First Progress 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, 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.

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® Credit 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.

The easiest way you can pay your First Progress Platinum Elite is either online or by phone at (866) 706-5543. Alternatively, you can pay by mail. More specifically, you can make a First Progress Platinum Elite payment:

• Online: By creating an online account, you will be able to review, manage and pay your First Progress Platinum Elite bills online.
• By phone: You could also call (866) 706-5543 or the number on the back of your card.
• By mail: Ultimately, you can pay your credit card bill by mailing a check to the following address:

  First Progress Card

  P.O. Box 84091

  Columbus, GA 31908-4091

To cancel a First Progress Platinum Elite credit card, call customer service at 1 (866) 706-5543 and ask a customer service rep to cancel your card account. First Progress does not allow you to cancel an account in person or by mail.

Be aware that if there's a balance remaining on the canceled account, you will still need to make at least the minimum payment every month until the balance is paid in full. You will also need to update the payment method for any recurring charges linked to your First Progress Platinum Elite card.

How to Cancel a First Progress Platinum Elite Credit Card

By phone

Call customer service at 1 (866) 706-5543 and enter your account number and Social Security number to verify your identity.

Then, follow the prompts to speak to a customer service representative, and let them know you want to cancel. The representative may offer you a retention bonus to keep you on as a customer, but you can simply decline the offer and proceed with canceling the account.

It's important to know that when you cancel a First Progress Platinum Elite card, you may see a decrease in your credit score, depending on the card's credit limit and how long you've had the card. You can get an idea of how much a canceled credit card will affect your credit score by using WalletHub's free credit score simulator.

The First Progress Platinum Select is a good card If you have no credit or ​bad credit.

It helps you build credit history by reporting to all three major credit reporting agencies. With that said, like most secured cards, the Platinum Select does require an initial security deposit, which becomes your credit limit.

The only major downside I see is the annual fee. You can find better alternatives without annual fees, such as Discover it Secured and Capital One Secured.

In addition to no-annual-fees, the Discover offering has rewards in the form of cash back and the Capital One offering has the potential to be partially secured, meaning that your credit limit can be higher than your initial security deposit.