First Progress Secured Credit Card

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:

DescriptionFee
Annual fee$39
Cash Advance FeeEither $5 or 8% of the amount of each Cash Advance, whichever is greater.
Cash Advance APR25.24%
Foreign Transaction FeeEither $10.00 or 3% of the amount of each Cash Advance, whichever is greater.
Late Payment$41
Returned Payment$30
First Progress Secured Credit Card fees

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:

FeaturesFirst Progress Secured Credit Card
Fees$29
APR19.24% on balance for deferred payments
Cash Back1%
Initial Deposit$200-$2,000
Welcome Bonus$0
The First Progress Secured Credit Card summary table

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:

Capital One Quicksilver Secured Credit Card Logo
  • Fees: $0
  • Cashback: 1.5%
  • Welcome bonus: $0
  • Credit Score: No
Discover it Cash Back
  • Fees: $0
  • Cashback: 1%-5%
  • Welcome bonus: up to $300
  • Credit Score: 690-850
  • Fees: 0
  • Cashback: No
  • Welcome bonus: No
  • Credit Score: No
Bank of America customized cash rewards secured credit card
  • Fees: 0
  • Cashback: Up to 3%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
Opensky plus secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $300
  • Welcome bonus: No
  • Credit Score: No
Bankamericard secured credit card
  • Fees: 0
  • Cashback: 0%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
OpenSky secured credit card
  • Fees: $35
  • Cashback: 0%
  • Initial deposit: $200
  • Welcome bonus: No
  • Credit Score: No
Bank of america unlimited cash rewards secured
  • Fees: 0
  • Cashback: 1,5%
  • Initial deposit: $200-$5,000
  • Welcome bonus: No
  • Credit Score: No
U.S. Bank Secured Visa credit card
  • 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:

AdvantagesDisadvantages
Opportunity to build credit responsiblyNo welcome bonus incentives
1% cash backForeign transaction fees
Low APRNo initial 0% interest rate period
The First Progress Secured Credit Card pros and cons

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:

To conclude, you have more related content about secured credit cards:

Updated the day 7 September, 2023 by Alfredo Barandiarán

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