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First Progress
A secured card with a variable APR of 17.74%, $39 annual fee and 1% cash back. Accessible for those rebuilding credit. Low deposit and flexible use!
The First Progress Select Secured Mastercard® Cash Back Rewards card offers a supportive pathway for those with less-than-ideal credit. With a manageable ongoing APR of 17.74% (variable) and a reasonable annual fee of $39, it’s designed for applicants actively working on improving their credit. The card features a 1% cash back reward on purchases, making every rand spent work towards a small return.
As a secured card, approval depends more on your deposit than on your credit record. The minimum security deposit is usually set at R3,600 (converted from $200), establishing your credit limit. You get the flexibility to build a limit you’re comfortable with, and your payments are reported to the major bureaus to aid rebuilding.
Step-by-step Application Guide
- Check your credit score to confirm eligibility.
- Prepare the minimum security deposit, typically R3,600 or more.
- Complete the application form with your personal and financial details.
- Submit your deposit and await approval—often within days.
- Start using your new card responsibly to boost your credit profile.
Key Advantages
The biggest advantage is accessibility for those with lower credit scores. The security deposit requirement keeps risk low for both cardholder and provider.
The 1% cash back feature is a standout for a secured card, rewarding everyday spending. Plus, the card reports to major credit bureaus—great for those rebuilding.
Potential Drawbacks
The annual fee, while lower than many alternatives, is still a cost to factor in, especially when budgets are tight.
As a secured card, you’ll need to tie up some savings for the deposit, which can be a hurdle if cash flow is stretched.
Our Verdict
If you’re looking to climb out of bad credit with a reliable product, the First Progress Select Secured Mastercard® rewards smart budgeting and responsible use. It’s an effective tool, especially with its cash back and reporting features.
Factor in the deposit and annual fee before applying. For many, this card’s benefits in rebuilding financial stability outweigh the upfront costs. A solid choice for a fresh financial start.