First Progress Platinum Elite Mastercard® Secured Credit Card Review

First Progress Platinum Elite Mastercard® Secured Credit Card Review

The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t require a minimum credit score or credit history. Learn more about this card's pros and cons in this review!

The First Progress Platinum Elite Mastercard® Secured Credit Card is a great choice for those looking to improve their credit score. In order to obtain this card, there are no minimum credit requirements and no need for any previous credit history - just the $200 minimum deposit. By paying your deposit and using it as collateral, you can reduce risk of defaulting on payments by shifting that responsibility onto the issuer.

With time, good habits, and responsible use of the secured card, your score will increase steadily, giving you more access to unsecured loans down the line.

The First Progress Platinum Elite Mastercard® Secured Credit Card sends out information about your account every month to Experian, TransUnion, and Equifax (the three major credit bureaus), so you can build up more information on your credit files with them. With this full-feature platinum card, you also enjoy all of the convenience and protection that comes with using Mastercard® around the world.

First Progress Platinum Elite Mastercard® Secured Credit Card: Pros and cons overview

Rewards system in a nutshell

The First Progress Platinum Elite Mastercard® Secured Credit Card unfortunately does not offer a rewards system, complimentary bonuses, or cash-back rewards. Like many other secured credit cards, this card mainly offers you the means to greatly improve your credit score by regularly reporting your account activity to the major national credit bureaus.

Who can benefit from getting the First Progress Platinum Elite Mastercard® Secured Credit Card?

There are two main types of people who should consider applying for the First Progress Platinum Elite Mastercard® Secured Credit Card: people with low credit scores, and people applying for their first-ever credit card.

As you use your card, make purchases, and pay bills, your credit file will become more established with all three major national credit bureaus (Experian, TransUnion, and Equifax). This is important, because these agencies’ credit scores are used by lenders to determine whether you are a high or a low risk whenever you apply for a loan or credit card in the future.

First Progress’s secured line of credit cards are therefore an ideal choice for those with little credit to build it up and establish themselves as responsible users of credit. From the young adults getting their first card to the people who need to improve their scores, this card can help people either build or rebuild their credit.

Are there any other benefits?

Another benefit of using the First Progress Platinum Elite Mastercard® Secured Credit Card is that it gives you access to top-notch customer service and support.

Conclusion

The First Progress Platinum Elite Mastercard® Secured Credit Card is a good option for those who need help with rebuilding or establishing their credit score.

Like most secured credit cards, it requires an initial deposit to determine your line of credit on the card, and does not come with any rewards or benefits programs.

It will, however, help you build your credit score over time, as long as you make your payments on time and use the card responsibly. By reporting your account activity to all three major credit bureaus monthly, this card allows you to improve your credit and access other loans or credit cards in the future. Plus, with no minimum credit score or credit history requirements, the First Progress Platinum Elite Mastercard® Secured Credit Card is an ideal choice for building or rebuilding your credit.