The First Progress Platinum Prestige MasterCard Secured Credit Card is a special card that suits the needs of an often undervalued class of people. Those consumers who have been turned down for credit cards because of their credit scores can now reap the benefits of a MasterCard.
First Progress believes in giving people a second chance to improve their credit through cards such as this one.
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Why and How People use the First Progress Platinum Prestige MasterCard Secured Credit Card
Consumers use the First Progress Platinum Prestige MasterCard Secured Credit Card for a number of reasons. For one, most consumers feel that having a credit card is better than dealing with cash. There is less of a chance of a person losing money if he or chooses to carry plastic.
MasterCards are accepted in millions of locations by millions of vendors. A person who uses the First Progress Platinum Prestige MasterCard Secured Credit Card can use it to shop at any department store, gas station, grocery store, airline, restaurant or car rental establishment.
Additionally, a carrier of this card can shop online at sites such as eBay, Amazon.com and a plethora of other establishments.
If that is not enough reasons to use a First Progress Platinum Prestige MasterCard Secured Credit Card, then the acceptance range should entice a person to obtain one. A cardholder can travel abroad and still use the card.
Consumers who have had trouble in the past with lenders are likely to use this card to rebuild their credit. This is also a beneficial card for a person who has not yet established credit.
With the First Progress Platinum Prestige MasterCard Secured Credit Card, the consumer has the ability to reserve automobiles, airline tickets, movies, and shows, which are things that people who do not have credit cards cannot usually do.
Qualifying and Applying for a First Progress Platinum Prestige MasterCard Secured Credit Card
To qualify for a First Progress Platinum Prestige MasterCard Secured Credit Card, the consumer does not have to deal with any credit score requirements. A deposit that the consumer agrees to send forth to the bank upon acceptance into the program secures the card. The person’s credit line is contingent on the amount of such a deposit.
Therefore, the only few qualifications for this card are that the applicant is 18 years of age, and he or she sends the deposit that the company asks for. The person must also have a valid social security card and be a resident of a U.S. state.
The application process for the First Progress Platinum Prestige MasterCard Secured Credit Card is very simple. An interested party may visit the website and click the “apply now” button. The user will be directed to the next page that will ask about personal and financial information.
The application process has four parts to it: personal information, financial information, agreements and funding the security.
The bank will not approve the person’s application until it receives the security deposit. It will hold the security deposit in a non-interest bearing savings account until such a time when it can return it to the cardholder because of an honorable payment history.
The first part of the personal information section requests such information as the prospective cardholder’s name and address. The second section asks for the applicant’s home phone number and mobile phone number. The next part of the application asks for that person’s email address and consent to electronic communications.
That means that all details about the credit card are being displayed online. The consumer is acknowledging that he or she understands the terms, and the person is also signing to such consent online.
The final part of this particular section asks for identifying information such as the applicant’s date of birth, social security number, and a security passphrase.
The rest of the application process includes completing detailed financial information, signing all agreements that the credit card company proposes, and sending a deposit of no less than $300.
To obtain approval, the prospective cardholder must send the deposit and agree that it be kept in a savings account until such a time that the provider decides to return it.
First Progress may deny the First Progress Platinum Prestige MasterCard Secured Credit Card to any consumer. The reasons may be an incomplete or dishonest application, failure to send the deposit, or because the company does not feel as though the card is a right fit for the consumer.
How it Works
The First Progress Platinum Prestige MasterCard Secured Credit Card works like a regular credit card, even though a deposit is associated with it. The purpose of the deposit is simply to ensure the bank that it has means to collect its dues if the cardholder happens to default.
However, the card works at any location that accepts MasterCard. It is not a prepaid debit card.
The Prestige is a credit card in which the available balance is equal to the initial deposit minus the annual fees.
For example, a person who places a minimum $300 deposit on the card will most likely receive a card with a $300 line.
The available balance will not be a full $300 though, because the annual fee for the First Progress Platinum Prestige MasterCard Secured Credit Card is $44.
The applicant’s initial credit line may not be more than $2,000. The card issuer will want to make sure that the individual will commit to timely payments. After the card company has a chance to review the person’s behavior, it may be able to raise the credit limit to a higher balance, if the cardholder sends in an additional deposit.
