The First Progress Credit Card is issued by Synovus Bank, located in Columbus, Georgia.
This credit card is issued as a secured MasterCard.
It can be used for purchases online and over the phone.
How Does The First Progress Secured Credit Card Work?
This is a secured MasterCard. And that means, you must first make an initial deposit with Synovus bank.
Then you will be issued a credit card. This deposit is an insurance policy for First Progress.
Just in case, you stop making your monthly credit card payments. First Progress will keep your security deposit.
However, if you keep your credit card in good standing. Then your deposit is fully refundable.
It is FDIC insured. And many individuals, have found this to be a great credit card to build credit.
Monthly Reporting To All 3 Major Credit Bureaus
The First Progress Credit Card will report your account activity to all 3 of the major credit bureaus.
If you use your credit card account responsibly. Then, you will start building credit.
The experts say, you should try and keep your monthly balance at around 30% of your credit limit.
If your credit limit is $500. Then you should attempt to keep a monthly balance of roughly $150.
This will make your credit card account appear that you are using your credit. And using it responsibly.
First Progress Credit Card Fees
The First Progress Credit Card carries an APR percentage between 11.99% up to 19.99%.
In addition, you will be responsible for paying an annual fee from $29 up to $44.
There is no minimum credit score required for approval. And you have a choice of 3 different First Progress Credit Cards to apply for.
How To Apply For The Secured First Progress Credit Card
1. Visit https://www.firstprogress.com/
And choose between the 3 First Progress Credit Card offers.
For full details of these 3 offers visit https://www.firstprogress.com/card_options
- The Platinum Prestige Secured MasterCard comes with an 11.99% APR, and a $44 annual fee.
- The Platinum Elite MasterCard comes with an 11.99% APR and a $29 annual fee.
- The Platinum Select MasterCard comes with a 14.99% APR and a $39 annual fee.
According to the their website, if you are approved for one of these credit cards you can be approved for the other two.
It appears that the Platinum Prestige MasterCard, has the lowest APR but just a slightly higher annual fee.
2. Apply Online
You will need to provide your name, address, and personal identifying information for your online application.
Next, you will need to make a security deposit. This can be as small as $300 or as big as $2,000.
You can decide how much to deposit. This amount will equal the amount of your credit limit on your First Progress MasterCard.
If you deposit $1,000. Then your credit card will have a credit limit of $1,000. That’s it.
Your deposit is FDIC insured with the Synovus Bank.
It is 100% fully refundable provided you keep your First Progress Credit Card account in good standing.
This is a great credit card to build credit. Your account information will be reported every month to all 3 of the major credit bureaus.