クレジットカード

ファースト プログレス プレステージ マスターカード®: クレジット ビルディング + キャッシュバック

Establish your credit profile using the First Progress Prestige Mastercard®. Enjoy low APR, 1% cash back, and no credit score requirement for approval.

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Unlock the full potential of your credit-building journey

First Progress Prestige Mastercard
Unlock the full potential of your credit-building journey. Source: More Net Cash

Rebuilding or starting credit from scratch doesn’t have to be overwhelming. The First Progress Prestige Mastercard® simplifies the process with tailored benefits. 

card

クレジットカード

First Progress Prestige

benefits Mastercard

Build credit with low APR and cash back rewards!

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This card empowers you to establish a strong credit history while enjoying rewards and competitive rates designed for financial growth.

  • Credit Score: No minimum score is needed, making this card accessible to individuals with poor or limited credit histories
  • Annual Fee: The cost to maintain this card is 49 dollars per year
  • Regular APR: The variable interest rate for purchases is 14.74%
  • Rewards: Benefits include earning 1% cash back on every payment you make to your account balance

First Progress Prestige: Overview

The First Progress Prestige Mastercard® is a secured credit card specifically crafted to help individuals establish or rebuild their credit profiles effectively. 

A refundable security deposit is mandatory for this card, serving as both collateral and the determinant of your credit limit.

This structure provides a reliable and accessible option for those with limited or poor credit histories, offering a pathway to improve financial standing responsibly.

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How It Works:

  • Security Deposit: Applicants are required to submit a refundable security deposit between $200 and $2,000, which directly sets their credit limit.
  • Credit Reporting: The card sends monthly reports to Equifax, Experian, and TransUnion, helping users build credit through consistent, responsible usage.
  • Cash Back Rewards: Cardholders earn 1% cash back on payments made to the account, incentivizing timely payments and responsible credit management.

Who Is It For?

This card is ideal for individuals seeking to establish or rebuild their credit. 

Whether you’re just starting your credit journey, recovering from financial setbacks, or aiming to strengthen your financial standing, the First Progress Prestige Mastercard® provides a structured and accessible pathway. 

Its features are tailored to help users build positive credit habits while maintaining manageable costs, making it a valuable tool for long-term financial growth.

card

クレジットカード

First Progress Prestige

benefits Mastercard

Build credit with low APR and cash back rewards!

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Why Is It Special?

The combination of a relatively low APR for a secured card and the opportunity to earn cash back on payments sets this card apart from many competitors in its category. 

Furthermore, the absence of a minimum credit score requirement makes it accessible to a wide range of applicants, including those with limited or poor credit histories, enhancing its appeal to diverse financial situations.

Analyzing the advantages and drawbacks of the First Progress Prestige Mastercard®

First Progress Prestige Mastercard
Analyzing the advantages and drawbacks of the card. Source: First Progress

When considering the First Progress Prestige Mastercard®, it’s essential to weigh its benefits against potential drawbacks.

Pros

  • No Credit Check: Applicants are not subject to a credit check, significantly increasing approval chances for those with poor, limited, or no credit history, making it highly accessible.
  • Low APR: With a 14.74% variable APR, this card offers one of the lowest interest rates among secured cards, reducing potential costs for carried balances.
  • Cash Back Rewards: Earning 1% cash back on payments encourages timely payments and responsible credit usage while providing an additional financial incentive for good habits.
  • Credit Bureau Reporting: Monthly reporting to all three major credit bureaus helps build or rebuild credit, providing consistent opportunities to demonstrate positive credit behavior.

Cons

  • Annual Fee: The card carries a $49 annual fee, which may be a consideration for budget-conscious individuals.
  • No Upgrade Path: There is no option to transition to an unsecured card within the First Progress suite, necessitating a new application for an unsecured card elsewhere once credit improves.
  • Foreign Transaction Fee: A 3% fee on foreign transactions makes it less ideal for international use.

Applying for the card

Applying for the First Progress Prestige Mastercard® is a straightforward process designed to accommodate individuals with varying credit backgrounds.

Eligibility Requirements

  • Age: Applicants must meet the age requirement of 18 years or older to qualify.
  • Residency: This card is available exclusively to U.S. residents who possess a valid Social Security number.
  • Security Deposit: You must be able to provide a refundable deposit, which can range from $200 to $2,000.
  • Income: Sufficient income to cover credit obligations.

Application Process

  1. Online Application: Visit the First Progress website and complete the online application form with personal and financial information.
  2. Security Deposit: Upon approval, you’ll need to provide a refundable deposit, which will define your credit limit.
  3. Card Issuance: After processing the deposit, the card will be mailed to you, typically within 7 to 10 business days.
  4. Activation: Activate the card upon receipt and begin using it responsibly to build your credit.

Discover another credit card that might suit your needs

While the First Progress Prestige Mastercard® offers valuable features for credit building, it’s prudent to explore alternative options. 

The Discover It® Secured Credit Card presents a compelling alternative with its own set of benefits.

Key Features

  • Zero Annual Fee: The Discover It® Secured Credit Card stands out by offering no annual fee, setting it apart from other secured card options.
  • Rewards Program: With its rewards program, users can earn 2% cash back on restaurant and gas station purchases and 1% on everything else.
  • Security Deposit: This card requires a minimum $200 deposit, refundable, and directly tied to your credit limit.
  • Credit Bureau Reporting: The card reports account activity to all three main credit bureaus, helping users establish and improve their credit profiles.
  • Graduation Opportunity: After seven months, Discover automatically reviews your account to determine eligibility for transitioning to an unsecured card and refunding the security deposit.

In conclusion, the First Progress Prestige Mastercard® Secured Credit Card provides a viable avenue for individuals aiming to build or rebuild their credit.

Its low APR and cash back on payments are notable advantages. 

However, considering alternatives like the Discover It® Secured Credit Card, which offers no annual fee and a robust rewards program, can help you make an informed decision tailored to your financial goals.

Learn all about the Discover it® Secured Credit Card in our next article—don’t miss out!

Discover It® Secured Credit Card

Discover It® Secured Credit Card

Enjoy rewards all while rebuilding your credit.

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