First Progress Platinum Prestige Mastercard Secured Credit Card Review
The First Progress Platinum Prestige Mastercard Secured Credit Card is one of three cards offered by First Progress. The card appeals to those with bad credit or no credit at all because it doesn’t require a credit score to qualify. Instead, the First Progress Platinum Prestige Mastercard Secured Credit Card uses a security deposit to establish your account and set your credit limit.
The First Progress Platinum Prestige Mastercard Secured Credit Card comes with a $49 annual fee. In return, you’ll get an affordable 9.99% APR on purchases and 18.99% APR for cash advances. Plus, the card is accepted nationwide anywhere Mastercard is. For more information, read our First Progress Platinum Prestige Mastercard Secured Credit Card review below.
What is the First Progress Platinum Prestige Mastercard Secured Credit Card?
The First Progress Platinum Prestige Mastercard Secured Credit Card is one of three secured credit cards issued by First Progress. Each card comes with different annual fees and APRs. However, they all work differently than a traditional credit card because they don’t require a credit check. You can have bad credit or no credit at all and still qualify. The First Progress Platinum Prestige Mastercard Secured Credit Card is the top tier card. It has the highest annual fee of $49, but comes with the lowest purchase APR of 9.99%. The APR for cash advances is 18.99%. There are no other hidden fees to be aware of, such as program fees or one-time fees. This makes the First Progress Platinum Prestige Mastercard Secured Credit Card an excellent option for rebuilding bad credit or establishing credit from scratch if you have none.
Unlike other credit cards, the First Progress Platinum Prestige Mastercard Secured Credit Card uses a security deposit to determine your credit limit. You can put down anywhere from $200 to $2000. Your available credit will be the amount of money you put down minus the $49 annual fee. The card can be used by someone who is new to credit and just starting out. It can also be used by someone who is looking to repair damaged past credit. It’s completely versatile and affordable. A good credit score is needed for just about everything in modern life, including housing, auto loans, and even employment securement. The First Progress Platinum Prestige Mastercard Secured Credit Card is an easy way to get you where you need to be without breaking the bank.
What Does It Offer?
The First Progress Platinum Prestige Mastercard Secured Credit Card offers a low APR of 9.99% for purchases and 18.99% for cash advances. It also offers an opportunity to boost your credit score before the card reports to all three major credit reporting agencies. This means that everytime you make a payment on time, it will be recorded on your credit report. Over time, this activity will help improve your score. On the other hand, any late payments will also be recorded. This can negatively impact your credit score. The key is to keep your payments low and affordable so that you can make payments on time every month. You can also avoid paying interest if you pay on time every month.
Here are some highlights of the card’s key features:
How Does It Work?
The First Progress Platinum Prestige Mastercard Secured Credit Card works by securing your line of credit with a security deposit instead of basing your creditworthiness on your credit score. Your security deposit will also act as your credit limit. It can be anywhere from $200 to $2000. You can ask to have your account reviewed if you wish to gain a higher credit limit. First Progress requires you to send in the payment for the difference in your credit limit if you are approved. Your initial available credit limit will be the amount you put down minus the $49 annual fee. For example, if you put $200 down for your security deposit, then your credit limit will be $151.
First Progress states that you must make sure the following has occurred before you get your security deposit back:
First Progress may withhold any of your security deposit if you do not meet any of these requirements or own them money. If the account is closed either by you or First Progress, you can ask to have your security deposit applied to any outstanding balances you may have. You can do this by sending in a written request to PO Box 9053, Johnson City, TN 37615-9053. The request will be honored 10 days after receiving your letter. If you have any money leftover in your account, then it will be refunded to you.
The daily balance for cash advances is calculated by taking the beginning cash advance balance for each day, including unpaid fees and interest. Then, add new cash advances and fees as well as any interest accrued on the previous day’s balance. Finally, subtract any new payments or credits. The total interest for the billing cycle is the total amount of daily interest charges for each balance type for each day. You will see a balance subject to interest rate listed on your billing statement for each balance type. The balance subject to interest rate is the average of all daily balances of a given billing cycle. This can be calculated by taking the sum and dividing the number of days in the billing cycle.
