First Progress Platinum Select Mastercard® Secured Credit Card

Our review of the First Progress Platinum Select Mastercard® Secured Credit Card

Establishing credit for the first time or repairing a damaged credit score can be challenging. However, the Platinum Select Mastercard Secured Credit Card from First Progress offers an ideal solution for customers in both situations. With the Platinum Select Mastercard Secured, you can build or strengthen your credit standing while earning cash back rewards. This card provides the perfect tool to improve your credit score.

Who Can Benefit from the First Progress Platinum Select Mastercard®?

First Progress credit cards cater to individuals with limited or poor credit history, offering a valuable opportunity to build or rebuild their credit. Specifically, the First Progress Secured Credit Cards are a viable option for those unable to qualify for an unsecured card due to their credit history, building a positive credit history and improving their credit scores. Additionally, First Progress secured credit cards can benefit individuals seeking a line of credit for emergencies or online purchases, providing the convenience and security of a credit card, irrespective of their credit standing.

Of the three First Progress credit cards, the Platinum Select Mastercard Secured Credit Card is the middle sibling, offering a reliable mix of cash back rewards, a $39 annual fee, and a fixed, affordable APR on purchases.

Eligibility

One of the main advantages is the chance to establish or restore your credit history. As mentioned, First Progress credit cards, such as the Platinum Select, cater to individuals with poor or no credit history.

Application Process

To apply for a First Progress credit card, follow these simple steps:

2. Select the First Progress Platinum credit card that best suits your needs.

3. Fill out the required information, including your details, employment status, income, and social security number for identity verification.

4. Review the terms and conditions associated with the card, including interest rates, fees, and other relevant information.

5. Once you have carefully reviewed the terms, submit your application. In most cases, you will receive a decision within a few minutes. Your First Progress credit card will be mailed to you within 7-10 business days if approved.

Applying for a First Progress credit card is a straightforward process that can be completed online. Before proceeding, take the time to review the terms and conditions to ensure you understand all the details.

Choose Your Credit Limit

Secured cards are named as such because the line of credit available is “secured” through a deposit made by the applicant. In the case of the Platinum Select Mastercard, the minimum deposit required is $200, which also serves as the available line of credit. Overall credit lines range from $200 to $2,000

These deposits make secured cards more accessible to almost any applicant. Even if you can only initially make the minimum required $200 security deposit, you will still have a valuable tool to exercise financial discipline and avoid overspending. Additionally, by gradually adding funds to your security deposit over time, you may be able to increase your line of credit.

Mid-Range Annual Fee and APR

The Platinum Select Mastercard is the mid-ranged option compared to other First Progress secured cards. This makes it ideal for anyone looking for a reliable, secure card to carry a small balance without shelling out big bucks on interest charges.

That mid-rage APR also means the card enjoys the middle position regarding price. The Platinum Select Mastercard features a $39 annual fee. That fee is $10 per year, more expensive than the Platinum Elite, which lacks rewards, and $10 per year cheaper than the Platinum Prestige, which prioritizes a low rate every day.

This unique combination makes the Platinum Select the Goldilocks of the family – just right. First Progress regularly reports to the three major credit bureaus: Experian, Equifax, and TransUnion.

How to Earn Cash Back Rewards

A limited credit history shouldn’t disqualify you from earning rewards on everyday purchases. First Progress shares this sentiment and offers the chance to earn cash back rewards on two secured credit card offerings. First Progress Platinum Select cardholders earn 1% cash back for every dollar they pay off the card. Essentially, you won’t earn rewards when you make a purchase but rather when you pay that purchase off on your monthly statement. Rewards earned with the First Progress Platinum Prestige can be redeemed as statement credits for your account. While statement credits may not be as thrilling as plane tickets or gift cards, they can still benefit cardholders who carry a balance by helping them save on accrued interest.

Mastercard Benefits

However, the Platinum Select Mastercard® Secured from First Progress is far more than just a tool for rebuilding credit. Since the card features the Mastercard® logo, it offers the near-global acceptance card users have come to expect from the Mastercard® brand. Cardholders can also expect a variety of security and purchase protections, including:

• Zero Fraud Liability protection
• Mastercard Global Services
• ID Theft Protection

First Progress Comparison

The First Progress Platinum Select credit card has a fee of $39, while the First Progress Platinum Elite credit card has an annual fee of $29, and the First Progress Platinum Prestige credit card has a fee of $49.

Both the First Progress Platinum Select and First Progress Platinum Prestige credit cards offer 1% cash back rewards, while the First Progress Platinum Elite credit card does not earn any rewards.

