The First Progress Platinum Prestige Mastercard® secured credit card was designed to acknowledge you as an eligible credit cardholder without a credit history & credit check. However, it comes with some conditions to be a part of this initiative. First is an account with Synovus Bank, and the second is a security deposit to qualify for any three cards offered by First Progress. As the card issuer completes its verification, you can verify the response and act further according to your requirements. If you want to improve your credit score, you can apply for the card and build credit by paying the requisite annual fee and APR. Let’s see how it works for its applicants.
Overview of First Progress Platinum Prestige Mastercard® Secured Credit Card
First progress proposes three cards with a security deposit that will determine the line of credit. First Progress Platinum Elite Mastercard Secured Credit Card, First Progress Platinum Select Mastercard Secured Credit Card, and First Progress Platinum Prestige Mastercard Secured Credit Card. If you want to qualify for any of them, you should initiate paying a $200-$2000 security deposit. There is a series of cards. One card selection will pave the way for the remaining two, and the most relaxing part is no credit history check. Furthermore, no minimum credit score to set your liability for the company when the First Progress Platinum Prestige Secured Mastercard reviews your documents.
No such things will hinder your capability. However, you must have a Synovus Bank account to trigger the application. In case you qualify for the first progress platinum prestige, you would have to disburse $49 (highest among the three) as the annual fee but the lowest purchase variable APR of 13.74%. Because of the lowest APR or interest rate, it becomes the best choice for most credit card holders of first progress. Moreover, you can feel down with no rewards and refund features because most secured credit cards allow this policy with their cards, even with bad or no credit. Indeed, one can experience speed online applications to receive their card more quickly.
Now, if you can’t earn rewards and cashback, the annual fee is a burden. However, you should consider this because it is lower than the standard interest rate and even an excellent credit score. With the expedited processing option, you can build the debt history and carry the balance from month to month with pocket-friendly APR. All-in-all, the introductory offers, welcome bonuses, higher percentage rewards, and cashback are out of the box. As a result, the card comes under the category where the bank or the company seizes most of the rights because of poor credit or low credit score.
- No Credit Check
- Pay the pending balance to get the refund for account closure
- New “Expedited Processing Option” for speedy card receivable
- Enjoy the account and credit card services on Android and iPhone devices
- 24/7 access to customer care executive
- Real-time and free access to credit reports monitored by the Experian
- Quick application
- Nationwide program in over 50 countries
- Reports to all credit bureaus
- Timely payment by adding a card to your wallet
Pros and Cons of First Progress Platinum Prestige Mastercard® Secured Credit Card
- A variable APR of 13.74% is much lower; compared to other credit cards
- No higher or lower credit limit security deposit
- Speedy application process
- Scope for credit limit increase
- Cash Advance available
- Bad credit acceptance
- Foreign transaction accepted
- Balance transfer functional
- No credit history
- Reports to credit bureaus
- Pay the balance to get the deposit back
- Easy access to the account
- No credit effect because, no hard inquiry
- Credit building
- Higher annual fee
- Rewards & cashback
- No welcome offer
- No introductory interest rate concession
- Without a carrying balance no benefit from a lower interest rate
- Security deposit for a line of credit
- Need a bank account with Synovus Bank
- No Unsecured card conversion
Features of First Progress Platinum Prestige Mastercard® Secured Credit Card
Annual fees, rewards, cashback, and introductory or welcome offers are some drawbacks of the First Progress Platinum Prestige. However, it still has multiple benefits for its cardholders with different features. You can track them while applying for the card with online sources. Let’s see their description below.
No Credit Check
First, Platinum Prestige MasterCard doesn’t drop off your credit points from the credit report as there is no process for hard inquiry for any application whether you have a debt record or not. You don’t require any credit score to show the company the higher chances of your qualification. The First Progress syncs with three major credit bureaus and informs them about your repayment responses every month, but it keeps the application process in its exception.
The First Progress Platinum Prestige Secured Mastercard review has sourced that you can decide your credit limit by a security deposit. However, the purchase limit will be lower because of the lessening of the annual fee from the deposited amount.
Suppose, you have paid $500 as a security amount, and your initial stage or all-year fixed yearly toll is $49, then the spending limit will appear before you as $451. So you have to decide what amount you want for your bills and then pay them accordingly.
It is the prime purpose of every credit card, personal or commercial loan. Debt repayment records help build the credit score or history further. The case is precise with First Progress Platinum Prestige Secured MasterCard reviews. If you manage the monthly payment in time then you can trigger the desired changes in your credit report.
That change may or may not be new and satisfactory to you. However, they all would be because of your thought process about your responsibility. These commitments will darken or brighten up your future. In most cases, the credit habit affects your personal life too. You have to make sure you lead a better life by neglecting the credit-building task when there is nothing to restart further.
