First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card Review
The First Progress Platinum Prestige Mastercard can help those who do not have sufficient credit to get a standard credit card. Though the card does require you to put in a security deposit (acting as the "limit" on the card), the payments you make toward it are reported to the credit bureau. Once you keep up with those payments for six months to a year, you should be able to qualify for an unsecured credit card.
First Progress Platinum Prestige Mastercard® Secured Credit Card
on First Progress's secure site
First Progress Platinum Prestige Mastercard® Secured Credit Card
SIGN-UP BONUS
No bonus
REWARDS RATE
1% Cash Back
Improve Your Credit Score
Free Credit Bureau Reporting
Credit Line
$200 - $2,000 Credit Line*
Regular Purchase APR
15.24% (V)
Annual Fee
$49
Card Brand
Mastercard®
Recommended Credit Score
Limited/PoorHighlights
- 1% Cash Back Rewards on payments
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Additional Info
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Expert Review
From the LendingTree editorial team, updated on Mar 25, 2024
The First Progress Platinum Prestige Mastercard Secured Credit Card is designed to give people with poor or limited credit a chance to boost their scores while they shop. Rather than loading $50 and then spending $50 like you would do on a prepaid card, this secured credit card allows you to load $200 to $2,000 and use that as your continuous credit card limit. You can't access that money until you cancel the card, so you have to always pay back whatever you spend on the card.
If you do not pay your card balance on time, you'll face 15.24% (V) APR, but that's actually pretty low for a secured card. You will also have to pay a $49 annual fee to keep the card in your name. Any payments you make toward the card will be reported to all three major credit bureaus which will help build your credit score over time. If you want to boost your credit score to potentially get an unsecured card in the future, this could be a great option for you.
Out of all the First Progress Platinum Secured cards offered, this one has the lowest APR with the highest annual fee.
The Good
- The main benefit of this credit card is that it gives you a chance to build your credit just by spending your own money. Rather than paying cash for the things you need, you can pay with your card and then pay back the balance. You may lose the security deposit on the card temporarily, but you will get it back after you cancel the card. By then, you should have a decent amount of credit built up.
The Not So Good
- You have to pay an annual fee of $49 for this card, on top of putting $200 to $2,000 of your own money on it to act as your available balance.
The Bottom Line
The First Progress Platinum Prestige Mastercard can help those who do not have sufficient credit to get a standard credit card. Though the card does require you to put in a security deposit (acting as the "limit" on the card), the payments you make toward it are reported to the credit bureau. Once you keep up with those payments for six months to a year, you should be able to qualify for an unsecured credit card.
Editorial Note: This content is not provided by First Progress. Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by First Progress.