First Progress secured credit card rewards
First Progress doesn’t offer any welcome bonuses, but two of the three cards offer 1% cash back on your payments: Platinum Select and Platinum Prestige.
If you have a First Progress Platinum Elite Mastercard, you’re not eligible for rewards.
Note that you only earn cash back with these rewards cards on payments, not on purchases. You won’t get cash back each time you buy something, but you will earn cash back when you pay your credit card bill. This makes it even more important to make your payments on time.
First Progress secured credit card benefits
Opening a secured card with First Progress gives you access to several benefits.
First Progress credit card fees, rates & limit
Before you apply for a credit card, make sure you know the interest rate, maximum credit limit and fees.
First Progress card fees
All three credit cards from First Progress have annual fees. The higher the fee, the lower your interest rate.
Here’s how much you can expect to pay each year:
- First Progress Platinum Elite Mastercard: $29
- First Progress Platinum Select Mastercard: $39
- First Progress Platinum Prestige Mastercard: $49
The issuer also charges a 3% fee on all foreign transactions. This fee applies to all three credit cards.
First Progress card interest rates
The Platinum Elite card has the highest rate: 25.24% variable on all purchases. For the Platinum Select, the regular APR is 19.24% variable. The Platinum Prestige, which has the highest annual fee, has an interest rate of 15.24% variable.
First Progress card annual limit
Your credit limit depends on how much money you deposit when you open your account. The initial limit ranges from $200 to $2,000. Fortunately, if you make your payments on time, you may be able to increase your limit to $5,000. Limit increases take place at the discretion of the issuer, so you may not be approved the first time you ask, but at least there’s the potential for a limit increase at some point.
Is a First Progress secured credit card right for me?
These credit cards are ideal if you’re building credit for the first time or if you’ve had a few financial problems and need a chance to rebuild your credit.
First Progress cards also have some features that make them a better choice than other credit products. For example, many companies won’t increase the credit limit on a secured card. First Progress may raise your limit to $5,000 if you have the funds to increase your deposit, giving you more flexibility. Additionally, many secured cards aren’t cash-back credit cards, making First Progress stand out in a crowded marketplace.
A credit card from First Progress may not be right for you if you travel frequently, as those 3% foreign transaction fees can add up quickly. The more you pay in fees, the less you’ll have to spend on souvenirs and other travel expenses.
If you decide that First Progress is a good fit for your needs, review the terms of each card carefully. The Platinum Elite card has the lowest annual fee, so it’s ideal for users who plan to pay their credit card bills in full every month. If you pay in full, you won’t have to worry about having a high interest rate. If you think you’ll need to carry a balance, it may be worth applying for the Platinum Prestige card. It has the highest annual fee, but it also has the lowest interest rate. If you carry a balance, your account won’t accumulate as much interest over time. If rewards are a priority, then you’re better off with the Platinum Select or the Platinum Prestige.
If you’re not convinced that First Progress offers the best credit card for you to establish your credit history or recover from bad credit, these card reviews listed below may help you find one that better suits your needs.
How to apply for a First Progress secured credit card
It’s easy to get approved for a First Progress card since you don’t need to meet any minimum credit score requirements. Additionally, you don’t need a credit history to get approved, which means you can open a First Progress account even if you’ve never used credit before.
▶︎ See our picks: Best credit cards with no credit check
The main requirement for account approval is the ability to make a deposit of $200 to $2,000. This refundable security deposit gives you access to a line of credit that you can use to buy groceries, dine out at restaurants and make other purchases.
You can apply for a First Progress credit card online. You’ll need to provide your personal information, agree to the terms and conditions, and fund your deposit.
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