Thread: First Progress Card Review

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 also never return your security deposit. 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.

I am not a blogger but was angered so much by First Progress Bank that I felt I had to make others aware of what this company will do to you as a consumer.

This is a SECURED credit card which means you must put the money up in advance to spend against. The card issuer has no liability. Here is the gimmick with these guys. You get the card to build your credit and pay them the money that you want the card to go up to... In my case $1,250.00. I pay my bill in advance in in full and use the card only for business. When you make a payment you can do it on line and the money comes right out of your bank account. In my case SUNTRUST.

This is a large bank and the funds come out of my account the day of or after I issue payment. First Progress can take up to ten days to post your payment. In other words, they have taken your money and for almost two weeks even though the money is out of your bank account, you can not use your card for the funds you have paid. It is a HUGE issue if you need to rely on this card for car rentals or other things.

Their automated line is a joke and will tell you your balance and it will reflect your payment but they will not let you use your funds. The card is SECURED and it can take nearly TWO WEEKS for your payment to register. DO NOT GET THIS CARD. I have been stranded twice and they have ZERO customer service and if you need them on a Sunday like i did, forget it, offices closed, no twenty four hour service, nothing.....If you are rebuilding your credit do not use this unless you have the money for the secured part or more importantly the funds to survive for up to TWO weeks after you made your payment. This is not a good card.