By now, it’s clear that our modern lives are being monitored. What we do, say and buy, and where we live – it’s all out there. Our financial lives are of particular interest to Big Data, especially credit scores. It’s a number that invisibly follows you everywhere, impacting your life in more ways than you imagine. It is the ultimate...
|Signing Promotion||Great for: Monthly reporting to all 3 major credit bureaus.|
|Annual Fee||19.99%* Variable|
|Intro APR Promotions||
- Nationwide Program though not yet available in NY, IA, AR, or WI
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
Poor Credit Accepted
- You can be accepted for this card with any credit score, making it a good option for those with a very poor record
- You pay no interest so long as you pay your balance off every month
- Relatively low annual fee of just $29, compared with other secured credit cards
- Higher interest rate than its sister cards, the “Select” and the “Prestige”
- Need at least a $300 dollar deposit to start, but it’s fully refundable
- Card is not available in a few states
The Simple Dollar’s Review
Fortunately we live in a forgiving society, and a bad credit score does not have to mean the end of your privileges for borrowing money. You’re simply going to have to take a couple steps to improve your score, play nice, and wait. The most important step is to prove you can use a credit card responsibly, borrowing small amounts and paying it all back at the end of the month.
The First Progress Platinum Elite MasterCard® Secured Credit Card is an excellent way to do it, because you can be accepted with any score. Out of the three – the Elite, the Select, and the Prestige – this one is our favorite, because it has a low yearly fee of only 29 bucks – about 8 cents a day. The Select and Prestige have higher annual fees, but lower interest rates. This Elite card has a variable APR of 19.99%. But truly this card should be used solely as a tool for improving your score by borrowing small amounts and paying it all off at the end of the month; so the interest rate should not be too important. If you do foresee yourself carrying a balance from month to month, however, then look at your other two options and crunch some numbers to see which is best.
Because this is a secured card, you’ll need to put down a relatively large $300 deposit to get access to a line of credit. The deposit is refundable though, and it’s worth it. You’ll see your credit score improve much more quickly than if you simply retreat from the world of money borrowing altogether. In closing, this card is simple with a low annual fee, and because of these things, it’s perfect for rebuilding your score.
You first started stoozing at work. Then your boss caught you. You thought you were going to be fired, until he said he wanted to watch. Late one night you were stoozing at home. You thought your wife was in bed, asleep – but she wasn't. She caught you, too. At first you thought she would be mad, but then...