First Progress Platinum Prestige Mastercard Secured Credit Card
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If you’re applying for a secured credit card, chances are either your credit stinks or you don’t have much of a financial history. First Progress can help make access to credit easy with one of its secured cards.
None of the three credit cards it offers requires a credit check or a minimum credit score, which can be a big boon for someone who may not be able to qualify for a credit card otherwise. Of the three options, the First Progress Platinum Prestige Mastercard Secured Credit Card has the highest annual fee, but the lowest annual percentage rate.
The First Progress Platinum Prestige Mastercard Secured Credit Card is a just an OK card with a better-than-OK interest rate. It’s 9.99% variable APR is great as far as secured cards go. Some offer APRs closer to 30%. But since you’re trying to responsibly build up your credit score, you’ll want to pay your bill in full every month and avoid any interest, so the APR shouldn’t necessarily be the top feature to consider.
Like most secured cards, your credit limit is determined by the size of your security deposit, from $200 to $2,000.
Also like most secured cards, there are a lot of potential fees associated with this card, from the annual fee to late fees and foreign transaction fees.
We don’t like the annual fee of $49, which can put a dent in the amount of useable credit you’ll end up with. For example, if you’re approved for a $200 line of credit, you’ll only have $151 left after the issuer subtracts the annual fee.
Not only does this lower the purchasing power of the card, but it also can affect your credit utilization ratio. This ratio can play a big part in determining your credit score and, since this card reports monthly to all three of the major credit bureaus, your goal should be to keep the amount of credit you’re using low.
The money you put down to “secure” your line of credit won’t earn any interest either. Instead the funds will be put in a non-interest bearing deposit account, and you won’t see the money again until you close the account. If you can only qualify for a card that doesn’t do a background check, this card will do, but you should shop around to make sure you can’t find something better.
Who should get this card
If you’re serious about building up — or back — a strong credit profile, this card can help you get there if you use it responsibly.
Fees and APR
• The card charges a 9.99% variable APR.
• You’ll pay a $49 annual fee.
• Late payments won’t affect your APR but a late fee of up to $38 will apply.
• There’s a foreign transaction fee of 3% for all purchases made outside the U.S.
Extras, perks and using points
There are no extras with the First Progress Platinum Prestige Mastercard Secured Credit Card.
How this card compares
The OpenSky Secured Visa Credit Card is most similar to the First Progress cards as its secured credit card doesn’t require a credit check or bank account. The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate.
There’s a very narrow band of consumers this applies to, we imagine.
The Capital One Secured MasterCard has flexible opening options that other secured cards do not. If you qualify, you can put down as little as $49 to get a credit limit of $200. Or, you can pay the $200 security deposit in installments. This card can give you access to a higher credit line after you make five on-time monthly payments.
The Credit One Bank Platinum Card offers some rewards, and offers decent APRs for a secured card. A major drawback of the Credit One Bank Platinum Card is that you won’t know the exact terms of your offer until you’ve applied.
The Discover it® Secured Card packs a powerful punch of attributes not typically seen in secured cards. For starters, you earn cash back with the card—something no other secured card on the market offers. And it will double your cash back at the end of the first year. The bank will also review your account, starting at eight months to see if you qualify to graduate to an unsecured card.