Nowadays it can be difficult to qualify for a good loan because of how our credit score looks like. Some people are unable to get good interest rates because they are forever haunted by bad credit built up in the past. Since it’s almost the start of a new year, it’s about time you rebuilt your credit. And the perfect way to do that is by using a card that helps you rebuild your credit score such as the First Progress Platinum Credit Card.
What is The First Progress Platinum Credit Card?
This credit card offers full feature platinum Master Card but with a credit line that is based on a security deposit rather than that of a credit score. The card is made in such a way that it reports your activities to all three of the major card bureaus every month, helping you establish a good record with them. Aside from this extra feature, the First Progress Platinum Secured card also offers the usual services available in other Master Card credit cards.
This card is being issued by Synovus Bank, Columbus, GA, which is a member of the FDIC.
How Does It Work?
This card prevents you from getting into credit card debt because the card’s limit is established by the amount of security deposit that is made. The minimum amount acceptable is $300 where it is maintained in an account in Synovus Bank that bears no interest. The initial maximum credit limit is at $2,000, which can be increased for up to $5,000 upon approval of the management at Synovus Bank.
APR for purchases with this card is at 14.99%, while balance transfers is at 19.99%. Applicants must be at least 18 years old and must have a Social Security number. The card also charges an annual fee of $39 and a deposit of at least $300 must be maintained.
Synovus bank has been in business since 1888 and has been insured by the FDIC starting Januaray 1, 1934. It currently has 297 branches located all over the nation.