The First Progress Platinum Prestige Mastercard® Secured Credit Card Review

First Progress Platinum Prestige Mastercard® Secured Credit Card

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at Synovus Bank’s secure website

First Progress Platinum Prestige Mastercard® Secured Credit Card

• Rewards Rate:
  N/A
• Welcome Offer:
  N/A
• Annual Fee:
  $49
• Regular APR:
  9.99% (Variable)
• Balance Transfer Intro APR:
  N/A
• Purchase Intro APR:
  N/A
• Highlights
  • 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 though not yet available in NY, IA, AR, or WI ** See Card Terms.
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
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The First Progress Platinum Prestige Mastercard® Secured Credit Card is designed to help cardholders build or rebuild their credit. Instead of tying card approval to your credit score, First Progress uses a refundable security deposit to establish your credit line. With no minimum credit score or credit history required, this card is a great option to help manage debt and improve financial health.

This card is backed by Progress Credit, which helps cardholders steadily build or rebuild their credit scores. The company also offers two other secured cards — the First Progress Platinum Select Mastercard® Secured Credit Card and the First Progress Platinum Elite Mastercard® Secured Credit Card — which features slightly lower annual fees but higher interest rates.

The First Progress Platinum Prestige Mastercard® Secured Credit Card can’t compete on rewards or annual fees when it comes to secured credit cards, but it offers one of the lowest purchase APRs available.

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

• 9.99% (Variable) APR for purchases, which is significantly lower than most secured and unsecured cards
• No minimum credit score or history required, making it easy to start building credit with a cash deposit of $200
• Deposits are fully refundable once your balance is paid
• Credit scores are reported to all three major credit bureaus monthly to help build credit

Things to consider

• $49 annual fee: If your cash flow is limited, this fee can be frustrating
• No balance transfers: This card doesn’t offer the option of balance transfers
• Potential payment fees: If you choose to use outside payment vendors rather than your bank account to make balance payments, you maybe be charged additional fees
• Late payment fees: You’ll be charged up to $40 for any payments not received by the statement due date

First Progress Platinum Prestige Mastercard® low APR details

While the defining feature of this card is secured credit, what sets it apart from competitors is its low purchase APR. Making the most of the First Progress Platinum Prestige Mastercard® Secured Credit Card means leveraging these features in tandem to maximize your purchasing power and boost your credit score.

To get approved, you must deposit $200 into a deposit account at Synovus Bank. While it can be refunded if you pay your credit balance and close your account, it can’t be removed while your card is active. Once your card is activated, the automatic credit reporting each month means that you’re constantly building credit to eventually gain a higher credit limit.

The low APR offered by First Progress Platinum Prestige Mastercard® Secured Credit Card makes the path to better credit easier. At just under 10% (variable with the prime rate), you’ll pay less in interest for purchases each month, in turn reducing the amount of time you’ll spend paying your card down. This is what credit bureaus want to see — cards that are used but also consistently paid off.

First Progress Platinum Prestige Mastercard® fees

The biggest fee you’ll pay for the First Progress Platinum Prestige Mastercard® Secured Credit Card is the annual fee of $49 per year. You also pay $10 or 3% (whichever is greater) for any cash advances, and a 3% fee also applies to any foreign transactions. It’s also worth noting the card’s late and returned payment fees, which are up to $40 and up to $29, respectively.

While foreign transactions and cash advances probably won’t be your first priority when building credit, the cost of yearly fees combined with fairly substantial late and returned penalties can negatively impact your overall financial footing.

How does it compare to other secured credit cards?

Although the First Progress Platinum Prestige Mastercard® Secured Credit Card offers the benefit of low APR for purchases, it’s not the only secured credit option on the market. For example, if you prefer secured credit with no annual fee, the Capital One Platinum Secured Credit Card may be your best fit. If you like the idea of getting cash back while also building your credit, opt for the Discover it® Secured to earn while you spend.

Please Note: Information about the Discover it® Secured have been collected independently by TheSimpleDollar.com. The issuer did not provide the details, nor is it responsible for their accuracy.