A simple secured card to help you improve your credit score.
- Get this card if you have a poor credit score, or if you have no credit history.
- Pick something else if you want to earn rewards or need a card with no annual fees.
- Apply with poor credit score or with no credit history.
|Product Name||First Progress Platinum Select MasterCard® Secured Credit Card|
|APR (Annual Percentage Rate) for Purchases||14.49% variable|
|Cash Advance Rate||20.49% 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||Up to $38|
|Returned Payment Fee||Up to $27|
|Additional Cardholder Fee||$0|
|Minimum Age||18 years of age|
The First Progress Platinum Select MasterCard® Secured Credit Card is a decent option that can help you establish or rebuild your credit. With this card, the amount you deposit as collateral is your credit line — meaning you’ll be able to control your starting credit limit. And with responsible use of your card, First Progress may approve an increase to that limit later on.
Additionally, the card comes with a low annual fee and low APR on purchases, which makes it ideal for those who occasionally carry their balance and who don’t want to pay a high annual fee.
Build or repair your credit.
You can apply with no credit history and with no minimum credit score. As soon as you get your card and start spending responsibly, First Progress will report your activity to the three major credit agencies. By paying on time every month, you can potentially improve your credit score and open up unsecured options down the road.
Choose your line of credit.
Your initial deposit can be from $200 to $2,000. In time, you might be able to further increase your deposit up to $5,000, which is the absolute maximum you can get with this card.
Compare First Progress credit cards
|First Progress card||Annual fee||APR|
|First Progress Platinum Elite MasterCard® Secured Credit Card||$29||20.49% APR variable|
|First Progress Platinum Prestige MasterCard® Secured Credit Card||$49||10.49% APR variable|
|First Progress Platinum Select MasterCard® Secured Credit Card||$39||14.24% APR variable|
You’ll also like …
Because it’s a Mastercard, it’s accepted worldwide.
Relatively low APR on purchases.
The card has a variable APR of 14.24%, which is relatively low when compared to the APRs of up to 26% that other unsecured credit cards have.
What to watch out for
You’ll pay $39 to own the card. If you occasionally carry your balance, the low APR on purchases could help you offset the annual fee and save money.
Foreign transaction fees.
You’ll pay a 3% fee for each transaction made outside of the US. This may not seem like much, but $1,000 spent abroad will cost you $30 in fees. That’s almost the annual fee of the card.
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.
Unfortunately, you won’t be able to contact First Progress customer support via phone. If you have any questions, you’ll have to reach support by postal mail or, if you’re already a member, you can reach them online.
Consider other cards if …
You want a similar card from another bank.
Consider the Secured Mastercard® from Capital One®. You’ll get no annual fee and no foreign transaction fee, but you’ll have a considerably higher APR on purchases. This shouldn’t be a problem for you if you tend not to carry your balance.
Alternatively, you can check out the Discover it® Secured card. Not only will you build your credit, but you’ll earn cash back as well.
You want an unsecured card for bad credit.
The QuicksilverOne® Rewards from Capital One® could be a decent choice. It lets you earn unlimited 1.5% cash back on all of your purchases while you build your credit.
Compare secured cards
What should I know before I apply?
Apply for the card if you are:
- At least 18 years old or 19 in Alabama or Nebraska.
- A US citizen or legal resident of any state except Arkansas, Iowa, New York or Wisconsin.
- Able to put down at least $200 for a deposit, which will be your line of credit.
You’ll also need to provide information, such as:
- Your full name, contact details and Social Security number.
- Your monthly income and expenditures.
What credit score do I need?
You can apply without any credit history or with a poor credit score. Though there’s no minimum credit score, your approval isn’t guaranteed.
What do customers say about the First Progress Platinum Select Mastercard® Secured Credit Card?
Customers who are happy with the card claim they quickly built their credit score once they started using it. Those who weren’t satisfied mostly complained about poor customer support. Some even said that the bank didn’t close their account when they requested it.
The Better Business Bureau has accredited First Progress Card since 2013 and it rates them A+.
How to apply for the First Progress Platinum Select Mastercard® Secured Credit Card
- On the First Progress Platinum Select MasterCard® Secured Credit Card website click Apply now.
- Complete the application form.
- Confirm that your information is correct. Click Go to payment to complete your application.
How long will it take to get my First Progress Platinum Select MasterCard® Secured Credit Card?
You should receive the status of your application within three weeks. If you don’t hear back within that time, contact customer support.
I got the card. Now what?
- Avoid interest. You have a 25-day grace period at the end of each billing cycle. To avoid accruing interest on your purchases, try to pay your balance before its due.
- Customer service. Support is limited to your online portal if you’re already a member or writing First Progress Card at PO Box 9053, Johnson City, TN 37615-9053.
If you have no credit history and you want to build your credit score, the First Progress Platinum Select MasterCard® Secured Credit Card can help you out. The card has a relatively low annual fee and low APR on purchases, which can come in handy if you occasionally carry your balance. In addition, with responsible spending, First Progress may approve an increase of your deposit, which in turn will increase your credit line.
But if you’re still wondering whether this is the right card for you, consider other secured cards to find the perfect card for your credit-building journey.