Having a good credit history is definitely one of the most important things you need to have. Many companies look into your credit record during an evaluation for a loan application, mortgage request, or even employment seeking and insurance petitions. With all these uses and more, building up a very good credit score is crucial.
But what happens when you’ve failed to make a good impression in the past? Fortunately, Mastercard offers the First Progress Secured Platinum Credit card. Whether you’ve encountered difficulties in managing your finances before, or you’re simply trying to make that good first impression, this card lets you have the opportunity to create a better credit future.
How the Card Helps You Out
When you apply for the First Progress Platinum card, your account is automatically tied to three of the major credit bureaus in the state. These are Equifax, TransUnion, and Experian. A monthly report of your account is submitted to each of these three bureaus, wherein you need to make a security deposit in order to secure your credit line. This deposit will stand as your collateral in cases wherein your monthly financial obligations are not met. This deposit is maintained at an amount of not less than $300.
Because of this system, the card is able to let you establish a credit line that is dependent on the security deposit, instead of getting a credit score. As a result, your account activity will be monitored by the three credit bureaus, advancing the accumulation of information in your credit file.
This card is currently being offered by Synovus Bank.
The Rates
Credit cards are certainly not without fees, and with one that works hard to give you good credit, these figures may be slightly higher than the average.
The annual fee for purchases is 14.99%, with a variable prime rate based on the current market. For cash advances, the APR is at 19.99%. Payments for card purchases are expected to be made within 25 days upon the billing period, after which a penalty fee will be issued for late payments.
The annual fee for card maintenance is $39. Cash advances and foreign transfers have fees of either 3% of the total amount, or $10.
This credit card is open to all US citizens, however, residents from Wisconsin, Iowa, Arkansas, and New York are unable to apply for the account offer.
Start rebuilding your credit now and enjoy the countless opportunities that await you.
