First Progress Credit Card Reviews

Banking & Finance

We’ll go over all of the features, benefits, advantages, and disadvantages of the first progress credit card in this article.
Rather than relying on an individual’s credit history, First Progress Platinum secured cards are full-featured credit cards that secure credit against a security deposit.

They’re a good option for people with bad credit or those who are just getting started on their credit journey.

First Progress Platinum secured cards don’t require a credit check when you apply, and approvals aren’t based on a minimum credit score, so they’re great for people who might otherwise be turned down after a credit check.

Rather than relying on an individual’s credit history, First Progress Platinum secured cards are full-service credit cards that secure credit against a security deposit.

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They’re a good option for people with bad credit or those who are just getting started on their credit journey.

These cards don’t require a credit check when you apply, and approvals aren’t based on a minimum credit score, so they’re great for people who might otherwise be turned down after a credit check.

Every month, all cards report activity to the three major credit bureaus to aid in the establishment or restoration of credit history.

First Progress has few options for contacting customer service and paying your credit card bill, relying heavily on snail mail.

Consider the Discover it Secured Credit Card or the Capital One Platinum Secured Credit Card if you prefer a secured card that you can manage online or through an app.

Continue reading to learn about our first credit card progress reviews.

 

A Quick Overview of First Progress Platinum Secured Cards

Let’s begin this first progress credit card review with a look at the first progress platinum secured cards.

There are three types of Platinum Secured Cards: Prestige, Select, and Elite, each with different interest rates and monthly fees.

You can lower your monthly interest rate by choosing a higher monthly fee, which is useful if you don’t plan to pay off the balance each month.

The cards work by granting credit up to the amount of a security deposit that the customer submits when applying (and can be increased afterward).

This reduces the credit card company’s risk because they always have enough funds to cover the outstanding balance if the customer fails to pay it off.

Applying for a Platinum Secured Card from First Progress

 

Applicants must be at least 18 years old (19 in Alabama and Nebraska) and have a valid Social Security number to be considered.

Applicants must be citizens of the United States.

If an applicant has applied for another First Progress credit card within the last 30 days, they may be ineligible.

To apply, fill out this online form, which asks for your name, address, date of birth, Social Security number, and information about your income and expenses.

You must pay your deposit after accepting the terms and conditions, which will be returned to you if you are not approved for the card.

Applications can take up to 3 weeks to process, or you can pay $19.95 for a 7-day or less expedited service. To make monthly payments to pay off your balance, you’ll need a bank account.

Credit Limit and Security Deposit

To open a First Progress Platinum Secured card, a security deposit is required, and credit is secured against the funds deposited.

A $200 minimum deposit is required, which means your credit limit will be $200 as well (less your annual card fee).

The maximum deposit amount is $2,000, and after the initial application, deposits can be increased by calling First Progress at 866-706-5543.

If there is no outstanding balance to settle when you close your card account, you will receive your entire deposit back. If there is an outstanding balance, the deposit will be returned less the amount owed.

Features and Cons of First Progress Platinum Secured Cards

The application does not require a credit check, and approval is not contingent on your credit history.

All three credit bureaus (Experian, TransUnion, and Equifax) receive information about your card account activity to help you improve your credit score.

Payment due dates are at least 25 days after the balance closes, and if you pay off your balance monthly, you will not be charged interest.

When carrying a balance over, the minimum interest rate is $1.50 per month.

First Progress, like most credit cards, has a variable APR based on market rates, so be aware that charges and repayments are subject to change.

To make monthly payments, you’ll need a bank account.

Customers will not earn any rewards for spending on any of the three cards because they are all basic credit cards for building credit.

Online Account for First Progress Platinum Secured Cards

Click the Customer Center button in the top right corner of the First Progress website to register your card for online account management. Customers can access account information and pay bills from this page.

Which Progress Platinum Secured Card should I choose as my first?

If you are approved for one of the First Progress Platinum secured cards, you will also be eligible for any of the other cards if your circumstances change and a different interest rate/monthly payment is more appropriate.

If you’re sure you’ll be able to pay off your balance each month, go with the First Progress Platinum Elite card, which has the lowest annual fee.

