| Last updated on March 26th, 2024
First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
- 25.24% variable based on the Prime Rate Regular Purchase APR
- 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Progress Platinum Elite Mastercard Secured Credit Card is a solid card to have if you’ve set your sights on credit building. With no upfront credit check or history required, there’s no need to worry about hurting your score before you even get started. Instead, you can jump right in – after submitting your $200 security deposit, of course.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- 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.
- Regular Purchase APR: 25.24% variable based on the Prime Rate
- Cash Advance APR: 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $29
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You have little to no credit history and struggle to get approved for other credit cards
- You want to establish credit history or improve your credit score
- You can submit a minimum of $200 for the security deposit
- You want a secured card with an initial credit limit of up to $2,000
- You don’t intend to carry a balance from month-to-month
In-Depth Review: First Progress Platinum Elite Mastercard Secured Credit Card
The Platinum Elite Mastercard Secured Credit Card is one of three secured Mastercard offers in the First Progress program. Of the three, the Elite seems to be the best suited to those with very little, if any, credit history, like students and other first-time credit applicants.
Though the terms are similar to other secured offers, the lack of a credit check during the application process sets this card apart. No credit check means no negative impact on your credit score, as the application won’t be placed on your credit report. Combined with Mastercard features and a reasonable variable APR, the Platinum Elite can get just about anyone on the right course toward excellent credit.
Who Can Benefit from the First Progress Platinum Elite Mastercard®?
First Progress credit cards are designed to help individuals with a limited credit history or a poor credit score. These cards can be beneficial for those who are looking to build or rebuild their credit.
Additionally, First Progress Secured Credit Cards can be a good option for individuals who want a credit card but cannot qualify for an unsecured card due to their credit history. These cards establish a positive credit history and improve credit scores.
Furthermore, First Progress Secured Credit Cards can be useful for individuals who want a credit card for emergencies or to make online purchases. These cards offer the convenience and security of a credit card, even for those with less-than-perfect credit.
Of the three, the Elite seems best suited to those with a bad history, like students and other first-time credit applicants.
How to Get First Progress Credit Cards
Eligibility
Before diving into the details, it’s crucial to understand the advantages of using First Progress credit cards. One of the key benefits is the opportunity to build or rebuild your credit history. As noted, First Progress credit cards, like the Platinum Elite, are designed for applicants with no credit history or bad credit.
Application
To apply for a First Progress credit card, follow these simple steps:
- Visit the secured First Progress website by clicking the “Apply Now” button on this page
- Select the First Progress Platinum credit card that best suits your needs.
- Click the “Apply Now” button to access the online application form.
- Fill out the required information, including your details, employment status, income, and social security number for identity verification.
- Review the terms and conditions associated with the card, including interest rates, fees, and other relevant information.
- Once you have carefully reviewed the terms, submit your application.
In most cases, you will receive a decision within a few minutes. Your First Progress credit card will be mailed to you within 7-10 business days if approved.
Applying for a First Progress credit card is a straightforward process that can be completed online. Take the time to review the terms and conditions before proceeding to ensure you understand all the details.
First Progress Elite Features
Choose Your Credit Limit
The Platinum Elite Mastercard requires a minimum security deposit of $200, about average for secured credit cards. This initial deposit sets your credit line at $200, but you can add more funds if you want a higher credit limit.
Typically, the amount you can deposit is based on your creditworthiness. If you deposit more than what is considered appropriate for your credit score, some issuers may return a portion of the funds to you. However, since the Platinum Elite Mastercard does not require a minimum credit score, you can deposit between $200 and $2,000.
Having the ability to provide a larger deposit can be beneficial in terms of keeping your credit utilization low. With smaller credit limits, exceeding the recommended utilization ratio of 10-30% is easy. For example, if your limit is $200, 30% of that is only $60. However, if you can only offer the minimum $200 deposit, don’t worry. Synovus Bank, the issuer of the Platinum Elite Mastercard, may also consider increasing your credit limit periodically based on your responsible card usage.
Higher Rates Mean a Lower Annual Fee
Compared to other First Progress secured cards, the Platinum Elite Mastercard has the lowest annual fee but the highest APR. This makes it less suitable for carrying balances regularly. However, it is the most affordable option for those who can pay off the balance in full each month. Applicants should consider their spending habits and financial needs to determine if this is the best First Progress card.
Credit Building Benefits
The First Progress Platinum Elite is useful for establishing a positive credit history. This process takes time, but a few tips can help you along the way. Here are some credit-building tips:
Check Your Credit Score
The first step is to check your credit score to understand where you stand. It’s important to know how low your credit score is and how quickly you can improve it. This knowledge is crucial for creating a financial plan.
Get a Card for Subprime Credit Scores
Increasing your use of credit is key to boosting your credit score. This may seem counter-intuitive for those with bad credit. However, there are unsecured credit cards for poor credit and secured cards available that can help you repair your credit score.
Pay On Time
Payment history is the most significant factor in determining your credit score. Therefore, it is essential to pay your credit card bill on time every month. Missed payments can negatively impact your credit report for up to seven years.
Keep Your Credit Use Low
Credit utilization is another important factor in your credit score. Lenders assess how you use your credit by looking at your credit utilization. Keeping your credit use below 30% can lead to an improvement in your score, while using less than 10% can result in a faster increase.
