First Progress Platinum Prestige Mastercard® Secured Credit Card Review

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First Progress Platinum Prestige Mastercard® Secured Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Min. Security Deposit

$200

APR

14.49% Variable

Annual Fee

$49

Recommended Credit

(No Credit History)

PROS
- Accepts limited or bad credit
- Earns cash back on payments
- Flexible credit line options
- Reports to bureaus
CONS
- With annual fee
- Requires security deposit
- Rewards
  - Earn 1% cash back on your purchases.
- Perks & Benefits
  - Fund your security deposit over 90 days, with the option to make partial payments.
  - Build your credit history with reporting to Equifax, Experian, and TransUnion.
  - Open to applicants with all credit types.
- Credit Building
  - Rebuild your credit with responsible use, such as keeping your balance low and paying on time.

The First Progress Platinum Prestige Mastercard® Secured Credit Card is a standout choice for those seeking to build or improve their credit. This card breaks the norm of secured cards by offering cash back rewards, adding an incentive for regular use. Its flexible credit line, determined by your security deposit, allows for tailored financial management. What sets this card apart is its accessibility to individuals with diverse credit backgrounds and the benefit of contributing to credit score improvement by reporting to all three major credit bureaus. This card is a practical and beneficial tool for those journeying to financial empowerment and credit proficiency.

First Progress Platinum Prestige Mastercard® Secured Credit Card Overview

Understanding the diverse features of a credit card, from rewards to security measures, is crucial in making an informed decision that aligns with your financial goals and needs.

Regular APR: 14.49% (Variable)
Deposit required: $200 to $2000
Potential credit limit: $200 to $2000 (based on your security deposit)
Annual fee: $49
Rewards rate: Earn 1% cash back rewards on payments

Important Card Details

In evaluating the First Progress Platinum Prestige Mastercard® Secured Credit Card, it's essential to consider a range of features that cater to diverse financial needs and priorities. From rewards and credit-building capabilities to security measures, each aspect contributes to the card's overall utility and potential impact on your financial journey.

Cash Back

A notable advantage of the First Progress Platinum Prestige Mastercard® Secured Credit Card is the ability to earn 1% cash back on payments. Unlike many secured cards, it offers a tangible reward for your spending. This feature encourages responsible credit use, as the cash back is a direct benefit of making regular payments. It's an excellent way to get a little back from your usual expenses, turning necessary outlays into modest financial gains. This incentive particularly benefits those new to credit cards, offering a tangible reward for good financial habits.

Security Deposit

The security deposit feature of this card is a key aspect, setting your credit line between $200 and $2000. This deposit acts as collateral and determines your credit limit. It's a flexible approach, allowing you to choose a limit that suits your financial situation. By providing a security deposit, you can access credit that might otherwise be unavailable, especially if you have limited or poor credit history. Additionally, this deposit is refundable, making it a safe investment in building or rebuilding your credit score.

Credit Requirements

A standout feature of the First Progress Platinum Prestige Mastercard® is its accessibility: no minimum credit score is required for approval. This makes it an excellent option for individuals working to establish or rebuild their credit history. It opens doors to credit for a wide range of consumers, particularly those who might face rejection from traditional, unsecured credit cards.

Other Perks

In addition to cash back, this card reports to all three major credit bureaus. This consistent reporting is crucial for building a credit history. Regular, on-time payments are reflected in your credit report, potentially boosting your credit score over time. It’s a valuable tool if you are looking to establish a solid credit foundation. Moreover, being a Mastercard, it offers widespread acceptance and reliability, making it a convenient option for everyday purchases and travel.

How the First Progress Platinum Prestige Mastercard® Secured Credit Card Compares

In this comparison, we'll examine the features, benefits, and potential drawbacks of two popular credit cards, providing insights to determine which card best suits your financial needs and goals.

How This Card Compares

First Progress Platinum Prestige Mastercard® Secured Credit Card

Regular APR: 14.49% (Variable)
Deposit required: $200 to $2000
Potential credit limit: $200 to $2000 (based on your security deposit)
Annual fee: $49
Rewards rate: Earn 1% cash back rewards on payments
Best for: Individuals looking to build or repair credit, desiring a simple rewards system and willing to pay a modest annual fee with a credit limit matching their secured deposit

Discover it® Secured Credit Card

Regular APR: 27.49% Variable APR
Deposit required: $200 to $2,500
Potential credit limit: $200 to $2,500 (equal to your deposit)
Annual fee: $0
Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter) and 1% cash back on other purchases; matches all your cash back in the first year
Best for: Consumers looking to build or rebuild their credit history while benefiting from cash back rewards without the burden of an annual fee

About Grace Pilling

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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