First Progress Prestige Secured Mastercard® Credit Card Review for 2026
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First Progress Prestige Secured Mastercard® credit card may be the right choice for you if you need to establish or improve your credit history. The annual fee is comparatively high, but the interest rate is among the lowest.
Annual fee: $49
Fortunly Rating
Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.
Strengths
- Credit building card¹
- Fast and easy online application
- Accessible to holders with a low credit score or with no credit history
- Low interest rate
- Minimum deposit requirement
- Your deposit acts as the credit line
- Expedited service
- Monthly balance reports to 3 credit bureaus
Weaknesses
- Any change of deposit must be reported and authorized by First Progress
First Progress Prestige Secured Mastercard® Credit Card Overview
First Progress is a credit builder card program that offers two cards to cardholders with a low credit score or non-existent credit history.
The main requirement is to deposit a minimum sum of $200 that will act as your credit limit. In case your request is denied, the deposit will be returned to you. All the cards in the First Progress program have affordable interest rates. Still, you need to pay off your monthly balance in full each month for your credit score to remain in good standing.
Between these two cards, the First Progress Prestige Secured Mastercard® credit card has the lower interest rate, so let’s check what you get with it.
Low Ongoing APR
With a variable APR of 13.49%, this credit card has one of the lowest interest rates among secured credit cards. Most have an APR of over 20%. If you pay off your balance in full each month, you’ll avoid additional interest rates.
You can opt to pay off the minimal amount of the full balance and transfer the rest with an ongoing APR. Still, this card is designed to build a credit score¹, so there is no benefit in accumulating debt and additional interests on your own money.
The downside is there is no 0% introductory APR for new card owners. But with the overall low ongoing APR, this shouldn’t be a problem.
Minimum Deposit
The starting and minimum deposit for the credit card is $200, and it must be maintained. If you pay off your balance before the next billing cycle, this is reflected on the monthly balance reports sent out to credit bureaus, which affects your overall credit score.
You’ll need to open a Synovus bank account where this minimum deposit will be stored. You’ll also need a standard bank account to make your monthly payments.
Apply with No Impact to Your Credit*
First Progress Prestige Secured Mastercard® credit card doesn't affect your credit score, since there are no hard inquiries done to get this card.
*They may pull a soft inquiry of your credit, and soft inquiries do not impact your credit score.
Steep Annual Fee
One of the shortcomings of this Prestige Mastercard is the costly annual fee of $49. And while there are other credit cards with a lower annual fee, their ongoing APR is usually significantly higher.
How First Progress Prestige Secured Mastercard® Credit Card Compares to Other Cards
13.49% (variable)
$49
22.99% Variable
$0
24.89% (variable)
$35
Adding More Deposit Is No Laughing Matter
If you need to call the customer support agents, contact them by dialing 1-888-237-6828 (Synovus Bank). We are fairly confident you’ll memorize this phone number after a while.
The reason – you have to check with First Progress first if you want to make any changes of the deposited amount on your secured credit card.
You can increase the total deposit amount up to $2,000 and use it as a credit limit. But every time you increase the deposit, you’ll have to first check with the First Progress to see if they’ll authorize it.
It can be inconvenient when you want to improve your credit utilization.
Available in All 50 States
The First Progress Prestige Secured Mastercard® credit card is obtainable nationwide.
What Do the Customers Say?
Cardholders are generally satisfied with this secured credit card. First Progress sends credit improvement information to all three credit bureaus.
Low minimum deposit requirements and an opportunity to start building up credit history are other aspects customers appreciate.
Users are, however, less satisfied with the high annual fee, and they note that the quality of customer support could be improved.
The Right Card to Start Anew
First Progress Prestige Secured Mastercard® can help you rebuild your credit history¹ and get you back on track. You’ll be ready to use standard, unsecured credit cards in 12 months. With modest deposit requirements and low ongoing APR, this secured credit card may be what you’re looking for.
¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
²The 10% cash back rate is available only at a limited number of participating merchants. Offer percentages vary by merchant and are subject to change. See First Progress Rewards Program Terms & Conditions for details.