First Progress Elite card full review
Discover your new best friend for building credit score - read our review of the First Progress Elite card!
Discover the First Progress Elite Credit Card: A Unique Path to Building Credit
The First Progress Elite Mastercard Secured Credit Card offers a valuable opportunity for individuals looking to establish or improve their credit. Unlike many other credit cards, this card does not require a credit check or credit history for approval. It is designed to help cardholders build credit gradually over time.
One of the standout features of this card is the flexible credit limits it offers. Depending on the initial deposit made, cardholders can have credit limits ranging from $200 to $2,000. This allows individuals to start with a limit that suits their financial capabilities.
To further support credit growth, First Progress reports card activity to all three credit bureaus. This means that responsible card usage and timely payments can positively impact your credit rating. It’s a reliable tool for those who want to take control of their credit history.
Affordable Fees and Rates
While the First Progress Elite Mastercard has a $29 annual fee, it offers competitive rates compared to other secured credit cards. The variable APR for purchases is 22.99%. Although this rate may seem high, it’s important to consider the card’s ease of approval, regardless of credit score or history.
While there are secured credit cards with lower interest rates available, they often require a higher credit score for approval. The First Progress Elite Mastercard provides a valuable opportunity for those with poor or nonexistent credit.
How Does the First Progress Elite Credit Card Work?
The First Progress Elite Mastercard is designed as a secured credit card, focusing on providing access to credit without relying heavily on credit history or bonuses. The application process is streamlined, and there are no welcome bonuses, sign-up incentives, or ongoing rewards.
First Progress prioritizes a quick and efficient application process, ensuring that your credit score won’t be impacted by a hard credit check. While your credit history is not scrutinized during the initial application, you will need to make a security deposit to open your account after approval. The deposit amount you choose, ranging from $200 to $2,000, determines your credit limit.
In order to maximize your credit-building efforts, it is advisable to aim for a higher deposit. This will result in a higher credit limit, which can positively impact your credit utilization ratio and overall credit score. Additionally, First Progress allows cardholders to request a credit limit increase up to $5,000 by increasing their security deposit.
Key Considerations for the First Progress Elite Credit Card
The First Progress Elite Mastercard Secured Credit Card offers a solid option for individuals looking to rebuild their credit, even though it lacks additional perks and rewards. Although bankruptcy may hinder your access to other credit cards, this card opens up possibilities for a fresh start.
While some consumers may desire additional benefits, the focus on credit development makes the First Progress Elite card an excellent choice for those looking to build or improve their credit history.
Benefits of the First Progress Elite Credit Card
- Easy application process with quick decisions and potential approval without a credit history.
- No credit check required, making credit history practically irrelevant.
- Reports to all three credit agencies, providing accurate tracking of credit-building efforts.
- Competitive continuous APR of 22.99% variable compared to other secured cards.
How to Apply for the First Progress Elite Credit Card
If you’re interested in applying for the First Progress Elite Credit Card, we’ve prepared a comprehensive guide on how to navigate the application process.
