There have been plenty choices of credit cards you can find out there, allowing you to choose one that suits you the most. First Progress is a credit card issuer that provides various features for the customers. First Progress secured credit card becomes an option to go, which also consists of three types. Secured credit card issued by First Progress is available in 3 types, which are Platinum Elite, Platinum Select and Platinum Prestige. Each First Progress credit card comes with different characteristics; however they have things in common as well.
Things in Common from First Progress Secured Credit Cards
First Progress understands each customer has different demand of suitable credit card. This becomes the reason to provide 3 different types of First Progress secured credit card. Before revealing the detailed characteristics of each, here are things in common from those choices.
To begin with, every secured credit card issued by First Progress does not require any credit history. This is beneficial for people who just want to build a credit as well as people with bad credit. First Progress secured credit card requires deposit, which means you have collateral in your account. This is why credit history is not mainly considered by the issuer.
Furthermore, each secured credit card by First Progress facilitates your account to be reported. Any activity you make from the account will be reported to 3 major credit bureaus. For your information, this report is useful to help build your credit. The other thing in common relates to the required minimum deposit. First Progress secured credit card requires deposit of $200 up to $2,000 for all kinds. This amount stands in low side compared to the others.
3 Types of Secured Credit Card by First Progress
First Progress secured credit card has 3 different types which are Platinum Elite, Platinum Select and Platinum Prestige. What makes them different? The first difference is the annual fee. Platinum Elite charges $0 for the first year, and then it charges $29 for the next year. Meanwhile, Platinum Select charges $39 with $0 of charge for the first year. The most expensive annual fee comes from Platinum Prestige which charges you $44 for the second year.
Aside from the annual fee, each First Progress secured credit card is also differentiated by the APR. Platinum Elite comes with the highest APR which is 19.99%. In the second place is Platinum Select which has $14.99% of ongoing APR. The last, Platinum Prestige has 11.99% of ongoing APR.
After knowing the details about each credit card, a question may come to your mind. Which First Progress secured credit card should be chosen? This is actually not easy to determine the best credit card because there are many factors to consider. However, you can see the annual fee and interest rate. Somehow, having high interest rate is not good enough, not to mention the balance that you should carry. You need to remember that choosing secured credit card is beneficial to build credit history. On the other hand, carrying balance slows down your credit progress.