Is the First Progress Platinum Select card a credit card? This question is about the First Progress Platinum Select Mastercard® Secured Credit Card

Is the First Progress Platinum Select card a credit card?

Answer Question Report Abuse

This question is about the First Progress Platinum Select Mastercard® Secured Credit Card

WalletHub, Financial Company

@WalletHub • 09/24/21 This answer was first published on 09/25/19 and it was last updated on 09/24/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Yes, the First Progress Platinum Select card is a credit card. More specifically, it is a secured credit card. The only difference between a secured credit card and a "regular" credit card is the fact that you are required to place a refundable security deposit that serves as your credit line.

So, the First Progress Platinum Select card can be used like a regular credit card, not a debit card, and will report to the credit bureaus just like a regular credit card would.

Rafael George, Member

@rafaelg_41 • 01/11/18 This answer was first published on 01/11/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Regular credit card. It's not a debit card, you can withdraw money from this card at an ATM but remember, the fee will be high.

Answer Question

People also ask

How can I go over my First Progress Platinum Select credit limit?

You cannot go over your First Progress Platinum Select credit limit.

This is a secured card, which means the security deposit serves as your credit line. After exhausting your entire credit line, your future transactions will be denied until you pay your bill. In order to increase your credit limit, you will need to add to your security deposit.… read full answer

show less

Does First Progress have any unsecured credit cards?

No, First Progress does not have an unsecured credit card. It does offer three secured credit cards: First Progress Platinum Select Mastercard® Secured Credit Card, The First Progress Platinum Elite Mastercard® Secured Credit Card, and First Progress Platinum Prestige Mastercard® Secured Credit Card. First Progress markets its credit cards for people looking to establish or rebuild credit.… read full answer

Secured credit cards, including First Progress cards, require a refundable security deposit to open the account. Deposits for First Progress secured credit cards start at $200, but approved applicants can choose to deposit up to $2,000. The amount of the deposit determines your initial credit limit, and also serves as collateral for the issuer, should you default on the account. You'll get the deposit back when you close the account with no outstanding balance.

If you're not set on First Progress as an issuer, there are others offering unsecured cards for people who want to repair their credit. Among them are the Indigo® Mastercard® for Less than Perfect Credit, the Total Visa® Card, and the Credit One Bank® Platinum Visa® for Rebuilding Credit. But unsecured credit cards for rebuilding credit are saddled with high interest rates and a host of fees including annual fees, processing fees, and one-time "set up fees". That will take a sizeable chunk out of what will likely be a pretty low credit limit.

That makes secured credit cards the better deal for repairing less-than-good credit. You will have to front your own money to open the account, but it's money you'll get back if you use the card responsibly. If you establish a history of timely payments, you may receive a credit limit increase or be eligible to transition to an unsecured credit card with better terms.

show less

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.