First Progress Platinum Elite Mastercard Secured Credit Card Review – Forbes Advisor
The first Progress Platinum Elite Mastercard® secured credit card compared to the Discover it® secured credit card
The Discover it® Secure credit card offers most of the features of many modern secure cards and does so without charging cardholders an annual fee. The card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, get unlimited 1% cash back on all other purchases. It offers $0 fraud liability and offers the ability to get your deposit back after demonstrating responsible credit use.
The lack of annual fees alone makes the Discover it® Secured Credit Card a better option than the First Progress Platinum Elite Mastercard Secured Card for many consumers, but with added rewards, the Discover it Secured Credit Card ® is a much better option than the first secure Progress Platinum Elite Mastercard® credit card.
The First Secured Progress Platinum Elite Mastercard® Credit Card vs. Bank of America® Cash Rewards Personalized Credit Card for Students*
For college students looking to build up credit, another type of card exists: the student card. The Personalized Bank of America® Cash Rewards Credit Card for Students* provides a great example, especially for those who want simple rewards. The card earns 3% cash back in the choice category and 2% automatically at grocery stores and wholesale clubs. Cash back is limited to $2,500 in the 3% and 2% categories combined each quarter. Earn unlimited 1% on all other purchases.
Although not everyone without a credit history is lucky enough to be classified as a student, we strongly recommend that those focusing on studies check student cards instead of secure cards. These cards generally do not require a deposit and often offer much better rewards than many secured cards. The personalized Bank of America® Cash Rewards credit card for students* also offers optional overdraft protection and other convenient benefits in addition to its rewards, all without charging an annual fee.
The First Progress Platinum Elite Mastercard® Secured Credit Card vs. The First Progress Platinum Prestige Mastercard® Secured Credit Card
The First Progress Platinum Prestige Mastercard® Secured Credit Card offers the same lack of major benefits as the Platinum Elite Mastercard Secured for a different annual fee of $49 and a regular variable APR of 12.99%. This annual fee swap for a regular APR reduction is nice if you’re worried about carrying a balance and have the cash to pay for card access, but we’re still not convinced anyone should ask for either other cards.
carry a balance with any card is something to avoid, but when trying to build up credit with a secured card, cardholders should be especially careful about the interest payable. Learning or reinforcing the habit of paying in full on time every time is important for responsible credit use and financial health and is the most ideal way to manage a credit card.