First Progress Platinum Elite Secured Card Review
Read more about First Progress Platinum Elite MasterCard® Secured Credit Card
The First Progress Platinum Elite Secured Card is unique in that it requires no credit history for approval and helps build credit history. To qualify for most credit cards, you need a good credit score. This can be a problem if you've had credit problems in the past or haven’t yet built a credit history. The First Progress Platinum Elite MasterCard Secured Card could be your way to get back on track.
Pros and Cons
Good secured credit card for people with no credit.
No Credit History
Since the First Platinum Elite MasterCard is a secured credit card, almost anyone can qualify; your credit score will not be an issue. This is because your credit limit on this card is secured by a deposit. For example, to get a $500 credit limit, you need to deposit $500 with Synovus Bank (the issuer of the First Progress Secured Card). You can deposit anywhere from $300 to $2,000 on this card. This deposit is refundable. If you decide to cancel your card and have paid off all your purchases, you’ll get your entire deposit back.
The First Platinum Elite MasterCard is a real credit card; it’s not like putting money on a prepaid debit card. This is important because this card builds your credit history. Every month, First MasterCard reports your card information to the three major credit bureaus. As with any credit card, you need to ensure you make at least the minimum payment on time each month.
To use the First Platinum Elite MasterCard, you need to pay a $29 annual fee. Keep in mind, the First Platinum Elite charges 19.99% APR for purchases.
If you don't consistently pay your balance in full each month, you may want to consider the First Progress Platinum Prestige, which charges a $44 annual fee, but has a lower 11.99% APR for purchases.
Like most secured credit cards, the First Platinum Elite MasterCard doesn’t offer any rewards like cash back or airline miles. This program is designed to help people build credit, not earn bonuses. Once your credit score improves, you can consider applying for an unsecured rewards credit card.
Editorial Note: This content is not provided by Synovus Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Synovus Bank. This site may be compensated through the Advertiser's affiliate programs.
Disclaimer: This content was first published on May 3, 2013. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Synovus Bank website for updated information.
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