Credit Limit Increase
You can or should request a credit limit of up to $5000 because as per the official and practical factors, you should keep your credit card spending lower than 30% of the line of credit. If you choose $200-$500 for the purchase limit, you may get significantly less after deducting your annual fee from the bank and further credit utilization rate deduction.
If possible the cardholder must choose the maximum limit for a contract because it will allow you to manage these two deductions easily. Furthermore, you can even move to other card issuers because it will also be insufficient for your credit analysis by the credit bureaus. To request credit limit enlargement, one can trade with the customer care number and ask for an amount up to $5000. If the request gets approved, you must deposit the sanctioned amount with a check mailing. In some cases- you don’t have to deposit the amount for the increment. The First Progress has its own policy to facilitate the cardholders with this feature.
Like other poor score secured and unsecured credit cards, it also offers cash advance services. Means! You can withdraw the amount from the ATM in your locality. This cash advance may allow you to counter multiple financial crises that are resolvable only with cash availability. You can’t make every payment with a card only.
In that case, the First Progress Platinum Prestige Mastercard secured credit card has the potential to deal with the situation. You must not decide on this card because of this feature only because it has a higher 22.74% APR with a 3% minimum or a $10 fee. Apart from that, you would have to bear other ATM-related third-party costs, charges, or fees.
Every act will be recorded by the bank or shared with the credit bureaus to inform the cardholders of their progress regarding their debt history or debt score. It is the act of almost all loan and credit card service providers. It is always an inseparable or crucial part of credit-building initiatives. Information sharing is voluntary, however, it has a giant impact on your future. Almost everything is connected financially.
You or everyone should be ready for this truth because it is prone to clerical mistakes- but it is your truth entirely. Money lenders or other credit card services companies will base the credit report of FICO, Vantage, Experian, Equifax, and TransUnion. So it is a great platform to construct the recognition at a mere lower APR or rate of interest. Never deal with a company that can’t link your debt routine with these monitoring authorities- unless you have no concerns about your credit scores.
As you spend every month with your credit limit, similarly, the authority generates bills every month for repayment, including interest from you. In other words, you have 25 days as a grace period for interest-free spending. If you cross that grace period without the last spending amount settlement, as mentioned in the bill.
You have to pay a heavy interest rate. First Progress Platinum Prestige Secured MasterCard reviews your account to see whether you carry a balance over to the last billing cycle so that- it can accumulate the charges as usual. Make sure to pay it on time because it will impact your credit report and hinder a large amount of loan and credit card approval from the current and upcoming service providers.
Lower interest rate is a feature that is rarest in the credit card market. Whether you have a poor-fair-good-excellent credit score, you have to pay at least 17 to 20% APR for your purchases with variability. The case contrasts with the trend or tradition. Mean- if it charges a hefty annual fee and doesn’t let you subscribe for any reward, welcome offers, or other profits, the relaxing APR will control the situation or your discomfort. All-in-all you can pay the bills on time without any balance. Ultimately it will build your credit and help you save money- if one doesn’t perform cash advances, foreign transactions, and late payments.
Security Deposit Refund
You can’t convert the First Progress Platinum Prestige Mastercard Secured credit card into an unsecured credit card. However, you have the space to get a refund during account closure. That also is possible when you fix the whole balance issue. Make sure to avoid this situation because the account closure may affect the credit score and put a question on the next step you would take further.
24/7 Account Management
The cardholder can either manage the account via the website or download the mobile app to view the credit limit, spending, features, new updates, and more. You can quickly link or unlink the card to avail of the benefits in over 50 states. Apart from that, you can have a fresh start because it will not slump the application because of the current highlights of discharged bankruptcy.
Fees and Interest Rates of First Progress Platinum Prestige Mastercard® Secured Credit Card
Fees of First Progress Platinum Prestige
- The annual fee is $49 in the deal of a lower APR. Because of more subordinate credit, you are liable for a $10/3% (whatever is greater) cash advance fee.
- Carrying a balance is relatively easy with this card. However, you should avoid this attempt. Now, if you frequently travel outside the country and are planning payment with the card-be ready to pay 3% of the transaction amount.
- Pay the bill on time- otherwise, you can bear up to $41 for the late payment. Other than that, one is accountable for a maximum $30 returned payment fee.
- The purchase APR is 13.74% (variable), the cash advance APR is 19.24% (variable), and $1.50 for the minimum interest charge.
- The terms and conditions vary from time to time. You must get updated with everything. For reasonable offers- you should visit the website or app occasionally.
Who Should Apply for First Progress Platinum Prestige Mastercard® Secured Credit Card?
The application process is quick and easy for most applicants. However, that is unacceptable for everyone even if they have poor credit and are planning to build the credit. Let’s understand better! Who can enjoy the benefits of this First Progress Platinum Prestige?
