First Progress Credit Card – Approval, Benefits & How to Apply!

First Progress Credit Card is a secured credit card designed to help individuals build or rebuild their credit. With easy approval and no credit history required, it’s an ideal choice for those looking to improve their financial standing.

Issued by Synovus Bank, the card reports to all three major credit bureaus, making it a valuable tool for credit improvement. Users can enjoy flexible payment options, low deposit requirements, and the ability to use it anywhere Mastercard is accepted.

Whether you’re starting fresh or recovering from past financial struggles, the First Progress Credit Card provides a solid path to better credit.

What is First Progress Credit Card?

The First Progress Credit Card is a secured credit card designed to help individuals build or rebuild their credit score. It’s issued by Synovus Bank and is available to those with limited or poor credit history.

To apply, you must provide a refundable security deposit, which serves as your credit limit. The card reports to all three major credit bureaus, allowing users to establish or improve their credit over time with responsible use.

Accepted wherever Mastercard is, the First Progress Credit Card offers an accessible way to work towards better credit while enjoying the benefits of a traditional credit card.

Features of First Progress Secured Credit Card

The First Progress Secured Credit Card is an excellent option for individuals who are looking to build or rebuild their credit score. By offering a range of features designed for users with limited or poor credit history, the First Progress card provides a straightforward, secure way to manage finances and establish a positive credit history.

Below are some of the key features of the First Progress Secured Credit Card:

1. Security Deposit Requirement

Unlike traditional credit cards, the First Progress Secured Credit Card requires a security deposit. This deposit acts as collateral and determines the card’s credit limit. Depending on the cardholder’s financial situation, the security deposit can range from $200 to $2,000.

The amount you deposit is your credit limit, and your account is fully refundable when you close the card, as long as the balance is paid in full.

This requirement may seem like a hurdle for some, but it is what allows the card to be accessible to people with little to no credit history. As long as the deposit is paid, users can enjoy the same benefits as a traditional, unsecured credit card.

2. Reports to All Three Major Credit Bureaus

One of the most important features of the First Progress Secured Credit Card is its ability to report to all three major credit bureaus: Experian, TransUnion, and Equifax. This reporting is crucial for those looking to build or rebuild their credit score.

Responsible use of the card – making payments on time and maintaining a low credit utilization rate – will lead to positive credit reporting, which can help improve your credit score over time.

However, it’s important to note that missed payments or high utilization could harm your credit score, so responsible management is key to seeing positive results.

3. Annual Fee

The First Progress Secured Credit Card comes with an annual fee, which varies depending on the type of card chosen. There are three options:

• First Progress Platinum Select Mastercard: $39 annual fee
• First Progress Platinum Prestige Mastercard: $49 annual fee
• First Progress Platinum Elite Mastercard: $29 annual fee

While these fees are generally reasonable for a secured credit card, it’s essential to understand that, in exchange for the low barrier to entry, cardholders may need to pay an annual fee. However, the fee is relatively small compared to the benefits of building credit, and the card’s annual fee is often lower than what other unsecured credit cards may charge.

4. No Credit Check for Approval

One of the most attractive features of the First Progress Secured Credit Card is that it does not require a credit check for approval. This makes the card an excellent option for individuals who have poor credit or are trying to build credit for the first time. Since no credit history is required, anyone who meets the minimum deposit requirements is eligible to apply.

This feature is especially beneficial for those who have been turned away by other credit cards because of a lack of credit or poor credit scores.

5. Worldwide Acceptance

The First Progress Secured Credit Card is issued under the Mastercard network, which means it is accepted worldwide. You can use it for purchases both online and in-store wherever Mastercard is accepted. This provides great convenience for users who want to build credit while enjoying the benefits of a widely accepted payment method.

Additionally, you can also use the card for cash advances at ATMs, although cash advances typically come with fees and higher interest rates, so it’s advisable to avoid them unless absolutely necessary.

6. Mobile and Online Account Management

Managing your First Progress Secured Credit Card is made easy with online and mobile account access. The First Progress website and mobile app allow users to easily view their account activity, make payments, and check balances.

This ease of access ensures that cardholders can keep track of their spending and stay on top of due dates to avoid late payments, which could negatively affect their credit score.

The mobile app allows users to track their spending on-the-go, making it convenient for people who want to monitor their credit card activity from anywhere.

7. Access to Credit Line Increase

Over time, cardholders may become eligible for a credit limit increase. After demonstrating responsible usage and making timely payments, you can request an increase in your credit limit by providing an additional deposit. A higher credit limit can help your credit utilization ratio, which is one of the factors that impact your credit score.

The ability to increase your credit limit makes the First Progress Secured Credit Card a useful tool for improving your creditworthiness and accessing more credit as you demonstrate responsible financial habits.

8. Low Minimum Payments

The First Progress Secured Credit Card requires only a small minimum payment each month, which is typically about 1% of your outstanding balance plus any interest or fees. This allows cardholders to maintain flexibility in their monthly payment amount, making it easier for those on a budget to manage their payments.

