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If you’re dealing with bad credit or no credit, applying for a secured credit card can help you improve your score and build your credit history. Most credit cards require a minimum credit score and a certain level of creditworthiness to qualify. Secured credit cards, such as the First Progress Platinum Prestige Mastercard® Secured Credit Card, work differently.
Secured credit cards typically require that you make a deposit to “secure” their card, and it becomes your credit line. With many secured credit cards, you can upgrade to an unsecured card after displaying responsible use over time. Unfortunately, that’s not the case with the Platinum Prestige Mastercard.
This also has a relatively high annual fee compared to other secured credit cards. Without many extra perks, what’s the draw of this secured credit card from First Progress? Is it worth having, or are there better options available?
No Credit Check Required
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First Progress Platinum Prestige Mastercard® Secured Credit Card
Current Offer
Low APR for purchases
Annual Fee
$49
Rewards Rate
1% cash back on payments
Who should get the First Progress Platinum Prestige Mastercard Secured Credit Card?
The First Progress Platinum Prestige Mastercard Secured is for people who want to build their credit. It is one of three secured credit card offerings from First Progress. If you’re worried about interest charges, the Prestige offers the lowest rate of the three cards but also has the highest annual fee at $49. If your goal is building your credit, you should strive to pay off your bill every month and avoid interest charges altogether.
There is no way to upgrade to an unsecured credit card with First Progress, so apply for the Platinum Prestige card only if you are only looking to establish credit and nothing else. This Mastercard is widely accepted around the world, but it does carry a 3% foreign transaction fee, so it’s not the ideal card to use during international travel.
The First Progress Platinum Prestige Mastercard Secured is not available to residents of Arkansas, Iowa, New York, or Wisconsin. If you reside in one of those states, you should look at other secured credit card options.
Card basics
| Card type | Secured |
| Card issuer | First Progress |
| Annual fee | $49 |
| Intro bonus | Low APR for purchases |
| Reward rate | 1% cash back on payments |
| Recommended credit score | Bad, Poor |
| Foreign transaction fee | 3% |
First Progress Platinum Prestige Mastercard Secured Credit Card benefits and perks
- No credit requirements: You don’t need a good credit score or an established credit history to apply for First Progress secured cards.
- Earn cashback rewards: Not many secured cards offer any type of reward program. With the First Progress Platinum Prestige you can earn 1% cash back on payments.
- Credit line: Cardholders can add to their initial $200 refundable deposit to establish a larger credit line. You can have a credit line up to $2,000, minus any fees and interest charges not yet billed, as well as your outstanding balance. Please note that you’ll need to contact First Progress for approval before increasing your deposit.
- Refundable deposit: Your deposit is fully refundable, minus any outstanding charges. It will automatically credit your account and send you a refund check by mail within ten weeks.
- Expedited processing: For a fee of $19.95, you can expedite the processing of your secured credit card up to 7 days faster than standard processing. This is available only if you use a debit or prepaid card to fund your security deposit.
Expedited processing is also available by request during the deposit refund process. You must make a written request by mail to First Progress.
Drawbacks to the First Progress Platinum Prestige Mastercard Secured
- Annual fee: The First Progress Platinum Prestige Mastercard Secured does have an annual fee of $49. If you’re looking for a card with no annual fee, a different secured credit card might be a better option.
- Foreign transaction fee: If you’re planning to travel abroad, this card may not be the best option for you. It comes with a 3% foreign transaction fee.
- Limited flexibility: Although this is a decent card if you’re looking to build your credit, cardholders don’t have the option to upgrade to an unsecured card.
First Progress Platinum Prestige Mastercard Secured Credit Card FAQs
What credit score do you need to get a First Progress secured credit card?
There is no minimum credit score needed to qualify for a First Progress secured credit card.
Does First Progress increase your credit limit?
First Progress does not increase your credit limit in the way you might see with an unsecured credit card. You can increase the credit limit on your First Progress secured credit card by adding funds to your security deposit, up to $2,000. You must contact First Progress and receive approval before adding additional funds.
Is the First Progress credit card legitimate?
The First Progress Platinum Prestige Mastercard Secured card is a legitimate way to rebuild your credit. Through responsible use, you’ll be able to raise your credit score and establish credit history. This can help you secure future lines of credit and financing.
How does a secured credit card work?
With secured credit cards, consumers secure a line of credit through the use of a deposit, which is typically refundable.
As you use your card and pay off the balance monthly, credit card providers such as First Progress, report payments to the three major credit bureaus: Experian, TransUnion, and Equifax. This helps to establish your credit history and raise your credit score.
Can I pay my First Progress credit card bill online?
Payments on your First Progress credit card can be made only by mail or phone.
Other cards to consider
If you want to build your credit but don’t like paying extra fees, check out the Capital One Platinum Secured Credit Card. It has a $0 annual fee, plus it offers multiple refundable security deposit options. With this card, you will get automatic consideration for a credit line increase in as few as six months after account opening.
The Capital One Platinum Secured also gives you access to helpful features like account alerts, automatic payments, and 24/7 customer service. Plus, it has no foreign transaction fee, which makes it a good option for international travel. Through responsible use over time, you may be eligible to upgrade to a Capital One unsecured credit card.
For a secured credit card that offers an even bigger credit line, consider the OpenSky® Secured Visa® Credit Card. You can have a credit limit from $200 up to $3,000, based on your refundable deposit. There’s no credit check to qualify for this card and its annual fee is only $35.
As a part of the Visa card family, your OpenSky Secured card is widely accepted around the world, but it does carry a 3% foreign transaction fee. You can build your credit with the OpenSky card as you use it for everyday purchases and make on-time monthly payments. Your payments are reported to all three major credit bureaus.
No Credit Check Required
First Progress Platinum Prestige Mastercard® Secured Credit Card
Why We Like It
Low APR for purchases
See how these cards compare:
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Capital One Platinum Secured Credit Card
- $200 initial credit line after making minimum security deposit
- Consideration for higher credit line as soon as 6 months after account opening
- No annual fee
- Pick your monthly due date
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OpenSky® Secured Visa® Credit Card
- Credit limit defined by your refundable deposit
- Choose your limit between $200 and $3,000
- No credit check when applying