Last updated on February 20th, 2023
First Progress Platinum Select Mastercard® Secured Credit Card
First Progress Platinum Select Mastercard® Secured Credit Card
- 18.49% variable based on the Prime Rate Regular Purchase APR
- 24.49% variable based on the Prime Rate Cash Advance APR
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.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1% Cash Back Rewards on payments made to your First Progress Secured credit card account
- No minimum credit history or credit score required!
- Imagine being rewarded for simply paying your bill each month
- Accepted wherever Mastercard® is accepted, online and worldwide!
- Reports to all 3 major credit bureaus
- Manage your statements, transactions & rewards on-the-go with the First Progress Card Mobile App!
- Regular Purchase APR: 18.49% variable based on the Prime Rate
- Cash Advance APR: 24.49% 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 $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You currently have little to no credit history
- You want to establish a credit history
- You're budgeting and prefer the spending limits set by a secured credit card
- You can submit a minimum of $200 for the security deposit
- You may occasionally carry a balance month-to-month
First Progress Platinum Select Mastercard® Secured Credit CardTerms & Conditions
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 while also earing cash back rewards as you build credit.
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.
Earn Cash Back Rewards
Many people that that having bad credit means you can’t earn cash back rewards – but this simply isn’t true. Two of First Progress Bank’s Platinum Mastercard secured credit cards feature cash back rewards. The First Progress Platinum Select and First Progress Platinum Prestige Mastercard credit cards earn 1% cash back on all payments made on the card.
How does earning cash back with First Progress work? It’s effortless. Make a purchase using your eligible First Progress Platinum Mastercard. You’ll earn 1% cash back on every dollar you pay off, with each dollar valued at one cent per dollar spent on purchases. With First
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.
Which First Progress Card Is Right for You?
First Progress offers three secured card products, designed for your credit goals and financial circumstances:
First Progress Platinum Elite
First Progress Platinum Select
First Progress Platinum Prestige
|$29 annual fee||$39 annual fee||$49 annual fee|
|No credit history needed||No credit inquiry required||First Progresses lowest rate|
|Does not earn rewards||1% cash back rewards||1% cash back rewards|
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:
|Zero Liability Protection||Mastercard Global Services||ID Theft Protection|
First Progress Credit Cards: Quick Hits
|Annual fee||The larger the annual fee you pay with your First Progress, the lower your APR, with the Prestige having the lowest APR and the highest annual fee, followed by the Select and finally the Elite.|
|Starting credit limit||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 those with bad credit can access a card with no negative impacts or checks.|
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
- The First Progress credit cards are open to anyone aged 18 or older and a US resident.
First Progress Card 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|
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.
But it’s the cash back rewards that make the Select-version of the First Progress cards so great, combining 1% cash back rewards and a decent interest rate on charges.
For those looking for the lowest possible APR, the First Progress Platinum Prestige Mastercard® is among the best secured cards today. The card has a very low purchase APR, with the same $200-$2,000 deposit requirement and Mastercard perks.