You Have A Bank Account
You need to provide your debit card details or checking account information.
First Progress accepts either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on mobile or desktop..
When you submit your application, you are giving First Progress the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.
If your application is not approved, your money will be posted back to your account within five days.
They dont store your debit card information on file.
Does First Progress Do A Hard Pull
Heres a big NO! The Platinum Prestige Mastercard secured credit card will not require a hard pull on poor credit. The application only results in a soft pull which doesnt affect the credit card bill. The chances of approval are good with minimum credit history required even within a higher credit line.
First Progress Vs Open Sky: Secured Credit Cards
Modified date: Oct. 26, 2021
Editor’s note –
Secured credit cards are one solution to this problem. You give the lender some collateral, usually a cash deposit, and the lender gives you a credit card. The lender takes on almost no risk and you get the opportunity to show you can handle credit and build your credit history.
First Progress and Open Sky are two secured credit card providers, each with pros and cons.
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What Is The Best Way To Improve My Credit Score With First Progress
One of the most important metrics that the three main credit rating agencies will look at is your historical payment performance. In other words, you are likely to see an improvement if you are able to clear your monthly balances in full each and every month, as this illustrates that you have a good relationship with credit.
With that being said, you are best advised to use your First Progress credit card whenever the opportunity presents itself. By this, we dont mean to go and use the card to make senseless purchases that you dont need.
On the contrary, we mean that your everyday expenses that would otherwise be paid for in cash should now be paid for with your card. Think along the lines of groceries, gas, and your morning coffee. In other words, if you were going to buy it anyway, use your First Progress card!
If you do follow this credit building strategy, it is important that you put the cash to one-side after every purchase. This will ensure that you are able to clear your balance every month. If you dont, and you end up struggling to meet your monthly statement, then not only will you be accustomed to a high rate of interest, but you wont be able to meet your objective of building your credit score.
Transition To An Unsecured Credit Card
The whole point of getting a secured credit card is to improve your credit profile to the point where you qualify for traditional forms of credit. Most likely, youre thinking about getting an unsecured credit card, which often has no annual fees and a lower interest rate.
Therefore, the transition process from a secured credit card to an unsecured credit card is an important factor. Some secured credit card issuers will allow cardmembers to graduate to an unsecured credit card, many do not.
Neither the Capital One Platinum Secured nor the First Progress Platinum Elite MasterCard Secured Card has a graduation program to an unsecured credit card.
However, Capital One offers its free Credit Tracker tool, which comes with a monthly TransUnion credit score and credit score simulator.
The simulator allows you see the effects to your credit score in various credit scenarios .
This one is a close battle because neither card has a graduation program.
But, the Capital One card slightly edges out the First Progress Card card because Capital Ones Credit Tracker tool will at least help you track your credit-improvement progress — and youll feel more confident that youll qualify for an unsecured credit card.
WINNER : Capital One Platinum Secured
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How It Compares To Similar Cards
A secured card like the First Progress Platinum Prestige Mastercard gives you access to a line of credit while helping you improve your score enough to obtain an unsecured credit card. Unfortunately, because of the annual fee and nonexistent rewards, this card generally fails to compete with similar cards on the market.
Why The First Progress Platinum Elite Card Is Legit
- Issued by Synovus Bank, an FDIC member that is accredited by the Better Business Bureau and has an “A+” BBB rating, in partnership with First Progress.
- Rated 3.7/5 stars by WalletHub editors.
- 3.5 / 5 average user rating on WalletHub.
- Reports to all three of the major credit bureaus: Equifax, Experian, and TransUnion.
- $0 fraud liability guarantee.
In addition, the First Progress Platinum Elite card is legit because it’s on the Mastercard credit card network, meaning you can use the card anywhere Mastercard credit cards are accepted.
Yes, the First Progress Platinum Elite Mastercard® Secured Credit Card does have a late fee of up to $40, which applies when cardholders don’t make the minimum payment by the due date. Thanks to the CARD Act of 2009, the First Progress late fee can never exceed the minimum payment amount.
If you accidentally make less than the required minimum payment or you miss your First Progress Platinum Elite due date entirely, you can always ask customer service to waive the late fee by calling . This is much more likely to work if you have a great payment history with First Progress, but even if not, there’s no harm in asking.
