The
First Progress Select Secured Mastercard® is a good credit card to consider if you want to rebuild damaged credit and you plan to spend at least $3,900 per year. First Progress doesn’t do a hard credit inquiry when you apply, so the card is easy to get, and the annual fee is worth paying if you earn enough rewards.
What I Like About the First Progress Select Secured Mastercard
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. You can also earn up to 10% cash back on purchases at a limited number of participating merchants.
Most credit cards with rewards offer at least 1% back on purchases, but they generally require good credit or better. Many credit cards for people with bad credit lack rewards entirely, so this is a pretty good deal.
No Minimum Credit Score
Even if you are brand-new to credit or you have the lowest possible credit score, you can still get approved for this card. First Progress doesn’t even do a hard credit check when you apply. Major approval requirements include being 18+ years old and having enough income to afford monthly payments. Both are standard for a credit card.
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.
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
Few secured cards guarantee a lower deposit requirement. This enables you to begin rebuilding your credit without parting with too much of your cash.
By the way, some people might view any deposit requirement as a bad thing, but the deposit is fully refundable, unlike the high fees on unsecured cards for bad credit. Plus, the deposit makes the card’s high approval odds and rewards possible.
$2,000 Max Security Deposit
This should give you a high enough credit limit for everyday purchases, making it easier to earn rewards. Other popular secured cards have maximums ranging from $1,000 to $10,000.
What I Don’t Like About the First Progress Select Secured Mastercard
$39 Annual Fee
The
average annual fee among the 1,500+ credit card offers in WalletHub’s database is just
$28.25, and plenty of secured cards don’t charge annual fees. First Progress Select can still be worth owning despite its higher-than-average cost, but it might not save you quite as much as some other cards could.
17.49% (V) APR
This card doesn’t have the highest interest rate around. For example, the average APR on a secured credit card is about
21.76%, according to WalletHub’s Credit Card Landscape Report. It’s still too expensive to subject a balance to, though.
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.
Bottom Line: Is It Worth Applying?
It is worth applying for the
First Progress Select Secured Mastercard® if you want high approval odds despite damaged credit, you expect to earn enough rewards to cancel out the annual fee, and you plan to pay the bill in full monthly to avoid interest charges. This card does not charge a monthly fee or an application-processing fee, unlike some
credit cards for bad credit.
Most importantly, if the card’s monthly reporting to the big three credit bureaus details on-time payments and reasonable credit utilization, it will help you improve your credit score. So if you decide to apply and end up getting approved, make sure to use the card responsibly.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.