First Progress Platinum Elite Mastercard Review

The First Progress Platinum Elite Mastercard is a secure line of credit that does not require a credit history or minimum credit score to qualify. Plus, this card is accepted nationwide and reports to all three major credit reporting agencies. It comes with a low annual fee of $29 and a 19.99% APR for purchases (24.99% for cash advances).

The First Progress Platinum Elite Mastercard works differently than other credit cards. It uses your fully refundable deposit to determine your credit terms instead of your credit score and history. Your security deposit acts as collateral to secure your account. You’ll also enjoy all the perks associated with a Mastercard. For more information, read our First Progress Platinum Elite Mastercard review below.

What is the First Progress Platinum Elite Mastercard?

The First Progress Progress Platinum Elite Mastercard is one of three Mastercard secured credit cards offered by First Progress. Of the three cards, the Platinum Elite Mastercard is the first tier. According to the website, the company’s goal is to help you build credit. They strive to offer the best opportunities possible for establishing and rebuilding personal credit. This is why they report to all three major credit reporting bureaus, which can be used to boost your credit score. First Progress knows that so many aspects of your life depend on your credit score. Good credit is needed to qualify for an affordable auto loan, buy insurance, or obtain a mortgage. Your credit score can also determine whether or not you’ll get a job or be approved by prospective landlords.

For these reasons, First Progress decided to offer a full credit card for people with bad credit. They believe that everyone should have the credit they need to thrive in life. You can use their cards whether you’re just starting out and need to build credit or you are starting over and wish to reestablish good credit. Obtaining a secure credit card from First Progress is the first step toward rebuilding your credit. The company is headquartered in Johnson City, Tennessee, and all cards are issued by Synovus Bank, Columbus, GA, which is an FDIC-insured bank. You can use your card wherever Mastercard is accepted.

What Does It Offer?

The First Progress Platinum Elite Mastercard offers a secure line of credit that you obtain by putting down a security deposit. Unlike other credit cards, the First Progress Platinum Elite Mastercard uses your security deposit and not your credit score to approve you. The amount that you put down as a deposit will be your credit limit (minus your annual fee). Your deposit is fully refundable and you don’t need good credit (or any credit at all) to qualify. Once you are approved, you are free to use your card anywhere Mastercard is accepted.

Aside from your security deposit, the First Progress Platinum Elite Mastercard comes with a few other fees to be aware of. There is a $29 annual fee. Your APR varies depending on what you use your card for. All purchases come with a 19.99% APR while cash advances are 24.99%. You can avoid interest by paying in full each month on your due date. If you are charged interest, it will be no less than $1.50.

Here is a breakdown of the key highlights of the First Progress Platinum Elite Mastercard:

  • Your initial credit limit will be equal to the deposit you put down, minus the $29 annual fee (must be at least $200 but cannot exceed $2,000)
  • Foreign transaction fee: 3% of the amount
  • Cash advance fee: $10 or 3% of the amount
  • Returned payment fee: up to $27
  • No credit score or history required
  • Annual fee: $29
  • APR for purchases: 19.99%
  • APR for cash advances: 24.99%
  • Minimum interest charge: $1.50
  • Late payment fee: up to $38

How Does It Work?

The First Progress Platinum Elite Mastercard allows you to boost your credit by reporting to all three major credit reporting agencies. If you pay your bill on time each month, this activity will be noted on your credit report. On the other hand, all late payments will also be recorded. Your activity will either boost your score or negatively impact it. Certain terms are fixed, such as your APR. However, your credit limit is determined by your security deposit. According to the website, your credit limit is your principal and maximum permitted outstanding balance for your account, including accrued interest and fees (billed or unbilled). Your available credit is your credit limit minus any outstanding balances or amounts owed, including interest charges and fees incurred but not yet billed.

1

Your initial credit limit is equal to your security deposit. It must be at least $200 but can’t be more than $2,000. The amount of credit that you will have available to you will be your security deposit minus the $29 annual fee. This will be imposed after your account is open. For example, if your credit limit is $200, then your available credit will be $171. You will have a renewal annual fee posted every year after. This will also reduce your available credit by $29. Your credit limit can only increase if you get approval from First Progress. If you are under the age of 21 and have a cosigner, then your cosigner must sign a statement that approves your increase. Your cosigner will also be responsible for repaying the increase in credit.

2

If your request for a higher credit limit is approved, then your available credit and your credit limit can be increased by making an additional deposit into your account. You’ll need to mail this into First Progress when you are approved. They might decide to increase your credit limit without requiring you to add to the deposit if you have excellent credit behavior. The maximum credit limit that you can obtain over time is $5,000. If you need a card with a higher limit than this, you may want to consider another card. Any payment that you make on your account will not be applied toward a possible available credit increase until First Progress makes sure it has not been dishonored. Payment holds can take up to 10 days.

