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 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.

• 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 14.49% (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.

• 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.

Compare it to the Discover it^® Secured Credit Card

 

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 14.49% (V), compared to the Discover it^® Secured Credit Card‘s 27.49% 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.

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.