The First Progress Platinum Elite Mastercard boasts a low annual fee, making it an appealing choice for many.
When you’re burdened with a low credit score, it can be a challenge to secure a credit card that offers a good deal. Most card options featuring rewards, benefits, and low fees are usually designed for those with at least an average score. Hence, the attention that First Progress Platinum Elite garners is significant.
This card blends the allure of a minimal annual fee with accessibility for those who might have a less than stellar credit history or those new to credit altogether. Designed as a secured credit card, its primary focus is on assisting individuals in building a better credit score.
It comes equipped with several perks aimed at helping you regain financial stability and embark on a journey toward a better credit history. Let’s delve into how this card functions, explore its benefits, and discuss the application process.
How Does the First Progress Platinum Elite Mastercard Function?
The First Progress Platinum Elite Mastercard is tailored for individuals with no credit history or those with subpar credit scores. This is evident from the fact that there isn’t a hard credit check at the time of application, resulting in easy approvals. The primary purpose of this card is to aid in improving your credit standing.
Notably, the Platinum Elite boasts the distinction of being First Progress’s secured card with the least annual fee. Remember, being a secured card means you’ll need to place a security deposit to get approval. The low annual fee ensures that card usage doesn’t heavily erode your credit limit.
Available deposit options for the card are:
- $200
- $300
- $2000
Much like other secured cards, your deposit determines your limit. This setup can give you a potentially high starting limit if you can place a substantial deposit.
Key Benefits of the First Progress Platinum Elite Mastercard
- The card is obtainable without the prerequisite of a good credit history.
- Rapid card delivery after approval.
- Monthly reporting to all three primary credit bureaus.
- 24/7 account access via a user-friendly mobile app.
- Instant access to your Experian score.
- Nationwide availability.
- Eligibility even after bankruptcy.
- The lowest annual fee among all First Progress offerings.
Charges and Rates for the Card
While the card has its perks, be mindful of certain fees and rates:
- $29 annual fee.
- 20.24% variable APR.
- 3% foreign transaction fee.
- $40 late payment fee.
- 25.24% variable APR for cash advances.
- 3% or $10 cash advance fee per transaction.
- $29 returned payment fee.
- $1 fee for billing statement copies.
The key to maximizing the benefits of the First Progress Platinum Elite Mastercard is to avoid maintaining a balance.
Who Should Consider a Secured Credit Card?
While the First Progress Platinum Elite Mastercard is beneficial in certain circumstances, it’s not an ideal long-term choice. With the absence of rewards or cashback and the presence of numerous fees, it’s advisable to switch to a better unsecured option once your credit improves.
Comparison with Other First Progress Cards
There are three primary First Progress card options, all designed for individuals with compromised credit scores:
- First Progress Platinum Elite Mastercard
- First Progress Platinum Select Mastercard
- First Progress Platinum Prestige Mastercard
While they share similarities in benefits and eligibility, their distinctness lies in their annual fees and APRs. For instance, while the Platinum Elite has the lowest annual fee, it comes with the highest APR, making it ideal for those who won’t carry a balance. On the other hand, the Platinum Prestige has the highest annual fee but offers the lowest APR.
Eligibility and Application Process
Essentially, any U.S. citizen can apply for the First Progress Platinum Elite Mastercard. There’s no credit check, making it a fresh start for many. The application is straightforward: simply complete a form on the First Progress official website and await your email approval.
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