First Progress Platinum Prestige Mastercard® Secured 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
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- Credit building card
- 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
- 25-day grace period
- Expedited service
- Monthly balance reports to 3 credit bureaus
- Any change of deposit must be reported and authorized by First Progress
First Progress Platinum Prestige Mastercard® Secured Credit Card Overview
First Progress is a credit builder card program that offers three cards to cardholders with a low credit score or non-existent credit history. If you have a credit history, a FICO score of 300 or more is one of the requirements needed to obtain these secure credit cards.
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. Among these three cards, the First Progress Platinum Prestige Mastercard® Secured Credit Card has the lowest interest rate, so let’s check what you get with it.
Low Ongoing APR
With a variable APR of 13.74%, 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 score, so there is no benefit in accumulating debt and additional interests on your own money.
Since prior credit history is not one of the requirements, with First Progress Platinum Prestige Mastercard® Secured Credit Card, a graduate can start building their credit history.
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.
The starting and minimum deposit for this expedited secured 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.
No Credit Score Loss
Does First Progress Platinum Prestige Mastercard® Secured Credit Card check your credit score? No, since there are no hard inquiries done to get this card. To apply for this secured credit card, you need to fill out the application. The lender doesn’t check your credit history since this secured credit card is designed for cardholders with low or no credit score.
Steep Annual Fee
One of the shortcomings of this Prestige Mastercard is the costly annual fee of $49. On the bright side, new users are granted a 25-day grace period. And while there are secured credit cards with a lower annual fee, their ongoing APR is usually significantly higher.
How does First Progress Platinum Prestige Mastercard® Secured Credit Card compare to other similar credit cards?
Adding More Deposit Is No Laughing Matter
If you need to call the customer support agents of the First Progress Platinum Prestige Mastercard® Secured Credit Card, 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 Platinum Prestige Mastercard® Secured Credit Card is obtainable nationwide.
What Do the Customers Say?
Cardholders are generally satisfied with this secured credit card that helps them repair their bad credit score. 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.
Find the Optimal Credit Card for Your Needs
The Right Card to Start Anew
First Progress Platinum Prestige Mastercard can help you rebuild your credit history 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.
Is First Progress a good secured credit card?
There are three credit cards in the First Progress program. This program helps you build your credit history or improve your credit score with the three credit bureaus. With its low interest fee and the economical amount you can deposit on start, a First Progress credit card is a good secured credit card to build credit.
Does First Progress increase credit limit?
First Progress allows an increase of the deposit amount from $200 up to $2,000, which acts as your credit limit.
What are the best secured credit cards to rebuild credit?
It depends on what you are looking for. For minimal deposit, Secured Mastercard® from Capital One might be your best bet. For a reward program, try Discover it® Secured Credit Card. For those looking for the lowest interest rates, the best choice is First Progress Platinum Prestige Mastercard® Secured Credit Card.
How do I pay my First Progress secured credit card?
You can pay this secure card online by logging into the Customer Center on the First Progress website or using the Prism Bill Pay app.
What is a secured credit card?
With secured cards, there are no interest fees if you pay off your balance on time, and the amount you deposit is used as a credit limit. Effectively this means you're not borrowing money. The money you deposited is used as a collateral. It acts as a protection for lenders so they are secured if you can't settle your balance at the end of the month. This deposit also helps by providing you with better approval odds in the long run.
Approval odds represent your credit score with all three credit bureaus and chances of getting a specific credit card through prequalification or hard inquiry. Prequalification is a soft inquiry with a set of questions and suggestions for which credit cards you should apply. Most credit issuers provide this option.
With hard inquiries, the credit lender checks your credit history, which may affect your credit score, especially after multiple inquiries. Secured credit cards are great credit cards to build credit over time. Credit lenders send out your balance report to the credit bureaus every month, which is then evaluated and reflected on your credit score.