Who is the First Progress Platinum Elite Designed For?
First Progress Platinum Elite is for people with bad or no credit who want to build or repair their credit and have cash on hand to help them do it.
The First Progress Platinum Elite is a secured card not a credit card. This means the line of credit is only as high as the security deposit made by the card member on application. The maximum credit limit is $2,000.
What are the Interest Rates for the First Progress Platinum Elite?
The card has a 19.99% APR. Remember this is interest paid on a line of credit that is directly covered by your savings, so you're effectively paying interest to borrow from yourself. The APR on cash advances is even higher: 24.99%.
What Are the Fees for First Progress Platinum Elite?
The annual fee is $29, which is low compared to other cards for people with bad credit. Penalty fees, on the other hand are high. There is a $38 late payment fee and a $27 returned payment fee. Besides the high interest rate, cash advances also have a $10 or 3% fee, whichever is greater.
What Is First Progress Platinum Elite's Rewards Program Like?
There is no rewards program linked to the First Progress Platinum Elite. However, if used wisely, it can help you improve your credit and qualify for credit cards that do have a rewards program.
What about First Progress Platinum Elite's Signup Bonus?
There is no signup bonus with this card.
Does the First Progress Platinum Elite Have Any Other Benefits?
The main benefit of the First Progress Platinum Elite card is that it reports to the three major credit bureaus. This allows card members to build or repair their credit.
How Is First Progress Platinum Elite Better Than Other Credit Cards?
Although not a credit card, First Progress Platinum is a Master Card and can be used wherever credit cards are accepted. It has no minimum credit score requirements and members can receive a credit limit of up to $2,000, if they deposit that amount with First Progress. Even people who have no credit history can qualify. This gives people with bad or no credit a chance to build a good credit history and apply for better credit in the future.