The First Progress Platinum Prestige MasterCard® Secured Credit Card Review

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The First Progress Platinum Prestige MasterCard® Secured Credit Card is one of the best cards for building credit safely. Better yet, it comes with low, low fees and a favorable APR.
  • Annual Fee:
    $49
  • Regular APR:
    12.24% (V)
  • Recommended Credit Score:
    300 to 689

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If you’re looking for a secured credit card to help you build credit, consider the First Progress Platinum Prestige MasterCard® Secured Credit Card.

It’s not your typical secured credit card – it has plenty of pleasant surprises that we think you’ll like. Here’s what you should know.

First Progress Platinum Prestige MasterCard® Secured Credit Card Pros and Cons

Pros:

  • Helps you build credit or fix bad credit
  • Has a low APR
  • Has a low annual fee
  • Can get a credit line increase upon request (and approval)
  • Easy to qualify for

Cons:

  • You must make a security deposit
  • There’s an annual fee

What Is the First Progress Platinum Prestige MasterCard® Secured Credit Card?

The First Progress Platinum Prestige MasterCard® Secured Credit Card is a secured credit card, but it doesn’t require a credit pull or minimum credit history to qualify.

To qualify, you must make a deposit equal to your credit line. For example, if you have a $200 credit line, you must put $200 down on the card.

The First Progress Platinum Prestige MasterCard® Secured Credit Card does have an annual fee, but there’s a unique feature – it only charges 12.24% (v) interest, and the annual fee isn’t bad compared to other credit building credit cards.

Here’s how it works.

How Does the First Progress Platinum Prestige MasterCard® Secured Credit Card Work?

You apply for the First Progress Platinum Prestige MasterCard®Secured Credit Card and, upon approval, make a deposit.

Essentially, you’re in charge of your credit limit because it’s equal to the amount of money you put down on it.

First Progress Platinum Prestige MasterCard® Secured Credit Card allows a credit line up to $1,000. If you have that much to put down on the card, we encourage it.

Here’s why.

The higher your credit limit is, the lower your credit utilization rate will be. Your credit utilization rate is the comparison of your outstanding credit to the total credit line.

To build good credit, you want this number below 30%. The higher your credit limit is, the easier it is to achieve it.

If you make your payments on time, you don’t have to worry about losing your security deposit. If you miss a payment, though, First Progress Platinum Prestige MasterCard® Secured Credit Card will take it from your security deposit. If you cancel the card and paid your bills in full, you’ll receive your security deposit back.

Keep in mind, the annual fee takes away from your credit limit because it’s a charge on your credit card, so consider that when choosing your credit line.

First Progress Platinum Prestige MasterCard® Secured Card Review

  • Annual Fee: $49
  • Annual APR: 12.24% (v)
  • Rewards: none

First Progress Platinum Prestige MasterCard® Secured Card Features and Benefits

Low APR for a Secured Credit Card

Secured credit cards are risky for lenders because they are usually for borrowers with bad credit. Most secured credit cards have much higher interest rates than the standard.

The First Progress Platinum Prestige MasterCard® Secured Credit Card, however, has only a 12.24% APR. They also have two other credit card options with higher APRs but lower annual fees to offset it.

Great Way to Build Credit

A secured credit card is a great way to build credit. Since you can choose your own credit limit with First Progress Platinum Prestige MasterCard® Secured Credit Card, you are in charge of building your credit.

Like we said earlier, if you can choose the $1,000 credit limit. You’ll boost your credit score faster as long as you leave your outstanding credit at less than $300 at the most.

The two most important factors to build credit are timely payments and keeping your outstanding credit allow as possible.

You can build great credit using the First Progress Platinum Prestige MasterCard® Secured Credit Card with these two factors.

Credit Limit Increases

Once you have the First Progress Platinum Prestige MasterCard® Secured Credit Card for at least six months and you make your payments on time during then, you may be able to get a credit line increase.

While they aren’t automatic – you can request an increase by calling First Progress and requesting it. Some borrowers get a credit line as high as $5,000.

No Minimum Credit Score to Apply

Most credit cards require a certain credit score, even if it’s a low credit score, but the First Progress Platinum Prestige MasterCard® Secured Credit Card doesn’t have a minimum credit score requirement.

They also don’t require you to have a certain amount of credit history. In fact, they don’t do a hard credit pull, so you don’t even get hit with a credit inquiry.

Card Is Accepted Nationwide

The First Progress Platinum Prestige MasterCard® Secured Credit Card is accepted anywhere MasterCard® is accepted.

You don’t have to worry about finding places that accept it or being turned down at the register.

Cash Advances

Many secured credit cards don’t allow cash advances, but the First Progress Platinum Prestige MasterCard® Secured Credit Card does. Please note, you’ll pay a higher APR of 21.24% versus 12.24% for it.

