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finder.com’s rating: 3.6 / 5
★★★★★
$49
Annual fee
14.24%
Purchase APR (variable)
300
Recommended credit score
Review by
Megan Horner is head of publishing at Finder, where she leads a team that's focused on publishing personal finance guides and reviews that help readers make informed financial decisions. She's passionate about helping you find the best financial accounts to meet your needs — whether that's earning great rewards or improving your credit score. Megan's expertise has been featured on Lifehacker, CreditCards.com, American Banker and news broadcasts across the country. She has a longstanding background in surfacing the best deals and helping people make decisions, including a start as a writer at a comparison website and editing credit card and credit score content at Credit Karma. She earned a degree in English and editing from Brigham Young University.
The First Progress Platinum Prestige Mastercard® Secured Credit Card requires no credit history or minimum credit score. It has a low variable APR for purchases — which makes the card unique — but it comes with a high annual fee of $49. If you’re fine with this combination, this card could be a good choice if you want to rebuild your credit.
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.
You can apply for the card if you’re at least 18 years old or 19 in Alabama and Nebraska, you’re a US citizen or a permanent resident in the US. Here’s how to apply:
First Progress needs three weeks to make a decision on your application. If you don’t hear any information by then, contact their support.
You don’t need a credit history or a minimum credit score to apply. However, approval is not guaranteed upon application.
First Progress card | Annual fee | APR |
---|---|---|
The First Progress Platinum Elite MasterCard® Secured Credit Card | $29 | 24.24% variable |
First Progress Platinum Prestige Mastercard® Secured Credit Card | $49 | 14.24% variable |
First Progress Platinum Select Mastercard® Secured Credit Card | $39 | 18.24% variable |
If this card isn’t right for you, compare other secured cards on the market. Consider factors such as annual fee, APR and security deposit requirements,
Satisfied customers claim the card has managed to help them build their credit score considerably in 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.
Synovus Bank earns an A+ rating from the Better Business Bureau where it’s been accredited since 2013. As of August 2021, Synovus Bank has more than 260 complaints, more than half of which have been resolved.
If you typically carry a balance, this card could be a strong choice, as it has the lowest APR on purchases compared to its First Progress siblings. But if you always pay your balance on time, The First Progress Platinum Elite MasterCard® Secured Credit Card and its lower annual fee could suit you best.
If you’re still not sure which credit card is best for you, check out other secured cards and compare your options.
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4 Comments
March 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?
March 21, 2018
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
September 15, 2017
First Progress Platinum Prestige MasterCard Secured Credit Card – does this card require credit check
September 15, 2017
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