First Progress Platinum Select MasterCard® Secured Credit Card Review

When it comes to building or rebuilding your credit, having the right credit card can make a significant difference. The First Progress Platinum Select MasterCard® Secured Credit Card is one such product designed specifically for individuals who are either new to credit or looking to improve their credit score. In this detailed review, we will delve into the various features, benefits, and drawbacks of this credit card to help you make an informed decision.

First Progress Platinum Select MasterCard® Secured Credit Card Key Takeaways

– Cash Back Rewards: Earn 1% cash back on payments made to your First Progress Secured credit card account.
– Annual Fee: $39 annually.
– APR: 19.24% Variable for purchases.
– Credit History: No credit history required; suitable for those with poor to fair credit (0-669).
– Issuer: Synovus Bank.
– Fraud Protection: Comprehensive fraud protection included.
– Fees: Various fees apply, including a late payment fee of up to $41.

First Progress Platinum Select MasterCard® Secured Credit Card Pros and Cons

Pros

1. No Credit History Required: This card is an excellent option for individuals who are just starting their credit journey. Unlike many other credit cards, it does not require a minimum credit score, making it accessible to a broader audience.
2. Cash Back on Payments: Unique to this card, you earn 1% cash back on payments made toward your First Progress Secured credit card account. This can be an excellent incentive for those who are diligent about paying off their balance.
3. Low Annual Percentage Rates: With a variable APR of 19.24% for purchases, this card offers relatively low interest rates compared to other secured credit cards.
4. Payment Flexibility: The card provides flexibility in payments, allowing users to manage their finances more effectively.
5. Fraud Protection: Comprehensive fraud protection ensures that your account is secure from unauthorized transactions.
6. Purchase Protection: The card includes purchase protection, which can be a valuable feature for consumers.

Cons

1. Annual Fee: The card comes with an annual fee of $39, which can be a downside for some users.
2. Foreign Transaction Fee: This card is not ideal for international use due to its foreign transaction fees.
3. Limited Rewards: While the 1% cash back on payments is a unique feature, the card lacks other reward options that are common in many other credit cards.
4. High Fees for Cash Advances: Cash advances come with a fee of either $10 or 3% of the amount, whichever is greater. This can add up quickly if you frequently use this feature.
5. High APR for Cash Advances: The APR for cash advances is 25.24% variable, which is relatively high.

First Progress Platinum Select MasterCard® Secured Credit Card Benefits

Build or Rebuild Credit

One of the primary benefits of the First Progress Platinum Select MasterCard® Secured Credit Card is its ability to help you build or rebuild your credit. Since this is a secured credit card, your credit limit is determined by the amount of your security deposit. This means that even individuals with poor or no credit history can qualify. Synovus Bank reports your credit activity to all three major credit bureaus—Experian, Equifax, and TransUnion—so responsible usage can help improve your credit score over time.

Cash Back on Payments

This card offers a unique cash-back feature where you earn 1% cash back on payments made to your First Progress Secured credit card account. This can be particularly appealing if you are disciplined about paying off your balance regularly. The cash-back rewards can help offset some of the costs associated with the annual fee and other charges.

Fraud and Purchase Protection

In today’s digital age, fraud protection is more important than ever. The First Progress Platinum Select MasterCard® Secured Credit Card comes with comprehensive fraud protection, ensuring that your account is safeguarded against unauthorized transactions. Additionally, the card offers purchase protection, adding an extra layer of security when making purchases.

Payment Flexibility

The card offers flexible payment options, allowing you to manage your finances efficiently. You can pay your bill online through the issuer’s website or by calling customer service. This flexibility can be particularly beneficial for those who prefer different methods of payment.

Low Interest Rates

With a variable APR of 19.24% for purchases, this card offers relatively low-interest rates compared to other secured credit cards. This can be advantageous if you occasionally carry a balance, though it’s always best to pay off your balance in full each month to avoid interest charges.

No Credit History Required

One of the standout features of this card is that it does not require a minimum credit score for approval. This makes it accessible to individuals who are new to credit or have a poor credit history, providing them with an opportunity to build or rebuild their credit.

Rate and Fee Information

Purchase Intro APR

– None: This card does not offer an introductory APR for purchases.

Purchase APR

– 19.24% Variable: The purchase APR is relatively low compared to other secured credit cards, making it a cost-effective option if you carry a balance occasionally.

Intro Balance Transfer APR

– None: There is no introductory APR for balance transfers.

Balance Transfers APR

– None: Balance transfers are not available with this card.

APR for Cash Advances

– 25.24% Variable: The APR for cash advances is relatively high, so it’s best to avoid using this feature unless absolutely necessary.

How to Avoid Paying Interest

– Your due date is at least 25 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month.

Fees

Annual Fee

– $39 annually: The card comes with a moderate annual fee, which can be offset by the cash-back rewards if you use the card responsibly.

Fees for Cash Advances

– Either $10.00 or 3% of the amount of each Cash Advance, whichever is greater: Cash advances can be costly, so it’s best to avoid using this feature.

Return Payment

– Up to $30.00: Fees apply for returned payments, so ensure that you have sufficient funds before making a payment.

Late Payment

– Up to $41.00: Late payments can result in significant fees, so it’s crucial to pay your bill on time to avoid these charges.

Conclusion

The First Progress Platinum Select MasterCard® Secured Credit Card is a solid option for individuals looking to build or rebuild their credit. With its unique cash-back feature, comprehensive fraud protection, and relatively low-interest rates, this card offers several benefits that can make it a valuable tool in your financial arsenal. However, the annual fee, foreign transaction fees, and high fees for cash advances are factors to consider before applying.
If you are disciplined about paying off your balance in full each month and are looking for a way to improve your credit score, this card can be an excellent choice. The ability to earn cash back on payments is a unique feature that sets this card apart from other secured credit cards on the market.
In summary, the First Progress Platinum Select MasterCard® Secured Credit Card offers a range of features and benefits that can help you achieve your financial goals. By using the card responsibly and taking advantage of its unique rewards program, you can build a solid credit history and improve your credit score over time.