Review: First Progress Platinum Elite MasterCard Secured Credit Card

This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com.

When it comes to credit scores, the goal is always to keep your scores as healthy as possible. However, sometimes events out of your control can place you in a situation in which you have poor credit and need to repair your scores.

In those situations, applying for a credit card such as the First Progress Platinum Elite MasterCard secured credit card can help you repair your credit over time with responsible spending habits.

Advantages

• No credit checks or credit history required for approval. Unlike regular credit cards, the First Progress Platinum Elite MasterCard does not require a credit history or credit check in order for you to be approved for the card.
• Reports to the three major credit bureaus. The card reports to Equifax, TransUnion and Experian. This is very important for rebuilding one’s credit scores. Using the card responsibly and paying your bill on time will ensure that your credit scores increase.
• Fully featured credit card. Although this card is a secured card, it works just like a regular credit card. The card allows you to set your own credit limit between $300 and $2,000, depending on the amount of the security deposit you place with First Progress.
• 24/7 online account access. The card offers anytime access so you can check your account balance from any computer with an Internet connection at any time. This feature is not offered by all secured credit cards.
• Low annual fee. The annual fee to use the card is $29. Many secured credit cards charge higher annual fees.

Disadvantages

• Security deposit required. Since the card is a secured credit card, it requires a minimum deposit of $300. However, this isn’t much of a disadvantage because all secured credit cards require a deposit in order to secure a credit line for the cardholder. The upside is that this deposit is refundable.
• Not available in every state. Although the card is available to people in most U.S. states, it is not yet available to potential cardholders in New York, Iowa, Arkansas or Wisconsin.

Bottom line

Get it if: You have bad credit and are looking for a credit card you will instantly be approved for so that you can rebuild your credit over time with responsible use.

Forget it if: You don’t have poor credit.

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Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.