By reporting your credit to all three major credit bureaus on a monthly basis, you can be sure that the First Progress Platinum Select Secured MasterCard will be a step in the right direction if you are looking to start or continue building credit. One universal benefit that secured cards give you is the chance to improve your credit score faster as your credit is monitored and reported regularly to the credit bureaus. This is the most important thing in a secured card because without this reporting, your credit history won’t raise. This card is issued by Synovus bank. You have to be a US resident to qualify for this card, but note that the home page says this card is not currently available to residents of Arkansas, Iowa, New York or Wisconsin.
First Progress offers three secured credit card. They are all somewhat similar, but there are some differences among the cards regarding rates and charges. This card can be funded with your tax refund. You will not require any credit history or minimum credit score to get it approved but the refundable security amount needs to be deposited before the card can be issued. The issuer bank needs to verify the identity of every applicant before giving approval to anyone. Minimum security deposit is $300 and maximum deposit can be up to $2,000. Your credit limit equals your security deposit less $39 for the annual fee. You can easily get your credit limit increased with the bank’s approval.
Rate and Fees: –
- APR for purchases: – You get a variable rate of 14.99%.
- Set up Fee: – $0
- Balance Transfers: – N/A
- Minimum Interest Charge: – $1.50
- APR for cash advances: – You get a variable rate of 19.99% APR. There is a 3% transaction fee.
- Penalty Rate: – No penalty rate is there.
- Over Limit Fee: – N/A
- Annual Fee: -$39
- Foreign Transaction Fees: – 3%
- Other Fees: – Late payment fee of up to $35 and returned payment fee is up to $25.