First Progress offers secured credit cards for people with bad credit histories who want to start getting their credit rating back on track. With a secured credit card, you have to make a (refundable) security deposit in order to get the card, and your credit limit is equal to the amount of money you deposit. However, you still make payments like you would with any other credit card — payments do NOT come out of the security deposit you made unless you fail to pay your bill. (You get the security deposit refunded back when you no longer want the card.)
In the case of First Progress, you must deposit at least $200 to open an account, though you can deposit up to $2000. Again, your card’s credit limit will be equal to the amount you deposit.
Most secured credit cards, including First Progress, will report your payment history to the major credit bureaus, which can help you improve your credit score if you make your payments on time every month.
First Progress offers 3 credit different secured credit cards. The main difference between them is the amount of the annual fee (a yearly fee that is charged in addition to any security deposit you put down) and the interest rate. In general, the higher the annual fee you pay, the lower the interest rate you get, as follows:
- First Progress Platinum Prestige MasterCard – 11.99% interest rate, $44 annual fee
- First Progress Platinum Select MasterCard – 14.99% interest rate, $39 annual fee
- First Progress Platinum Elite MasterCard – 19.99% interest rate, $29 annual fee
In comparing First Progress to other secured credit cards, we can say that the annual fees are in line with others and the interest rates are actually lower than many other cards of this type.
However, you may want to look at our Secured Credit Cards page and consider other cards, too. Here’s why: Some of the big banks that offer secured cards may upgrade you to an unsecured credit card after the first year if you have paid your bills on time. In that case, you’d get your security deposit back and you can go forward with a “regular” credit card from a major bank.