First Progress Platinum Select Mastercard Secured review July 2018

Platinum Select MasterCard® Secured Credit Card review — July 2018

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Improve your credit score with a secured card that reports to all three credit bureaus.

  • Get this card if… you have a poor credit score or no credit history.
  • Pick something else if… you want to earn rewards or need a card with no annual fees.
  • Poor to fair credit score of 350 to 679 recommended.
Product NamePlatinum Select MasterCard® Secured Credit Card
Card TypeMastercard
Annual Fee$39
APR (Annual Percentage Rate) for Purchases14.99% variable
Cash Advance Rate19.99% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction amount
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

Should you consider getting the Platinum Select MasterCard® Secured Credit Card? It depends on what you’re looking for from your new card. If you want no more than to build or repair your credit, this card could be for you. You’ll need to put down a deposit of at least $200.

First Progress offers two other secured cards that could help you rebuild your credit history. With the Platinum Elite MasterCard® Secured Credit Card, you trade a lower annual fee for a higher APR, whereas you’ll pay more per year for the Platinum Prestige MasterCard® Secured Credit Card but gain a lower APR on your purchases.

Is this card for me?

  • Build or repair your credit.
    First Progress reports your responsible spending to the three major credit bureaus — potentially improving your credit score and opening up unsecured options down the road.
  • Choose your line of credit.
    Your initial deposit can be from $200 to $5,000. With responsible use, you might be able to further increase your deposit.
  • Poor or no credit OK.
    No minimum credit score is required for approval, which makes it a solid card for those trying to build credit.

Compare First Progress credit cards

First Progress cardAnnual feeAPR
Platinum Elite MasterCard® Secured Credit Card$2919.99% APR variable
Platinum Prestige MasterCard® Secured Credit Card$4910.24% APR variable
Platinum Select MasterCard® Secured Credit Card$3914.99% APR variable

You’ll also like …

  • Global access.
    Because it’s a Mastercard, your card is accepted the world over.
  • Safety and security.
    This chip-enabled card offers enhanced protection when compared with magstripe cards.

How to make this card worth it

The Platinum Select MasterCard® Secured Credit Card can help you build — or rebuild — your credit, but it comes with a 14.99% variable APR. To avoid paying excessive interest, pay off as much of your statement as you can each month. Once you’ve increased your credit score, you may be able to get a card with no security deposit and a lower APR.

What to watch out for

  • $39 annual fee.
    Other secured credit cards come with no annual fees.
  • Penalties and fees.
    A late payment will set you back up to $38, and you’ll pay up to $27 for each returned payment. Cash advances and foreign transactions also come with fees.
  • Limited customer service.
    Support is limited to online help or snail mail.

Consider other cards if …

What to know before you apply

Consider applying for the Platinum Select MasterCard® Secured Credit Card if you’re:

  • At least 18 years old (19 in Alabama or Nebraska).
  • A US citizen or legal resident.
  • A resident of any state but Arkansas, Iowa, New York or Wisconsin.
  • Able to put down at least $200 for a deposit that will then become your line of credit.

Information you’ll need

To apply for the First Progress Platinum card, you’ll need to provide:

  • Your full name, contact details and Social Security number.
  • Your monthly income and expenditures.
  • From $200 to $5,000 for an initial deposit.

How to apply for the card

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

1. On the Platinum Select MasterCard® Secured Credit Card website, click Apply Now.
2. Complete the application with your personal information, contact details and financial details. Once you agree to the terms and conditions, you’ll set up your deposit.
3. Confirm that your information is correct and click Go to Payment to complete your application.

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 Platinum Select MasterCard® Secured Credit Card

The majority of online reviews for Platinum Select MasterCard® Secured Credit Card are poor, with an occasional 5-star review. Most complaints are regarding customer service, or the lack of it.

Bottom line

Platinum Select 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. Be sure to compare your options before choosing a secured card that’s right for you.

Questions about Platinum Select MasterCard® Secured Credit Card

Adrienne Fuller

Adrienne Fuller leads the publishing team at She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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2 Responses

  1. Default Gravatar
    DDSeptember 29, 2017

    what if you choose the option to fund your deposit later but never did so they closed your account.Could you apply for another card or reopen the account?

    • finder Customer Care
      JudithSeptember 29, 2017Staff

      Hi DD,

      Thanks for contacting finder, a comparison website and general information service.

      In applying for the First Progress Platinum card, one of the requirements is to provide an initial deposit from $200 to $2,000. Thus, your application for the said card will not proceed if there will be no initial deposit.

      The security deposit will not be given to you unless you close the account. In addition, for a complete refund, you should have no outstanding balances on your credit card account. If you do have an outstanding balance, you’ll get a check for what’s left after First Progress has settled your account.

      I hope this helps.


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