However, paying only the minimum amount can result in paying off your balance more slowly and accruing interest, so it’s always advisable to pay more than the minimum whenever possible to pay off the balance faster and avoid unnecessary interest.

9. Interest Rates

Like most credit cards, the First Progress Secured Credit Card carries interest on any balances carried beyond the due date. While the APR (Annual Percentage Rate) is relatively high, ranging from 19.99% to 29.99%, this is typical for secured credit cards.

To avoid interest charges, it’s always best to pay your balance in full each month. If you carry a balance, consider paying more than the minimum to reduce the overall interest paid.

Benefits of Using First Progress Secured Credit Card

Below are some of the key benefits of using the First Progress Secured Credit Card:

1. Easy Approval Process

One of the most significant benefits of the First Progress Secured Credit Card is the easy approval process. Unlike many unsecured credit cards that require a credit history check and a higher credit score for approval, the First Progress Secured Credit Card is available to individuals with bad or no credit.

The card doesn’t require a credit check, making it accessible to a larger group of people, including those who are new to credit or have struggled with past financial issues.

The only requirement for approval is the ability to provide a refundable security deposit, which acts as your credit limit. This makes it a great option for individuals who might otherwise be turned away by traditional credit card companies due to a lack of credit history or a low credit score.

2. Reports to All Three Major Credit Bureaus

The First Progress Secured Credit Card reports your payment history and activity to all three major credit bureaus—Equifax, TransUnion, and Experian. This feature is essential for individuals who are trying to build or improve their credit score, as consistent, on-time payments will have a positive impact on your credit report.

Many secured credit cards only report to one or two bureaus, but First Progress ensures that your credit activity is visible to all three. This provides you with the opportunity to see your credit score improve over time by practicing good financial habits, such as paying your bill on time and keeping your credit utilization low.

3. Helps Build or Rebuild Your Credit

The primary benefit of the First Progress Secured Credit Card is its ability to help users build or rebuild their credit. Since this is a secured credit card, individuals with little or no credit history can use it as a stepping stone to establish a positive credit history.

Responsible usage of the card—making timely payments and keeping balances low—will help you establish a track record with the credit bureaus, which will eventually lead to an improved credit score.

Rebuilding credit can be challenging, but having a tool like the First Progress card can make the process easier. By showing creditors that you can manage credit responsibly, the First Progress Secured Credit Card can serve as the foundation for better financial opportunities in the future.

4. Accessible to a Wide Range of Consumers

The First Progress Secured Credit Card is designed to be accessible to a wide range of consumers, including those who might not qualify for traditional, unsecured credit cards.

Whether you’re a young adult just starting your credit journey, someone who has recently faced financial setbacks, or an immigrant without a credit history, the First Progress card is a great option for getting started on the right foot.

The low deposit requirements (starting at $200) make it a more affordable option for many people, as the deposit is refundable upon closing the account with a zero balance. Additionally, because there is no credit check required, you can still apply for the card even if you’ve had trouble with credit in the past.

5. Worldwide Acceptance

Another notable benefit of the First Progress Secured Credit Card is its worldwide acceptance. Since the card is part of the Mastercard network, it is accepted anywhere Mastercard is used, which includes millions of locations worldwide.

Whether you’re making an in-store purchase, shopping online, or traveling abroad, the First Progress Secured Credit Card offers the convenience of using your card just like any other major credit card.

Having a credit card that works internationally also means you can use it for travel bookings, hotel reservations, and car rentals while building your credit. For those who frequently travel or shop online, this feature is a huge plus.

6. Flexible Payment Options

The First Progress Secured Credit Card offers flexible payment options, allowing cardholders to choose how they want to make their payments. You can pay your bill online, by phone, or through the mail. The card also provides detailed billing statements, which help you keep track of your balance and ensure timely payments.

Flexible payment options make it easier for people with busy schedules or varying income sources to manage their credit card usage effectively. It also gives cardholders the freedom to choose the payment method that works best for them, which is an important benefit for anyone trying to stay on top of their finances.

7. Credit Limit Increase Opportunity

Although the First Progress Secured Credit Card starts with a credit limit based on your initial deposit, it’s possible to increase that limit over time. After showing responsible card usage—such as making timely payments and keeping a low balance—you may become eligible for a credit limit increase.

The ability to increase your credit limit can be a big advantage in improving your credit utilization ratio, which is an important factor in your credit score. A higher credit limit can help reduce your credit utilization rate, leading to a potential boost in your credit score.

Moreover, your increased credit limit can give you greater purchasing power, which can be useful for making larger purchases or handling unexpected expenses.

8. No Hidden Fees

The First Progress Secured Credit Card is known for being transparent with its fees. There are no hidden or surprise fees when using this card. The primary fees associated with the card are the annual fee (which ranges from $29 to $49, depending on the card type) and a one-time security deposit.

This transparency helps cardholders budget more effectively, as they know exactly what to expect each year. By eliminating hidden fees, the First Progress card provides a straightforward and manageable credit-building tool for those who are serious about improving their financial situation.

9. Accessible Customer Support

Another benefit of using the First Progress Secured Credit Card is access to reliable customer support. The card offers customer service through its website and via phone, so cardholders can get help with any issues they may encounter with their accounts.

Whether you have questions about your balance, need assistance with payments, or require help resolving disputes, customer support is easily accessible.

Good customer service can make a huge difference, especially for individuals new to credit, and First Progress ensures that cardholders have the support they need when managing their finances.

Application Process

Applying for the First Progress Secured Credit Card is a straightforward and simple process, making it accessible for individuals with poor or no credit history. Below is a detailed guide on the steps involved in applying for this secured credit card:

1. Review the Eligibility Requirements

Before starting the application process, it’s important to understand the basic eligibility requirements. The First Progress Secured Credit Card is designed for individuals with less-than-perfect credit, and therefore, it is available to those with no credit history, poor credit, or even those working on rebuilding their credit.

To apply for the First Progress Secured Credit Card, you must meet the following basic eligibility criteria:

• Age: You must be at least 18 years old (19 in some states).
• U.S. Residency: You must be a legal resident of the United States.
• Income: You must have a source of income to support your ability to make monthly payments.
• Deposit: Since this is a secured credit card, you will be required to provide a refundable security deposit, which will act as your credit limit. The deposit typically ranges from $200 to $2,000 depending on the card type you choose.

The First Progress Secured Credit Card doesn’t require a credit check or a minimum credit score, making it a great option for those who may not qualify for other unsecured credit cards.

2. Choose the Right Card for You

First Progress offers multiple types of secured credit cards, including options with varying annual fees and deposit requirements. Depending on your financial situation and credit-building goals, you can choose the option that best suits your needs. The most common options are:

• The Platinum Select Mastercard® Secured Credit Card: This card typically comes with a lower annual fee (around $29) and requires a refundable security deposit of $200 to $2,000.
• The Select Mastercard® Secured Credit Card: This card may have a slightly higher annual fee (around $39) but comes with similar deposit requirements.
• The Premier Mastercard® Secured Credit Card: This is typically designed for those who are looking to maximize their credit limit and have a higher deposit amount.

It’s essential to carefully consider which card works best for you, based on factors such as deposit amount, annual fee, and any additional benefits.

3. Complete the Application Form

Once you’ve decided which card you want, the next step is to fill out the online application form on the First Progress website. The application process is simple and can be completed in just a few minutes.

You’ll be asked to provide some basic personal information, such as:

• Full Name: Make sure to provide your legal name as it appears on your official documents.
• Date of Birth: You must be at least 18 years old to apply.
• Social Security Number: This will be used for identification purposes and to verify your credit history.
• Address: Your residential address within the U.S.
• Income Information: You’ll need to provide details of your income to show your ability to make the monthly payments on your card.
• Contact Information: An email address and phone number to contact you about your application status.

This is also a good time to double-check that you meet all the eligibility requirements before proceeding.

4. Submit a Refundable Security Deposit

Since the First Progress Secured Credit Card is a secured card, you will need to submit a refundable security deposit. This deposit acts as collateral in case you miss payments. The amount of your deposit will directly determine your credit limit, with the minimum deposit generally being $200.

Here’s how the deposit process works:

• You will choose how much money you want to deposit, based on the card’s available deposit ranges.
• Your deposit is refundable when you close the account with a zero balance.
• The deposit is used to secure the credit card and will be held in a separate account. If you fail to make your payments, the bank can use this deposit to cover the balance.

The deposit process is straightforward, and it can be paid via a bank transfer, credit card, or debit card, depending on the payment methods accepted by First Progress. Once you’ve submitted your deposit, you will receive a confirmation, and the application will proceed to the next steps.

5. Wait for Approval and Card Issuance

After submitting your application, the approval process is generally quick. Since the card is secured, there’s no need for a credit check, and approval is typically based on your ability to provide the required deposit. As long as the deposit is made, applicants are almost always approved.

Once your application is approved and the deposit is received, First Progress will process your request, and your new credit card will be sent to you. Typically, you can expect to receive your card within 7-10 business days.

6. Activate Your Card

Upon receiving your First Progress Secured Credit Card, you’ll need to activate it before using it. Activation can typically be done online or over the phone, and the instructions will be included with your new card. Once activated, you can begin making purchases, and your credit-building journey begins.

7. Start Using Your Card Responsibly

Once your card is activated, it’s crucial to use it responsibly to start building or improving your credit score. Be sure to pay your monthly bill on time, keep your balance low (preferably under 30% of your credit limit), and avoid carrying high amounts of debt.

Responsible use of the First Progress Secured Credit Card can help you build a solid credit history that will lead to future financial opportunities.

FAQs

Conclusion

The First Progress Secured Credit Card is an excellent option for individuals looking to build or improve their credit history. With its straightforward application process, manageable fees, and responsible use, this card provides an accessible path to better credit.

By making timely payments, monitoring your spending, and using your card responsibly, you can improve your credit score and open doors to better financial opportunities. Whether you’re new to credit or looking to rebuild, the First Progress Secured Credit Card can be an essential tool on your financial journey.