In some cases, the card company will not ask the consumer to provide an additional deposit.
Fees Associated with the First Progress Platinum Prestige MasterCard Secured Credit Card
Since the First Progress Platinum Prestige MasterCard Secured Credit Card works as a regular credit card, the company does impose certain fees. As previously mentioned, the annual fee for this card is $44.
An annual fee covers risk potential, rewards, and unmentioned services that the card company provides so that its cardholders can have cards.
The annual percentage rate for the First Progress Platinum Prestige MasterCard Secured Credit Card is amazingly low for a card of this type. It modestly charges its cardholders 11.99 percent on their purchases and 18.99 percent on ATM withdrawal transactions, with a minimum interest payment of $1.50.
The APR does vary according to prime, but this is a good APR considering that many companies charge troubled consumers more than 20 percent.
Late payments and returned payments are the best way for a cardholder to get into trouble. The company charges $27 for returned payments and $38 for late payments. The best way to avoid these fees is to make at least the minimum payment on time each month. Even if it is difficult to do such, toughing it out to get the payment in early is better than having a $38 fee attached to an initially low credit line.
Cardholders can walk into a location and request a cash advance. However, there is a fee associated with such a transaction. A person who requests such funding will have to pay $10 or 3 percent of the transaction amount, whichever one is greater. Foreign transactions carry a charge of 3 percent of the total transaction.
Features and Benefits of the First Progress Platinum Prestige MasterCard Secured Credit Card
- The Opportunity to Rebuild or Establish Credit-Consumers who have a history of missed payments or closed accounts can have a second chance to reestablish their credit scores and profiles. Additionally, college students and other young people who have never gotten a chance to receive any positive feedback can apply for this card. Many people with no credit are unfortunately denied credit cards because of the uncertainty. With the First Progress Platinum Prestige MasterCard Secured Credit Card, no one has to worry about a credit check.
- Accepted at Millions of Locations-The First Progress Platinum Prestige MasterCard Secured Credit Card is a MasterCard. Therefore, merchants across the globe will kindly accept it for clothing purchases, car rentals, airline ticket reservations, restaurant booking, music and video purchases, club memberships, bill payments, and more. Just because the card is secured does not mean it is any less useful.
- Low APR-Most credit cards that are geared toward consumers with troubled pasts have extremely high annual percentage rates. The First Progress Platinum Prestige MasterCard Secured Credit Card is one of the only cards to offer a competitive introductory annual percentage rate. New cardholders can enjoy an 11.99 percent rate that is better than some APRs for elite cardholders.
- Regular Reviews-A First Progress Platinum Prestige MasterCard Secured Credit Card cardholder will have the opportunity to reestablish himself or herself in the credit world. The initial deposit and credit line may be on the low end, but as the consumer repeatedly makes timely payments, the company will gain more trust in that person. First Progress will conduct regular reviews and they may offer a credit line increase with or without an additional deposit.
- Stellar Customer Services-All First Progress Platinum Prestige MasterCard Secured Credit Card cardholders can sign up for online customer care access to communicate with the customer service department. Those who do not have online access can write the customer service department at a physical address.Furthermore, users can always call the number on the back of the card for help. The First Progress customer service departments makes it a point to treat each caller with the utmost respect and attention. They understand how important it is for participants to build their credit scores and ratings for the future.Anyone who cannot find the information they need by phone or customer care center can still have access to a multitude of answers at the FAQ/Help center. The FAQ center has answers to the most commonly asked questions. By using this center, the caller does not have to wait to speak to a representative.
Apply now to Rebuild or Establish Credit
The First Progress Platinum Prestige MasterCard Secured Credit Card is the perfect tool for people wishing to reestablish themselves in the credit world. First Progress reports the cardholder’s payments to each of the three credit bureaus.
Anyone who is interested in obtaining a card can place an application today. Generally, once a person gains approval, he or she will receive the new card within 7 to 10 days.
To see all of your credit card options, simply use the FREE credit card chaser tool located at the top of this page now!
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