First Progress Platinum Prestige Mastercard® Secured Credit Card review
This card requires no credit history or minimum credit score.
finder.com’s rating: 3.6 / 5
- 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 a poor credit score.
Minimum Credit Score
Megan Horner is the banking and credit cards Group Publisher at Finder. She's passionate about helping you find the best credit cards and bank accounts to meet your financial needs — whether that's earning great rewards or improving your credit score. Megan's expertise has been spotlighted on Lifehacker, CreditCards.com, American Banker and featured on news broadcasts across the country. Before working at Finder, Megan worked at Credit Karma and QuinStreet.
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.
How to apply for the First Progress Platinum Prestige Mastercard® Secured Credit Card
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 — excluding Arkansas, Iowa, New York and Wisconsin. Here’s how to apply:
- Select 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’re not approved for the card, Synovus Bank will return your security deposit.
How long will it take to get my First Progress Platinum Prestige Mastercard® Secured Credit Card?
Synovus Bank needs three weeks to make a decision on your application. If you don’t hear any information by then, contact their support.
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.
First Progress Platinum Prestige Mastercard® Secured Credit Card benefits
- Build your credit. Synovus Bank 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 with as little as $200 and go 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.
- 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 score.
- Low APR. The annual percentage rate for purchases made with this card is 9.99% variable. This is low when compared to other cards, some of which can have APRs up to 26%.
First Progress Platinum Prestige Mastercard® Secured Credit Card drawbacks
- 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 $40, and a returned payment up to $29.
- 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. Synovus Bank requires you to fund the security deposit of at least $200 before you know whether you’re approved.
Compare Synovus Bank credit cards
|First Progress card||Annual fee||APR|
|First Progress Platinum Elite MasterCard® Secured Credit Card||$29||19.99% variable|
|First Progress Platinum Prestige Mastercard® Secured Credit Card||$49||9.99% variable|
|First Progress Platinum Select MasterCard® Secured Credit Card||$39||13.99% variable|
Compare secured cards
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,
First Progress Platinum Prestige Mastercard® Secured Credit Card reviews and complaints
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 Synovus Bank siblings. But if you always pay your balance on time, 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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