As with many First Progress products, this secured credit card option was created for people who have poor credit scores or a short credit history. After all, it’s hard to get approved for most conventional cards and other types of financial services.
This means that you could get the opportunity to start making careful purchases and slowly build up your score. Remember that history is one of the most important factors of your FICO score. So if you can start properly through a secured credit card, you’re sure to get an improvement over the next few months.
It has a few advantages when compared to other secured cards, including from different financial providers. If you’re looking for a credit card that could help you achieve your financial goals through lower than usual APRs, it might even be a great deal.
Keep reading to understand everything about First Progress Platinum Prestige, such as how it works, main benefits, fees and APRs and how to apply.
First Progress Platinum Prestige
10,24% variable APR Up to $2.000 limitHow does First Progress Platinum Prestige work?
First Progress Platinum Prestige is one of the secured credit cards that folks with poor scores might get access to. It was designed to help anyone rebuild their history or start with the right foot forward.
However, we must start with a warning: this is a secured credit card. Which means you’ll have to make a security deposit before you actually get access to a credit line. The credit card provider will use this as collateral for your limit. Which means that the higher the deposit, the higher the limit.
Anyone who doesn’t have much in the way of savings for a deposit should look for other unsecured options. But be aware that the fees and APRs might be higher than with First Progress’ products.
If you happen to make a deposit, don’t worry, it’s refundable. Once you upgrade to an unsecured card or close your account you’ll get the money back with interest. At least that happens when you don’t leave any unpaid balances.
Main benefits of using First Progress Platinum Prestige
First Progress Platinum Prestige has one of the lowest APR among secured card options. But its fees are inversely proportional, so they tend to be a bit high, as you’ll see further ahead. The card company also reports to all three major bureaus so that holders can get score improvements through their timely payments.
Other benefits for using this card include:
- 10,24% variable APR;
- Up to $2000 credit limit according to security deposit;
- Possible credit limit increase of up to $5.000;
- Accepts bad or no credit history;
- Reports to all three major bureaus;
- Purchase protection;
- Roadside travel assistance through Mastercard.
Since this is a Mastercard product, you will also have all the protections and advantages the brand offers, such as extended warranty for purchases with the card.
Cons for this credit card
The main problem we must inform about this card is the lack of any introductory programs or rewards. You won’t get lower fees for a period or even a balance transfer offer. This makes the card a bit more expensive when you compare with conventional cards, but still a good option for bad credit holders.
For some people the security deposit itself is a problem. Not everyone has the savings to put down a deposit. If that’s the case, you might be able to find some unsecured cards that could tend to your needs.
APRs and fees
While this is one of First Progress’ cards with the lowest APR, the fees more than make up for it, as you can see here:
- $49 annual fee (you must pay it upfront, which could damage your initial card limit);
- 10,24% variable APR;
- $10 or 3% cash advance fee, whichever is greater;
- 3% foreign transaction fee.
Despite the low APR, we don’t recommend you hold a balance on this credit card. When you’re trying to build a credit score, the best idea is to pay everything in full unless it’s extremely necessary.
Alternative secured credit cards
Maybe the First Progress Platinum Prestige wasn’t your cup of tea. Don’t worry, First Platinum has two more secured cards aimed at people with poor credit scores:
- First Progress Platinum Select Mastercard;
- First Progress Platinum Elite Mastercard.
The main difference has to do with the credit card’s fees and APRs. They are inversely proportional, so the card with the lowest annual fee (First Progress Platinum Elite with a $29 fee) has the highest APR (20,24% for purchases).
There is also the First Progress Platinum Select Mastercard, which has a very similar offer to the Prestige, but with a $39 annual fee and 14,24% variable APR.
Other than that, these cards are completely identical. Neither of them has a welcome offer or any rewards that you could use.
How to apply for First Progress Platinum Prestige
Anyone who wants to apply for the First Progress Platinum Prestige should go to its official website. The first step of the application is a simple form that asks for personal information, such as name, address, social security number and bank info. The financial provider will then make a soft credit check on your score.
But you don’t have to worry. People’s scores don’t actually influence whether they get an approval. It’s fast and you should find out if you’re approved within a few minutes of applying.
Do you need a bank account to get this card?
If you want to get this credit card you need a Synovus Bank account, but you can open it at the moment of application without much trouble. You’ll also need a conventional bank account to make payments. Be aware that there are other secured cards that don’t need a related bank account.
Does the application damage your credit score?
Not at all! First Progress makes a soft credit check at the moment of application. While this gets recorded in your history, it doesn’t damage your score. It just provides the financial company with extra information about you.
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