Improve Your Credit ScoreFree Credit Bureau Reporting
Credit Line$300 - $2,000 Credit Line
The First Progress Platinum Select MasterCard can help those who do not have sufficient credit to get a standard credit card. Though the card does require you to put in a security deposit (acting as the "limit" on the card), the payments you make toward it are reported to the credit bureau. Once you keep up with those payments for six months to a year, you should be able to qualify for a different card to use.
The main benefit of this credit card is that it gives you a chance to build your credit just by spending your own money. Rather than paying cash for the things you need, you can pay with your card and then pay back the balance. You may lose the security deposit on the card temporarily, but you will get it back after you cancel the card. By then, you should have a decent amount of credit built up.
You have to pay an annual fee of $39 for this card, on top of putting $300 to $2,000 of your own money on it to act as your available balance. You also have to worry about the 14.99% variable interest rate if you don't pay your bills on time. When it comes to secured credit cards though, this just has to be expected. The credit expanding rewards that follow are well worth the hassle.
|Regular APR:||11.99% (Variable)|
|Credit Needed:||Bad, No Credit|
From the CompareCards.com Editorial Team:
The First Progress Platinum Select MasterCard Secured Credit Card is designed to give people with poor or limited credit a chance to boost their scores while they shop. It acts similar to a prepaid credit card, but all of the balance for the card is paid up front. Rather than loading $50 and then spending $50, you may load $300 to $2,000 and use that as your continuous credit card limit. You can't access that money until you cancel the card, so you have to always pay back whatever you spend on the card.
If you do not pay your card balance on time, you'll face 14.99% variable APR. You will also have to pay a $39 annual fee to keep the card in your name. Any payments you make toward the card will be reported to all three major credit bureaus. This should build your score over time. If you want to boost your credit score to potentially get an unsecured card in the future, this could be a great option for you.
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