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How Does LendingTree Get Paid?

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First Progress Platinum Prestige Mastercard® Secured Credit Card Review

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

First Progress Platinum Prestige Mastercard® Secured Credit Card Review

Improve Your Credit Score
Free Credit Bureau Reporting
Credit Line
$200 - $2,000 Credit Line*
Regular Purchase APR
12.24% (V)
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 Prestige Mastercard® Secured Credit Card best for?

The First Progress Platinum Prestige Mastercard® Secured Credit Card is a just-OK card for people with poor/limited credit looking to start building or rebuilding credit. This is a secured card, meaning you have to submit a security deposit that will serve as your line of credit.

There is no credit history or minimum credit score required to qualify for this card, so if you have no credit or a really low credit score, you’ll have a better chance qualifying compared with some other secured cards calling for fair or good credit. However, if you have a pending bankruptcy filing that hasn’t been discharged yet, you will not be approved.

This card does assess a $49 annual fee, and doesn’t come with any rewards program or other benefits that typically come with unsecured cards. But if your goal is to build or rebuild your credit, then this card could provide a good temporary solution until your credit is restored to a level where you could qualify for an unsecured card with no annual fee.

First Progress Platinum Prestige 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; available in all 50 US states *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
    Poor/Limited
  • 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

N/A

Regular Purchase APR

12.24% (V)

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$49

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 Prestige Mastercard® Secured Credit Card

Pros

  • No credit history required for approval
  • Monthly reporting to all three credit bureaus
  • Security deposit up to $2,000
  • Deposit is fully refundable once balance is paid off and card is closed
  • No credit inquiry

Cons

  • Annual fee
  • Few benefits
  • No rewards
  • 3% foreign transaction fee

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

  • No credit check

    If you have a damaged or no credit history, and if you’re not a resident of Arkansas, Iowa, New York or Wisconsin and don’t have a pending bankruptcy filing, the odds of being approved for this card are very good.

  • Low 12.24% (V) APR

    It’s rare to find a secured card with a low regular APR. If you have to roll over a balance, it shouldn’t cost you too much in interest charges. However, remember that since you’re borrowing against the money you put up as security deposit, any interest you pay means you’re paying the issuer money for the privilege of accessing your own funds.

  • Security deposit up to $2,000

    Keeping a low balance is key to building a good credit score, but if your credit line is only a couple hundred dollars, then your buying power is really limited. With the First Progress Platinum Prestige Mastercard® Secured Credit Card, you can submit up to $2,000 for your security deposit, which will allow you to use the card for bigger purchases, such as a hotel room or car repair.

  • Reports to all three credit bureaus

    Some secured cards only report the account and payment activity to one or two credit bureaus, which can backfire if you apply for credit with a lender who uses the credit bureau that doesn’t list the card. The First Progress Platinum Prestige Mastercard® Secured Credit Card reports to all three: Equifax, Experian and TransUnion.

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

  • Annual fee

    The First Progress Platinum Prestige Mastercard® Secured Credit Card comes with a high $49 annual fee compared to other secured cards. The annual fee will be subtracted from your initial deposit.

  • Security deposit must come from a checking account

    First Progress Platinum Prestige Mastercard® Secured Credit Card applicants will be asked to provide checking account information from which the security deposit will be withdrawn once approved for the card. Once you close the account, it can take up to 10 weeks to get your deposit back minus any unpaid balances or fees.

  • Foreign transaction fees

    If you are traveling abroad, know that a 3% fee will be added to each purchase.

Alternate secured card to the First Progress Platinum Prestige 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
24.49% Variable APR
$0
2% cash back at Gas Stations and Restaurants on up to $1,000
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • 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.
  • NEW! Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • 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 terms and conditions.
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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 appears 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 a great secured card that can help you build credit while earning rewards and benefiting from other perks that the First Progress Platinum Prestige Mastercard® Secured Credit Card lacks. While the First Progress Platinum Prestige Mastercard® Secured Credit Card has a $49 annual fee, the Discover it® Secured Credit Card has a $0 annual fee as well as one late fee waiver — helpful for those who want to minimize fees.

In addition, the Discover it® Secured Credit Card has a cashback program where you can 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. Meanwhile, the First Progress Platinum Prestige Mastercard® Secured Credit Card does not.

However, the First Progress Platinum Prestige Mastercard® Secured Credit Card has a lower APR of 12.24% (V), compared to the Discover it® Secured Credit Card‘s 24.49% Variable APR. Therefore, if you wind up carrying a balance, the First Progress Platinum Prestige Mastercard® Secured Credit Card may be a better choice. But again, carrying a balance on a secured card should be avoided if at all possible.

Overall, looking at both cards, the Discover it® Secured Credit Card is our top pick since it has more benefits and fewer fees.

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

Comparison of four different credit cards
First Progress Platinum Prestige Mastercard<sup>®</sup> Secured Credit Card Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card First Progress Platinum Select Mastercard<sup>®</sup> Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card First Progress Platinum Select Mastercard® Secured Credit Card
Apply Now
on First Progress's secure site
Apply Now
on Discover's secure site
Apply Now
on OpenSky's secure site
Apply Now
on First Progress's secure site
Annual Fee
$49 $0 $35 $39
Regular APR
12.24% (V) 24.49% Variable APR 18.89% (variable) 16.24% (V)
Welcome Offer
No bonus Discover will match all the cash back you’ve earned at the end of your first year. N/A N/A
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 None Non-rewards card
Recommended Credit
Poor/Limited Poor/Limited Poor/Limited Poor/Limited
Card Details
First Progress Platinum Prestige Mastercard® Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card

First Progress Platinum Select Mastercard® Secured Credit Card

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

The First Progress Platinum Prestige Mastercard® Secured Credit Card is below average when stacked up against other secured cards. It does have a low APR and can help you work toward good credit, but comes with an annual fee.

Another key point to note about the First Progress Platinum Prestige Mastercard® Secured Credit Card is that it can take up to 10 days for payments to be processed. That’s much longer than the majority of credit cards that process payments in two to three business days. While your payment is being processed, your available credit will be limited.

On the plus side, if you choose to apply for this card, know that no credit check is involved, which can be helpful if you don’t currently have a credit file and are looking to establish one, or if your credit score is at such a low point where a hard inquiry will only cause it to drop even further.

Apply Now
on First Progress's secure site