The high-interest rate won’t bother you if you pay off your balance every month, but if your financial situation changes, the First Progress Platinum Select card should be considered.

With an average interest rate of around 18 percent for secured credit cards, the First Progress Platinum Prestige card is a good choice if you need to carry a balance.

Additional Secured Cards

If you’re looking for a different secured card, check out the OpenSky Secured Visa Credit Card, which doesn’t pull your credit when you apply, lets you set your own credit limit, reports your payments to all three credit bureaus, and has a $35 annual fee.

Do you want to avoid paying an annual fee? The Capital One Platinum Secured Credit Card has no annual fee, a $200 initial credit line after making the security deposit, and a higher credit limit after the first five months of on-time payments.

 

First Progress Secured Credit Cards: What You Should Know

Each requires a $200 to $2,000 initial deposit, which becomes your credit limit. However, unlike some other secured cards, you’ll have to pay an annual fee, you won’t earn rewards, and there’s no clear path from First Progress to a “normal” unsecured product.

You can still apply for these cards without affecting your credit score, and they all report your activity to the three major credit bureaus. Plus, they have low interest rates for cards in their class, which is ideal if you have a balance.

Here are five things to know about secured credit cards from First Progress.

1. Annual fees and interest rates have an inverse relationship.

An annual fee is charged on all three First Progress credit cards. The lower the interest rate, the higher the fee on the card. The cards are compared as follows:

Platinum Elite MasterCard Secured Credit Card from First Progress

Fee: $29 per year

APR: The current variable APR is 19.99 percent.

Platinum Select MasterCard Secured Credit Card from First Progress

$39 for the year

APR: The current variable APR is 13.99 percent.

Platinum Prestige MasterCard Secured Credit Card from First Progress

$49 for the year

APR: The current variable APR is 9.99 percent.

 

2. For the first month, the annual fee will reduce your credit limit.

The annual fee is due when the account is opened, so your first statement will show a balance of $29, $39, or $49 on it (and any statement in the future when the annual fee comes due).

This is especially important to remember if you made the minimum deposit of $200, which would reduce your credit limit to $171, $161, or $151 in the first month.

Secured credit cards with no annual fee are available, but they usually come with higher interest rates.

For example, the Discover it Secured Credit Card has no annual fee and offers a 10.99 percent intro APR on balance transfers for six months before switching to a variable APR of 22.99 percent.

This card, unlike the First Progress cards, earns rewards: 2% cashback on up to $1,000 in gas station and restaurant purchases each quarter, plus 1% everywhere else.

There’s also a welcome bonus for new cardholders: “INTRO OFFER: Unlimited Cashback Match only from Discover.”

At the end of your first year, Discover will automatically match all of your cashback. There are no minimum or maximum spending requirements. It’s simply a dollar-for-dollar match.” A $200 security deposit is required.

Although the Capital One Platinum Secured Credit Card does not offer rewards, if you qualify, you can get a $200 credit limit with a lower initial deposit.

Depending on your financial situation, you may be eligible for a $49, $99, or $200 minimum security deposit.

3. You must have a bank account that qualifies.

You must have a qualifying Synovus Bank account regardless of which First Progress card you apply for. There will be a home for your security deposit (at least $200).

You’ll also need a bank account to make your monthly payments and “avoid having to incur separate costs imposed by outside payment vendors,” according to First Progress.

If this is a deal-breaker for you, the OpenSky Secured Visa Credit Card, which doesn’t require a bank account or a credit check, may be a better option. You’ll still have to pay a $35 annual fee.

4. Applying will not affect your credit scores.

Unlike some other secured credit cards, applying for a First Progress secured credit card will not harm your credit scores.

Because completing an application does not result in a credit inquiry, it is especially beneficial for people with bad credit.

This is a relatively uncommon feature among secured cards, though it is not unheard of. There are a few credit cards with no credit check that have no annual fee and may not even require an upfront deposit.

5. Residents of certain states will not be eligible.

Residents of Arkansas, Iowa, New York, and Wisconsin are not eligible for First Progress secured credit cards.

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