If you’ve struggled with poor management of your finances in the past and now have less than stellar credit, you aren’t alone. Millions of consumers find themselves in the uncomfortable circumstance of having bad credit, but it isn’t a life sentence. Understanding the tools available to you to help you rebuild your credit is a step in the right direction.
Secured credit cards, which require collateral and are tied to a checking or savings account, are available to just about anyone who has poor credit. So long as payments are made on time, they work to repair your credit by showing creditors you are a responsible borrower.
First Progress offers three secured credit cards to help those with rougher credit, including the Platinum Elite, Platinum Prestige, and Platinum Select cards issued by Synovus Bank, an FDIC member. Our First Progress secured credit card review goes over the main ways each credit card is different in 2024.
First Progress Platinum Elite Mastercard® Secured Credit Card
The Platinum Elite Secured credit card by First Progress offers an initial credit line ranging from $200 up to $2,000, which matches your opening deposit submitted at the time of application. The deposit is fully refundable but acts as collateral should payment not be made on the outstanding balance on the card. The maximum credit limit you can obtain over time is $5,000.
The Platinum Elite Secured credit card is a Mastercard network account, making it easy to use anywhere Mastercard is accepted. Individuals are not subject to a minimum credit score or an established credit history to qualify for the credit card.
Key Features & Terms
- $29 Annual Fee
- 25.24% (V) Regular APR
- 30.24% (V) Cash Advance APR
- $2,000 Credit Line
- No Minimum Credit Score
- No Credit History Required
- Reports to Major Credit Bureaus
- Accepted Nationwide
A variable interest rate of 25.24% is applied to all purchases made with the credit card, and a $29 annual fee is charged when the account is opened and every year after that. A 30.24% variable interest rate is applied to cash advances, as well as 3% foreign transaction fees on any purchases made outside the United States.
There are no balance transfers available through the Platinum Elite Secured credit card.
First Progress Platinum Select Mastercard® Secured Credit Card
The Platinum Select Secured credit card offered through First Progress is available with the same $200 to $2,000 beginning credit limit for borrowers to start with, up to $5,000 over time. It is also offered on the Mastercard network but includes a 1% cash back reward that the Elite card does not.
The Platinum Select credit card can be used throughout North America, and in other countries with a 3% foreign transaction fee being applied. There is no credit score or credit history criteria that must be met to be approved for this secured card.
Key Features & Terms
- 1% Cash Back Rewards
- $39 Annual Fee
- 19.24% (V) Regular APR
- 25.24% (V) Cash Advance APR
- $2,000 Credit Line
- No Minimum Credit Score
- No Credit History Required
- Reports to Major Credit Bureaus
- Accepted Nationwide
The Select Secured credit card comes with a variable interest rate of 18.99%, and an annual fee of $39 is charged at the time the account is established, then every year following the first year the cardholder account remains open.
First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress also offers the Prestige Secured credit card through the Mastercard network with a 1% cash back reward. The same opening credit limit ranges of $200 – $2,000 are available to individuals who apply for the Prestige card, based on the amount of the initial deposit submitted with the application. Up to $5,000 over time.
Again, no minimum credit score or length of credit history is required to qualify for the card.
Key Features & Terms
- 1% Cash Back Rewards
- $49 Annual Fee
- 15.24% (V) Regular APR
- 24.24% (V) Cash Advance APR
- $2,000 Credit Line
- No Minimum Credit Score
- No Credit History Required
- Reports to Major Credit Bureaus
- Accepted Nationwide
The Prestige Secured credit card offers a lower interest rate for purchases and cash advances, at 15.24% and 24.24% respectively. Both interest rates are variable so they may fluctuate over time.
There is an annual fee of $49 charged at the time the card is established, then annually from that point forward. A fee also applies on foreign currency transactions at a rate of 3% each to convert the money to U.S. dollars.
Determining Which First Progress Card is Right for You
If you plan on carrying a standard purchase balance in the hundreds of dollars and for many months on end, then the lowest APR secured card (Prestige) would probably be the best option for you.
However, if you’re just obtaining one of these credit cards to improve your credit and don’t plan on using it a lot, paying your balance in full by the payment due date listed on your statement each month, then the lowest annual fee credit card (Elite) would probably make the most sense.
If you’re somewhere in the middle, then the First Progress Platinum Select Mastercard is probably a smart choice.
How to Rebuild Your Credit with First Progress Cards
Each secured credit card offered by First Progress reports to the three major credit agencies, Experian, Equifax, and Transunion, which establishes a strong credit profile for individuals with bad credit histories previously or those who have little to no credit on file.
When payments are made on time for secured credit cards, an individual’s credit score has the potential to improve significantly over time.
All applicants can apply online, as well as gather additional information about terms and conditions associated with each card option by visiting the First Progress website. Hope you found our First Progress secured credit card reviews helpful!
