Build good credit: First Progress Platinum Prestige Mastercard Secured Credit Card

Review: The First Progress Platinum Prestige Mastercard Secured Credit Card – February 2018

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 APR of 9.99% variable, 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
APR for Purchases ( Purchase Rate )9.99% variable
Annual fee$49
Cash Advance Rate18.99% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$27
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1.50
Minimum Credit ScorePoor (Below 660)
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$200
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$5,000
Annual fee$49
Returned Payment Fee$27
Late Payment Fee$38
Cash Advance Fee$10 or 3% of the amount of each cash advance, whichever is greater

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 Secured Mastercard, 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 9.99% 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 Secured Mastercard

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 350, 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

The majority of online reviews for First Progress’s Platinum Prestige Mastercard 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.

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2 Responses

  1. Default Gravatar
    DraySeptember 15, 2017

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

    • Staff
      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

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