Secured Credit Card Season

Erin Benson February 2, 2023

Credit Cards

This is the time of year that secured cards rise in popularity due to tax refunds being received. You might wonder what the correlation is there? Well, secured cards typically require some type of cash or security deposit up front to guarantee your credit line. With tax returns being received they make for great security deposits for these cards. Secured credit cards can be a useful tool to help build or rebuild your credit. Rather than just using cash or debit cards, using a credit card typically helps build credit by reporting your on-time payments to the different credit bureaus. While there are a wide variety of secured credit cards out there to choose from, find one that best fits your needs. Here are some options.

First Latitude Platinum Mastercard® Secured Credit Card

The First Latitude Platinum Mastercard® Secured Credit Card is one of the top secured credit cards out there due to the card only requiring $100 to fund the card. Other cards on the market can require $200 or more. The First Latitude Platinum offers a line of credit based on a security deposit rather than a credit score. There is no minimum credit history or credit score required. The card is designed to advance the accumulation of new information in a credit file by reporting account activity to all three of the major national credit bureaus every month. Simply pay a $100 deposit and start building your credit, it’s that easy! The First Latitude Platinum Card also offers a 1% cash back reward, which not a lot of secured cards offer.

Let’s review the 4 major benefits of getting a First Latitude Secured Card.

1. Credit Building
2. More Accessible
3. Same Benefits of an Unsecured Card
4. Stepping-stone to Unsecured Card

First Latitude believes that past credit issues shouldn’t prevent you from getting a credit card with great benefits and rewards. So, take a look and see if The First Latitude Platinum Mastercard is the secured card for you!

First Latitude Platinum Mastercard® Secured Credit Card

Credit Recommended:

Poor/Limited/No Credit

Apply Now

Apply Now

Credit Recommended:

Poor/Limited/No Credit

Rewards Rate

1% Cash Back

Annual Fee

$25 for the first year, after that $35 annually

Regular APR

23.99% (V)

Apply Now on issuer’s secure website.

Cash Advance APR

28.99% (V)

Credit Line

See website for Details*

Credit Recommended

Poor/Limited/No Credit

Highlights

• Earn 1% Cash Back Rewards on payments made to your First Latitude Secured credit card account.
• Building credit starts immediately when you open your account - just pay your bill on time to establish your credit.*
• Reports to all 3 major credit bureaus
• First Latitude is accepted wherever Mastercard® is accepted, online and worldwide!
• Pay 6-months-on-time and apply to get a second credit card in your wallet!
  *Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.

See additional details for First Latitude Platinum Mastercard® Secured Credit Card

First Progress Platinum Prestige Mastercard® Secured Credit Card

Next, we are going to dig into the First Progress Platinum Prestige Mastercard® Secured Credit Card. This is a full-featured credit card with credit limits up to $2,000. Your credit limit is determined by the amount of your security deposit, not your credit score or history. This card also reports to all three major credit bureaus every month to help you establish or reestablish your credit history.

How it works:

1. Fast, easy application process; no credit inquiry required!
2. They process your information to see if you qualify.
3. You get approved!

Some important features to this card include: no credit inquiry required, no credit history or minimum credit score required for approval, monthly reporting to all 3 major credit bureaus, and a credit line secured by your full-refundable deposit of $200-$2,000 submitted with application. If you’re looking for a secured card and one with a higher limit this could be the card for you. A similar card to take a look at would be The First Progress Platinum Elite Mastercard® Secured Credit Card. Secured credit cards are accepted anywhere unsecured credit cards are accepted and you can use them just like you would a regular credit card.

Here are 4 tips for using a secured credit card:

1. Always pay your bill on time
2. Try to keep your credit utilization below 30%
3. Do your best to pay your balance off in full
4. Make sure the issuer reports to the three major credit bureaus

First Progress Platinum Prestige Mastercard® Secured Credit Card

Credit Recommended:

Poor/Limited/No Credit

Apply Now

Apply Now

Credit Recommended:

Poor/Limited/No Credit

Regular APR

14.74% (V)

Annual Fee

$49

Credit Line

$2,000

Apply Now on First Progress secure website.

Credit Recommended

Poor/Limited/No Credit

Cash Advance APR

23.74% (V)

Rewards Rate

1% Cash Back

Highlights

• Earn 1% Cash Back Rewards on payments!
• No minimum credit history or credit score required.
• Past credit issues shouldn’t prevent you from getting a credit card with great benefits & rewards!
• Accepted wherever Mastercard® is accepted, online and worldwide!
• Reports to all 3 major credit bureaus.
• Manage your statements, transactions & rewards on-the-go with the First Progress Card Mobile App!

See additional details for First Progress Platinum Prestige Mastercard® Secured Credit Card

Final Analysis

Secured cards can be a good option if you have less-than-perfect credit and are looking to build your credit. They can also pave the way for you to access other credit/financial products like mortgages and loans. There are several secured card options out there, find the one that best fits your needs.