Whether you’re new to credit or trying to rebuild your credit after making some mistakes, you might find it impossible to get a credit card with amazing rewards and benefits.
First Progress Mastercard secured credit cards can help you get there, though. They have no minimum credit requirements and reasonable interest rates. The only question is, which one should you choose? Find out how you can make your selection below.
First Progress Mastercard credit cards review
For the most part, the three credit cards have the same features. The only differences are their interest rates and annual fees.
Let’s talk about some advantages and disadvantages the three secured credit cards share. Then, we’ll get into the details of each one.
|No minimum credit score required||Annual fee|
|Account activity reported to all three major credit bureaus||Security deposit required|
|Reasonable interest rates||No rewards|
First Progress Mastercard credit card options
Depending on how you plan to use the card, you can choose between the following options (as of November 2017):
- First Progress Platinum Elite: $29 annual fee and 19.99% APR
- First Progress Platinum Select: $39 annual fee and 13.99% APR
- First Progress Platinum Prestige: $49 annual fee and 9.99% APR
What’s more, if you qualify for one of the three secured credit cards, you automatically qualify for the other two as well.
Each card requires that you put up a security deposit equal to the credit line you want. You can deposit as little as $200 or as much as $2,000 when you open the account.
If you want to increase your credit limit after that, you can do so with the card issuer’s approval and another deposit. The maximum credit limit you can acquire over time is $5,000.
First Progress Mastercard interest rates and fees
In addition to the fees already covered, the First Progress Mastercard secured cards charge the following fees as of November 2017:
- Cash advance fee: $10 or 3 percent of the amount of the cash advance, whichever is greater
- Foreign transaction fee: 3 percent of the transaction amount
- Late payment fee: Up to $38
- Returned payment fee: Up to $27
You’ll also pay a higher interest rate on cash advances. Here are the cash advance APRs for each card as of November 2017:
- First Progress Platinum Elite: 24.99% APR
- First Progress Platinum Select: 19.99% APR
- First Progress Platinum Prestige: 18.99% APR
Keep in mind that interest begins accruing on cash advances on the day of the transaction. There’s no grace period like there is with regular purchases.
First Progress Mastercard eligibility requirements
First Progress Mastercard secured cards don’t have a minimum credit requirement. And there’s no stated minimum income requirement on the website.
That said, all credit card issuers are required by law to ensure that you can make the required payments before opening an account, so you do need to have some form of satisfactory income to get approved.
First Progress Mastercard credit cards are available in all states except Arkansas, Iowa, New York, and Wisconsin. In most states, you can apply at age 18, but you must be 19 if you live in Alabama or Nebraska.
In all states, you need a Social Security number to apply, unless otherwise specified.
How to apply for a First Progress Mastercard
When you’re ready to apply, you’ll need to share the following information:
- Full name
- Email address
- Home address
- Phone number
- Monthly income and obligations
- Security deposit amount
- Social Security number
- Date of birth
The application takes just a few minutes. Once you fill it out and agree to the First Progress Mastercard terms and conditions, you’ll enter your bank information to set up the deposit. Then, you’ll hit “submit” and get a response within a few moments.
Once you’ve been approved and open an account, you can manage your card online. First Progress doesn’t have a mobile app, however, so you can’t manage things on the go.
First Progress Mastercard customer service
As you might expect with a credit card with no bells or whistles, First Progress reviews are mixed. For example, the First Progress Mastercard Platinum Elite card has 3.6 out of five stars on WalletHub as of November 2017.
Customers who are satisfied with First Progress appreciate its willingness to approve them when other credit card issuers won’t (reviews edited for grammar and spelling):
“So far so good! Can’t complain. They gave me a chance when others did not.”
“This is a pretty good entry-level credit card because the fees are low and the acceptance rate is high. I love that this card can be used anywhere! It makes it even easier to build up your poor credit back to a point where you can start applying for cards with larger limits. The bottom line is that if you have poor credit, this is a great card to start out with.”
In contrast, some reviewers complained of high interest rates and bad experiences with customer service:
“I will probably get rid of this card soon because of the high APR.”
“I signed up, deposited my funds, and received the card. My only problem is I don’t have the paperwork that came with the card to activate the card. Customer Service cannot help. First of all, they don’t have [a] record of my account, and secondly, it’s Turkey, so I can’t speak with a live agent.”
If you have any questions about First Progress Mastercard secured cards, you might run into some issues. Despite stating “our goal is to help” on its contact page, the only contact method it lists is a P.O. box.
It’s possible, however, that you’ll gain access to a phone number after you’re approved.
Which First Platinum Mastercard should you choose?
If you’re not sure which First Progress Mastercard secured card is right for you, consider how you plan to use the card.
For example, if you’ll pay off your balance in full each month, it doesn’t matter what your interest rate is. Go with the First Progress Platinum Elite because is has the lowest annual fee.
If, however, you think you’ll likely carry a balance, you’ll want the First Progress Platinum Prestige because it has the lowest interest rate.
Shop other credit cards
First Progress Mastercard isn’t the only credit card issuer that offers credit cards to people with bad credit. Here are a few other options to consider:
- Discover it Secured: It offers rewards, no annual fee, and a refundable security deposit.
- OpenSky Secured: It doesn’t do a credit check and has a $35 annual fee.
- Capital One Secured: You can qualify to get a credit line higher than your initial deposit. Plus, there’s no annual fee.
As you’re comparing different credit cards for bad credit, consider what features are most important to you.
But also keep in mind that these cards aren’t meant to be used indefinitely. They’re stepping stones to help you improve your credit so you can qualify for better cards later on.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.36% APR (with Auto Pay) to 7.82% APR (with Auto Pay). Variable rate loan rates range from 2.41% APR (with Auto Pay) to 6.99% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for SoFi.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.45% effective May 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.41% – 6.99%1||Undergrad & Graduate|
|2.41% – 7.89%2||Undergrad & Graduate|
|2.43% – 6.65%3||Undergrad & Graduate|
|2.38% – 6.81%4||Undergrad & Graduate|
|2.41% – 7.95%5||Undergrad & Graduate|
|2.60% – 9.60%6||Undergrad & Graduate|