How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Since the First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t require a credit history or a minimum credit score for approval, it’s a good option if you’re new to credit or have had some financial setbacks resulting in a bad credit score.
Your account activity is reported to the three major credit bureaus (Experian, Equifax and TransUnion) on a monthly basis, and with responsible usage, your credit score should improve over time. As a secured credit card, it requires you to make a refundable minimum deposit of at least $200 and up to $2,000, which will serve as your credit limit. Just know, the First Progress Platinum Elite Mastercard® Secured Credit Card charges an annual fee of $29 and doesn’t offer rewards.
If you want the opportunity to earn rewards while building your credit, there are other secured cards to choose from, like the Discover it® Secured Credit Card.
Intro Purchase APR
No intro APR
Regular Purchase APR
25.24% (Variable)
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$29
Cash Advance Fee
N/A
Foreign Transaction Fee
N/A
Balance Transfer Fee
N/A
Available to people with limited/bad credit
You can apply for the First Progress Platinum Elite Mastercard® Secured Credit Card with no prior credit history, since there’s no minimum credit score requirement. This also extends to people who have poor credit or bad credit, which is a FICO® score ranging from 300 and 579.
No credit check
If a bad or limited credit score has kept you from applying for a credit card, that doesn’t have to limit you. The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t run a credit check to determine your creditworthiness. It’s a secured credit card, which means your refundable security deposit serves as your line of credit. Essentially, you’re borrowing from your own money (your deposit) but for the purpose of building your credit.
Potentially high credit limit
Your credit limit is set by the amount of your security deposit. Many secured cards require a $200 deposit which equals a $200 line of credit. But with the First Progress Platinum Elite Mastercard® Secured Credit Card, you can deposit as much as $2,000 initially, giving you a $2,000 credit line. The maximum credit line you can have on the card is $5,000.
Even if you won’t need to make full use of this amount, having a larger line of credit can be helpful to keep your credit utilization ratio low — which, in turn, can help boost your credit profile.
Reports to credit bureaus monthly
As you work to build your credit, you want your positive financial decisions, like on-time payments, reported to the credit bureaus so it’s important that a credit card report to the three major credit bureaus. The First Progress Platinum Elite Mastercard® Secured Credit Card reports Experian, Equifax and Transunion on a monthly basis.
Potential invitation to apply for an unsecured card
Another feature you want to look for in a secured credit card is the opportunity to graduate to an unsecured card. After using the First Progress Platinum Elite Mastercard® Secured Credit Card and making on-time payments for six months, you’ll be invited to apply for an unsecured card. If approved, and if your account is in good standing, your security deposit will be refunded.
Annual fee
With the First Progress Platinum Elite Mastercard® Secured Credit Card , you’ll be responsible for paying a $29 annual fee — which isn’t high as far as annual fees go. But considering there are no intro APR offers or rewards, you’re paying the fee for the opportunity to build your credit. There are competing cards that don’t charge an annual fee and offer additional benefits, so it’s worth considering all of your options before you apply.
You should also note that the annual fee will reduce your initial credit limit until you repay that amount. For example, if your security deposit is $200, your initial credit line will be $171.
High APR
If you carry a balance on your card from month to month, you’ll be subject to interest charges at an APR of 25.24% (variable). This APR isn’t the highest you’ll find — especially for a card aimed at people with poor/limited credit — but it’s worth noting.
If you have limited/poor credit, the Discover it® Secured Credit Card is a solid option to help you build or rebuild your credit. Unlike the First Progress Platinum Elite Mastercard® Secured Credit Card, it charges a $0 annual fee and comes with a rewards program that lets you earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. There’s also a sign-up bonus for new cardholders: Discover will match all the cash back you’ve earned at the end of your first year.
It will take a little longer before Discover reviews your account, but after seven months, you’ll get automatic monthly account reviews to see if you’re eligible to graduate to an unsecured card and get your deposit refunded. Note, Discover will consider your behavior across your credit card and loan accounts from all issuers and lenders when making this decision.
The OpenSky® Secured Visa® Credit Card has many similarities to the First Progress Platinum Elite Mastercard® Secured Credit Card. There’s no credit check required for approval, your security deposit amount determines your credit limit, and your accounts are reported to the three major credit bureaus. Where it differs is the annual fee, which is slightly higher at $35.
To determine your approval for the OpenSky® Secured Visa® Credit Card, factors such as your annual income and monthly housing payment information are reviewed. After six months of payments, you may be considered for a credit line increase with no additional deposit required.
Like the First Progress Platinum Elite Mastercard® Secured Credit Card, the OpenSky® Secured Visa® Credit Card doesn’t offer rewards or an intro APR.
| Credit Cards | Our Ratings | Annual Fee | Regular APR | Rewards Rate | |
|---|---|---|---|---|---|
First Progress Platinum Elite Mastercard® Secured Credit Card
 Apply Now
on First Progress's secure site Rates & Fees |
$29 | 25.24% (Variable) | Non-rewards card |
Apply Now
on First Progress's secure site Rates & Fees |
|
Discover it® Secured Credit Card
Apply Now
on Discover's secure site Rates & Fees |
$0 | 28.24% Variable APR | Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. |
Apply Now
on Discover's secure site Rates & Fees |
|
OpenSky® Secured Visa® Credit Card
Apply Now
on Capital Bank, N.A.'s secure site |
$35 | 25.64% (variable) | Earn up to 10% cash back* on everyday purchases |
Apply Now
on Capital Bank, N.A.'s secure site |
|
Capital One Quicksilver Secured Cash Rewards Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
$0 | 29.99% (Variable) | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) |
Apply Now
on Capital One's secure site Rates & Fees |
Because the First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t require a minimum credit score to apply, it could be worth considering if you’ve been denied for other credit cards. Plus, it reports to the credit bureaus and after six months of on-time payments you have the chance to graduate to an unsecured card — two things that are beneficial as you build credit.
However, its annual fee and lack of a rewards program means that you may be able to get a better credit card from our list of easiest cards to get approved for.
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