Mastercard Benefits
As a member of the Mastercard network, the Platinum Elite comes with highly valuable protections and perks. For one thing, you can use this card across the globe anywhere that accepts Mastercard. Along with global acceptance comes the need for certain security features, including:
- Zero Fraud Liability protection
- Mastercard Global Services
- ID Theft Protection
Comparison
The First Progress Platinum Elite credit card has an annual fee of $29, while the First Progress Platinum Select credit card has a fee of $39, and the First Progress Platinum Prestige credit card has a fee of $49.
Both the First Progress Platinum Select and First Progress Platinum Prestige credit cards offer 1% cash back rewards, while the First Progress Platinum Elite credit card does not earn any rewards.
The APR varies depending on which First Progress card you choose. The Platinum Prestige credit card offers the lowest regular APR, followed by the Platinum Select credit card, and then the Platinum Elite credit card.
Tips for Finding the Right First Progress Secured Credit Card for You
One of the significant advantages of First Progress credit cards is their ability to help you build or rebuild your credit. Whether you’re new to credit or have experienced past financial setbacks, First Progress offers a pathway to improving your creditworthiness.
But how can you decide on the right card for your financial situation? Here are some basics to consider when choosing your ideal First Progress secured credit card:
Annual Fee
The larger the annual fee you pay with your First Progress card, the lower your APR. The Prestige card has the lowest APR but the highest annual fee, followed by the Select card, and finally the Elite card.
Starting Credit
First Progress charges the annual fee on the first billing statement. This means that the card’s starting credit limit will not match the cash deposit until that fee is repaid.
Credit Check
First Progress credit cards do not require a credit inquiry or hard pull. No credit check means that those with bad credit can access a card with no negative impacts or checks.
Managing and Maximizing to Get the Most of Your First Progress Credit Card
To make the most of your First Progress credit card, managing it effectively and taking advantage of the available features is crucial. Here are some tips to help you get started:
Create a Budget and Stick to It
First and foremost, create a budget and stick to it. Understanding your income and expenses will help you avoid overspending and accumulating unnecessary debt. Use your credit card for planned purchases and emergencies but avoid impulsive buying or relying on credit for everyday expenses.
Regularly Review Your Credit Card Statements and Transactions
Additionally, regularly review your credit card statements and transactions. This will allow you to identify any unauthorized charges or errors promptly. If you notice any discrepancies, contact First Progress immediately to address the issue. Monitoring your account activity can also help you stay on top of your spending habits.
Remember, managing your credit card effectively and using it responsibly can help you build a positive credit history and improve your financial well-being.
What We Like About First Progress
The First Progress Platinum Elite Mastercard secured credit card offers a range of impressive features that can benefit cardholders. One of the top features is the ability to establish or rebuild credit, as the card reports to all three major credit bureaus. Additionally, the card provides a generous credit limit based on the amount of the security deposit, allowing cardholders to make larger purchases if needed. Lastly, the card offers a competitive interest rate and no penalty APR, providing financial flexibility and peace of mind.
Things to Consider
No Rewards
The Platinum Elite version of the First Progress secured credit cards does not offer cash back rewards. Both other card versions, the First Progress Platinum Prestige and the First Progress Platinum Select, earn 1% cash back rewards on all eligible purchases.
FAQs
Here you will find commonly asked questions about the First Progress Platinum Secured Mastercard, as well as the answers:
Prepaid and debit cards are available to consumers with poor or inadequate credit scores, but these products generally do not offer credit and do not report to the major consumer credit bureaus. Some prepaid and debit card programs carry monthly membership fees or carry a charge for reloading funds to the card.
A secured card is a real credit card that extends credit based on a security deposit provided by the cardholder rather than relying on the applicant’s credit history. Aside from the security deposit requirement, a secured card works just like any major (Visa®, Mastercard or American Express®) bankcard. The cardholder can revolve a balance by paying only the minimum monthly payment, or avoid finance charges by paying the balance in full each month. Activity on the First Progress Platinum Secured Mastercard Credit Card is reported monthly to all three major credit bureaus to help speed the accumulation of new credit history in the cardholder’s credit files.
- First Progress offers an optional Expedited Processing Service for $19.95. With the Expedited Processing Service your secured credit card will be processed up to 7 days faster and is only available if you use a debit or prepaid card to fund your security deposit. The $19.95 will be applied to your debit or prepaid card account along with the security deposit amount selected to fund your secured credit card.
- First progress reports all usage and payment activity to all three national credit bureaus every month. NOTE: poor payment performance will negatively impact credit history.
- Existing First Progress Card customers can enter the secure Online Customer Center or write to the bank at:
First Progress Card
P.O. Box 9053
Johnson City, TN 37615-9053
- No. First Progress credit cards are available in all 50 US states.
First Progress Ratings
How does the First Progress Secured Card stack up? Here is a selection of expert reviews for the card:
| BestCards | Better Business Bureau | TrustPilot |
|
4/5 |
2.5/5 |
4/5 |
Should You Apply for the First Progress Platinum Elite Mastercard?
The Platinum Elite Mastercard Secured Credit Card looks forward, not back. Rather than limiting the approval of applicants based on credit history, this card allows progressing any credit score.
One of the unintended benefits of not requiring a credit check for this card is that, if approved, you technically qualify for all of the secured cards from card issuer, First Progress. This means you can choose the card with the best terms for your financial habits. The Platinum Elite is likely the best option of the three if you don’t plan to carry a balance, so you can save on the annual fee.
Though consumers who struggle with their credit can certainly apply and benefit from this card, the APRs can be a downside. If you do think you’ll need to carry a balance, you may be better off with one of the other First Progress secured cards. These offer higher annual fees, but much lower interest rates.
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