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Last updated on July 28th, 2022
First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
- Regular Purchase APR 12.99% variable based on the Prime Rate
- Cash Advance APR 21.99% variable based on the Prime Rate
- Annual Fee $49
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Poor , No Credit Required
- Processing Network Mastercard
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application; No credit inquiry required!
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide program; available in all 50 US states *See Card Terms
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
- ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia
- Make 6-months of on-time payments & you’ll be invited to apply for an unsecured First Digital Mastercard!
- Regular Purchase APR: 12.99% variable based on the Prime Rate
- Cash Advance APR: 21.99% 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: $49
- 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
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At a Glance
The Platinum Prestige Mastercard Secured Credit Card offers an excellent rate, robust Mastercard security, and the ability to rebuild or establish credit – all in one package.
Ideal for Those Who:
- Are looking to rebuild a damaged credit score
- Plan to carry a balance
- Prefer the versatility of a credit card vs. a debit card or prepaid cards
- Want the freedom to use their card virtually anywhere worldwide
First Progress Platinum Prestige Mastercard® Secured Credit Card Review
The Platinum Prestige Mastercard Secured Credit Card from First Progress is an excellent secured credit card option for those who want a great rate while building their credit. Like other credit card offers from First Progress, the card provides an excellent variable APR on purchases and the benefits and protections of a full-fledged Mastercard.
One of the Lowest Rates Available for a Secured Card
The major selling point of the Platinum Prestige Mastercard Secured Credit Card is the exceptional APR it offers. Cardholders enjoy an APR in the single digits for purchases. This rate is considerably lower than interest rates offered by other major lenders, including Capital One, U.S. Bank, and Wells Fargo. In fact, the Platinum Prestige APR is half that of the Wells Fargo Secured Card and a whopping 17% lower than the Capital One Secured Mastercard.
Perfect for Carrying a Balance
Building a credit score requires paying your balance on time and keeping your credit utilization low. Ideally, credit utilization needs to be below 10%, but for many, this can be challenging. Those rebuilding a bad credit score usually need to carry a balance because their financial situation requires it. With many secured cards, this is problematic, as high-interest rates punish them with substantial interest payments.
The Platinum Prestige Mastercard, on the other hand, gives cardholders the breathing room they need to pay down their balances without extortionate interest payments. For those who currently carry a balance – or plan to do so in the future, it’s challenging to find a better-secured card offer on the market today.
No Credit History Required
Of course, not everyone looking into secured credit cards has a bad credit score. Some have no score at all, which poses unique challenges. Though some major issuers shy from applicants with no credit history, First Progress does not. Instead, all First Progress secured cards are open to those with all credit scores and histories.
The Platinum Prestige Mastercard Secured Credit Card is a full-fledged Mastercard product. What does that mean? Well, the card enjoys the same near-global acceptance you’d expect from any product that bears the Mastercard logo.
Mastercard is the second-largest payment network in the world, slightly trailing Visa. That said, Mastercards are accepted in more countries than Visa, with merchants in 210 merchants accepting Mastercard versus Visa’s 170. This means that no matter where your travels take you, you can count on the Platinum Prestige Mastercard.
Mastercard also offers a wide variety of protection and security. These include:
- Zero Liability: Any unauthorized purchases are protected through MasterCard’s fraud protection services. Whether paying by phone, online or in-person, cardholders are secure every step of the way.
- Mastercard Global Service™: Mastercard Global Service™ aids virtually anytime, anywhere, and in any language. This service helps cardholders report and replace stolen cards, obtain emergency cash advances, and answer cardholder questions, 24/7.
- ID Theft Protection™: ID protection monitors cardholder’s credit bureau files from all the major credit bureaus for changes, sends instant alert notifications for suspicious activity, and offers white-glove ID theft resolutions service.
Things to Consider
- Annual Fee: The Platinum Prestige Mastercard provides a tough-to-beat APR, but it comes at a price. That price is $49 per year, to be exact. This is the largest annual fee charges by First Progress. Still, $49 per year is on the very reasonable end for a secured credit card with such an enticing interest rate. Many cards – with much higher APRs – come with annual fees that can rise as high as $100 or more. Still, always be aware of all costs before applying for any credit card.
- Foreign Transaction Fees: Foreign transaction fees are the additional charges that issuers assess for using a credit card outside of the United States. Foreign transactions are any purchases abroad – including some international websites. The fee with the Platinum Prestige is 3% of the transaction, which is reasonable. That said, it is still a charge many might not expect, so be careful when using the card on trips.
- Minimum Deposit: Like other secured cards, First Progress requires a security deposit to open an account. For the Platinum Prestige Mastercard, that fully refundable deposit of $200 –up to $2,000 – and is very reasonable. The deposit, however, does not earn interest.
First Progress Credit Cards: Quick Hits
First Progress features a selection of quality credit builder cards. Here are a few helpful tips on First Progress secured credit cards to help guide your research:
FAQs About First progress Credit Cards
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
- First Progress secured credit cards are available to residents of all U.S. states.
First Progress Card Ratings
How does the First Progress Secured Card stack up? Here are a selection of expert reviews for the card:
What is the Platinum Prestige Mastercard like to live with? Before deciding if the card is right for you, here’s what our readers and members think about the card:
Should You Apply for the Platinum Prestige Mastercard Secured Credit Card?
Secured cards are ideal for those with bad credit – as well as those completely new to credit. The Platinum Prestige Mastercard likely benefits those looking to rebuild credit, however. This is because the card offers one of the lowest interest rates on the market today – for secured and unsecured credit cards.
This exceptional interest rate makes the card ideal for those who plan to carry a balance as you improve your credit score. While paying in-full each month is the best-case scenario, keeping credit utilization below 30% is a rule of thumb for maintaining good credit. And the Platinum Prestige Mastercard makes this possible without the crippling interest payments found with other secured cards.
While the card has an annual fee of $49, there are countless secure card options from competitors that charge nearly double that but lack the great rates and Mastercard protections of the Platinum Prestige. Overall, the card is an excellent option for those with damaged credit, as it offers the practicality of a Mastercard, the excellent rates of a low APR or balance transfer credit card, and the credit rebuilding prowess of a secured credit card – all in one package.