The First Progress Platinum Select MasterCard Secured Credit Card is an excellent credit card for those seeking to either establish or reestablish credit.
This amazing card offers all the benefits of having a MasterCard product, while allowing the cardholder to build credit worthiness and increase his or her credit line over time.
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Why People Love the First Progress Platinum Select MasterCard Secured Credit Card
People love the First Progress Platinum Select MasterCard Secured Credit Card because it gives them an opportunity to obtain a credit card when other lenders deny them.
The First Progress Platinum Select MasterCard Secured Credit Card is excellent for first time credit card applicants, or people who have had problems with creditors in the past.
Obtaining this card gives a debtor a second chance at establishing a positive consumer profile. The bank reports every card holder’s payment history to the credit bureaus that manage people’s credit profiles and reports. The lender does this on a monthly basis.
Therefore, when potential lenders and employers view the profile of a First Progress Platinum Select MasterCard Secured Credit Card customer, they see the person’s financial stability.
How People can use the First Progress Platinum Select MasterCard Secured Credit Card
A cardholder can use the First Progress Platinum Select MasterCard Secured Credit Card for various purposes and in thousands of locations. Any vendor or merchant that accepts MasterCard will accept this card.
Cardholders can use the card to purchase clothing, food, fuel, jewelry, and many other products. They can use it to sign up for auto pay for car insurance, utility payments, cell phone bills and memberships. Additionally, a cardholder may use this card to make online purchases and to purchase goods when he or she is out of the country.
No one knows that the First Progress Platinum Select MasterCard Secured Credit Card is a secured card, so cardholders do not receive any different treatment than they would with a regular card.
Qualifying for the First Progress Platinum Select MasterCard Secured Credit Card
To qualify for the First Progress Platinum Select MasterCard Secured Credit Card, the applicant must be at least 18 years of age. In Alabama and Nebraska, the applicant must be at least 19 years of age.
This person must also be a United States resident. However, the card is not available in such states as New York, Wisconsin, Iowa and Arkansas.
Applicants must have a valid social security number, or the bank cannot approve the card. The person does not have to have a minimum credit score, so people with poor credit may certainly apply.
However, bankruptcies are questionable. Anyone applying for this product must be certain that the courts dismissed his or her bankruptcy.
In addition, a person who has accepted an offer from the same bank in the past 30 days may not be eligible for this card.
Applying for the First Progress Platinum Select MasterCard Secured Credit Card
Applying for the credit card is quite simple. An interested party can complete a secure online form by visiting the application page. The application will request relevant information from the applicant. The first section of the form asks for the person’s name, address and zip code. The second portion of the form asks for the individual’s home and mobile phone numbers.
The next section requests an email address and asks the person to consent to providing an electronic signature. Next, the individual will have to provide personal information such as a birth date, social security number and a security passphrase.
The person will have to verify his or her email by use of a code system before the application advances to the next level.
The next part of the applications goes into detail about the applicant’s financial situation.
The applicant must answer a question about his or her total monthly income, including child support, alimony, employment wages, federal, state, unemployment or government benefits.
The next section requests information about the person’s monthly obligations.
Monthly obligations include such bills as rent, mortgage, utilities, phone bills, car payment, insurance and the like.
Next, the applicant will choose his or her security deposit. Approval for this card is contingent upon a security deposit. This deposit may be of any value in between $300 and $2,000. The amount that the applicant chooses to submit for a security deposit will be equal to his or her initial credit line.
The bank will keep the deposit in a separate account to ensure that it can collect payment if the consumer defaults on the credit card payments. After a certain amount of time, when the person establishes himself or herself as a trusted payer, the bank will release the deposit back to the cardholder.
The last section of the application goes into detail about the rates, fees, rules and process of the First Progress Platinum Select MasterCard Secured Credit Card. If the applicant agrees to all the terms set forth, he or she will place a check mark next to “Yes, I acknowledge the above”, and click on “Click here to sign application”.
