Still, it’s important to note that the First Progress Platinum Select is a unique type of credit card called a secured card. Secured credit cards require a security deposit to open the account, and the amount of the deposit usually becomes the account’s spending limit. The First Progress Platinum Select Mastercard® Secured Credit Card has a minimum security deposit of $200. There are quite a few other important things to know about the card before you apply, too.
Key Facts About the First Progress Platinum Select
Issuer: First Progress
Credit requirement: Bad
Annual fee: $39
APR: 17.74% (V)
Foreign transaction fee: 3%
Security deposit: $200
To sum things up, First Progress Platinum Select is a credit card, but it may or may not be the best credit card for you depending on your needs, qualifications and spending habits.
First Progress Platinum Select Mastercard® Secured Credit Card
No, First Progress does not have an unsecured credit card. This issuer only offers secured credit cards. First Progress markets its credit cards for people looking to establish or rebuild credit.
Secured credit cards, including First Progress cards, require a refundable security deposit to open the account. Deposits for First Progress secured credit cards… read full answer 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.
Alternatives to First Progress Unsecured Credit Cards:
Keep in mind that 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.
No, the First Progress Platinum Select Card is not a metal credit card, as it is made of plastic like most other credit cards. There's no functional difference between a plastic card and a metal credit card, though. So, don't dismiss the First Progress Platinum Select Card just because it isn't metal. If you like the card's terms and benefits, you should still consider applying. It’s also worth noting that metal credit cards are usually expensive luxury cards.… read full answer
Four major types of credit cards are Visa, Mastercard, American Express and Discover. These are the major credit card networks, which most credit cards belong to, and they dictate where cards can be used as well as what secondary benefits cards offer. Fundamentally, the credit cards on these networks work the same way, however.… read full answer
Overall, Visa and Mastercard credit cards have the greatest worldwide acceptance, but American Express and Discover cards still have very broad coverage. When it comes to benefits, different networks provide different perks like rental car insurance, travel insurance and purchase protection. But which network benefits a card has is often left up to the issuing bank or credit union.
There are other nuances to these four types of credit cards, too. For example, American Express and Discover are the only two networks that issue their own credit cards. All cards on the Visa and Mastercard networks are issued by separate banks and credit unions.
Other Types of Credit Cards
Aside from the four types of credit cards split up by network, there are a lot of other categories that could be considered “types” of credit cards. For example, there are secured cards that require a deposit and unsecured cards that don’t. Similarly, some cards offer rewards, some are partnered with specific merchants, some have special financing deals, and some are only available to students or businesses.
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