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.

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.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

First Progress Platinum Prestige Mastercard® Secured Credit Card Review

First Progress Platinum Prestige Mastercard<sup>®</sup> Secured Credit Card
Improve Your Credit Score
Free Credit Bureau Reporting
Credit Line
$200 - $2,000 Credit Line*
Regular Purchase APR
15.24% (V)
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Our take: The First Progress Platinum Prestige Mastercard® Secured Credit Card is a decent option if you’re looking for a way to build credit without another credit check, but it’s not the best option out there. However, it does report to all three credit bureaus and has a low APR.

Is the First Progress Platinum Prestige Mastercard® Secured Credit Card a good card?

The First Progress Platinum Prestige Mastercard® Secured Credit Card can be good if you want a card with no credit check and a low APR. It doesn’t require a credit check, which might help you if you’ve struggled to qualify for secured credit cards in the past. And it has a low APR, which could be beneficial if you tend to carry a balance some months.

Other than that, this card doesn’t have many unique benefits. It has a $49 annual fee, where most secured cards have no annual fee, and a weak cash back rewards rate. But if your goal is to build or rebuild your credit, then this card could provide a good temporary solution. After building back your credit score, you can apply for an unsecured card with no annual fee.

Quick facts

    • 1% Cash Back Rewards on payments
    • Choose your own credit line - $200 to $2000 – based on your security deposit
    • Build your credit score.¹ Reports to all 3 credit bureaus
    • No minimum credit score required for approval!
    • ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 300 600
    Limited/Poor
  • 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

15.24% (V)

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$49

Cash Advance Fee

N/A

Foreign Transaction Fee

N/A

Balance Transfer Fee

N/A

Pros and cons

  • No credit check
  • Low APR
  • Monthly reporting to all three credit bureaus
  • No credit history required for approval
  • Earns cash back rewards
  • Annual fee
  • Checking account required
  • No opportunity to graduate to an unsecured card
  • No automatic reviews for credit limit increases

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, that won’t affect your chances of being approved for the First Progress Platinum Prestige Mastercard® Secured Credit Card. This feature can help you if you’ve struggled to get approved for other cards for bad credit, or if you don’t want your score to be further dinged from a hard inquiry.

    However, you likely won’t be approved for this card if you have a pending bankruptcy filing that has not yet been discharged.

  • Low APR

    The First Progress Platinum Prestige Mastercard® Secured Credit Card has a 15.24% (V) APR. It’s rare to find a secured card with a low regular APR. The Discover it® Secured Credit Card, for example, has a 28.24% Variable APR.

    If you have to carry a balance, it shouldn’t cost you too much in interest charges.

  • Reports to all three credit bureaus

    Some secured cards only report your account and payment activity to one or two credit bureaus. This can backfire later 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 credit bureaus: Equifax, Experian and TransUnion.

  • No credit history required for approval

    Unsecured credit cards, cards that don’t require a security deposit and have more robust reward, usually require a good or excellent credit score. Since the First Progress Platinum Prestige Mastercard® Secured Credit Card is a secured card, you can qualify with no credit history or even a bad one.

  • Earns cash back

    The First Progress Platinum Prestige Mastercard® Secured Credit Card lets you earn 1% Cash Back Rewards on payments. Some secured credit cards don’t offer cash back at all, so this is a plus.

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. Most secured credit cards have no annual fee.

  • Security deposit must come from a checking account

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

  • No opportunity to graduate to an unsecured card

    Some secured credit cards, like the Discover it® Secured Credit Card and Capital One Platinum Secured Credit Card, offer the chance to upgrade to an unsecured card after you’ve used the card responsibly.

    The First Progress Platinum Prestige Mastercard® Secured Credit Card doesn’t have this feature. This means that you’ll likely have to apply for a new card once your credit score improves and close your account to avoid paying an ongoing annual fee.

  • No automatic reviews for credit limit increases

    Some secured cards will automatically review your credit limit for an increase after timely payments for a few months — but the First Progress Platinum Prestige Mastercard® Secured Credit Card does not have a set timeline.