3

Interest will begin occurring on your account on the date when the purchase is posted. However, interest will not apply to purchases that are posted to your account when the previous balance is $0 or paid in full by your payment date. Interest is applied to cash advances on the transaction date. There is no way to avoid paying interest on cash advances. Interest is calculated by separating cash advances and purchases. Convenience checks are counted as a cash balance.

4

First Progress uses a method called daily balance to determine your balance. This is based on your beginning purchase balances and adding new fees and interest accrued on the previous day’s balance. Then, this number is subtracted by the application portion of any new payments or credits. To get the daily balance for cash advances, First Progress takes the beginning cash advance each day (including unpaid fees and interest) and adds new cash balances and fees as well as any intense accrued on the previous day’s balance. Again, any new credit or payments will be subtracted from this number.

The total interest for the billing cycle is the sum of the interest charges per day during that billing cycle. This number will be reflected on your billing statement. It will show a balance subject to interest rate for each balance type. The balance subject to interest rate is the average daily balances made within a billing cycle, or the sum divided by the number of days in that cycle. The First Progress Platinum Elite Mastercard has a few other fees to be aware of, such as a $1.00 fee for each additional billing statement requested and $10 for an expedited telephone payment. Residents in California may request a separate account from their spouse.

Here is some important information regarding your First Progress Platinum Elite Mastercard account:

  • Your card can only be used for personal purchases, including family and household purchases (cannot be used for business-related expenses)
  • If you allow someone else to use your card, then you are responsible for reimbursing First Progress for all amounts and expenses
  • You cannot use this card for any gamlbing transactions (all gam bling transactions will be declined)

First Progress Platinum Elite Mastercard: Pros and Cons

The First Progress Platinum Elite Mastercard is a great option if you have bad credit or no credit at all. Most people who have bad credit have very few options. The credit cards that are available to them come with high interest rates and lots of hidden fees. The First Progress Platinum Elite Mastercard works differently than most credit cards by securing your line of credit with a deposit. You can put down anywhere from $200 to $2,000. This amount will act as your credit limit, which allows you to take total control over your account. The First Progress Platinum Elite Mastercard also reports to all three major credit reporting bureau, not just one or two. When you make timely payments each month, this activity will be reflected on your report in a positive manner.

If you are looking for a credit card with a low APR and a higher credit limit, then you’ll want to look elsewhere. These features are usually only offered to those with good credit. There are a few fees associated with this card, including an annual fee of $29. However, most people find that this is affordable considering there is no credit check. You have total control over your credit limit and can ask to have your account reviewed if you need it raised. Your APR will be 19.99% for purchases and 24.99% for APRs no matter what your credit score is.

Here are some more pros and cons to consider:

PROS

  • You can have your account reviewed to see if you qualify for an increased credit limit (you will need to send in payment for a higher credit limit)
  • The annual fee of $29 is affordable, especially for a line of credit that requires no credit check
  • You do not need to have good credit or any credit at all to get approved
  • Your approval and credit limit is based on your refundable security deposit
  • You can use this card to build credit from scratch or rebuild bad credit over the years
  • The card comes with all of the perks of a Mastercard, such as nationwide acceptance
  • The card is not currently available in New York, Wisconsin, or Arkansas
  • You can avoid interest on purchases by paying in full each month on your due date
  • You can put down between $200 and $2,000 for your security deposit/credit limit
  • This card reports to all three major credit reporting bureaus
  • You have total control over your credit limit

CONS

  • Your credit limit cannot exceed $5,000. However, this is a good way to ensure that you don’t spend more than you can pay back. You’ll stay on track with your financial goals and boost your credit by making smaller payments on time. If you need a credit card with a higher limit, then look elsewhere. This card is designed for those who want to build credit.
  • The APR for purchases is 19.99% and 24.99% for cash advances. This is on the higher end, but keep in mind that you’re paying for a line of credit even if you have none. You might be able to find better rates elsewhere, but you would have to have excellent credit. The First Progress Platinum Elite Mastercard is a great starter card if you need to build from scratch or a start-over card if you need to reestablish bad credit.

How To Apply

Applying for the First Progress Platinum Elite Mastercard is easy. Just visit the website and fill out the application online. To qualify, you must be 18 years old (19 in Nebraska and Alabama) and have a valid social security number. You must also be a resident within the United States. The card is not currently available in New York, Wisconsin, or Arkansas. You may also be ineligible if you responded to a previous credit card offer from First Progress within the last 30 days or if you had a previous card with them.

When you’re ready to apply, you’ll need to go through the following steps:

  • Your personal information (full name, email address)
  • Contact details (phone number, address)
  • Finance and basic information
  • Agreements
  • Funding

Keep in mind that this card can only be used for personal, household or family purposes. It cannot be used for business reasons. You’re responsible for your card even if someone else uses it. First Progress may not approve you if:

  • The information you provide on your application is inaccurate, cannot be verified or is incomplete
  • Your security deposit is returned or not received
  • You do not meet the qualifications for the card

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