First Progress MasterCard Review

1
8.5 Total Score
  • Security Deposit Instead of Credit Score
  • Low APR
  • Choice of APR/Annual Fee

Gaining approval for a credit card can be tough when you have a low credit score, or even if you have no credit history to speak of. This is because credit card companies want to be sure that you’ll make your payments regularly and on time, and if you have poor or no credit history, they may think you are too much of a risk to approve you.

Fortunately, there are many cards available for consumers with bad or zero credit. It’s important, of course, to research all of your options before deciding on which credit card (or cards) to apply for. Below, we’ll discuss the First Progress Platinum MasterCard.

First Progress Platinum MasterCard

There are actually three versions of the First Progress Platinum MasterCard, each with their own applicable APR and annual percentage rate: Prestige, Select, and Elite. If approved for one, you are approved for all three. You can choose a card that comes with a higher annual fee and a low APR, or one with a higher APR but a lower annual fee.

All three First Progress Platinum MasterCards are a secured credit cards, meaning you are approved based on putting down a security deposit, not a minimum credit score. It is issued by Synovus Bank of Columbus, Georgia, which is a member of the FDIC.

First Progress Benefits

There are many benefits to the First Progress Platinum MasterCard, as well as other secured credit cards, particularly for people needing to improve their credit score. According to the FAQ page, this credit card is specifically designed to help consumers rectify a bad credit situation. By obtaining this card, using it, and paying it off each month, you can help improve your credit score, which is necessary for many things in life. Here are some other card highlights:

  • Security Deposit Instead of Credit Score: Your approval is contingent on a security deposit rather than a credit score minimum. This means that, as long as you have some money to put down, you should be eligible for this card.
  • MasterCard Benefits: Since this is a MasterCard, it can be used wherever MasterCard is accepted, and it comes with the protection and convenience benefits that a big institution like MasterCard can offer.
  • Choice of APR/Annual Fee: If you are approved for one of the First Progress cards, you are approved for all three. You can choose the Prestige card, which comes with an 11.99% APR and $44 annual fee; the Select card, with a 14.99% APR and a $39 annual fee; or an Elite card, with a 19.99% APR and $29 annual fee. If you are confident you’ll be able to pay your minimum in full each month, the high APR and low annual fee may be the best option. If, on the other hand, you know you’re more likely to only pay the minimum at the beginning, you may want to go with the higher annual fee and lower APR. The choice will be yours upon approval.
  • Low APR: Even the highest First Progress APR option is relatively low for cards of this nature (i.e. those marketed towards individuals with bad credit).

Drawbacks to the First Progress MasterCard

Of course, there will be drawbacks to every credit card you research, too. Here are a few that we noticed when researching the First Progress Platinum MasterCard:

  • Credit Limit Dependent On Security Deposit: Your credit limit will be determined based on the security deposit you are able to put down as collateral towards the card. This means that, if you don’t have a lot of liquid funds available currently, you will not be able to obtain a card with a high credit limit.
  • Zero Rewards: There is no credit card points or rewards system in place for the First Progress MasterCard.
  • Longer Application Process: You may apply for this credit card online or over the phone, but it may take up to three weeks for you to hear back from the company in regards to whether you’ve been approved for the card.

Verdict

A secured credit card is a great option for people looking to pull themselves out of a bad credit history. It can also be a great starter credit card; if you can prove to yourself that you are capable of paying off your balance in full each month, you may decide it’s time to graduate to a card that comes with better benefits, like a points program.

With its low APRs and various credit card choices, the First Progress Platinum Secured MasterCard is a great option for many. However, take into account the longer approval process, as well as the fact that you can’t fully escape paying an annual fee with this card.

8.5 Total Score
First Progress MasterCard Review

Gaining approval for a credit card can be tough when you have a low credit score, or even if you have no credit history to speak of. This is because credit card companies want to be sure that you’ll make your payments regularly and on time, and if you have poor or no credit history, they may think you are too much of a risk to approve you.

Approval Process
10
APR (High Score = Better)
7
Company
8
Overall
9
PROS
  • Security Deposit Instead of Credit Score
  • Low APR
  • Choice of APR/Annual Fee
CONS
  • Credit Limit Dependent On Security Deposit
  • Zero Rewards
  • Longer Application Process
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