First Progress Elite card full review
If you need to build credit score, you may have found your best friend. Check our review into the First Progress Elite card!
Keep reading and learn more about the First Progress Elite credit card
With no credit check and no credit history requirement, the First Progress Elite Mastercard Secured Credit Card is made to assist cardholders in building credit. Depending on the size of your initial deposit, credit limits between $200 and $2,000 are available. First Progress also reports to all three credit agencies, which makes it simpler to gradually raise your credit rating over time.
Although getting authorized won’t need you to pass through many hoops, you will still be responsible for paying a sizeable security deposit (minimum of $200), which will act as your credit limit. A usual trade-off for establishing credit with a secured credit card is paying a deposit, though.
The annual fee and annual percentage rate (APR) are very good on the First Progress Elite MasterCard® Secured Credit Card. Although it has a low annual fee of $29, this card has the highest variable APR on purchases at 22.99%.
Even though that APR is not in the slightest bit low, you won’t find it on as many other secured credit cards. However, because of the card’s interest rate, you shouldn’t get one. Instead, think about it because its issuer doesn’t need a minimum credit score or credit history to apply. It should be noted that this does not guarantee approval, although it may be useful if your credit is poor or nonexistent.
How does the First Progress Elite credit card work?
The First Progress Elite Mastercard is a secured credit card that does not offer welcome bonuses, sign-up incentives, or reward rates. Instead, its main selling point is that it makes credit available to you even if your credit history or rating is less than stellar.
First Progress promotes application speed rather than subjecting you to a drawn-out process comprising credit and income checks. Online applications are simple to complete and swiftly completed without a hard credit pull, so your credit score won’t temporarily suffer. As compensation for not having your credit checked at the initial application stage, you will need to submit a security deposit after being accepted.
Although you are not required to deposit a certain sum—you can open an account with a deposit of between $200 and $2,000—the sum of your deposit determines your credit limit. As a result, if your deposit is $200, you will have $200 in accessible credit.
For a faster increase in your credit score and an improvement in your credit utilization ratio, we advise aiming for the higher end of this range. Fortunately, if you raise your security deposit enough, you can later ask to have your credit limit raised to $5,000.
Things to look out for in the First Progress Elite Card
The First Progress Elite Mastercard® Secured Credit Card may be one of the only respectable options for those who have experienced bankruptcy and need to start over, despite its annual charge and lack of advantages, even though we wouldn’t describe it as “prestigious.”
Few secured cards offer additional features, so the First Progress Elite Mastercard Secured Credit Card’s lack of further benefits beyond credit development shouldn’t be a deal-breaker.
All and all, if you are focused on credit building, it is an excellent credit card.
First Progress Elite Card Benefits
- The card boasts a simple application process, a quick turnaround for decisions, and the possibility of acceptance without a credit history.
- There is no credit check requirement, making your credit history practically irrelevant, which is a rare plus for people who are trying to establish or restore credit.
- For simple and accurate tracking of your credit-building efforts, First Progress reports to all three credit agencies.
- Compared to other secured cards, its continuous APR is a little lower (22.99 percent variable).
How to apply for the First Progress Elite Card?
If you got interested in how to apply for your First Progress Elite Card, you will be pleased to know we have made a guide on how to apply it.