THE GOOD

Credit monitoring:

One universal benefit that secured credit cards give you is the ability to raise your credit score faster as your credit is monitored and reported to the three credit bureaus monthly. If you are just building or looking to rebuild your credit, the First Progress Platinum Select MasterCard® could be a viable option for you.

Rewarding grace period:

Whereas some other card providers will not offer a grace period on interest accruals, the First Progress Platinum Select MasterCard® offers zero interest on purchases for 25 days so long as you pay your balance on time. It is important to note that the 25-day grace period is only offered on purchases and not balance transfers or cash advances. Those charges will accrue daily interest.

THE BAD

Slow balance refresh:

It can take up to 10 full business days to clear a payment on your account, which limits the period for credit to be made available again. This may be cumbersome if you spend frequently and also maintain a higher balance. However, if you are aren't spending on big-ticket items, this won't be as inconvenient as it sounds.

High security deposit required:

Compared to the other top secured credit cards, the First Progress Platinum Select MasterCard® requires a much higher security deposit. It will cost you $300 to get access to credit, while most other cards will cost you $200 or less.

Foreign currency transaction fee:

Several of the other secured credit cards won't charge a foreign transaction fee, but that is not the case with the First Progress Platinum Select MasterCard® as they charge a 3% transaction fee. This may be annoying for frequent travelers who find themselves having to use their cards while out of the country.

THE DETAILS

Deposit and Limits
Maximum Credit Limit $5,000
Minimum Credit Limit $300
Minimum Security Deposit $300
Rates
Cash Advance Rate (APR) 19.99%* Variable
Grace Period 25 Days
Standard Balance Transfer Rate (APR) N/A
Standard Rate (APR) 14.99%* Variable
Fees
Annual Fee $39
Balance Transfer Fee N/A
Cash Advance Fee $10 or 3% per advance
Foreign Currency Transaction Fee 3% per transaction
Late Payment Fee Up to $37
Minimum Interest Charge $1.50
Over-Limit Fee $0
Returned Payment Fee Up to $26
Set-up Fee $0

FEATURES

Title
  • Increase Credit Limit with Additional Security Deposit You can increase your credit limit by depositing more money.

  • Fund Account Online You can fund your account online.

  • Increase Credit Limit with Good Payment History You can earn credit limit increases based on your credit and payment history.

  • No Approval Required for Credit Limit Increase You do not need additional approval for credit limit increases.

  • Automatic Credit Reporting The credit card will automatically report your credit standing to the three major credit bureaus.

  • Online Account Access You can access your account 24/7 online.

  • Fraud Liability The credit card offers fraud liability protection.

  • Free Credit Monitoring The credit card offers free credit monitoring services.

  • Grace Period The credit card has a grace period before interest starts to accrue.

  • No Over-Limit Fee The credit card does not have an over-credit-limit fee.

  • No Late Payment Fee The credit card does not have a late payment fee.

  • No Minimum Interest Charge The credit card does not have a minimum interest charge.

  • No Returned Payment Fee The credit card does not have a returned payment fee.

  • Annual Fee Less Than $45 The credit card's annual fee is less than $45.

  • Annual Fee Less Than $55 The credit card's annual fee is less than $55.

  • No Set-up Fee The credit card does not have a set-up fee.

  • Annual Fee Less Than $35 The credit card's annual fee is less than $35.

  • No Annual Fee The credit card does not have an annual fee.

  • No Cash Advance Fee The credit card does not have a cash advance fee.

  • No Foreign Currency Transaction Fee The credit card does not have a foreign currency transaction fee.

  • Deposit Fully Refundable The security deposit is fully refundable.

  • Funds FDIC Insured The security deposit is FDIC-insured.

  • Deposit Earns Interest You can earn interest on your security deposit.

  • No Minimum Deposit The credit card does not require a minimum security deposit.

  • Apply By Phone You can complete the credit card application process over the phone.

  • Apply Online You can complete the entire credit card application process online.

  • Apply In Person You can apply for the credit card live in person.

  • Instant Approval The card offers instant approval for the credit card.

  • No Balance Transfer Fee The credit card does not have a balance transfer fee.

  • Transfer from Credit Cards You can transfer a balance from another credit card.

  • Transfer from Loans You can transfer a balance from a loan to the credit card.

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