This will provide an electronic signature and agreement to the terms and conditions of the card. Next, the applicant will go to a page called the “Retail Installment Credit Card Agreement” and read the cardholder agreement, deposit agreement, summary of terms, and the policy agreement. If the person agrees to all four of those items, he or she will click yes and verify.
The next section is where the applicant funds the deposit. After funding the security deposit, the applicant is finished with the process. The new card should arrive within 7 to 10 business days. However, the cardholder can request expedited processing and delivery of the card for an additional $19.95.
Features and Benefits of the First Progress Platinum Select MasterCard Secured Credit Card
The First Progress Platinum Select MasterCard Secured Credit Card is an amazing card that offers a wide range of features and benefits. Such benefits include:
- No Minimum Credit Score- Applicants do not have to worry about past problems with creditors. Even debtors with a poor history can qualify for the First Progress Platinum Select MasterCard Secured Credit Card, because the lender bases approval on a security deposit rather than a credit score.
- Choose Your Own Credit Line- Cardholders can choose their own credit line of any value between $300 and $2,000. The credit line that the bank issues to a cardholder is equal to the amount of the security deposit that he or she submits.
- Establish or Reestablish Credit- The lender gives a report of the card holder’s activities to the TransUnion, Equifax, and Experian. Therefore, customers who make timely payments each month will slowly build momentum in the credit world. After a certain amount of time keeping up with payments and monitoring spending habits, other lenders will find the consumer eligible for their credit cards.
Fees Associated with the First Progress Platinum Select MasterCard Secured Credit Card
Several fees are associated with the First Progress Platinum Select MasterCard Secured Credit Card. First, the company imposes an annual fee of $39 for all cardholders. The annual fee covers the privilege of being a part of the program. The bank deducts such a fee from the overall balance on the card.
Therefore, if a person has a credit line of $300, he or she will only have an available credit of $261 every year, once the bank deducts the annual fee. The individual may replenish his or her credit line to return it to the original $300 by making a payment to the account.
However, the payment may take up to 10 days for processing and posting to the account. The length of processing is to ensure that the bank honors the customer’s payment.
The annual percentage rate for purchases made with the First Progress Platinum Select MasterCard Secured Credit Card is 14.99 percent. This rate may vary according to prime market rates. The annual percentage rate for balance transfers is 19.99 percent. This rate may also vary based on prime rates.
Any cardholder who wishes to avoid interest charges may do so by making a payment within 25 days from the close of the billing cycle, to cover the entire card balance.
The bank will charge the cardholder the greater of $10 or 3 percent of the total for a cash advance transactions. It will issue a 3 percent charge for a foreign transaction. The bank also imposes penalty fees for late payments and return payments. There is no penalty amount listed for an over-the-limit transaction.
Late payments incur a $38 charge. Returned payments incur a charge of $27. The best way to avoid extra charges is for the cardholder to pay his or her bill on time every time. Submitting a payment at least seven days before the due date is an excellent precautionary method to ensure that the payments post before the due date.
The Customer Center
Cardholders can sign up for online access to their accounts. The customer center provides the user with easy access to transaction history, credit balance and more. The individual may also use the customer center for communicating with the customer service department.
Lost or Stolen Card
Anyone who loses his or her card may request a replacement by dialing (877) 724-0928 or the number on the back of the card. The customer service team will deactivate the lost card and replace it with a new card, so that the customer’s funds are secure.
The cardholder can also initiate disputes by contacting the customer service center. If the individual suspects fraudulent activity or unauthorized charges, he or she can simply voice that to someone at the company. This person will begin an investigation of the charges.
If the company does find that the charges are fraudulent, it will take the honorable road and issue the cardholder a credit.
Closing a First Progress Platinum Select MasterCard Secured Credit Card
A cardholder may request account closure at any time by contacting customer service at 877-724-0928. The company will close the account as the cardholder wishes. The bank will release the funds from the security deposit minus any unpaid balances that were on record upon closing of the account.
Start Rebuilding Credit Now
Anyone who has been turned down for other credit can apply for First Progress Platinum Select MasterCard Secured Credit Card. Receiving and using this card is a great way to get back into the consumer spotlight and position oneself for future offerings.
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