The APR varies depending on which First Progress card you choose. The Platinum Prestige credit card offers the lowest regular APR, followed by the Platinum Select credit card, and then the Platinum Elite credit card.

Tips for Finding the Right First Progress Secured Credit Card for You

One of the most significant advantages of First Progress credit cards is their ability to help you build or rebuild your credit. Whether you’re new to credit or have experienced past financial setbacks, First Progress offers a pathway to improving your creditworthiness. But how can you decide on the right card for your financial situation? Here are some basics to consider when choosing your ideal First Progress secured credit card:

Annual Fee

The larger the annual fee you pay with your First Progress card, the lower your APR. The Prestige card has the lowest APR but the highest annual fee, followed by the Select card, and finally the Elite card.

Starting Credit

First Progress charges the annual fee on the first billing statement. This means that the card’s starting credit limit will not match the cash deposit until that fee is repaid.

Credit Check

First Progress credit cards do not require a credit inquiry or hard pull. No credit check means that those with bad credit can access a card with no negative impacts or checks.

Managing and Maximizing to Get the Most of Your First Progress Credit Card

To make the most of your First Progress credit card, managing it effectively and taking advantage of the available features is crucial. Here are some tips to help you get started:

Create a Budget and Stick to It

First and foremost, create a budget and stick to it. Understanding your income and expenses will help you avoid overspending and accumulating unnecessary debt. Use your credit card for planned purchases and emergencies but avoid impulsive buying or relying on credit for everyday expenses.

Regularly Review Your Credit Card Statements and Transactions

Additionally, regularly review your credit card statements and transactions. This will allow you to identify any unauthorized charges or errors promptly. If you notice any discrepancies, contact First Progress immediately to address the issue. Monitoring your account activity can also help you stay on top of your spending habits.

Remember, managing your credit card effectively and using it responsibly can help you build a positive credit history and improve your financial well-being.

What We Like About the Platinum Select Card

The First Progress Platinum Select Mastercard offers a range of features that can benefit cardholders. One of the best features is the ability to earn cash back rewards on all purchases. This allows you to earn money back on your everyday spending, helping you save even more. Additionally, the card comes with a low annual fee and competitive interest rates, making it a cost-effective option for building credit. Another great feature of the First Progress Platinum Select Mastercard is its security measures. The card offers fraud protection and zero liability for unauthorized charges, giving you peace of mind when using your card. Finally, the card provides access to online account management tools, allowing you to track your spending and make payments easily.

Things to Consider

While the First Progress Platinum Select Mastercard offers several benefits for building credit, it’s important to be aware of its potential drawbacks. One of those features is its high annual fee, which can eat into any cash-back rewards you may earn. Make sure you analyze not only your spending habits but also your monthly budget to ensure the Select Card is the right option for you; otherwise, you’ll be stuck with that $39 annual fee.

What is the difference between a secured card and prepaid or debit card programs?

Prepaid and debit cards are available to consumers with poor or inadequate credit scores, but these products generally do not offer credit and do not report to the major consumer credit bureaus. Some prepaid and debit card programs carry monthly membership fees or carry a charge for reloading funds to the card.

A secured card is a real credit card that extends credit based on a security deposit provided by the cardholder rather than relying on the applicant’s credit history. Aside from the security deposit requirement, a secured card works just like any major (Visa®, Mastercard or American Express®) bankcard. The cardholder can revolve a balance by paying only the minimum monthly payment, or avoid finance charges by paying the balance in full each month. Activity on the First Progress Platinum Secured Mastercard Credit Card is reported monthly to all three major credit bureaus to help speed the accumulation of new credit history in the cardholder’s credit files.

What is Expedited Processing?

First Progress offers an optional Expedited Processing Service for $19.95. With the Expedited Processing Service your secured credit card will be processed up to 7 days faster and is only available if you use a debit or prepaid card to fund your security deposit. The $19.95 will be applied to your debit or prepaid card account along with the security deposit amount selected to fund your secured credit card.

Does First Progress report activity on the card account to the credit bureaus?

First progress reports all usage and payment activity to all three national credit bureaus every month. NOTE: poor payment performance will negatively impact credit history.

How do I contact First Progress if I have additional questions?

Existing First Progress Card customers can enter the secure Online Customer Center or write to the bank at:

First Progress Card

P.O. Box 9053

Johnson City, TN 37615-9053

Can anyone apply for the card?

The First Progress credit cards are open to anyone aged 18 or older and a US resident.