More about the First Progress Platinum Elite Mastercard® Secured Credit Card
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum Mastercard® Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI
- * See Card Terms.
Reviewing The First Progress Platinum Elite Mastercard Secured Credit Card
If you have faced some tough financial times or are just starting to establish credit, you need to make a strong effort to build your credit score. One of the ways to do this is to obtain a secured credit card. But a secured card will only help if it reports to the three major credit bureaus. One of the secured cards that does this is the First Progress Platinum Elite Mastercard Secured Credit Card. The card is issued by Synovus Bank of Columbus, Georgia.
Main Benefits Of The First Progress Platinum Elite Mastercard Secured Credit Card
Consumers should have very few problems being approved for this card since the issuer does not require a credit history or any kind of a minimum credit score. The online application is easy to understand, and applicants should hear of their acceptance fairly quickly.
As with most secured cards, the amount of your security deposit will determine your credit line. Consumers do not have to worry about the deposit–it will be refunded if you close your account and pay any remaining balance in full. The security deposit on this card can be as low as $200 and as high as $2,000.
If you use your card prudently and make your payments on time every month, you should start to see your credit profile improve since Synovus Bank reports your account information on a monthly basis. So make sure you pay your bill well ahead of the due date to avoid risking a late payment.
Cardholders will encounter very few problems using the card since it is backed by Mastercard.
The annual fee on this card is a reasonable $29. Some secured cards have annual fees that are much higher.
Main Drawbacks Of The First Progress Platinum Elite Mastercard Secured Credit Card
This card has a couple disadvantages: a lack of availability in certain markets and a much higher APR than the other First Progress cards.
The First Progress Platinum Elite Mastercard Secured Credit Card has an APR that is almost twice as high as First Progress Platinum Prestige Secured card.
It’s important to note that First Progress does not operate in all 50 states. The card is not available in New York, Wisconsin, Iowa and Arkansas.
Who The First Progress Platinum Elite Mastercard Secured Credit Card Is Right For
Consumers who have encountered financial difficulties or have no credit profile may want to consider applying for the First Progress Platinum Elite Mastercard Secured Credit Card. Your application will likely be approved since no credit history or minimum credit score is needed. If you make your payments on time each month, you should start to see your credit improve since the issuer reports your activity to all three major credit bureaus each month. But the card has a fairly high interest rate of 19.99%, so if you are going to carry a balance, there may be more attractive secured cards on the market.