To avoid getting hit with late fees in the future, make sure to pay at least your minimum required payment each month. The best way to ensure that you never miss a payment is by setting up autopay.
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Features Of Secured Cards
Many secured credit cards have a few features in common. These include:
- Security Deposit: All secured cards require a deposit typically starting around $200
- Annual Fee: Secured cards usually charge an annual fee. These can range from $25 to over $100, though First Progress features very competitive yearly charges.
- Report to Major Credit Bureaus: Most importantly, all secured cards report to the three major credit reporting bureaus: Equifax, Experian, and TransUnion. This regular reporting ensures that cardholders can quickly rebuild credit with responsible use of their card.
Things To Know Before Getting Your First Credit Card
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Getting your first credit card is a huge milestone and a big adjustment. You might already have a sense of how credit cards work and how to handle a credit card responsibly, but the devil is in the details. Understanding those ins and outs before diving in will save you money and help you build good credit more quickly.
NERDWALLET’S GUIDE TO YOUR FIRST CREDIT CARD
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Compare Each First Progress Credit Card To Find Out Which Is Best For You
If youre looking to build or rebuild credit, First Progress offers several credit cards to help you do so. But, you may find yourself wondering which of First Progress credit card option is best for you. In this post, we will go over the benefits, downfalls, and key features of the three First Progress credit cards.
Paying Late Comes At A High Cost
Missing your due date can get expensive quickly. Depending how late your payment is, you could face:
Late fees. The legal limits on these fees are adjusted annually. But generally, the first time costs well over $20, and subsequent violations can be close to $40.
Penalty APRs. Most credit cards no longer charge penalty APRs, but some do. A penalty APR kicks in when you pay late, and can increase your interest rate to 30% or more right away for new transactions. And if the payment is more than 60 days late, that penalty APR can also be applied to your outstanding balance.
Damage to your credit. Paying a day late wont hurt your credit. But if you pay 30 or more days late, your payment will also be recorded as late on your credit reports, hurting your credit scores.
Consider setting up automatic payments from your bank account. Or, if youre worried about overdrawing your account, note your due dates on a calendar as a reminder.
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Is There A Fee For Closing My Account
Outside of the fees associated with your remaining balance, there is no fee for closing your account.
You will also receive your security deposit back that you used to open your account.
I would recommend keeping the card active as long as you can, there really isnt a reason to cancel the card any time soon.
First Progress Credit Card Reviews
According to First Progress reviews, its card performs exceptionally well for users who require assistance in establishing credit records with the major consumer credit bureaus. The card is intended to accelerate the accumulation of new information in a credit file by reporting monthly account activity to all three major national credit bureaus. And, because it is a full-featured Platinum Mastercard, it offers the security, convenience, and prestige of the global Mastercard system.
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Our Take: A Subprime Card With Flexible Credit Reqs
As with any unsecured credit card designed for subprime or bad-credit consumers, the First Access Visa Card isnt the cheapest product on the market. It has a high APR, a fairly high annual fee that is deducted from your initial available credit, and a one-time program fee paid upfront.
That being said, the First Access Visa Card is a subprime card. As such, it has extremely flexible credit requirements, which makes it accessible to a wide variety of credit types. Plus, the online application is quick and easy, with decisions available within minutes of submitting your application.
Perhaps the most important thing to understand about the First Access Visa Card is that it isnt meant to be your forever card. The card is aimed at consumers with bad credit consumers who are notoriously high risk and more likely to default on their debts.
The high rates and fees charged by the First Access Visa Card are intended to balance out the high risk of its applicant demographic. In other words, theyre the cost of having bad credit.
The First Access Visa Card clearly lays out its costs in a fairly easy-to-find Rates & Fees documentation at the top of the application page. It also highlights its program fee on the main application page for double awareness.
The Rates & Fees documentation can be found through a link at the top of the First Access Visa Card application page.
Platinum Select Secured Mastercard Basics
Below are some of the basic features of the Platinum Select Secured Mastercard®:
- Card type: Secured
- *Security deposit: $200 minimum, $2,000 maximum
- Foreign transaction fee: 3% of each Transaction in U.S. dollars
- Reports payment information to all three credit bureaus.
