First Progress Platinum Prestige Mastercard® Secured Credit Card

In-Depth Review: First Progress Platinum Prestige Mastercard Secured Credit Card

The Platinum Prestige Mastercard Secured Credit Card from First Progress is an excellent cash back reward and secured credit card option for those who want a great rate while building their credit. Like other credit card offers from First Progress, the card provides an excellent variable APR on purchases and the benefits and protections of a full-fledged Mastercard.

Who Can Benefit from the First Progress Platinum Prestige 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 Prestige Mastercard Secured Credit Card stands out for its exceptionally low APR, surpassing the interest rates offered by other major lenders such as Capital One, U.S. Bank, and Wells Fargo.

How to Get First Progress Credit Cards

Credit Needed

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 Prestige, cater to individuals with no credit history or poor credit.

How to Apply

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

• Visit the secured First Progress website by clicking the “Apply Now” button on this page
• Select the First Progress Platinum credit card that best suits your needs.
• Click the “Apply Now” button to access the online application form.
• Fill out the required information, including your details, employment status, income, and social security number for identity verification.
• Review the terms and conditions associated with the card, including interest rates, fees, and other relevant information.
• 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. Take the time to review the terms and conditions before proceeding to ensure you understand all the details.

First Progress Prestige Features

Choose Your Credit Limit

The Platinum Elite Mastercard requires a minimum security deposit of $200, about average for secured credit cards. This initial deposit sets your credit line at $200, but you can add more funds if you want a higher credit limit. The credit limits with the card can rise as high as $2,000 but require additional cash deposits to cover the extension of the credit line.

Lower Rates Mean a Higher Annual Fee

Compared to other First Progress secured cards, the Platinum Elite Mastercard has the lowest annual fee but the highest APR. This makes it less suitable for carrying balances regularly. However, it is the most affordable option for those who can pay off the balance in full each month. Applicants should consider their spending habits and financial needs to determine if this is the best First Progress card.

How to Earn Cash Back Rewards

Many people think that having bad credit means you can’t earn cash back rewards, but this isn’t true. Two of First Progress Bank’s Platinum Mastercard-secured credit cards feature cash-back rewards. The First Progress Platinum Select and First Progress Platinum Prestige Mastercard credit cards earn 1% cash back on all payments made on the card.

How does earning cash back with First Progress work? It’s effortless. Make a purchase using your eligible First Progress Platinum Mastercard, and you’ll earn 1% cash back on every dollar you pay off. Each dollar is valued at one cent per dollar spent on purchases. With First Progress, it really pays – to pay!

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 money on accrued interest.

Credit Building Benefits

The First Progress Platinum Prestige is a useful tool for establishing a positive credit history. While this process takes time, here are some tips to help you build your credit:

Check Your Credit Score

The first step is to check your credit score to understand where you stand. It’s important to know how low your credit score is and how quickly you can improve it. This knowledge is crucial for creating a financial plan.

Get a Card for Subprime Credit Scores

Increasing your use of credit is key to boosting your credit score. This may seem counter-intuitive for those with bad credit. However, there are unsecured credit cards for poor credit and secured cards available that can help you repair your credit score.

Pay On Time

Payment history is the most significant factor in determining your credit score. Therefore, it is essential to pay your credit card bill on time every month. Missed payments can negatively impact your credit report for up to seven years.

Keep Your Credit Use Low

Credit utilization is another important factor in your credit score. Lenders assess how you use your credit by looking at your credit utilization. Keeping your credit use below 30% can lead to an improvement in your score, while using less than 10% can result in a faster increase.

Mastercard Benefits

The Platinum Prestige Mastercard Secured Credit Card is a full-fledged Mastercard product.  What does that mean? Well, the card enjoys the same near-global acceptance you’d expect from any product that bears the Mastercard logo.

Mastercard is the second-largest payment network in the world, slightly trailing Visa. That said, Mastercards are accepted in more countries than Visa, with merchants in 210 countries accepting Mastercards versus Visa’s 170. This means that no matter where your travels take you, you can count on the Platinum Prestige Mastercard.

Along with global acceptance comes the need for certain security features, including:

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

First Progress Comparison

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

One of the 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 First Progress Platinum Prestige Card

Perfect for Carrying a Balance

Building a credit score requires paying your balance on time and keeping your credit utilization low. Ideally, credit utilization needs to be below 10%, but this can be challenging for many. Those rebuilding a bad credit score usually must carry a balance because their financial situation requires it. This is problematic with many secured cards, as high-interest rates punish them with substantial interest payments.

Fortunately, the Platinum Prestige Mastercard gives cardholders the breathing room they need to pay down their balances without extortionate interest payments. For those who currently carry a balance – or plan to do so in the future, it’s challenging to find a better-secured card offer on the market today.

Things to Consider

The Platinum Prestige Mastercard provides a tough-to-beat APR, but it comes at a price. That $49 annual fee is the largest annual fee charged by First Progress. Still, $49 per year is very reasonable for a secured credit card with such an enticing interest rate. Many cards – with much higher APRs – come with annual fees that can rise as high as $100 or more. Still, always be aware of all costs before applying for any credit card.

Additionally, the card charges a foreign transaction fee. Foreign transaction fees are the additional charges that issuers assess for using a credit card outside of the United States. Foreign transactions are any purchases abroad – including some international websites. The fee with the Platinum Prestige is 3% of the transaction, which is reasonable. That said, it is still a charge many might not expect, so be careful when using the card on trips.

FAQs

Here you will find commonly asked questions about the First Progress Platinum Secured Mastercard, as well as the answers: