Top perks
Here are some of the highlights of this secured credit card.
Cash back rewards
The First Progress Platinum Prestige Secured Card offers 1% cash back rewards on payments.
No minimum credit score required
Many credit cards require applicants to meet a minimum credit score to be considered for card approval. That's not the case with this secured credit card. If you have a poor score or limited credit history, you can apply for this card, and you have a chance at being approved.
No credit history required
If you have no credit history, it can be challenging to get approved for a credit card. Many card issuers require a credit history to determine creditworthiness. The good news is that the First Progress Platinum Prestige Secured Card doesn't require credit history. While there's no guarantee you'll get approved, you may have a better chance at approval compared to other credit cards.
Read more: Best Starter Credit Cards for No Credit
No credit inquiry
When applying for this secured credit card, you won't need to worry about a negative impact on your credit. There will be no credit inquiry marked on your credit report that could lower your credit score. That's not the case when applying for many other credit cards. If you have a low credit score or minimal credit history, this is a nice perk.
Low ongoing APR
Consumers can take advantage of a low variable APR rate when making purchases with this card. This rate is much lower than other cards, including other secured credit cards. However, a variable APR can change, so it may not stay that low.
Low minimum security deposit
This card has a minimum refundable security deposit of $200, which is reasonable. While it's not the lowest, some cards require a deposit of $300. For consumers who are already struggling financially, it can be challenging to come up with a high deposit to begin using a secured card. So the $200 needed for this card may be more attainable for many consumers who are hoping to build or rebuild their credit.
Earns rewards
When you make payments on your First Progress Platinum Prestige Secured Card, you'll earn 1% back in rewards points. As an example, a payment of $100 would earn you 100 points.
Cash back earnings can be applied as a statement credit to your account once you accumulate at least 500 points. While rewards can reduce the total amount owed, they won't reduce your minimum payment due, so paying the minimum amount each month is necessary.
Since not all secured credit cards earn rewards, this is an excellent benefit.
Activity is reported to all three credit bureaus
For consumers with little to no credit history, building credit is essential. The good news is you can use this secured credit card to build credit. The card issuer reports all usage and payment activity to all three credit bureaus on a monthly basis. When you pay your card bills on time and consistently, you can use this card to help build credit and improve your credit score.