If you just received notice that your credit limit has been slashed on one of your credit cards, don't panic. You're not alone. And it's not something you should take personally — even rockstar, top-tier borrowers have seen their limits lowered in recent years. It's frustrating, especially if you rely on your credit card for regular purchases or in...
|Annual Fee||11.99%* 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
- Very low variable APR
- $49 annual fee
- 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
This is hands down one of the best options if you thought you’d never be approved for a credit card ever again. Worry not if your credit score is in the toilet, you’ll be approved with any score for the First Progress Platinum Prestige MasterCard® Secured Credit Card, so long as you’re not in bankruptcy and demonstrate a minimum income requirement. The only catch is it’s a secured credit card, so you’ll need to put down a hefty deposit to get access to your credit line. But don’t worry, it’s 100% refundable.
Once you have a deposit down, you’ll start with a modest credit line. Now the goal here is not reward points, spending sprees or anything else fancy. This is simply a tool for rebuilding a ravaged credit history. Your score will improve over time, but it will improve much faster if you can demonstrate responsible use with this card card. In fact, roughly 30% of your score is based on the unused credit you have available, so opening up a new line with this card will likely give your score a little boost right away.
There are three cards offered by First Progress, the Elite, Select, and Prestige. This Prestige card has a very competitive variable APR of only 11.99%, but on the other hand it has a larger annual fee than its sister cards: $44 a year. So when deciding between the Elite, Select, and Prestige, you should go with the Prestige only if you foresee yourself carrying a balance month to month (i.e., not paying off your bill entirely each cycle). In this case, the higher yearly fee will certainly be worth it in the interest you save.
In sum, these cards from First Progress are absolutely no frills, and you should avoid using it for cash advances or foreign transactions; otherwise, you’ll get stuck with a fee. But because you can get approval with any credit rating, they are the best option for people looking to get out of credit score purgatory.
You know about credit cards and debit cards, and you may even be familiar with secured credit cards, but did you know there's another option out there? Millions of Americans rely on prepaid credit cards to handle their finances. Prepaid credit cards work just as you'd expect: after acquiring a card, you load it with money. As you spend,...