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A solid secured card that lets you build or rebuild your credit.
30-second take
- Get this card if you have a poor credit score or you have no credit history at all.
- Pick something else if you want a cashback card or a card without an annual fee.
- Apply with no credit history or with poor credit score.
| Product Name | First Progress Platinum Prestige MasterCard® Secured Credit Card |
|---|---|
| Card Type | Mastercard |
| Annual Fee | $49 |
| APR (Annual Percentage Rate) for Purchases | 10.24% variable |
| Cash Advance Rate | 19.24% variable |
| Foreign Transaction Fee | 3% of the transaction value |
| Cash Advance Fee | $10 or 3% of the cash advance amount, whichever is greater |
| Interest Free Period | Up to 25 days |
| Late Payment Fee | $38 |
| Returned Payment Fee | $27 |
| Additional Cardholder Fee | $0 |
| Rates & Fees | Rates & Fees |
| Minimum Age | 18 years of age |
|---|
The basics
The First Progress Platinum Prestige MasterCard® Secured Credit Card is a solid option for those who want to establish their credit and for those who’ve had credit difficulties in the past and now want to rebuild it.
By making a deposit, you have control to set your initial credit line. With responsible spending you might even get to increase your credit line by depositing additional funds.
What makes this card truly special is its low APR on purchases. If you usually carry a balance, you could save money on interest with this card.
The perks
Build your credit.
First Progress Cards reports to all three major credit agencies every month. With timely payments, you’ll build your credit score and can eventually apply for a better card.
Control your credit limit.
The size of your credit limit is determined by your deposit. You can start as little as $200 and go all the way up to $2,000. With approval, you can add additional funds to your deposit and raise your credit limit up to $5,000, which is the maximum for this card.
Compare First Progress credit cards
| First Progress card | Annual fee | APR |
|---|---|---|
| First Progress Platinum Elite MasterCard® Secured Credit Card | $29 | 20.24% variable |
| First Progress Platinum Prestige MasterCard® Secured Credit Card | $49 | 10.24% variable |
| First Progress Platinum Select MasterCard® Secured Credit Card | $39 | 14.24% variable |
You’ll also like …
No minimum credit score to apply.
If you’ve just started your credit-building journey, or if you’ve had credit difficulties in the past and want to rebuild your credit, you can apply for the card without worrying about having a minimum credit score.
Low APR.
The annual percentage rate for purchases made with this card is only 10.24% variable. This low when compared to other cards, some of which can have APRs up to 26%.
What to watch out for
Annual fee.
This card has an annual fee of $49, which will be applied to your balance.
Foreign transaction fee.
If you use this card when traveling abroad, you’ll pay an additional 3% of the transaction for each purchase.
Penalty fees.
A late payment can cost you up to $38, and a returned payment up to $27.
Limited customer service.
At the moment, there’s no phone number for potential customers to call. Support is limited to online help for current customers or postal mail.
Upfront security deposit.
First Progress requires you to fund the security deposit of at least $200 before you know whether you’re approved.
Consider other cards if …
You want a similar card from another bank.
A decent no-annual-fee card you could consider is the Secured Mastercard® from Capital One®. This can also be a good choice if you travel, as you’ll save money by not paying pesky foreign transaction fees. The only drawback is the considerably higher APR on purchases, but you can avoid this issue by paying your balances in full and on time each month.
Alternatively, if you want to earn cash back and build your credit at the same time, the Discover it® Secured could be a better choice.
You want an unsecured card for bad credit.
The QuicksilverOne® Rewards from Capital One® lets you build your credit while you earn unlimited 1.5% cash back on everything you buy.
Compare secured cards
What should I know before I apply?
You can apply for the card if:
- You are at least 18 years old or 19 in Alabama and Nebraska.
- You are US citizen or a permanent resident in the US — excluding the states Arkansas, Iowa, New York and Wisconsin.
When you fill out your application, you’ll need to provide:
- Your name, residential status and residential address.
- Your Social Security number and date of birth.
- Your contact information and information about your income.
- The amount you will pay for the initial security deposit.
What credit score do I need?
You don’t need a credit history or a minimum credit score to apply. However, approval is not guaranteed upon application.
What do customers say about the First Progress Platinum Prestige MasterCard® Secured Credit Card?
Satisfied customers claim the card has managed to help them build up their score considerably in just a few months time. Those who aren’t satisfied complain about poor customer service and hidden fees. To avoid this, make sure you read your card’s agreement.
The Better Business Bureau rates First Progress Card with an A+.
How to apply for the First Progress Platinum Prestige MasterCard® Secured Credit Card
- On the First Progress website, locate the card and click Apply now.
- Complete the application with your personal details.
- Once you agree to the terms and conditions, you’ll set up your deposit.
- 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 long will it take to get my First Progress Platinum Prestige MasterCard® Secured Credit Card?
First Progress Card needs three weeks to make a decision on your application. If you don’t hear any information by then, contact their support.
I got the card. Now what?
- Avoid interest. Your grace period is 25 days after the end of each billing period. Despite having low APR, you’ll avoid accruing interest on your purchases if you pay your balance off during this time.
- Customer service. For any questions, log in to your account online or write First Progress Card at PO Box 9053, Johnson City, TN 37615-9053.
Bottom line
If you usually carry your balance, this card could be a great choice as it has the lowest APR on purchases of its First Progress siblings. But if you always pay your balance on time, the First Progress Platinum Elite Mastercard® Secured Credit Card could suit you best, as it has a lower annual fee.
However, if you’re still not sure which credit card is best for you, check out other secured cards and compare your options.
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?
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
First Progress Platinum Prestige MasterCard Secured Credit Card – does this card require credit check
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