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The First Progress Platinum Select Mastercard is the perfect credit card for those with no credit score and or no credit history.
It is made for those who need to build their credit profile from the ground up or rebuild damaged credit. It is a secured credit card that requires a minimum-security deposit to activate, which then becomes the introductory credit limit.
The First Progress Platinum Select MasterCard Secured Credit Card is a secured credit card designed for those who have never owned a credit card or have difficulty qualifying for one.
The main purpose of the card is to build or repair your credit history. It is a Mastercard, so it can be used wherever Mastercard is accepted, and it does come with the extra perks that Mastercard offers (such as discounted tickets and offers).
The First Progress Platinum Select MasterCard® works just like a traditional credit card.
The main difference is that the financial institution is not providing the credit – you must pay the minimum credit deposit of $200 upfront.
This amount then becomes your credit limit. While this may seem like a restriction, it is actually a value add. It teaches you financial discipline and allows you to build credit responsibly.
The number one benefit is that it reports to all 3 major credit bureaus. The on-time payments you make each month will bolster your credit profile and will help you establish good credit from the start.
The main perk with the First Progress Platinum Select Mastercard is that it is suitable for those with bad credit or a lack of credit history.
This is because your initial deposit transforms into your introductory credit limit. We recommend you start small ($200) and then scale up as you get the hang of paying off a credit card.
The card reports to the credit bureaus, which will build your credit up (or repair it over time).
You do not need a minimum credit score or any length of credit history to get the First Progress Platinum Select Mastercard.
There is also no penalty for checking your eligibility. Whether you are new to the country, have bad credit, or have never owned a credit card before, the First Progress Platinum Select Mastercard® Secured Card is easy to qualify for, maintain, and payoff.
While there is an annual fee of $39, it is easily affordable and quite low compared to other credit cards. More on that below.
Because your credit history is not considered, the approval process is quick and easy. You simply need to be of legal age, be a resident of the United States (excluding New York, Wisconsin, Iowa, and Arkansas), and own a checking account.
The First Progress Platinum Select Mastercard is accepted nationwide thanks to its partnership with Mastercard.
You can use the First Progress Platinum Select Mastercard for cash advances. There is a small fee of 3%, and the cash advance APR is only 22.24% (v). That said, only use a cash advance if you can pay it off. Nevertheless, it is still a nice feature to have.
If you are suffering from bad credit or are struggling to find a credit card because you have no credit history, then the First Progress Platinum Select MasterCard®is worth it.
It is the best way to build up credit so you can eventually get yourself an unsecured card with a larger credit limit, such as the Discover it® Cash Back.
It is very affordable with only a $39 annual fee, and because you control how much the credit limit is, you won’t be able to spend out of your own control.
There are few credit cards on the market that are designed to help you fix bad creditor for those who lack a credit history.
While the First Progress Platinum Select is a great credit card, we always recommend comparing your options. Here is how the card stacks up.
The Fit Mastercard® is a card that is made for those with bad credit, although it is technically not a secured card as it does not require an upfront security deposit.
The Fit Mastercard® comes with an initial credit limit of $400, and there is the potential to have a credit limit increase after just 6 months of on-time payments.
The fees are much higher with the Fit Mastercard® – annual fees are $99, and there is a one-off fee of $89. Neither card offers any rewards.
Like the First Progress Platinum Select Card, the OpenSky® Secured Visa® Credit Cardis a secured card, which means that it requires a deposit to create a credit limit.
With an annual fee of $35 and accepted nationwide, the OpenSky® Secured Visa® Card is a noteworthy card to compare.
The Secured Mastercard® from Capital One acts is similar to the First Progress Platinum Select Card except for a couple of small differences.
While there is no annual fee with the Capital One card, the APR is much higher at 26.99%.
You can also start with a lower security deposit (minimum $49). This is significantly less; however, the APR is frightening to look at if you have never owned a credit card before.
The Reflex Mastercard is perfect for those who want to build their credit but do not want a secured credit card.
There is an initial credit limit ranging from $300 to $1,000, and there is a potential credit limit increase after 6 months of use.
While there are no maintenance fees for the first year, the annual fee does range from $75 to $99, depending on the credit limit you opt for.
The Fortiva credit card is an unsecured Mastercard credit card that is designed for those with bad credit.
The main difference is that it does not require an initial deposit, whereas the First Progress Platinum Select card does, and it offers rewards when used for certain purchases.
The credit limit is up to $1,000. The annual fee is much higher, being $175 in the first year, then $49 per year after that.
The main difference between the First Progress Platinum Select and the First Progress Platinum Prestige is the APR and the annual fee.
The First Progress Platinum Prestige has a slightly higher annual fee of $49, but the APR is lower at only 12.24% (v).
Both the cards work in the same way. You just need to determine whether the lower annual fee is worth, the higher APR.
The First Progress Platinum Select MasterCard® is certainly a good credit card for those who want to fix or build up their credit.
With a low initial deposit and APR, this card gets the job done. If you are smart, it will help you build your credit history and establish good credit.
You choose the credit limit for the First Progress Platinum Select MasterCard®. The minimum credit limit is $200, and the maximum is $1000.
This credit limit is determined by how much initial deposit you want to pay. At any time, you can pay more and increase the credit limit.
The First Progress Platinum Select MasterCard is very safe to use – it falls under the Mastercard brand, so security and accessibility are top priorities. Moreover, it comes with all the usual fraud protection that you would expect from a good credit card.
If you have bad credit or no credit history, then you may think that you are out of luck and have to live without a credit card.
This is not true, and if you want to actively start fixing and building up your credit, you should get yourself the First Progress Platinum Select MasterCard®Secured Credit Card.
With low fees, low APR, and nationwide acceptance, this card is one of the best on the market and is worthy of strong consideration.