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How Does LendingTree Get Paid?

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First Progress Platinum Elite Mastercard® Secured Credit Card

First Progress Platinum Elite Mastercard<sup>®</sup> Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

Improve Your Credit Score
Free Credit Bureau Reporting
Credit Line
$200 - $2,000 Credit Line*
Regular Purchase APR
19.99% Variable
Edited by
Julie Sherrier
Reviewed by
Glen Luke Flanagan
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the First Progress Platinum Elite Mastercard® Secured Credit Card best for?

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.

First Progress Platinum Elite Mastercard® Secured Credit Card overview

    • Receive Your Card More Quickly with New Expedited Processing Option
    • No Credit History or Minimum Credit Score Required for Approval
    • Quick and Complete Online Application; No credit inquiry required!
    • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
    • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
    • Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
    • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
    • Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
    • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
    • 24/7 Online Access to Your Account
    • Nationwide Program though not yet available in NY, IA, AR, or WI **See Card Terms.
    • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
  • Credit needed:
    400 599
    Limited/Bad
  • No credit inquiry or minimum score required for approval
  • Monthly reporting to all three credit bureaus
  • Credit line security deposit up to $2,000

Intro Purchase APR

No intro APR

Regular Purchase APR

19.99% Variable

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

Pros and cons of the First Progress Platinum Elite Mastercard® Secured Credit Card

Pros

  • Available to applicants with limited/bad credit
  • Reports to the credit bureaus
  • Potentially high credit limit

Cons

  • Annual fee
  • Slow payment processing
  • High APR
  • No ability to upgrade to an unsecured credit card

What we like about the First Progress Platinum Elite Mastercard® Secured Credit Card

  • 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.

What to watch out for with the First Progress Platinum Elite Mastercard® Secured Credit Card

  • 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 19.99% variable. That’s not too bad for a card aimed at people with limited/bad credit, but it’s worth noting. If you pay off your card in full each month, you can typically avoid paying interest charges.

  • No ability to upgrade to an unsecured credit card

    Some secured cards provide an opportunity for cardholders to graduate to an unsecured credit card and get their deposit refunded after showing responsible borrowing and repayment behavior. First Progress doesn’t offer an unsecured card – to get your deposit back you must pay off the card and close the account.

    In addition to paying off the card and closing the account, First Progress requires that you cut any unexpired cards in half and send the card halves to them before they’ll refund the deposit.

Alternate secured card to the First Progress Platinum Elite Mastercard® Secured Credit Card

Compare it to the Discover it® Secured Credit Card

Disclosures |
Discover it® Secured Credit Card
Discover it® Secured Credit Card
on Discover's secure site
N/A
22.99% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Using your secured credit card helps build a credit history with the three major credit bureaus. Generally, prepaid and debit cards can’t do that.
  • Establish your credit line with your tax return by providing a refundable security deposit of at least $200. Bank information must be provided when submitting your deposit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.*
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score.
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "APPLY NOW" to see rewards, FICO® Credit Score terms, Cashback Match™ details & other information.
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

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: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

Additionally, after eight 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.

Compare the First Progress Platinum Elite Mastercard® Secured Credit Card to similar cards

Comparison of four different credit cards
First Progress Platinum Elite Mastercard<sup>®</sup> Secured Credit Card Discover it<sup>®</sup> Secured Credit Card First Progress Platinum Prestige Mastercard<sup>®</sup> Secured Credit Card Capital One Platinum Secured Credit Card
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
Apply Now
on First Progress's secure site
Apply Now
on Discover's secure site
Apply Now
on First Progress's secure site
Apply Now
on Capital One's secure site
Annual Fee
$29 $0 $49 $0
Regular APR
19.99% Variable 22.99% Variable APR 9.99% 26.99% (Variable)
Welcome Offer
N/A Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. 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 Non-rewards card Non-rewards Card
Recommended Credit
Limited/Bad Limited/Bad/Poor Limited/Bad/Poor Limited/Bad
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

Is the First Progress Platinum Elite Mastercard® Secured Credit Card right for you?

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.

Apply Now
on First Progress's secure site