Curious about the First Progress Secured Credit Card? At Responsible Economy, we’re breaking down everything you need to know about this card – from fees and deferred payment interest rates to cashback perks. And for perspective, we’re also sizing it up against some of the best secured credit cards in the United States. Let’s get started!
Features
In this section, we will go through all the features one by one.
Fees
The First Progress Secured Credit Card charges a non-waivable annual fee of $39. This is a very poor feature, as there are other secured credit cards that do not charge any fees.
We also show you other credit card fees:
| Description | Fee |
|---|---|
| Annual fee | $39 |
| Cash Advance Fee | Either $5 or 8% of the amount of each Cash Advance, whichever is greater. |
| Cash Advance APR | 25.24% |
| Foreign Transaction Fee | Either $10.00 or 3% of the amount of each Cash Advance, whichever is greater. |
| Late Payment | $41 |
| Returned Payment | $30 |
APR
If you pay your purchases in full by the due date, you will not be charged interest. However, if you carry a balance, you will be charged an interest rate of 19.24% APR. While this interest rate is high, it is lower than the average interest rate for secured credit cards.
Unlike many secured credit cards that boast a 0% introductory APR, the First Progress Secured Credit Card doesn’t offer this perk. Consequently, interest on your purchases begins accumulating immediately.
Cash back
You get a 1% cash back on all purchases made with the card. This is a great feature because not all cards offer cash back.
Minimum deposit
The minimum deposit to get the card is $200 and the maximum deposit is $2,000.
Welcome bonus
Many credit cards on the market offer sign-up bonuses, some as high as $1,000 or more. However, the First Progress Secured Credit Card doesn’t come with this benefit. As a result, you won’t be able to earn any rewards in the initial months of card usage.
Summary table
We have created a table summarizing all the features:
| Features | First Progress Secured Credit Card |
|---|---|
| Fees | $29 |
| APR | 19.24% on balance for deferred payments |
| Cash Back | 1% |
| Initial Deposit | $200-$2,000 |
| Welcome Bonus | $0 |
Comparison with the Best Secured Credit Cards
We have conducted a comparison of The First Progress Secured Credit Card with the best secured credit cards available for application in the United States:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Pros and cons
Here’s a table summarizing the pros and cons of the First Progress Secured Credit Card:
| Advantages | Disadvantages |
|---|---|
| Opportunity to build credit responsibly | No welcome bonus incentives |
| 1% cash back | Foreign transaction fees |
| Low APR | No initial 0% interest rate period |
Requirements
To qualify for the First Progress Secured Credit Card, you must meet the following criteria:
- Residency: You must be a U.S. resident.
- Age: You must be at least 18 years old.
- Employment: You must be employed.
- Social Security number: You must have a valid Social Security number.
Conclusion and opinions
After the analysis, we believe that the First Progress Secured Credit Card is not a competitive credit card because it has an annual fee of $39 and does not offer a welcome bonus. On the other hand, it has a 1% cash back and the interest rates for carrying a balance are lower than most secured credit cards.
Frequent questions
Now we answer all your questions about the First Progress Secured Credit Card:
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Updated the day 7 September, 2023 by Alfredo Barandiarán
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