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First Progress Platinum Elite Mastercard® Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

No Credit History or Minimum Credit Score Required

First Progress Platinum Elite Mastercard® Secured Credit Card
  • Regular Purchase APR 19.99% variable based on the Prime Rate
  • Cash Advance APR 24.99% variable based on the Prime Rate
  • Annual Fee $29
  • Credit Needed Poor , No Credit Required
  • Processing Network Mastercard
Best Benefits
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • 24/7 Online Access to Your Account
Rates & Fees
  • Regular Purchase APR: 19.99% variable based on the Prime Rate
  • Cash Advance APR: 24.99% 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 $40
  • Return Payment Penalty Fee: Up to $29
  • Minimum Deposit Required: $200

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.

Ideal for Those Who:

  • Have little to no credit history and struggle to get approved for other credit cards
  • Want to establish credit history or improve your credit score
  • Can submit a minimum of $200 for the security deposit
  • Want a secured card with an initial credit limit up to $2,000
  • Don’t intend to carry a balance from month-to-month

First Progress Platinum Elite Mastercard Secured Credit Card Review

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 protections, as well as a reasonable variable APR, the Platinum Elite can get just about anyone on the right course toward excellent credit.

Skip the Credit History

The vast majority of credit card applications require a credit check, which can put applicants with little to no experience with credit at a disadvantage. After all, how can you build credit unless you have credit? The First Progress Platinum Elite Mastercard is one of the few cards that skip the credit check altogether.

This gives all applicants, with poor or no credit history alike, the opportunity to work on their scores without jumping over the hard inquiry hurdle. While it isn’t necessarily an instant approval credit card, this feature certainly takes some of the anxiety out of applying.

Choose Your First Progress Platinum Elite Credit Limit

The Platinum Elite Mastercard requires a $200 minimum security deposit, which is about average among secured credit cards. This puts your initial credit line at $200, though you have the option to submit additional funds if you want a higher credit limit.

Normally, issuers base the amount you can deposit on your creditworthiness; if you submit a larger deposit than deemed appropriate for your score, some issuers may return a portion of the funds to you. Since there’s no minimum credit score required with the Platinum Elite, however, you can choose to submit anywhere between $200 and $2,000 as your initial deposit.

This ability to provide a larger deposit can be helpful when it comes to keeping your credit utilization down. With smaller credit limits, it’s easy to go over the recommended ratio of 10-30%. For instance, 30% of a $200 limit is only $60. Don’t sweat it if you can only offer the $200, however. The issuer, Synovus Bank, may also consider you for periodic credit increases based on your responsible use of the card.

Higher Rates Means Lower Annual Fee

Compared to other First Progress secured cards, the Platinum Elite Mastercard has the lowest annual fee – but the highest APR. This means it’s not the best option for carrying balances on a regular basis. On the other hand, it’s the cheapest choice for those who can pay off the balance in full each month. Applicants must consider their spending habits and financial needs when deciding if this is the best First Progress card for them.

Platinum Elite Mastercard Features

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 Mastercards. Along with global acceptance comes the need for certain security features, including:

  • Identity protection. You have the option to receive alerts whenever suspicious activity is detected regarding your credit card or personal information. If Mastercard detects any fraud, you will also receive assistance resolving the issue.
  • Zero Liability. If you find unauthorized purchases on your Mastercard, you’re 100% covered.
  • Global emergency assistance. No matter where you are in the world when you used your Mastercard, you can rest assured that you’ll have support while accessing an ATM, reporting a lost/stolen card, or receiving an emergency card replacement.

Should You Apply for the First Progress Platinum Elite Mastercard Secured Credit Card?

The Platinum Elite Mastercard Secured Credit Card looks forward, not back. Rather than limiting the approval of applicants based on credit history, this card gives the opportunity to progress 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.

Read Also: What are the best secured cards of 2020?

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