First Progress Platinum Elite Mastercard® Secured Credit Card Review: Building Credit Made Accessible

Features

• Minimum Deposit: $200, fully refundable, securing your credit line.
• Credit Line Range: $200 to $2,000, determined by your deposit.
• Regular Purchase APR: 25.24% Variable, adjusting with the market.
• Annual Fee: $29, a small investment towards building or rebuilding your credit.
• Credit Reporting: Monthly to all three major credit bureaus, aiding in establishing a credit history.
• Application Requirements: There is no minimum credit score or credit history required, making it ideal for those with limited, poor, or no credit.

Benefits

• Accessibility: Designed for individuals with prior bankruptcies or those looking to establish credit.
• Credit Building: Regular reporting to credit bureaus supports credit score improvement, especially with timely payments and low balances.
• Universal Acceptance: This can be used for car rentals, hotels, and anywhere Mastercard is accepted, offering convenience and flexibility.
• Mobile App: The First Progress mobile app allows you to view statements, make payments, and manage your account easily.
• Expedited Processing: Option for quicker card receipt, facilitating immediate use and credit-building activities.

Drawbacks

• Annual Fee: While relatively low, the $29 fee is an additional cost for the credit-building service.
• High APR: The 25.24% APR is steep, emphasizing the importance of paying balances in full to avoid interest.
• Secured Deposit: Requires an upfront deposit, which may be a barrier for some, though it is fully refundable and secures your credit line.

Product Summary

The First Progress Platinum Elite Mastercard® Secured Credit Card is an excellent tool for those starting their credit journey or looking to rebuild their credit history. With no minimum credit score or history required for approval, it stands out as a highly accessible option. The card’s key feature is its ability to report monthly to all three major credit bureaus, promoting an improvement in credit scores for responsible users. While it does come with a variable APR of 25.24% and an annual fee of $29, the benefits of building a solid credit foundation can outweigh these costs. Its wide acceptance and the convenience of managing the account online or via a mobile app make it a practical choice for everyday use.