- Cash advance fee: Either $10 or 3% of the amount of each cash advance, whichever is greater.
- Late payment fee: Up to $39.00
*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you dont pay your bill.
In my personal opinion, paying a small fee to establish credit is 100% worth it just be sure to make your payments on-time.
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Make On Time Payments
Making on time payments sounds like a super simple thing to do however, we all live in the real world where things almost never go as planned.
Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.
No matter what, avoid late payments.
Open Sky Special Features
One thing that makes Open Sky unique is it offers a lot of resources for people who want to learn more about credit, credit scores, and how credit works in general.
The Open Sky website has a knowledge base with answers to common credit-related questions. Theres also a Facebook community for Open Sky customers where you can ask questions and share stories. This sort of community can help you feel more engaged with your credit and push you to try to improve your credit score.
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First Progress Platinum Prestige Mastercard Secured Credit Card Review : Use This Card To Build Your Credit
Last updated Oct 1, 2021| By Kevin Payne
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If youre dealing with bad credit or no credit, applying for a secured credit card can help you improve your score and build your credit history. Most credit cards require a minimum credit score and a certain level of creditworthiness to qualify. Secured credit cards, such as the First Progress Platinum Prestige Mastercard Secured Credit Card, work differently.
Secured credit cards typically require that you make a deposit to secure their card, and it becomes your credit line. With many secured , you can upgrade to an unsecured card after displaying responsible use over time. Unfortunately, thats not the case with the Platinum Prestige Mastercard.
This also has a relatively high annual fee compared to other secured credit cards. Without many extra perks, whats the draw of this secured credit card from First Progress? Is it worth having, or are there better options available?
No Credit Check Required
- Low APR for purchases
Alternative Card Options For Consumers With Bad Credit
While the First Access Visa Card is more transparent and better reviewed than many of its direct competitors, it certainly isnt the only credit card option for consumers with troubled credit histories.
Alternatives to the First Access Visa Card include other unsecured subprime cards, closed-loop store credit cards, and secured credit cards. Before applying for any new credit product, its wise to compare your options to find the right fit for your situation.
- Dont let a low FICO score stop you from applying we approve applications others may not.
- You dont need good credit to apply here’s your chance to improve your score.
- Just complete the short application and find out in 60 seconds if youre approved.
- When you need assistance our award-winning US-based customer service agents are there to help.
- FICO scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any PREMIER Bankcard® product.
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What Is A Secured Credit Card
A secured card looks and acts in the same manner as any other credit card. The difference between a secured card and an unsecured card is that secured credit cards require a security deposit. Security deposits are a refundable payment to a lender that provides the collateral for a line of credit. Typically, that collateral is also the available credit limit.
Once an account is opened, the cardholder can use their secured card like any other credit card. Theyll receive the same purchase protection and security of an unsecured card. In essence, no one will be able to tell the difference. And, with regular on-time payments, they can quickly rebuild their credit.
Once a secured card account is closed, the account holder will receive their deposit back in full. If, however, they fail to pay off their balance, the issuer has the right to withhold some of the deposit to recover their losses.
Potential For A Bigger Credit Limit
Your initial security deposit becomes your credit limit, and with the First Progress Platinum Prestige, this can be any amount from $200 to $2,000. If you decide to deposit more than $200, your security deposit must be at least $350. We suggest going for the high end of this range if you can because itll be less challenging to keep your credit utilization at or below the recommended level. Keeping a low will help improve your credit score faster, which can be hard with a lower limit. The general guideline is to keep this ratio under 30 percent, but the minimum $200 credit limit means youll need to keep your balance below a mere $60.
This is especially important since the annual fee will eat into your credit limit when you first open your account and when its charged each year. That means if you start with the minimum $200 credit limit, youll actually have just $151 available on your card in your first billing cycle. Luckily, you can eventually request a higher credit limit for up to $5,000 by increasing your security deposit after issuer approval.
Still, $2,000 isnt the highest initial credit limit on the secured card market. Some cards offer well over the $2,000 to $2,500 credit limit youll typically find, such as the BankAmericard® Secured Credit Card, and its up to $4,900 deposit-backed limit.
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