Here are some of the highlights of this secured credit card.
No minimum credit score required
Many credit cards require applicants to meet a minimum credit score to be considered for card approval. That’s not the case with this secured credit card. If you have a poor score or limited credit history, you can apply for this card, and you have a chance at being approved.
No credit history required
If you have no credit history, it can be challenging to get approved for a credit card. Many card issuers require a credit history to determine creditworthiness. The good news is that the First Progress Platinum Prestige Secured Card doesn’t require credit history. While there’s no guarantee you’ll get approved, you may have a better chance at approval compared to other credit cards.
No credit inquiry
When applying for this secured credit card, you won’t need to worry about a negative impact on your credit. There will be no credit inquiry marked on your credit report that could lower your credit score. That’s not the case when applying for many other credit cards. If you have a low credit score or minimal credit history, this is a nice perk.
Low ongoing APR
Consumers can take advantage of an extremely low variable APR rate when making purchases with this card. This rate is much lower than many other cards, including other secured credit cards. However, a variable APR can change, so it may not stay that low.
Low minimum security deposit
This card has a minimum refundable security deposit of $200, which is reasonable. While it’s not the lowest, some cards require a deposit of $300. For consumers who are already struggling financially, it can be challenging to come up with a high deposit to begin using a secured card. So the $200 needed for this card may be more attainable for many consumers who are hoping to build or rebuild their credit.
Activity is reported to all three credit bureaus
For consumers with little to no credit history, building credit is essential. The good news is you can use this secured credit card to build credit. The card issuer reports all usage and payment activity to all three credit bureaus on a monthly basis. When you pay your card bills on time and consistently, you can use this card to help build credit and improve your credit score.
What could be improved
While this card does have benefits, it also has some issues:
$49 annual fee
An annual fee is not unheard of when it comes to a secured credit card, but it’s also not the norm. This secured credit card charges a $49 annual fee. Consumers who want to improve their credit may already be in debt and may not have extra money to spend on an annual fee. If you’re looking for a secured credit card with no annual fee, this isn’t it. There are plenty of other secured cards without one, but these tend to have high ongoing APRs.
Foreign transaction fee
The First Progress Platinum Prestige Secured Card charges a 3% fee for foreign transactions. If you plan to use this card when traveling abroad, these fees can add up quickly and result in higher travel costs. To avoid paying these fees when traveling internationally, you’ll need to use a different card.
Not available in all states
This credit card is available to applicants in most states, but not all. Consumers in Arkansas, Iowa, New York, and Wisconsin are not eligible for this card.
While some secured credit cards offer cardholders a chance to earn rewards on their spending, this one doesn’t. If you’re looking for a secured credit card with the ability to earn rewards, you may want to consider another option, like the Bank of America® Customized Cash Rewards Secured Credit Card or the Discover it® Secured Credit Card.