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

• First Progress Platinum Prestige Mastercard® Secured Credit Card ($49 annual fee with a 10.24% Variable variable APR)
• First Progress Platinum Select Mastercard® Secured Credit Card ($39 annual fee with a 14.24% Variable variable APR)
• The First Progress Platinum Elite Mastercard® Secured Credit Card ($29 annual fee with a 20.24% variable 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 limited/bad credit, you’d be hard-pressed to find cards with such reasonable interest rates.

• Reasonable 14.24% Variable 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.

• 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.

• No way to upgrade to unsecured card

  Some secured cards, like the Discover it® Secured Credit Card, do an automatic review of the account after a specified period of time to see if the cardholder is qualified to upgrade to an unsecured card with the same issuer. The First Progress Platinum Select Mastercard® Secured Credit Card does not have that option.

• 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.

Compare it to the Discover it® Secured Credit Card

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Discover it® Secured Credit Card

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Rates & Fees

Discover it® Secured Credit Card

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Intro Purchase APR N/A

Regular Purchase APR 23.24% Variable APR

Annual Fee $0

Rewards Rate 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… Read More

Highlights

• No credit score required to apply.*
• 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. 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.
• 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.

Typical Credit Needed

300 659

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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 14.24% Variable, compared to the Discover it® Secured Credit Card‘s 23.24% 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.

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.