The
First Progress Select Secured Mastercard® is a good credit card to consider if you want to rebuild damaged credit inexpensively and you plan on making a lot of purchases. The card’s
$39 annual fee could be worth paying because you can get approved without a credit check and then earn
1% cash back on purchases. Plus, if the card’s monthly reporting to the big three credit bureaus details on-time payments and reasonable credit utilization, it will contribute to credit score improvement.
This card does not charge a monthly fee or an application-processing fee, unlike some
credit cards for bad credit. It does not have a low APR, either, but carrying a balance from month to month with a secured card is not wise. You’d basically be paying interest on a loan you gave to yourself, since your spending limit equals the amount of your refundable security deposit.
What I Like About the First Progress Select Secured Mastercard
No Monthly Fee
This is standard for a secured card but still worth mentioning. The less you can pay in fees while rebuilding your credit, the better.
No Application-Processing Fee
Some unsecured cards for bad credit charge this type of fee, so you’re saving money compared to some of your alternative options.
$200 Minimum Security Deposit
Very few secured cards guarantee a lower deposit requirement. This enables you to begin rebuilding your credit without parting with too much of your cash.
$2,000 Max Security Deposit
This should give you a high enough credit limit for everyday purchases. Other popular secured cards have maximums ranging from $1,000 to $10,000.
1% Cash Back on Purchases
The First Progress Select Secured Mastercard rewards users with
1% cash back on all account payments. In other words, you get
1% back on all purchases but only after you repay First Progress for the charges. Most credit cards with rewards offer at least 1% back on purchases, but many credit cards for people with bad credit lack rewards.
No Minimum Credit Score
Major approval requirements include being 18+ years old and having enough income to afford monthly payments. Both are standard for a credit card. The fact that First Progress won’t even check your credit history when you apply is much less common.
Less Expensive Than the Other First Progress Card
If you’re wondering how the First Progress Select Secured Mastercard compares to the other First Progress secured card, the
First Progress Prestige Secured Mastercard®, there are a couple of key differences: The Select Secured Card’s annual fee is lower, and its APR is higher. Other than that, the offers are nearly identical.
What I Don’t Like About the First Progress Select Secured Mastercard
$39 Annual Fee
The
average credit card charges
$26.75, and plenty of secured cards don’t have annual fees.
17.99% (V) APR
The average APR on a secured credit card is about
22.43%. That said, you should pay secured credit card bills in full each month. After all, you can only borrow up to the amount of your security deposit, so you’d basically be paying interest to borrow your own money.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.