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 Platinum Elite
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.First Progress Platinum Select
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.First Progress Platinum Prestige
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.
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