through the nose and not give you anything in return. However, this series of cards isn’t bad at all; you get decent rates (though the cash advance APR is high), the chance to rebuild your credit score relatively swiftly, and the chance at a high(ish) credit limit. If you’re looking for a secured credit card, then one of these three may be a good fit. You can apply for the First Progress Secured Credit Cards here and enjoy!

4 / 5 stars     

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