Let’s say you have snubbed your nose at the Corporate Machine and vowed to live a life of noble financially modesty, swearing off debt, and denouncing materialism. But you still need a job, right? You’ll probably need a good credit score to qualify. And yes, you want to live a minimalist life, but you’ve got to have cable. I mean,...
|Signing Promotion||Great for: Monthly reporting to all 3 major credit bureaus.|
|Annual Fee||14.99%* 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
- Lower APR than many other secured cards
- $39 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
If you have bad credit, getting a secured card is one of the best ways to build it back up. About 30% of your score is based on how much credit you have available, so getting a secured card is likely to improve your situation right away. What’s great about the First Progress Platinum Select MasterCard® Secured Credit Card is that you’ll be accepted with any credit score, so long as you’re not currently in bankruptcy and you meet minimum income requirements.
There are three cards in the “Platinum” series of secured credit cards from First Progress, the Elite, Select, and Prestige. The Elite offers the lowest annual fee, but has the highest interest rates, while the Prestige has a very low APR, but a pretty high fee. The Select strikes a nice balance between the two, with a moderate APR and a relatively moderate $39 dollar yearly fee – it works out to just over a dime a day.
You do need to put down a relatively large security deposit of at least $300, however, and the card carries an annual fee of $39. Don’t let this stop you though; it’s far better for your financial well being if you open up a credit line and use it responsibly. Your score will improve much faster. And since you can get this card with any credit score, it is a particularly good option for those with very bad credit histories. It’s worth the cost. Even bankruptcies will eventually disappear from your credit history and you’ll want to start building a record of responsible use as soon as possible. Even though this card has a lower APR than many other secured cards, be sure to pay off your balance every month and think of the card as a tool for regaining your financial footing.
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...