- Bad Credit Score Users
If you have bad credit and a discharged bankruptcy too, you can check First Progress Platinum Prestige Secured Mastercard reviews. After analyzing the terms and conditions, apply for the card to see whether you qualify for which card of the First Progress. First Progress Platinum Prestige can or can not be a terrific way for credit modification, depending on your version. Your credit and blacklisted name may not disqualify you. Instead, your income proof and repayment incapability will create hurdles.
- Novice Applicants
Novice applicants who have no credit history and want to experience this field can devote their information to First Progress and open an account with Synovus Bank. One can take it as the best start to let the bureaus keep a strict eye on you until you step back from this platform and move forward for something else.
- Low-interest Rate Seekers
Those who want to save money for other goals along with credit building can take a First Progress Platinum Prestige Mastercard secured credit card. However, they should not take this as a leisure activity as it may still impact your wallet even though you can smoothly carry a balance to the next month. Moreover, you have a 25 days grace period for interest-free purchases or payments on the recognized platforms.
- Security Depositors
Being a secured credit card; the first impression asks for security deposits. If you have a credit-building plan and are ready to pay a security deposit at the initial level or even for the line of credit increase, then you are suitable to take this card right away. Otherwise, you should find an option that can allow you credit without any investment.
Replacements of First Progress Platinum Prestige Mastercard® Secured Credit Card
Let us know what are the replacements for the First Progress Platinum Prestige Mastercard.
1. Regions Explore Visa® Credit Card
Regions explore Visa credit card is available for those who want to see the evolution of their credit score for a less annual fee ($29). On the other hand, they can deposit a $250 to $10000 security deposit to demarcate their credit line. In response to this feature, you would need to face 25.99% (variable) for every recognized purchase. The minimum credit deposit is $50 higher than the First Progress, but it is manageable for the more increased credit limit. Like a security deposit, for carrying, a balance also is the opposite for the users. You can’t carry a balance because it will heavily burden the budget and leave you unfit financially.
- Apart from that, you can gain access to “Purchase Security” and “Warranty Manager” benefits and connect the credit card with “Google pay,” Samsung Pay,” and “Apple Pay” for wallet payment.
- The regular purchase APR is 25.99% (variable) positioned on “Prime Rate.”
- 25.99% (Variable) for balance transfer APR, again positioned on “Prime Rate.”
- A balance transaction fee is $10/4% (whatever is greater) for the transferred amount.
- 27.99% (variable) is cash advance APR based on “Prime Rate.”
- The cash advance fee is $10/4% (Whatever is greater) for the amount withdrawn from the ATM.
- $39 is the maximum limit for the late payment penalty.
- Best to control your financial future.
- Overdraft protection.
- One can convert it into an unsecured card by allowing them to review it after a thorough timely repayment from your side with a refund.
2. PREMIER Bankcard® Secured Credit Card
The borrower can approach the enhanced credit history with Premier Bankcard secured credit card. Both are secured cards and require a security deposit to build trust in the mind of the service provider by depositing a fixed amount. The minimum amount is $200 which can go up to $5000 as a line of credit. Moreover, you have to arrange $49-$50 for the annual fee to continue the activeness of the card.
- It imposes a more elevated 19.9% interest rate compared to the First Progress Platinum Prestige.
- Easy to track the spending and payments made to the merchants to fix your financial stress.
- If you are eligible you can apply and get the response within the prescribed time.
- Within six months timely payment will allow you to convert your card into an unsecured card with a complete refund.
3. First Progress Platinum Elite Mastercard
It is one of the three most demanding cards of the first impression. This secured card also requires a $200 to $2000 security deposit for the qualification. The APR is 23.74% (variable), and a $29 annual fee for a 300-669 credit score. Moreover, like Prestige Mastercard, it will also assist you in building your credit score if some factors have affected them.
- Higher APR
- A foreign fee is 3% of the transaction
- The cash advance fee is 3% or a minimum of $10 of the withdrawal amount
- Cash advance APR is 28.74%
- $41 is the maximum late fee
Frequently Asked Questions
Q.1 Who can apply for First Progress credit cards?
The ones who can apply are those who can deposit the security amount and have a stable income and can apply for the first progress credit card.
Q.2 How to pay First Progress credit card?
- Online Method
- Calling method
- Mobile app
Q.3 How to cancel the First Progress card?
One can make a call to the customer care number to cancel the first progress card.
Q.4 How do I contact First Progress if I have additional questions?
You can call on the customer service number to ask additional questions.
Q.5 Does First Progress do a credit check?
No, first progress doesn’t accomplish a credit check for the credit card qualification.
Q.6 How do I request a higher credit limit for First Progress?
After the successful completion of 6 months, you can send a phone call request for an increase in the higher credit limit.
Opinions, reviews, and analysis of the First Progress Platinum Prestige Mastercard® secured credit card are based on experienced cardholders. They have encountered almost all the features provided above in a more useful way. You can also apply for the card to maintain your credit with a lower interest rate on regular purchases. Leave your comment for more such queries.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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