Monthly Reporting to All Three Credit Bureaus

The point of a secured credit card is to build credit, and that’s exactly what the First Progress Platinum Prestige MasterCard® Secured Credit Card does.

They report to all three credit bureaus, so as long as you make your payments on time and keep your credit balance down, you’ll boost your credit score just by carrying a credit card.

$200 Minimum Refundable Deposit

You can make a deposit as low as $200, but remember, your deposit is equal to your credit line. When you close the credit card (and your bill is paid), you’ll receive your deposit back.

Is the First Progress Platinum Prestige MasterCard® Secured Credit Card Worth It?

The First Progress Platinum Prestige MasterCard® Secured Credit Card is an attractive credit card that helps consumers build or repair their credit.

If you have bad credit or no credit, it’s a low-cost way to fix it and build good credit again. Many other secured credit cards have much higher annual fees, monthly maintenance fees, and other miscellaneous fees.

This card offers what you need without the expense, making it affordable to get back on track.

How Does the First Progress Platinum Prestige MasterCard® Compare?

#1. First Progress Platinum Prestige vs. Fit Mastercard® Credit Card

The Fit Mastercard® is an unsecured credit card that gives every approved borrower a $400 credit limit. It comes with $0 fraud liability and doesn’t require a security deposit.

It’s also a credit building credit card, but it has much higher fees, including an $89 one-time start-up fee, a $99 annual fee, and a $6.25 per month maintenance fee after the first 12 months.

#2. OpenSky® Secured Visa® Credit Card vs. First Progress Platinum Prestige

OpenSky® Secured Visa® Credit Card is a secured credit card like the First Progress Platinum Prestige MasterCard® Secured Credit Card. Your credit line is your deposit.

The card has a $35 annual fee and a much higher APR than the First Progress Platinum Prestige MasterCard® Secured Credit Card.

The OpenSky® also doesn’t have the option to convert to an unsecured card when you’ve improved your credit.

#3. Secured Mastercard® from Capital One vs. First Progress Platinum Prestige MasterCard®

The Secured Mastercard® from Capital One, as the name suggests, is a secured credit card, but it works differently than your standard secured card.

While you must make a deposit to secure it, the total deposit may be less than your credit line. For example, some people qualify to put down just $49 for a $200 credit line.

Capital One offers credit lines up to $1,000 with varying down payments required. It also doesn’t have an annual fee and automatically increases your credit line after six months of on-time payments.

#4. First Progress Platinum Prestige vs. Reflex Mastercard

The Reflex Mastercard comes at a high price. It’s another credit-building credit card that reports to Trans Union, Experian, and Equifax, but it charges $75 or $99 a year, depending on your qualifications.

After the first 12 months, you’ll also pay a monthly maintenance fee of $10 a month or $120 a year. It’s an expensive card that should only be your last resort if the other ‘cheaper’ options are available to you.

#5. First Progress Platinum Prestige MasterCard® vs. Fortiva® Credit Card

Fortiva® Credit Card is an unsecured credit card, but it has high fees too. Each consumer pays an annual fee that varies widely from $49 to $175.

They also charge an account maintenance fee after the first 12 months of $60 to $159 per year and a $25 authorized user fee.

#6. First Progress Platinum Prestige vs. First Progress Platinum Select

The First Progress Platinum Select cardis another option. If you are approved for the Prestige card, you automatically qualify for either of the other two options First Progress offers, including the Platinum Select card.

The only difference is the annual fee and APR. The APR increases to 16.24%, but the annual fee drops to $39. If you know you won’t carry a balance, this card could save you money with its lower annual fee.

>> More:First Progress Secured Credit Cards

Frequently Asked Questions

Is the First Progress Platinum Prestige MasterCard® Secured a Good Credit Card?

As far as secured credit cards go, the First Progress Platinum Prestige MasterCard® Secured Credit Card is a good credit card. Its annual fee is low, and the APR is among the lowest available out of all secured credit cards. If you use the card right (don’t carry a balance) and pay your bill on time, it can be a great way to build credit.

Does the First Progress Platinum Prestige MasterCard® Offer Credit Limit Increases?

While it’s not automatic, you can request a credit line increase after making six months of on-time payments. Whether you get it or not is on a case-by-case basis.

Is it Safe to Use the First Progress Platinum Prestige MasterCard®?

Yes, the First Progress Platinum Prestige MasterCard® Secured Credit Card is legit and safe. Just like any credit card, though, use caution. Don’t charge more than you can afford and pay your bill on time, and it will help you build your credit up again.

Bottom Line: First Progress Platinum Prestige MasterCard® Secured Credit Card Review

As far as secured credit cards go, the First Progress Platinum Prestige MasterCard® Secured Credit Card is a good option.

While it has an annual fee, it’s low, and its APR is the lowest among any secured credit card we’ve seen thus far.

Kim Pinnelli
Kim Pinnelli

Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets. Leveraging her personal experience, Kim is committed to helping people take charge of their personal finances and make simple financial decisions.