If you're looking for a credit card with low interest rates and no annual fee, you might be interested in First Progress. It is open to residents of all 50 US states. It comes with a $200 deposit that can be refunded and lets you add upto $2,000 to it if you so choose. You can increase the amount of your deposit at any moment, but First Progress must be approved first. After approval, your deposit will be automatically credited and you will receive a check in 10 weeks.
Low interest rates
The First Progress Platinum Select Mastercard is a secure credit card that requires an initial deposit of $200. However, it's possible to deposit more, and you can work up to a credit limit of $5,000. It's relatively affordable at $39 and helps offset the higher APR.
First Progress Platinum Select Mastercard offers a full-featured, low-interest card. It comes with a refundable safety deposit and reports to the major credit bureaus monthly. A new credit history will be established if you are able to make all of your payments in time. After six months of regular payments, you can upgrade to a second card.
No sign-up bonus
Be aware of all the options and fees available when you are choosing a credit line. First Progress offers the Platinum Prestige Mastercard(r) secured card. This credit card charges a $10 cash advance fee when you use the card to withdraw cash. In addition, the card charges a 3% foreign transaction fee. Moreover, the card has a late payment penalty of up to $29 if you miss a payment more than once within a six-month period.
The credit card doesn't offer any rewards or sign-up bonuses, but it is a great choice for people who are looking to improve their credit. First Progress Platinum Select Mastercard Secured Card does not offer a sign up bonus. However, it reports monthly payments to major credit bureaus. This helps you re-establish good credit and improve your credit history. First Progress Platinum-Series Mastercards also offer ongoing credit monitoring and $0 fraud liability. This credit card is worldwide accepted and can be managed online and via mobile app.
No annual fee
There is no annual fee for First Progress Platinum Prestige, but there are fees associated with this credit card. If you delay your first payment, for example, you may be charged up $29 If you miss more than six payments in a row, you'll have to pay an additional $40. Although this is not a major issue, it is something you should keep in mind when signing up.
First Progress does not require you to submit credit scores before they approve your application. When you apply for credit cards, most issuers will verify your credit history with the major credit bureaus. This is called hard inquiry. It can lower you score by a few points, and will stay on credit report for at least two years. First Progress doesn't conduct hard credit checks. This means that your credit score will not be affected. First Progress makes use of a security bond to protect you against any defaults.
All 50 US states are eligible
First Progress secured credit card offers a revolving line credit based upon a security deposit. The card does not have a minimum credit score and can be accepted in most countries. Foreign transaction fees are included in the $29 credit card fee. Customers can apply online for a credit card and receive it within 2 to 3 business days.
To apply to First Progress Secured Card, applicants will need basic identity information such as income and financial obligations. The applicant must also be able and able to deposit a security deposit. First Progress won't conduct a credit check on you, which could damage your credit score. In addition, if you don't have a credit history, the card issuer won't conduct an inquiry. Generally, the approval process takes up to three weeks. The security deposit protects the lender from losses in the event of default.
No hidden charges
First Progress is a credit card provider that offers full-featured accounts with a revolving credit line based on the security deposit. Customers signing up for the card need to have a bank account. This saves them from having to use separate payment vendors. Another benefit to customers is the possibility of paying their monthly bill from their bank accounts.
The First Progress Mastercard credit card is fully-featured. This card allows consumers establish credit and to pay their bills on-time. It also reports to each of the three credit bureaus every monthly. After six months, the company offers its customers a second credit line.