A secured credit card works by requiring the cardholder to make a security deposit, typically equal to the card’s credit limit. That is way there is no way to get a secured credit card with no security deposit. This deposit serves as collateral and reduces the risk for the issuer. The cardholder can then use the secured card for purchases and payments, just like a regular credit card.

First Progress is a financial institution that specializes in secured credit cards. They offer a range of secured credit card options designed to help individuals build or rebuild their credit. You can contact First Progress on their phone number to get more information about their credit cards: (866) 706-5543.

No, you can use it just like a regular credit card. While there aren’t specific limitations on how you can use a secured credit card, it’s important to remember that it’s a tool for building or rebuilding credit. Responsible use, such as making on-time payments and keeping balances low, is essential. Additionally, some secured cards may have restrictions on cash advances or certain high-risk transactions.