If you have limited/bad credit and are looking for a card to help improve your credit score, you may want to consider the First Progress Platinum Elite Mastercard® Secured Credit Card. The card offers a credit limit ranging from $200 to $2,000, which will be determined by the amount of your fully-refundable security deposit.
The First Progress Platinum Elite Mastercard® Secured Credit Card does not require credit history or a minimum credit score for approval. Plus, it reports your account and payment activity to the three major credit bureaus on a monthly basis.
Just know, the First Progress Platinum Elite Mastercard® Secured Credit Card charges an annual fee of $29 and doesn’t offer any benefits or rewards. Also, residents of Arkansas, Iowa, New York or Wisconsin are not eligible to apply.
To help you decide if the First Progress Platinum Elite Mastercard® Secured Credit Card is the right fit for you, we review the card’s pros and cons, and show how it compares to the Discover it® Secured Credit Card.
Intro Purchase APR
No intro APR
Regular Purchase APR
24.74% (V)
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$29
Cash Advance Fee
3% of each cash advance; $10 minimum
Foreign Transaction Fee
3%
Balance Transfer Fee
N/A
Available to applicants with limited/bad credit
It’s possible to apply for the First Progress Platinum Elite Mastercard® Secured Credit Card with no credit history, and there’s no minimum credit score required. So if you have bad credit, this card could be a way to improve your credit score.
For reference, FICO® considers a credit score between 300 and 579 as poor or bad credit.
Reports to the credit bureaus
One of the most important factors when trying to build or rebuild your credit profile is ensuring the card you’re applying for reports to the major credit bureaus – Equifax, Experian and TransUnion. This one does.
Potentially high credit limit
The amount of your deposit will match the amount of your credit limit. This card requires a minimum deposit of $200 and allows a maximum initial deposit of $2,000. If First Progress later decides to let you deposit more, the max credit limit is $5,000.
Annual fee
There’s a $29 annual fee for the First Progress Platinum Elite Mastercard® Secured Credit Card . While some consumers may feel the annual fee is worth it for the chance to build or rebuild credit, there are competing secured cards with no annual fee.
Also, the annual fee will reduce your initial available credit limit until you pay it off. For example, if you submit a $200 security deposit, your initial available credit will be $171 – your limit minus the annual fee.
Slow payment processing
It can take up to 10 days for a payment to process on the First Progress Platinum Elite Mastercard® Secured Credit Card. There is an option to make an expedited telephone payment for a fee of $10 per payment.
High APR
This card’s APR is 24.74% (v). That’s not too bad for a card aimed at people with poor/limited credit, but it’s worth noting. If you pay off your card in full each month, you can typically avoid paying interest charges.
Ability to upgrade to an unsecured credit card
Make 6-months of on-time payments & you’ll be invited to apply for an unsecured First Digital Mastercard.
The Discover it® Secured Credit Card is another card designed to help people with limited/bad/poor credit rebuild their credit score. Unlike the First Progress Platinum Elite Mastercard® Secured Credit Card, the Discover it® Secured Credit Card comes with a $0 annual fee and offers a cash back rewards program.
Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. Plus, the card offers the following sign-up bonus: Discover will match all the cash back you’ve earned at the end of your first year.
Additionally, after seven months of using the card, Discover will begin automatic monthly reviews of your account to see if you qualify to graduate to an unsecured card and get your deposit back. There’s no guarantee of getting upgraded to an unsecured card, though, and Discover considers all your credit accounts when making this determination. However, this is a more frequent and transparent review process than we’ve found with other secured credit cards.
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| First Progress Platinum Elite Mastercard® Secured Credit Card | Discover it® Secured Credit Card | First Progress Platinum Prestige Mastercard® Secured Credit Card | Capital One Platinum Secured Credit Card |
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Apply Now on First Progress's secure site
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Apply Now on Discover's secure site
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Apply Now on First Progress's secure site
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Apply Now on Capital One's secure site
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| Annual Fee | |||
| $29 | $0 | $49 | $0 |
| Regular APR | |||
| 24.74% (V) | 27.74% Variable APR | 14.74% (V) | 29.99% (Variable) |
| Welcome Offer | |||
| N/A | Discover will match all the cash back you’ve earned at the end of your first year. | No bonus | No bonus |
| Rewards Rate | |||
| Non-rewards card | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | 1% Cash Back | Non-rewards Card |
| Recommended Credit | |||
| Poor/Limited | Poor/Limited | Poor/Limited | Poor/Limited |
| Card Details | |||
| First Progress Platinum Elite Mastercard® Secured Credit Card | Discover it® Secured Credit Card | First Progress Platinum Prestige Mastercard® Secured Credit Card | Capital One Platinum Secured Credit Card |
The First Progress Platinum Elite Mastercard® Secured Credit Card can help you establish or rebuild credit, but it comes with some downsides: a $29 annual fee, a payment processing time of up to 10 days and a requirement to send your physical card back to the issuer when you want your deposit refunded. There are better secured cards on the market.
However, because there’s no minimum credit score required to apply for this card, it could be worth considering for those who have been denied for other credit cards.
