GET.com's Review of First Progress Platinum Prestige Mastercard® Secured Credit Card
|Highlights||Credit Card Feature|
|Things We Like||Enjoy up to $5,000 credit limit|
|Our Least Favorite||$49 annual fee|
|Our Verdict||Great card for those with bad credit that want to rebuild or improve their credit score|
- 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
- Full-Feature Platinum Mastercard® Secured Credit Card
- 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.
- Intro APR
- Annual Fee
- Regular APR
- Credit Required
First Progress Platinum Prestige Mastercard® Secured Credit Card is a secured card for those of you with bad or no credit history who would like to build your credit score while having access to a line of credit.
This Mastercard lets you enjoy a line of credit between $200 and $5,000 for which you must place a security deposit. Since this card reports monthly to all three of the main credit bureaus, your timely payments can help you improve your credit history over time if you're a responsible cardholder.
Here are a few of the main features of First Progress Platinum Prestige Mastercard® Secured Credit Card as well as some of the things I like least about it. Although taking into account that this is a secured credit card for people with bad credit, this might not be such a bad deal after all.
Things We Like About First Progress Platinum Prestige Mastercard® Secured Credit Card
Monthly reports to the 3 main credit bureaus, which can help improve your credit score over time if you make timely payments and prove to be responsible, despite having had problems with your credit in the past.
You can be approved for this card regardless of your credit score and credit history. This secured card is especially for people with bad credit scores who want to improve their credit history or who aren't accepted when applying for other credit cards.
Enjoy an initial credit limit of $200-$2,000. When opening your account you'll have a line of credit equal to the security amount you deposit, which must be of at least $200. You'll have to deposit this amount once you are approved for the card, and it can be deposited through a debit card or checking account. Your security deposit can range between $200-$2,000. Keep in mind that the annual fee will be deducted from your security deposit, decreasing your available credit.
Your security deposit is fully refundable. Within 10 weeks of closing your account, after all your bills have been paid in full and you've sent the issuer your non-expired cards cut in half, you will receive your security deposit. This means that if you hold a balance at the time your account is closed, you'll only be returned the security deposit that isn't used to pay off the amount you owe.
Enjoy up to $5,000 credit limit. The issuer may increase your credit limit over time up to a maximum of $5,000. This credit limit increase might not even require adding more cash to your deposit account if the issuer deems so.
No application or processing fees. You don't have to pay any fees to know if you're eligible to have this card.
Low 10.74% variable APR. This is a very low interest rate when it comes to carrying a balance on your purchases, although I recommend that you make your payments on time so that you don't have to pay any interest at all. Paying your balance off in full on time is a good way to begin improving your credit score. Keep in mind that even if you have a very small balance, the minimum interest you must pay will be at least $1.50.
Your annual fee is deducted from your security deposit. This avoids the hassle of having to pay the $49 annual fee each year and remembering to do so at the correct time.
Accepted worldwide. As this is a Mastercard, you can use this card all around the globe to make your purchases, be it at home or abroad.
Access your account online 24/7. You can monitor your account online any day at any time, with no restrictions.
Relatively low 19.74% variable cash advance APR. This is a lower cash advance APR than what many regular credit cards offer.
Our Least Favorite Things About First Progress Platinum Prestige Mastercard® Secured Credit Card
$49 annual fee. You have to pay a $49 annual fee to use this card. This annual fee will be deducted from your security deposit each year. There are secured credit cards available that do not have an annual fee.
Your deposit doesn't earn interest. You won't earn any interest on your security deposit.
You can only increase your deposit amount with the issuer's permission. If the issuer allows you to increase your deposit amount, it must be mailed as a paper check to the address they specify to you upon your approval. You can't transfer any cash to or from this deposit account.
It may take up to 10 weeks after the close of your account for you to receive your deposit back. When closing your account you may have to wait up to 10 weeks before getting your deposit back. You will have to pay off your entire balance in full first and the issuers will need to receive your unexpired cards cut in half.
How Other Cards Compare With First Progress Platinum Prestige Mastercard® Secured Credit Card
|Regular APR:||10.74% (Variable)|
|Credit Required:||Bad Credit|
|Regular APR:||24.49%* (Variable)|
|Credit Required:||New to Credit|
First Progress Platinum Prestige Mastercard® Secured Credit Card is a good card for those of you with bad credit that want to rebuild or improve your credit score. Since this card reports to the main 3 credit bureaus, your responsible and timely payments can help your credit history improve over time.
This secured card requires a security deposit equal to the credit limit you'll initially enjoy, which ranges between $200-$2,000, although over time your line of credit may increase up to $5,000 by the issuer's discretion.
Although this card has a $49 annual fee, the low 10.74% variable APR might be worth the shot if you plan to make large purchases and repay them in a timely manner over a period of time. Note that you will not pay any purchase APR at all if you pay off your balance in full before the due date.
Here you can see more of our best-rated credit cards for bad credit.
See more First Progress credit cards.