First Progress Secured Credit Cards Compared – Platinum Elite vs Prestige vs Select

First Progress logoIf 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 – those that are tied to a checking or savings account as collateral – 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 bad credit, including the Platinum Elite, Prestige, and Select cards. Here’s how each works.

Platinum Elite Secured Credit Card

The Platinum Elite Secured credit card by First Progress offers a credit line ranging from $200 up to $2,000, which matches your initial 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 Platinum Elite Secured credit card is a MasterCard 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.

A variable interest rate of 19.99% 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 24.99% variable interest rate is applied to cash advances, as well as a 3% foreign transaction fee on any purchases made outside the United States. There are no balance transfers available through the Platinum Elite Secured credit card.

Prestige Secured Credit Card

First Progress also offers the Prestige Secured credit card, also through the MasterCard network. The same credit limit ranges are available to individuals who apply for the Prestige card, based on the initial deposit submitted with the application. Again, no minimum credit score or length of credit history is required to qualify for the card.

The Prestige Secured credit card offers a lower interest rate for purchases and cash advances, at 9.99% and 18.99% respectively. Both interest rates are variable so may fluctuate over time. There is an annual fee of $49 charged at the time the card is established, and every year from that point forward. Foreign transactions fees also apply, at a rate of 3% per transaction.

Platinum Select Secured Credit Card

The Platinum Select Secured credit card through First Progress is available with the same $200 up to $2,000 credit limit for borrowers, also offered on the MasterCard network. There are no credit score or credit history criteria that must be met to be approved. The Select Secured credit card comes with a variable interest rate of 13.99%, and an annual fee of $39 is charged at the time the account is established and every year after that.

Each secured credit card offered by First Progress reports to the three major credit agencies, which establishes a strong credit profile for individuals with previously bad credit histories 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 here, as well as gather additional information about terms and conditions associated with each card option.

Posted on June 15, 2017 by in Credit Cards,

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