First Progress Credit Cards

Here’s what all three cards have in common:

No credit history is required to qualify, making this issuer a good choice for people new to credit. For people who already have credit history, there’s no minimum qualifying credit score.

Account activity is reported to all three credit bureaus to help you build credit

Deposits — and corresponding credit lines — range from $200 to $2,000

The cards are available to residents of every state except Arkansas, Iowa, New York and Wisconsin

1. Competitive APRs

Interest rates for First Progress credit cards range from 11.99 to 19.99 percent*, which are competitive APRs within the credit card industry.

2. Credit Building

First Progress focuses its efforts on helping customers to build their credit by offering cards specifically for this purpose.

Depending on the card, First Progress charges annual fees ranging from $29 to $44 per year just to be a cardholder. There are several other credit card companies that do not charge any annual fees.

2. Late Payment Penalties

For every late payment, First Progress charges a fee of up to $38, which is one of the steepest fees in the industry.

3. Foreign Transaction Fees

Customers who use their First Progress credit card to complete a foreign transaction will incur a fee of 3 percent of the total charge. This fee is especially inconvenient for cardholders who travel frequently.

4. Undisclosed Information

First National has not disclosed on its website whether or not it offers a rewards program, free credit score tracking, or fraud safeguards. These are all important features, so this lack of transparency can be frustrating for potential customers.

But if you really need help bringing your score up into the sunlight again, the First Progress cards are reasonable options. We recommend that you apply with the intention of never carrying a balance. Pay your bill on time, and your credit can improve enough to get an unsecured card.

 A secured credit card works just like a regular credit card, cardholders can use the card anywhere the card is accepted. But you need to put down the deposit against the card’s credit limit used as collateral on the account which will be used when the cardholder default. Usually these cards are used by people with limited credit histories. In reasonable use, secured credit cards can help cardholders to build credit or repair credit.                

Apply and qualify easily

People with bad credit or no credit can get benefits from secured credit cards. Even people with very good credit but have trouble getting approved for regular credit cards can benefit from secured credit cards.

Build credit

If you can use your card responsibly, your credit score may increase. Therefore, you can have a better chance to get approved for a regular credit card after a few months.

Earn rewards

Although secured credit cards are not like traditional credit cards, they are still credit cards. Many secured credit cards offer rewards programs, so cardholders can earn rewards points by making purchases.

Check score

You can get approved with a bad or limited credit history. A few secured credit cards don’t require any credit check, if you can pay down the minimum required security deposit. There are also some traditional secured credit cards, the issuer will review your personal credit history when determining whether to approve your credit card and what terms you are eligible for. Responsible past use of credit will maximize your chances.

Application

You can apply for a secured credit card online, in banks or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.                

Read your credit card terms and conditions.

You need to have an understanding of the terms of your credit card in order to use it better and avoid paying extra fees.

Pay your bill in full on time

Because secured credit cards don’t require you to have a very good credit score, they often have more fees than unsecured credit cards. In general, you have to pay an annual fee and an application fee. Some terrible secured credit cards charge cardholders high- interest rates, monthly account fees, and even credit limit increase fees which will be charged when you request to have your credit limit increased.

What’s more, any late payments will be reported to the credit bureau, which may you’re your credit score. If your payment is delayed for several months and your credit card is owed, your account will be closed and you will lose your deposit. Therefore, we recommend you to pay the bill in full on time in order to avoid extra fees.

Convert to unsecured credit card

Some secured credit cards will review your account after a period of time, and upgrade your credit card to unsecured card if you qualify. If your secured credit card issuer doesn’t upgrade your credit card to an unsecured credit card, you can apply for an unsecured credit card with other card issuers.