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 Name||First Progress Platinum Select Mastercard® Secured Credit Card|
|APR for Purchases ( Purchase Rate )||13.99% variable|
|Cash Advance Rate||19.99% variable|
|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 Credit Score||Poor (Below 660)|
|Minimum Age||18 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.
|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.
|Returned Payment Fee||$27|
|Late Payment Fee||$38|
|Cash Advance Fee||$10 or 3% of the amount of each cash advance, whichever is greater|
Should you consider getting the First Progress 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, you trade a lower annual fee for a higher APR, whereas you’ll pay more per year for the Platinum Prestige Mastercard 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 $2,000. 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 card||Annual fee||APR|
|Platinum Elite Mastercard||$29||19.99% APR variable|
|Platinum Prestige Mastercard||$44||11.99% APR variable|
|Platinum Select Mastercard||$39||13.99% 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 First Progress Platinum Select Mastercard can help you build — or rebuild — your credit, but it comes with a 13.99% 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 …
- You’re looking for rewards or cash back. For a secured card with rewards, check out the Navy Federal Credit Union nRewards Secured card. For cash back, look at the secured card SunTrust Bank offers.
- You don’t have the $200 deposit. The Capital One Secured Mastercard allows deposits of as low as $49, depending on your creditworthiness, while the Digital Federal Credit Union Visa Platinum Secured Card requires no deposit.
What to know before you apply
Consider applying for the First Progress 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 $2,000 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 First Progress 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 First Progress Platinum Select Mastercard
The majority of online reviews for First Progress’s Platinum Select Mastercard are poor, with an occasional 5-star review. Most complaints are regarding customer service, or the lack of it.
First Progress 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.