First Progress Premium Elite MasterCard® Secured Credit Card Review
- Nationwide Program though not yet available in NY, IA, AR, or WI.
- Receive Your Card More Quickly with New Expedited Processing Option.
- No Credit History or Minimum Credit Score Required for Approval.
- 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 $300 - $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.
Secured Credit Card
- Guaranteed by your funds, which act as a "security deposit" in case you default on the loan extended by the credit card company.
- Security deposit will be refunded in full if your account is up-to-date and paid on time when you close out your card.
- Looks and works like any other credit card, so it won't be apparent to others that this is a secured card.
- You fund the card by depositing a minimum of $300 (and up to $2,000) into a FDIC-insured account. Deposit amount is based on your credit history.
Helps Credit History
- Helps boost your credit history by reporting to all 3 credit bureaus every month so you can establish or rebuild your credit.
- Looks like any other credit card on the credit reports - there is no indication that you have a secured card.
- If you make your payments on time, you can help improve your credit score with good payment behavior.
Fees and APR
- $29 annual fee.
- Purchase APR: 19.99% APR. No grace period is provided.
- Balance Transfer APR: balance transfers not permitted.
- Minimum deposit required is $300 and the maximum deposit is $2,000.
|Purchase APR:||19.99% variable|
|Type of Card:||Secured Mastercard for those with poor or no credit|
|Secured Card Deposit:||$300|
|Fees:||$29 annual fee|
|Helps Credit History?:||Reports to all 3 credit bureaus every month|
Disclaimer: This content is not provided or commissioned by the credit card issuers. Opinions expressed here are author's alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers. This site may be compensated through the affiliate program of the credit card issuers.
NextAdvisor Credit Cards Blog Headlines
- What to Do if You Have Bad Credit
Having good credit is essential when it comes to things like getting approved for new credit cards, opening utilities in […]
- Attention Costco Shoppers: Earn Generous Cash Back with the New Costco Anywhere Visa Credit Cards
If you shop at Costco and are looking for a credit card that offers generous cash back rewards, two new […]
- Costco Now Accepts Visa: Top Credit Cards to Use at the Wholesale Club
Starting today, Costco now accepts Visa-branded debit and credit cards, which means you’ll likely have to find a new go-to […]
- Best Credit Cards for Seniors
When it comes to finances, your age makes a difference, as someone in their 60’s with grandchildren or adult children […]
Related Forum Posts
- Is the First Progress Premium Elite MC Secured card a prepaid card?
The First Progress Premium Elite MasterCard Secured Credit Card is a secured credit card, NOT a prepaid card. A secured card is guaranteed by your[...]