How Does LendingTree Get Paid?
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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.

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First Progress Platinum Select Mastercard® Secured Credit Card Review

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

First Progress Platinum Select Mastercard® Secured Credit Card Review

Improve Your Credit Score
Free Credit Bureau Reporting
Credit Line
$200 - $2,000 Credit Line
Regular Purchase APR
16.99% (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 Select Mastercard® Secured Credit Card best for?

The First Progress Platinum Select Mastercard® Secured Credit Card is one of three First Progress secured cards for people with poor/limited credit. Each card comes with an annual fee, and the higher the annual fee, the lower the card’s APR:

Not all secured cards require an annual fee, so know you don’t have to be locked into one with an annual fee, but if you do decide to apply for one of the First Progress cards, know that if you pay off what you charge every statement period, you can avoid interest charges entirely, and therefore should choose the card with the lowest annual fee.

Either way, all three cards come with fairly reasonable APRs should you happen to roll over a balance from time to time. Compared to some other cards geared toward those with poor/limited credit, you’d be hard-pressed to find cards with such reasonable interest rates.

First Progress Platinum Select 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.
    • ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
    • Make 6-months of on-time payments & you’ll be invited to apply for an unsecured First Digital Mastercard!
  • Credit needed:
    400 599
    Poor/Limited
  • No credit inquiry or minimum score required for approval
  • Reports account activity to all three credit bureaus
  • Credit line security deposit from $200 to $2,000

Intro Purchase APR

N/A

Regular Purchase APR

16.99% (V)

Intro BT APR

N/A

Regular BT APR

N/A

Annual Fee

$39

Cash Advance Fee

3% of each cash advance; $10 minimum

Foreign Transaction Fee

3%

Balance Transfer Fee

N/A

Pros and cons

Pros

  • Account reported to all three credit bureaus
  • Available to those with poor/limited
  • Refundable deposit once card is closed
  • Maximum security deposit of $2,000
  • Reasonable APR

Cons

  • Annual fee
  • Slow payment processing
  • Not available for Arkansas, Iowa, New York or Wisconsin residents

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

  • Reasonable 16.99% (V) variable APR

    It’s rare to find a secured card with a reasonable 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.

  • No credit check

    If you want to avoid a hard inquiry, which can knock a poor score down even further, then know that when applying for the First Progress Platinum Select Mastercard® Secured Credit Card , there will be no credit check. That’s also helpful to folks with no prior credit history.

  • 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 in the future who relies on data from the credit bureau that doesn’t list the card. The First Progress Platinum Select Mastercard® Secured Credit Card reports to all three: Equifax, Experian and TransUnion.

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

  • Annual fee

    There’s a $39 annual fee for the First Progress Platinum Select Mastercard® Secured Credit Card . While some consumers may feel an annual fee is worth it for the chance to build or rebuild credit, know there are competing secured cards that don’t require one.

    The annual fee will reduce your initial available credit limit until it’s paid. For example, if submit a $200 credit security deposit, your initial available credit will be $161 – your limit minus the annual fee.

  • Ability to upgrade to an unsecured card

    Make 6-months of on-time payments & you’ll be invited to apply for an unsecured First Digital Mastercard.

  • Delayed payment processing

    It can take up to 10 days for a payment to process on the First Progress Platinum Select Mastercard® Secured Credit Card . There is an option to make an expedited telephone payment for a fee of $10 per payment.

Alternate credit-building 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
25.99% 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.
300 540

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 Select Mastercard® Secured Credit Card lacks.

While the First Progress Platinum Select Mastercard® Secured Credit Card has a $39 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 Select Mastercard® Secured Credit Card does not comes with a rewards program.

However, the First Progress Platinum Select Mastercard® Secured Credit Card has a lower APR of 16.99% (V), compared to the Discover it® Secured Credit Card‘s 25.99% Variable APR. Therefore, if you wind up carrying a balance, the First Progress Platinum Select Mastercard® Secured Credit Card may be a better choice.

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 Select Mastercard® Secured Credit Card to similar cards

Comparison of four different credit cards
First Progress Platinum Select Mastercard<sup>®</sup> Secured Credit Card Discover it<sup>®</sup> Secured Credit Card OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card Petal<sup>®</sup> 2 Cash Back, No Fees Visa<sup>®</sup> Credit Card
First Progress Platinum Select Mastercard® Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Petal® 2 Cash Back, No Fees Visa® 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 Petal's secure site
Annual Fee
$39 $0 $35 $0
Welcome Offer
N/A 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 Earn 1% cash back on eligible purchases right away, and 2% to 10% cash back at select merchants
Regular APR
16.99% (V) 25.99% Variable APR 18.89% (variable) Variable APR between 15.24% - 29.24%
Recommended Credit
Poor/Limited Poor/Limited Poor/Limited N/A
Card Details
First Progress Platinum Select Mastercard® Secured Credit Card Discover it® Secured Credit Card OpenSky® Secured Visa® Credit Card Petal® 2 Cash Back, No Fees Visa® Credit Card

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

The First Progress Platinum Select Mastercard® Secured Credit Card is just an OK card when stacked up against other secured cards.

While it has a low APR and can help you work toward building good credit, it does assess an annual fee. Another key point to note about the First Progress Platinum Select 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, plus you have to make sure your payment is sent in early enough to meet the payment due deadline.

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