If you have low credit scores you will certainly have a hard time getting a decent deal on a credit card. Most options with rewards, benefits and low annual fees are reserved for those with at least average scores, good scores are even better. That’s why First Progress Platinum Elite calls so much attention.
It combines the low annual fee that you’d want to have on your credit card with the availability for people with a poor score or short credit history. After all, as a secured credit card, it’s an option focused on those who are trying to build a better score.
There are some benefits that will help you get your finances back on track and start a better credit history. Now it’s time to understand how this credit card works, why it might be a good choice for you and how to apply. Keep reading to find out everything and make an informed decision.
First Progress Platinum Elite Mastercard
No credit check $29 annual feeHow does First Progress Platinum Elite Mastercard work?
The First Progress Platinum Elite Mastercard is a secured credit card for those who have no credit history or bad credit scores. That’s why it doesn’t make a hard credit check on you at the moment of application and why it’s so easy to get an approval. The credit card is here to help get better numbers, after all.
The Platinum Elite is First Progress’ secured card with the lowest annual fee. Remember that it’s a secured credit card, which means that you must make a security deposit to get an approval. A low fee makes it easier to keep using the credit card without much impact to your limit.
There are three choices of security deposit for credit card users:
- $200;
- $300;
- $2000.
As is the case with other secured cards, your deposit corresponds to your limit. So you’ll get the chance of getting quite the high limit from the start, as long as you manage to make the deposit accordingly.
Main benefits for First Progress Platinum Elite Mastercard
The main benefit we can identify is getting approved without the need for a good credit history or score. Most secured credit cards are aimed at poor score holders, however, the ones that have the most advantages will likely have requirements when it comes to credit history. Filing for bankruptcy, for example, can make it impossible to get a few of them.
This won’t happen with First Progress Platinum Elite Mastercard. First Progress doesn’t even check your credit history, making it perfect for beginners or those who are trying to recover from financial pitfalls alike.
But that isn’t all there is to this credit card. Check out some other advantages below:
- Receive your card quickly;
- Monthly reports to all three major bureaus;
- 24/7 access to your account through the easy to use mobile app;
- Free real time access to your Experian score;
- Available nationwide;
- Qualify even if you filed for bankruptcy;
- Lowest annual fee among the First Progress products.
APRs and fees for this credit card
As much as we love this credit card option, there are a few fees and rates you should watch out for, such as:
- $29 annual fee;
- 20,24% variable APR;
- 3% foreign transaction fee;
- $40 late payment fee;
- 25,24% variable APR for cash advances;
- 3% or $10 cash advance fee for each transaction;
- $29 returned payment fee;
- $1 request fee for copies of billing statements.
As you can see, there are plenty of fees and APRs that apply for this credit card. The tip to use First Progress Platinum Elite Mastercard wisely is to never hold a balance. While the annual fee is the lowest among other products by the same provider, the variable APR is the highest. This could make holding a balance quite expensive over time.
Who should get a secured credit card?
Secured credit cards, and First Progress Platinum Elite Mastercard in particular, aren’t the best choices in the long run. Since First Progress doesn’t offer unsecured cards, you won’t be able to upgrade to a better choice even with proper payments every month. It’s basically a credit builder card that you should only get if it is absolutely necessary.
There aren’t even any rewards or cashback programs to rely on to make up for all of the fees. So we don’t recommend you keep a hold of this type of credit card for longer than you must. As soon as your credit score starts getting better it’s time to look for other unsecured options that can give you better advantages.
How does this card stack up against other First Progress options?
Another thing we should mention: there are three First Progress credit card options, all of them aimed at poor credit score holders. They are:
- First Progress Platinum Elite Mastercard;
- First Progress Platinum Select Mastercard;
- First Progress Platinum Prestige Mastercard.
They are quite identical when it comes to benefits and eligibility criteria. Which means, you won’t get much in the way of rewards and basically anyone can apply. After all, there won’t be a history or score check at the moment of the application. All of them work with a $200 minimum deposit and $2000 maximum. So what is the actual difference?
Everything falls on the annual fee and APR rates. They are inversely proportional, so First Progress Platinum Elite Mastercard has the lowest annual fee paired with the highest interest rates. Ideal if you don’t plan on holding a balance.
Meanwhile, another choice like the First Progress Platinum Prestige has the highest annual fee ($49) with the lowest interest rates (10,24%). If you have a balance to hold, you might want to consider this other choice.
Who is eligible for First Progress Platinum Elite and how to apply?
Any American citizen is eligible for the First Progress Platinum Elite Mastercard. It won’t make a credit score check or even a credit history check, which allows even newcomers to start with their first credit card. If you have less than stellar credit history, with some problems, like a bankruptcy process, this is also the choice for you. Don’t worry about it, get a fresh start and prepare for better credit cards in the future.
The application process is also quite fast. All you have to do is fill out a form on First Progress official website and wait a few minutes. You’ll receive your approval via e-mail.
How to Apply for the First Progress Platinum Elite Mastercard
- Visit the Official Website: Go to the First Progress website.
- Choose the Card: Select the “First Progress Platinum Elite Mastercard” from the list of available cards.
- Fill Out the Application: Complete the online application form with your personal information, including:
- Name
- Address
- Social Security Number
- Employment Information
- Financial Information
- Choose Your Deposit Amount: Select the amount you want to deposit, which will also be your credit limit ($200, $300, or $2000).
- Submit the Application: Review your information and submit the application.
- Wait for Approval: You will receive an email notification regarding your application status. Approval is generally quick.
- Make Your Deposit: Once approved, you will need to make the security deposit. Follow the instructions provided in the approval email to complete this step.
- Receive Your Card: After making the deposit, your card will be mailed to you. This usually happens within a few days.
- Activate Your Card: Follow the instructions provided with your card to activate it.
Tips for a Smooth Application Process
- Ensure Accurate Information: Double-check all information for accuracy to avoid delays.
- Prepare Deposit: Have your deposit amount ready to expedite the process once approved.
- Check Email Regularly: Keep an eye on your email for the approval notification and further instructions.
Customer Support
If you encounter any issues or have questions during the application process, you can contact First Progress customer service for assistance.
By following these steps, you can apply for the First Progress Platinum Elite Mastercard and start your journey towards building or rebuilding your credit.
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