First Progress is a credit card that offers low interest rates and has no annual fees. The credit card is open to all residents in the 50 states. It has a $200 refundable deposit and allows you to add up to $2,000 if you need to. Your deposit can be increased at any time. First Progress must approve your request. Once approved, you'll be automatically credited the deposit and receive a check within 10 weeks.
Low interest rates
First Progress Platinum Select Mastercard, a secure credit card, requires a $200 deposit. There are options to deposit more money and you can get up to a $5,000 credit limit. It is relatively low at $39, which offsets the higher APR.
The First Progress Platinum Select Mastercard, a fully-featured card with low rates of interest, is available. It comes with a refundable safety deposit and reports to the major credit bureaus monthly. Your credit history will improve if all payments are made on time. You'll also be eligible to upgrade to another credit card after six consecutive months of making on-time payments.
No sign-up bonuses
When you choose a credit card, you should be aware of the different options and fees. First Progress offers the Platinum Prestige Mastercard(r) secured card. This credit card charges a $10 cash advance fee when you use the card to withdraw cash. In addition, the card charges a 3% foreign transaction fee. You can also be subject to a $29 penalty for late payments if you are behind on your payments more than once in six-months.
While this credit card does offer no sign-up bonus and rewards, it is an excellent choice for people looking to improve credit scores. First Progress Platinum Select Mastercard Secured Card does not offer a sign up bonus. However, it reports monthly payments to major credit bureaus. This helps you re-establish good credit and improve your credit history. Other benefits of First Progress platinum-series Mastercards include $0 fraud liability and ongoing credit monitoring. The credit card can be used worldwide. You can manage your account online or via a mobile app.
There is no annual fee
There is no annual fee for First Progress Platinum Prestige, but there are fees associated with this credit card. Late payments can result in a $29 charge. You'll be charged an additional $40 if you miss more than six consecutive payments. This isn't exactly a deal-breaker, but it's something to keep in mind before you sign up.
First Progress is a credit line that does not require you provide a credit score in order to approve your application. Usually, when you apply for a credit card, the issuer will check your credit with the major credit bureau. This is called a "hard inquiry" and can reduce your score by a few point and remain on your credit reports for two years. First Progress doesn’t do hard credit checks. Therefore, your credit rating will be safe. Instead, First Progress relies on a security deposit to protect against any defaults on your account.
Available to people in all 50 states
First Progress secured credit cards are a revolving credit facility that relies on security deposits. You can apply for it in almost all countries, and there is no minimum credit score. Foreign transaction fees are included in the $29 credit card fee. Customers can apply online and receive their credit card within two to three business days.
First Progress secured cards require applicants to provide basic identification information, such as their income and financial obligations. A security deposit should be provided. First Progress will not run a hard credit report, which can affect your score. Also, the card issuer may not ask for credit history. The approval process can take up to three weeks. The security deposit is used to protect the lender against losses in case of default.
No hidden charges
First Progress offers credit cards with full-featured accounts and a revolving line of credit based on the security deposit. Customers signing up to the card should have a banking account. This helps them avoid having to pay separate payment vendors. Customers have another benefit: they can pay their monthly bill using their bank account.
The First Progress Mastercard Credit Card is full-featured. This card allows users to establish new credit, and pays their bills on the due date. It also reports to each of the three credit bureaus every monthly. It also offers its customers a second card after six months of regular payments.