Advertiser Disclosure – BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.
Editorial Disclosure – The opinions expressed on BestCards’ reviews, blogs, and all other content on or relating to the website are solely those of the content’s author. They are not reflective of any card issuer or financial institution and have not been reviewed or approved by these entities unless otherwise noted. Further, BestCards lists credit card offers that are updated daily with information believed to be accurate to the best of our knowledge.
Last updated on January 12th, 2022
First Progress Platinum Select Mastercard® Secured Credit Card
No Credit History or Minimum Credit Score Required
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
- Quick and Complete Online Application; No credit inquiry required!
- Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
- Regular Purchase APR: 13.99% variable based on the Prime Rate
- Cash Advance APR: 19.99% 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: $39
- 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 Platinum Select Mastercard® Secured from First Progress is a versatile tool for those looking to advance to an unsecured credit card. Offering a reasonable purchase APR and more control of spending via a refundable security deposit, the First Progress Secured card opens a clear path for customers to build their credit. The card also features the purchasing power and protections users have come to expect from Mastercard, all for an annual fee of $39.
Ideal for Those Who:
- Currently have little to no credit history
- Want to establish a credit history
- Are budgeting and prefer the spending limits set by a secured credit card
- Can submit a minimum of $200 for the security deposit
- May occasionally carry a balance month-to-month
First Progress Platinum Select Mastercard® Secured Credit Card Review
Establishing credit for the first time can be difficult. Equally daunting can be repairing a damaged credit score. The Platinum Select Mastercard Secured Credit Card from First Progress is an ideal choice for customers looking to build or strengthen their credit standing. The Platinum Select Mastercard Secured offers the ideal tool to improve your credit score but also helping to start a credit journey on the right foot.
No Minimum Credit Score or History Required
One of the biggest strengths of First Progress Secured Credit cards, like the Platinum Select, is that individuals with no credit history can apply for the card. There is also no required minimum credit score, which will be a relief for those who are just starting out on their personal finance journey. To that point, it’s important to note that a card like the Platinum Select Mastercard is not just for those who have experienced setbacks with their credit history.
Young adults who need a first credit card can also look to First Progress to provide them with a payment card that will boost their financial profile with responsible use.
Although applicants will be restricted to a low spending limit – depending on their security deposit amount – and be without the secondary perks of more prominent unsecured credit cards, customers who own the Platinum Select Mastercard® Secured card can quickly boost the health of their credit – with responsible use – thanks to regular reporting to the three major credit bureaus.
As long as you are at least paying the minimum required amount each billing period and do not miss any payments, this activity will make its way to the top credit reporting bureaus in the nation, thus building a robust credit report that future lenders will look upon favorably.
The Benefits of a Secured Credit Card
Secured credit cards may require a deposit, but they have some benefits versus unsecured credit cards. Because they require a deposit, for instance, secured cards are able to offer lower interest rates than many unsecured cards for bad credit scores.
Secured cards also allow the cardholder to set their own credit limit. This feature allows users to increase their credit limit as their credit score grows – helping to decrease credit utilization and raise overalls access to credit.
A Reasonable Security Deposit
Secured cards are so named because the line of credit available is “secured” through a deposit made by the applicant. This deposit – a minimum of $200 in the case of the Platinum Select Mastercard – also operates as the available line of credit.
Since secured cards feature a deposit, they offer excellent chances for approval for almost any applicant. If you can initially only make the minimum required $200 security deposit, you will have a great tool to exercise financial discipline and not spend more than what you can afford. Over time, you may be able to increase your line of credit by adding funds to your security deposit.
A Full-Feature Mastercard
The Platinum Select Mastercard® Secured from First Progress is far more than just a tool for rebuilding credit, however. Since the Platinum Select Mastercard® Secured card features the Mastercard® logo, it offers the near-global acceptance card users have come to expect from the Mastercard® brand. Cardholders can also expect a variety of security and purchase protections, including:
- Identity protection: Take advantage of receiving alerts whenever suspicious activity is detected on your credit card or with your personal information. If Mastercard detects any possible fraud, its team will work with you to resolve the situation and ensure your sensitive information is not compromised further.
- Zero Liability: Rest assured that you’re 100% covered if you detect any unauthorized purchases on your Mastercard.
- Global emergency assistance: When you use your Mastercard, you will have the payment network’s support while accessing an ATM, reporting a lost/stolen card, or receiving an emergency card replacement anywhere in the world.
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 credit cards are available to applicants in nearly all 50 U..S states plus the District of Columbia. The card is currently unavailable in:
- New York
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 First Progress Platinum Select 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 First Progress Platinum Select Mastercard® Secured Credit Card?
At its core, the Platinum Select Mastercard® Secured card from First Progress is an excellent tool for getting your credit score to where you want it to be. With regular payments and responsible use, the card is a great way to make the step from a secured credit card to an unsecured card in no time.
For those looking for the lowest possible APR, the First Progress Platinum Prestige Mastercard® is among the best secured cards today. The card has an unbeatable 9.99% APR, with the same $200 – $2,000 deposit requirement and Mastercard perks.