First Progress Platinum Prestige Mastercard Secured Credit Card | finder.com

First Progress Platinum Prestige MasterCard® Secured Credit Card review – August 2018

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money.

Build or rebuild credit with this Low APR First Progress Platinum Prestige MasterCard® Secured Credit Card

With the First Progress Platinum Prestige MasterCard® Secured Credit Card, you can start building, or rebuilding, your credit with an initial deposit of $200. With a low variable APR of 10.24%, this card will allow you to make purchases with a manageable interest rate. The Platinum Secured Mastercard is also backed in full by the Mastercard name.

Product NameFirst Progress Platinum Prestige MasterCard® Secured Credit Card
Card TypeMastercard
Annual Fee$49
APR (Annual Percentage Rate) for Purchases10.24% variable
Cash Advance Rate19.24% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Minimum Interest$1.5
Late Payment Fee$38
Returned Payment Fee$27
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

It’s hard to get approved for a traditional credit card when you have poor or no credit, but with the First Progress Platinum Prestige MasterCard® Secured Credit Card, your security deposit acts as collateral rather than relying on your credit score for approval.

You must maintain a security deposit of at least $200 in a non-interest bearing deposit account at Synovus Bank if approved. This security deposit sets your credit limit, which can be increased, with approval, by adding funds to your initial deposit, up to $5,000.

Because First Progress reports to the three national credit bureaus, with responsible use and on-time payments, you’ll build a positive credit history.

The perks

  • Low APR.
    The annual percentage rate for purchases made with this card is only 10.24% variable.
  • Backed by the Mastercard name.
    Get the ability to make purchases at merchants nationwide.
  • Ease of application.
    This card allows you to apply over the phone or online, making the process available to you wherever you have access to a phone or the internet.
  • Credit limit.
    With approval, you can add additional funds to the initial deposit to raise your credit limit by that amount.

What to watch out for

  • High annual fee.
    This card has an annual fee of $49, which will be subtracted from your deposit.
  • Penalty fees.
    A late payment can cost you up to $38, and a returned payment up to $27.
  • Limited customer service.
    Support is limited to online help or snail mail.
  • Upfront security deposit.
    First Progress wants you to fund the security deposit before you know whether you’ve been approved. There is an option to fund the deposit later, but it will cost you and extra $29.95.

How to apply for the First Progress Platinum Prestige MasterCard® Secured Credit Card

Eligibility criteria

  • You are at least 18 years old (19 in Alabama and Nebraska)
  • You have a valid Social Security number
  • You are US citizen or a permanent resident of the U.S. (the card is currently not available in Arkansas, Iowa, New York or Wisconsin)

Required documents & information

  • Your name, residential status and residential address
  • Your Social Security number
  • Your email address, phone number and date of birth
  • Information about your income (monthly income, financial obligations, etc.)
  • The amount you will pay for the initial security deposit

Steps to apply

Always consider your options and your financial situation before you apply for a credit card.

1. On the First Progress Platinum Prestige MasterCard® Secured Credit Card website, click Apply Now.

3. Confirm that your information is correct and click Go to Payment to complete your application. If you are not approved for the card, First Progress will return your security deposit.

How likely is approval?

Like many other secured cards, you do not need a credit history to apply. If you have a credit score of at least 300, you should have no problem getting approved.

How long will it take to be approved?

You should find out about the status of your application within three weeks.

I got the card. Now what?

  • Avoid interest. You’re extended a 25-day grace period at the end of each billing cycle. Pay your statement in this time to avoid accruing interest on your purchases.
  • Customer service. Support is limited to your online portal or writing First Progress Card at PO Box 9053, Johnson City, TN 37615-9053.

What customers are saying about the First Progress Platinum Prestige MasterCard® Secured Credit Card

The majority of online reviews for First Progress Platinum Prestige MasterCard® Secured Credit Card are poor, with an occasional 5-star review. Most complaints are regarding a lack of customer service. Compare this card to others to see if another may be a better fit for you before committing.

Bottom line

The First Progress Platinum Prestige MasterCard® Secured Credit Card is a no-frills secured card that can help you re-establish your credit. But don’t expect stellar customer service.

FAQs

This card can be an excellent way to build credit. There are, however, other cards of this nature on the market, and it’s important to compare them before making any important financial decisions.

Megan Horner

As the assistant publisher of credit cards at finder.com, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our and .

4 Responses

  1. Default Gravatar
    RedimanMarch 15, 2018

    By applying for this card, will there be an additional inquiry on my credit report.
    Can I choose to make and initial deposit of $ 3,000.00 for my credit line or even more up to $ 5,000.00?

    • finder Customer Care
      RenchMarch 21, 2018Staff

      Hi,

      Thanks for your inquiry.

      Yes, any new applications you make for credit will directly affect your credit score. Keep in mind that you don’t need to be approved for the application for it to be listed on your credit file and therefore affect your credit.

      For the initial deposit/security deposit, you must maintain a security deposit of at least $200 in a non-interest bearing deposit account at Synovus Bank if approved. This can be increased, with approval, by adding funds to your initial deposit, up to $5,000. This security deposit sets your credit limit.

      You may contact First Progress directly to inquire further by clicking on the ‘Go to site’ button on this page.

      Best regards,
      Rench

  2. Default Gravatar
    DraySeptember 15, 2017

    First Progress Platinum Prestige MasterCard Secured Credit Card – does this card require credit check

    • finder Customer Care
      AshSeptember 15, 2017Staff

      Hello Dray,

      Thanks for reaching out to us.

      For the The First Progress Platinum Prestige MasterCard Secured Credit Card, it does not rely on your credit rating rather on the security deposit that you will make which will also be your line of credit. Then with approval, you can increase your credit limit by also increasing your initial deposit.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

Go to site