  • Long time to process payments

    Users report 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.

Alternate secured cards to the First Progress Platinum Prestige Mastercard® Secured Credit Card

First Progress Platinum Prestige Mastercard® Secured Credit Card vs. Discover it® Secured Credit Card

| Disclosures
Discover it® Secured Credit Card
Discover it® Secured Credit Card
apply-now-icon Apply Now
on Discover's secure site
Rates & Fees
N/A
28.24% Variable APR
$0
Earn 2% cash back at Gas Stations and Restaurants on up to
  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit history.
  • Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $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, automatically. Plus earn unlimited 1% cash back on all other purchases.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
  • Terms and conditions apply.
300 600
Limited/Poor

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 better secured card that can help you build credit, with rewards and perks that the First Progress Platinum Prestige Mastercard® Secured Credit Card lacks. Unlike the First Progress Platinum Prestige Mastercard® Secured Credit Card, 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 better cash back rewards program with bonus categories. You can 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.

However, the Discover it® Secured Credit Card has a much higher 28.24% 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.

First Progress Platinum Prestige Mastercard® Secured Credit Card vs. OpenSky® Secured Visa® Credit Card

| Disclosures
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
apply-now-icon Apply Now
on Capital Bank, N.A.'s secure site
N/A
25.64% (variable)
$35
Non-rewards card
  • No credit check to apply. Zero credit risk to apply!
  • Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
  • Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months, no additional deposit required!
  • Get free monthly access to your FICO score in our mobile application
  • Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
  • Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
  • Fund your card with a low $200 refundable security deposit to get a $200 credit line
  • Apply in less than 5 minutes with our mobile first application
  • Choose the due date that fits your schedule with flexible payment dates
  • Fund your security deposit over 60 days with the option to make partial payments
  • Join over 1.2 million cardholders who’ve used OpenSky to build their credit
300 600
Poor

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 OpenSky® Secured Visa® Credit Card is similar to the First Progress Platinum Prestige Mastercard® Secured Credit Card in that it doesn’t require a credit check. It has a lower annual fee of $35, but a higher APR of 25.64% (variable).

It doesn’t have a cash back rewards program or sign-up bonus, but it does offer credit line increase reviews and the opportunity to graduate to an unsecured credit card. This might make it the better option if you’re looking for a card with no credit check, since it also reports to all three credit bureaus.

First Progress Platinum Prestige Mastercard® Secured Credit Card vs. Capital One Platinum Secured Credit Card

| Disclosures
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
apply-now-icon Apply Now
on Capital One's secure site
Rates & Fees
N/A
30.74% (Variable)
$0
Non-rewards Card
  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
  • For Capital One products listed on this page, some of the benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
300 600
Limited/Poor

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 Capital One Platinum Secured Credit Card is a $0-annual-fee card that can help you build credit, and comes with a few key benefits that the First Progress Platinum Prestige Mastercard® Secured Credit Card lacks.

Some applicants qualify for a lower security deposit of $49, $99 or $200. Since most secured cards require a deposit of at least $200, this is a unique feature. Keep in mind that there’s no guarantee you’ll qualify for one of the lower amounts.

Plus, this card offers the chance to graduate to an unsecured card, the Capital One Platinum Credit Card, after enough responsible credit usage. And after just six months, you’ll automatically be considered for a credit limit increase.

It doesn’t offer cash back rewards like the First Progress Platinum Prestige Mastercard® Secured Credit Card. However, the $0 annual fee and chance to graduate to an unsecured card make the Capital One Platinum Secured Credit Card better in most cases.

See Capital One Platinum Secured Credit Card rates and fees.

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

With a modest annual fee and a low APR, The First Progress Platinum Prestige Mastercard® Secured Credit Card is a good choice among cards that don’t require a credit check.

It may be right for you if you don’t currently have a credit score, or if your credit score is so low you’re unable to qualify for better secured credit cards.

However, it’s below average when stacked up against other secured credit cards, which often don’t have annual fees.

apply-now-icon Apply Now
on First Progress's secure site
Rates & Fees
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.