NEW Secured Card ??? Reports to ALL 3 Credit Bureaus

[FinanceGuy007]

I was surfing the net and came across The First Progress Secured Platinum MasterCard® credit card is issued by Synovus Bank, Columbus, GA, member FDIC.  Just thought I would share with my FICO family for those looking for options in SECURED credit cards.  IMO any secured card that carry a monthly participation fee are automatically RULED OUT!  https://www.firstprogress.com/  Review their  website and tell eveyone what you thing.  I think it is something beneficial or I wouldn't have posted this...

[Wolf3]

Terms and Conditions are good for a secured card.  

[bruiseviolet]

I am just starting to look for a secured card- so I don't know much to compare it to.  I agree yearly fee's are terrible- but at the same time- I don't know you have much other choice with low scores.  Thanks for sharing =)

This is what their terms and conditions say as far as the annual fee...  

AVAILABLE CREDIT: Your available credit is your Credit Limit less your outstanding balance and any amounts we at our sole discretion may add to keep your outstanding balance below your Credit Limit, such as Interest Charges and Fees incurred but not yet billed. Your initially available credit will be your initial Credit Limit, less the initial Annual Fee of $39* imposed after your Account is opened. For example, if your initial Credit Limit is $300, your initially available credit would be $261. The renewal Annual Fee, when imposed annually thereafter, will also reduce your then available credit by $39*. Your payments will not increase your available credit until we are assured that the payment has not been dishonored; this payment hold may take up to 10 days.

[Wolf3]

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@bruiseviolet wrote:

I am just starting to look for a secured card- so I don't know much to compare it to.  I agree yearly fee's are terrible- but at the same time- I don't know you have much other choice with low scores.  Thanks for sharing =)

This is what their terms and conditions say as far as the annual fee...  

AVAILABLE CREDIT: Your available credit is your Credit Limit less your outstanding balance and any amounts we at our sole discretion may add to keep your outstanding balance below your Credit Limit, such as Interest Charges and Fees incurred but not yet billed. Your initially available credit will be your initial Credit Limit, less the initial Annual Fee of $39* imposed after your Account is opened. For example, if your initial Credit Limit is $300, your initially available credit would be $261. The renewal Annual Fee, when imposed annually thereafter, will also reduce your then available credit by $39*. Your payments will not increase your available credit until we are assured that the payment has not been dishonored; this payment hold may take up to 10 days.

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$39 AF is typical of secured cards for rebuilding.  

[bruiseviolet]

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@Wolf3 wrote:

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@bruiseviolet wrote:

I am just starting to look for a secured card- so I don't know much to compare it to.  I agree yearly fee's are terrible- but at the same time- I don't know you have much other choice with low scores.  Thanks for sharing =)

This is what their terms and conditions say as far as the annual fee...  

AVAILABLE CREDIT: Your available credit is your Credit Limit less your outstanding balance and any amounts we at our sole discretion may add to keep your outstanding balance below your Credit Limit, such as Interest Charges and Fees incurred but not yet billed. Your initially available credit will be your initial Credit Limit, less the initial Annual Fee of $39* imposed after your Account is opened. For example, if your initial Credit Limit is $300, your initially available credit would be $261. The renewal Annual Fee, when imposed annually thereafter, will also reduce your then available credit by $39*. Your payments will not increase your available credit until we are assured that the payment has not been dishonored; this payment hold may take up to 10 days.

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$39 AF is typical of secured cards for rebuilding.  

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I figured.  39 a year isn't a big deal.. it's the ones that charge 79 a year fee. That's a bit steep IMO.

[FinanceGuy007]

AF for SECURED cards seem to average between $29 - $39.  Anything beyond that is out right foolish.

[Anonymous]

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@FinanceGuy007 wrote:

AF for SECURED cards seem to average between $29 - $39.  Anything beyond that is out right foolish.

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Agreed. $29, $35 and $39 seem typical.

Some subprime lenders have higher rates for their unsecured cards ($59/79/etc) - for example Orchard Bank. But anything above $39 is ridiculous for a secured card.

Orchard Bank waives their $35 AF for the first year on secured cards, as far as I know. And local credit unions might be able to offer you a card with no annual fee.

[ltorres25]

I just applied for this card with the minimum deposit of $300. I am waiting to see if I am approved. I really don't get why you have to be "approved" if the reason you are applying is because you have bad credit in the first place. What would make someone get declined for a secured card anyway?

[FinanceGuy007]

@ ltorres25 good question...  We all have to start somewhere with rebuilding, and if I'll willing to put up my own money to lower the risk I dont see the problem.  Some companies just don't see it that way.  After 1 year or 2 fter we have proven are selves, we won't have to worry about it.

[FloridaState12]

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@ltorres25 wrote:

I just applied for this card with the minimum deposit of $300. I am waiting to see if I am approved. I really don't get why you have to be "approved" if the reason you are applying is because you have bad credit in the first place. What would make someone get declined for a secured card anyway?

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I got denied a while back for a Bank of America secured card, believe it or not. It was because I had an open collections account, that was a no-no with them. I've since gotten it deleted, just applied the other day and got an unsecured card from BoA. 
So you CAN get denied for a secured card, but I don't know how common it is.