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So I just applied and got approved for the First Progress Secured Credit Card. But prior to that, i had only read the positive reviews and thought wow, I should be okay. I have barely any credit if none at all because I have never owned any credit cards (I am only 21). But now i am FREAKING OUT after reading over so many of the bad reviews this card has. Unfortunately, I already put in my other bank info to deposit $200 into the card. SOMEONE HELP PLEASE. How do I cancel this card ASAP??? If I dont call to activate and just leave the $200 there untouched, will that be okay? All these people saying that they've tried to cancel but have been unsuccessful have just been freaking me out.

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First Progress is not a bad secured card.  They have a reasonable annual fee ($29 or $49) depending on the card.  They do not have a monthly maintenance fee that you have to pay.  They do charge a fee to make telephone payments, so ensure you use the electronic means provided to make your payments.  I do not believe they will move it from secured to unsecured at any time, although, don't hold me to this.   You may need to read the reviews more carfully.   Oftentimes it is from persons who were late, encountered late payment fees and want to apply the escrow amount to the balance.   The escrow will only be used to offset the a cancelled card after they ensure no additional charges are forthcoming.  Usually 30-60 days after an account is closed.  If you elect to cancel the account, do not activate the credit card and advise them in writing that you have changed your mind and do not wish to have the account at all.    You could continue on the path you are on and use the card wisely, paying it off in full every month to avoid the interest and after you have had it 6-9 months, you may find that it can help you on the path to get an unsecured card in the future.  At this point, you already have a low average age of accounts and if you cancel it today or in another year from now so the damage to your average age of accounts won't really matter.

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I was just informed by their customer service department- after waiting a month for my deposit return (2K)- it would take an additional two months.  Also, though I wasn't using the card, and specifically requested e-billing TWICE, they continued to bill my account three dollars a month.  After the third 3 dollar billing, I closed the card and requested a refund.  The issue here is, if you're not logging into your account, you wouldn't be aware of the charge and could potentially have your credit dinged with a late pay.  

Buyer beware!

Ironically, after I opened this account I received many unsecured offers and some of them were fairly decent...CapOne, USAA Amex, and Barclay Rewards.  These cards were offered with 600 scores across the board after coming out of a 5 year Chptr 13 repayment plan.  

Based on my personal experience, my recommendation is to hold on to your money, unless you have no other options for a CC.  And if you have no alternatives, find a secured card through your bank or credit union.  

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