The First Progress Platinum Prestige Mastercard Secured Credit Card doesn’t have any hidden fees. However, you’ll want to avoid the late fee of $40 by making each payment on time. They will also charge you a returned payment fee of up to $29. Other fees include a billing statement copy fee of $1.00 for each additional copy and an expedited telephone payment fee of $10. However, these fees are normal for most credit cards. There is no program fee or reinstatement fee. There are also no one-time fees associated with this card.
First Progress Platinum Prestige Mastercard Secured Credit Card: Pros and Cons
Like all First Progress cards, the Platinum Prestige Mastercard Secured Credit Card is an excellent option for all uses. It can be used as a tool to boost bad credit or it can help you establish credit if you have none. However, of the three cards, the Platinum Prestige Mastercard Secured Credit Card is the best value. It does not require a credit score or credit history, and it has the lowest APR of all three choices. You will have to pay a higher annual fee, but it’s much lower than most cards that appeal to those with bad credit. Overall, the First Progress Platinum Prestige Mastercard Secured Credit Card is the ideal package.
You’ll enjoy that your activity is reported to all three credit reporting bureaus and not just one or two. This ensures accuracy between all of your credit reports. You’ll also like that the purchase APR of 9.99% is one of the most competitive on the market for bad or no credit. Your security deposit acts as your credit limit, which means that you are in charge of your account. However, this card (and all First Progress cards) comes with a maximum $5,000 credit limit. If you need better terms, including a lower APR and a higher credit limit, then you’ll want to look elsewhere. But you’ll need to have a good credit score to secure better rates.
Here are some other pros and cons of the First Progress Platinum Prestige Mastercard Secured Credit Card to consider:
PROS
CONS
Your security deposit is returned to you after you close your account. There must be no outstanding balances on your account in order for your money to be refunded to you. If you have any pending payments, then you can use your security deposit to pay them. The Platinum Prestige Mastercard Secured Credit Card is the highest tier card in the three-card lineup offered by First Progress. At $49 per year and with no other hidden fees, it would be hard to find another card with better terms that also reports to all three credit reporting bureaus. This card is not ideal if you need to use it for major purchases. However, if you use it wisely, then the First Progress Platinum Prestige Mastercard Secured Credit Card is an excellent tool for boosting your credit with minimal fees.
How To Apply
You can apply for the First Progress Platinum Prestige Mastercard Secured Credit Card by visiting www.firstprogress.com. You will need to enter your personal information, including your name, address, contact details, and more. To qualify, you must be 18 years old (19 years old in Nebraska and Alabama). You must also have a valid social security number and be a resident of the United States.
First Progress states that you can only use your card for personal reasons, such as family and household purchases. You cannot use this card as a business card. You also cannot use it for gambling purchases. You need to have a valid bank account to make monthly payments on this card.
The above review on the First Progress Platinum Prestige Mastercard Secured Credit Card is based solely on the opinion of Creditnervana. Of the three secured credit cards that First Progress offers, the Platinum Prestige Mastercard Secured Credit Card is the best value. All three cards do not require a credit score or any credit at all to qualify. However, the First Progress Platinum Prestige Mastercard Secured Credit Card boasts the best APR of 9.99% for purchases and 18.99% for cash advances. It also comes with the highest annual fee of $49, but this is a small price to pay for a secure line of credit that doesn’t require a credit history.
The First Progress Platinum Prestige Mastercard Secured Credit Card works by securing your line of credit with a security deposit. You can put down $200 to $2,000. This security deposit also doubles as your credit limit. Your available credit is your security deposit amount minus the annual fee ($49). You can request to have your account reviewed to see if you qualify for a credit limit increase. This card does not offer a credit limit over $5,000. There are no other hidden fees associated with the card and it is accepted anywhere Mastercard is. We recommend applying whether you’re new to building credit or have a long history of credit that needs to be repaired.
Disclaimer
CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.
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