The First Progress Platinum Elite Mastercard Secured is designed to be a clear and accessible starting point for your credit journey. This card provides a pathway to a better financial future by giving you the opportunity to demonstrate responsible habits. It’s a tool designed to help you succeed, one on-time payment at a time.
A Simple and Clear First Step to Building Credit
What You Need to Get Started
- Cash Back: The First Progress Platinum Elite Mastercard Secured Card earns 1% cash back on all purchases.
- No Credit History Needed: You don’t need a prior credit score or history to apply, which removes one of the biggest barriers for people who are just starting out or starting over.
- You Set Your Own Limit: Your credit limit is equal to the refundable security deposit you provide, which can be from $200 to $2,000. This puts you in complete control and helps you manage your spending wisely.
- Your Good Habits Get Noticed: Every month, your on-time payments are reported to all three major credit bureaus (TransUnion, Equifax, and Experian). This is how you build the positive history that lenders look for.
What It Costs to Use This Tool
- A Yearly Fee: The card has an annual fee to keep the account open. This fee is charged when you open the account, so it will reduce your initial available credit.
- A High Interest Rate: The card has a variable APR of 25.24%. Because this is high, the best way to use this card is to pay your balance in full every single month. Think of it as a tool for building credit, not for carrying debt.
- Your Security Deposit: You’ll need to provide the initial security deposit of $200 – $2,000. Remember, this isn’t a fee! It’s your money, and it’s returned to you when you close your account in good standing.
Who This Card is Really For
This card is for the person who needs a clear, no-fuss way to establish or rebuild their credit. It’s for someone who might not have the funds for a larger security deposit or who has been turned down for other cards. The ideal user is disciplined and ready to commit to making on-time payments in full each month. You should see this card as a temporary stepping stone—a tool to use for 12 to 24 months to build a solid history before graduating to a card with more benefits and lower costs.
