Apply Now As part of my secured credit card review series, today I’ll be reviewing the First Progress Platinum Elite MasterCard Secured Credit Card. One of the reasons I review secured credit cards is because getting a secured credit card is an integral part of how I teach credit repair.
In addition to removing negative entries from your credit report, it’s important that you begin to build new credit. This is where secured credit cards come in. A secured credit card acts like a real credit card in that its payment history gets reported to the 3 credit bureaus, and this is how you begin to build positive credit history. A secured credit card simply means that you’re “securing” the credit line. In other words, you make the initial deposit of funds available on your credit line.
The First Progress Platinum Elite MasterCard Secured Credit Card allows you to deposit up to $2,000 for your initial credit line, but you don’t have to deposit that much. The minimum is $300 and that’s a great place to start depending on how big you want your credit line to be.
Almost everyone will get approved for this card as long as you don’t have a pending bankruptcy and you meet certain income requirements. Even if you don’t have any credit history, you can apply for this card.
Overall, the First Progress Platinum Elite MasterCard Secured Credit Card is a great secured credit card for building new positive credit history. The fees are relatively low, and almost everybody will get accepted. Again, this might not be the best secured credit card if you have a pending bankruptcy, but otherwise I consider it one of my top picks.
I would love to know what you think of this card, so please leave a comment telling me about your experience with the card.Get the First Progress Platinum Elite MasterCard Now →