A credit card is the fastest way to build new credit if you have no previous credit history or to re-establish good credit if you have some issues that have left you with a low credit score. But you need to find the right credit card so that you receive approval on your application.
This is much easier when you choose a First Progress Platinum MasterCard. There are three different options available through First Progress, and the best part is you can avoid a credit check. There are also excellent card benefits with each of the options. Learn more about them and find out how you can apply below.
How Credit Cards from First Progress Work
Each of the three First Progress Platinum MasterCard share two things in common – they don’t require a minimum credit score or any sort of credit history, making it much easier for you to get approved than it is with other types of credit cards. This makes these cards ideal whether your goal is to re-establish good credit after some past mistakes or build new credit. The first option is the Platinum Prestige Secured Credit Card. Features include:
- $49 annual fee
- Variable annual percentage rate (APR) of 9.99 percent for purchases
- Variable APR of 18.99 percent for cash advances
The second option is the Platinum Select Secured Credit Card. Features include:
- $39 annual fee
- Variable APR of 13.99 percent for purchases
- Variable APR of 19.99 percent for cash advances
The third and final option is the Platinum Elite Secured Credit Card. Features include:
- $29 annual fee
- Variable APR of 19.99 percent on purchases
- Variable APR of 24.99 percent on cash advances
Cash advances also all have a transaction fee of either 3 percent of the advance or $10, whichever is more. Since these are all secured credit cards, you must pay a security deposit before you can use the card. This security deposit becomes your credit limit. The three cards all have the same requirements, and qualifying for any one of them means you’ll also qualify for the other two. Which one you choose depends on your needs.
If you know you’ll be able to pay your balance off in full every month, then you’re better off with a lower annual fee. If you think you may need to carry a balance, then you could save money by paying a larger annual fee for a card with a lower APR. Especially when you’re trying to improve your credit, it’s better to pay your bill in full every month and avoid interest entirely.
How to Apply
There are three ways you can apply for one of the cards – online, by phone or by mail. Online is the fastest and most convenient, although applying by phone is also fast and works well if you want to ask questions during the application process. Applying by mail is the slowest option, as it can take up to three weeks for mail applications to process. There are five stages of the application process, which are:
- Personal Info
- Contact Details
- Finance & Basic Info
The first three cover all the information that First Progress needs to collect from you, such as your full name, your email address, your street address, your date of birth and your Social Security number. The Agreements stage is when you sign or eSign all the contractual items. Finally, the Funding stage is when you make your refundable security deposit.
Using Your Card
When you make purchases with your Platinum MasterCard, First Progress reports your information to the three credit reporting bureaus. Therefore, using your card will either positively or negatively impact your credit score. If you always pay your bill on time, that will build up a good payment history, which is the single-most important factor when it comes to your credit score.
Failure to do so will have the opposite effect. Your credit utilization, or the amount of your available credit that you use at any one time, also plays a significant role in your credit score. By keeping credit utilization below 25 to 30 percent, you’ll improve your score.
Final Thoughts on the Cards
The Platinum MasterCard available through First Progress are solid choices when you need to boost your credit. Being able to avoid credit check during the application process is great as it gives you a high chance of approval. Although these cards don’t earn rewards and require security deposits, the terms and card benefits are very good for secured credit cards. The APRs are lower than you’d get with similar types of cards, and the annual fees are also competitive. 9.99-percent APR is particularly low and only requires you to pay that $49 annual fee. Overall, these cards are all excellent choices for building or repairing credit.