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A solid Mastercard with a low annual fee and the opportunity to build credit with all of the major credit bureaus.
There’s a lot to like about the First Progress Platinum Elite Mastercard. This is a secured credit card, so you’ll need to front a $200 security deposit, but the relatively low $29 annual fee keeps the card accessible.
The card is a Mastercard, so it is accepted at a wide variety of locations. Furthermore, those who wish to build credit will be pleased to know their payment histories will be reported to all of the major bureaus (Experian, Equifax and TransUnion).
| Product Name | Platinum Elite MasterCard® Secured Credit Card |
|---|---|
| APR for Purchases ( Purchase Rate ) | 19.99% variable |
| Annual fee | $29 |
| Cash Advance Rate | 24.99% variable |
| Card Type | Mastercard |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | Up to 25 days |
| Returned Payment Fee | $27 |
| Minimum Interest | $1.50 |
| Minimum Credit Score | Poor (Below 660) |
|---|---|
| Minimum Age | 18 years of age |
| Min credit limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $200 |
| Max credit limit This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $2,000 |
| Annual fee | $29 |
|---|---|
| Returned Payment Fee | $27 |
| Late Payment Fee | $38 |
| Cash Advance Fee | $10 or 3% of the transaction amount, whichever is greater |
The basics
If you’ve had trouble getting approved for a credit card due to poor credit, you may want to give the Platinum Elite Mastercard secured card a try. You can apply with any credit score and history. On top of that, your payment history with the card will be reported to all three major credit bureaus (Equifax, Experian and TransUnion), so you’ll have an opportunity to build your credit score with responsible spending and on-time payments.
The First Progress Platinum Elite Mastercard is a secured card, so you’ll need to put down a deposit of at least $200 to open an account. You’ll benefit, however, from a relatively low annual fee and the advantage of knowing your Mastercard will be accepted most anywhere.
The perks
- All credit scores are welcome to apply. There’s no minimum credit score required to apply for this card.
- You don’t need a credit history. Just as there’s no minimum credit score, you don’t need a credit history to apply for the card either.
- Payment reporting to all three major credit bureaus. If you’re trying to build credit, the First Progress Platinum Elite Mastercard might be for you. Your payment history will be reported to all three major credit bureaus (Equifax, Experian and TransUnion), which may help you obtain better rates on car loans, mortgages, etc.
- Issued by Mastercard. Mastercard is widely accepted, so you’ll be able to use your card at many locations.
- Credit limit. You can establish an initial credit limit of up to $2,000 depending on how much you deposit. Over time, you can increase your credit limit — with First Progress’ approval — to up to $5,000.
What to watch out for
- Three-week average processing time. Most applications are processed in three weeks or less. You can quicken your application process, but you’ll pay a fee of $19.95 for their expedited processing service.
- Many fees. In addition to the annual fee, you can be assessed fees for things like late payments, returned payments, requesting a copy of your billing statement, expedited phone payments and more.
- Limited customer service. Support is limited to online help or snail mail.
How to apply for the First Progress Platinum Elite Mastercard secured credit card
Eligibility criteria
- You are at least 18 years old (19 in Alabama and Nebraska)
- You have a valid Social Security number
- You are US citizen or a permanent resident of the U.S. (the card is currently not available in Arkansas, Iowa, New York or Wisconsin)
Required documents & information
- Your name, residential status and residential address
- Your Social Security number
- Your email address, phone number and date of birth
- Information about your income (monthly income, financial obligations, etc.)
- The amount you will pay for the initial security deposit
Steps to apply
Always consider your options and your financial situation before you apply for a credit card.
1. On the First Progress Platinum Elite Mastercard Secured Credit Card website, click Apply Now.
2. Complete the application with your personal information, contact details and financial details. Once you agree to the terms and conditions, you’ll set up your deposit.
3. Confirm that your information is correct and click Go to Payment to complete your application.
How likely is approval?
Like many other secured cards, you do not need a credit history to apply. If you have a credit score of at least 350, you should have no problem getting approved.
How long will it take to be approved?
You should find out about the status of your application within three weeks.
I got the card. Now what?
- Avoid interest. You’re extended a 25-day grace period at the end of each billing cycle. Pay your statement in this time to avoid accruing interest on your purchases.
- Customer service. Support is limited to your online portal or writing First Progress Card at PO Box 9053, Johnson City, TN 37615-9053.
What customers are saying about the First Progress Platinum Elite Mastercard
The majority of online reviews for First Progress’s Platinum Elite Mastercard are poor, with an occasional 5-star review. Most complaints are regarding customer service, or the lack of it. There are plenty of cards on the market that may be a better fit for you if this one is not; so be sure to compare your options before applying.
Bottom line
First Progress Platinum Elite Mastercard Secured Credit Card is a no-frills secured card that can help you re-establish your credit. But don’t expect stellar customer service.
