- Gold Member
- Posts: 26
- Joined: Sun Nov 06, 2011 9:18 am
- Location: Jacksonville
I checked out the new secured card First Progress and this is what I found.
It says that it has Platinum Card Benefits, but the only benefits it really has is that most everyone is approved and it will help rebuild your credit. It does not have normal Platinum benefits you might be used to. The card is not eligible for credit increases, unless you add funds to the account and you must wait for six months after opening the account to do so. They will return your security deposit only after you close the account and pay back all balances and fee obligations. I got all this information from calling their customer service number after reading the website.
They are very new at this, about two months old, so policies might change in the future, but they have no definite plans for the moment. They also have a $2000 limit for the credit line deposit. (I actually could easily put down $5000, but that would not be allowed.) For the moment there are many better options depending on your score and other factors. I thought the Platinum Benefits would actually mean more than a name on a card. I have 3 Platinum Cards, but the limits are low and I need one with a higher limit for such things as car rentals. This card is nothing more than just a secured card with no benefits.
You would be better off with a Merrick Bank Card. They do give credit increases, but it might take a while depending on your score and how you use the card. After they start they will do it will regular intervals. I get about $300 every 3 months.
Also, depending on your score, your bank might give you a secured card that has credit limit increases and a security deposit refund. It might also have a lower interest rate than some of the credit card banks.
EX 686 TU 690
Cap One $500 6/10 closed no CLI 7/12
Cap One $2000 9/10
Household $500 9/11
Merrick Bank $2800 10/07
Marathon $900 10/11
Bealls $950 10/11
Marathon Visa $2500 6/12 Yeah finally a good limit card!
Barclays Rewards MC $1500 8/12
Belks $800 8/12
Walmart $1000 8/12