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2.8/5.0 from 4 Offer Ratings
Over the Past 60 Days!
Foreign Transaction Fee
Balance Transfer Fee
Cash Advance Fee
3% of each cash advance; $10 minimum
The First Progress Platinum Elite Mastercard® Secured Credit Card is an OK choice for people with no/limited credit looking to rebuild or establish credit. Compared to other secured cards that have annual fees, this card has one of the lowest at $29. Also, your chances of approval with this card are better compared to ones offered by major credit card issuers because there is no minimum credit score and no credit history required for this card.
If you want to avoid an annual fee, check out some other secured cards that don’t have annual fees. And, if you have good or better credit, we have a list of unsecured cards (which are regular credit cards) that come with a variety of benefits and rewards.
*Take note that this card isn’t available in New York, Iowa, Arkansas or Wisconsin.
Compared to other secured cards, this card has one of the lower APRs at 19.99% variable. This is a decent rate for a secured card and is lower than the APRs on secured cards from major issuers, which average around 24%. However, it’s still pretty high if you carry a balance, so make it a point to pay your statements in full so you won’t have to worry about incurring interest.
There is a $29 annual fee for this card, and although it’s one of the lower annual fees, you can find secured cards without annual fees. Also, the annual fee will reduce your initial available credit limit. For example, if you’re approved for a $200 credit limit, you’re initial available credit will be less the $29 annual fee and be $171. Another point to be aware of is that payments can take up to 10 days to process, and your credit limit will be limited until it posts to your account — unless you want to pay $19.95 for your payment to be processed up to seven days faster. This is much longer than typical cards that process payments in two to three business days.
The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t offer any noteworthy benefits besides reporting to the three major credit bureaus.
You can see the most value with the First Progress Platinum Elite Mastercard® Secured Credit Card when you follow credit-building tips such as paying your statement in full and on time each month. When you make on-time payments, the bank will report your good payment history to the three major credit bureaus, and you’ll also avoid late fees and penalty APRs. And, paying statements in full means you won’t incur interest charges.
Another important factor of you credit history is your credit utilization rate. This is the amount of credit you’ve used compared to your total available credit, and the lower this rate is, the better your credit score will likely be. In general, it’s smart to shoot for a utilization around 20%. For example, someone with a $500 credit limit should limit spending to $200. If you follow these credit behaviors, you may see an improvement in your credit score over time.
A great alternative to the First Progress Platinum Elite Mastercard® Secured Credit Card is the Discover it® Secured which can also help you build credit, while providing other benefits like a $0 annual fee and a cashback program where you can earn 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, 1% cash back on all your other purchases. The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t offer a rewards program and has a $29 annual fee, limiting the benefits you receive with this card.
Looking at the APRs, the $29 has a lower APR at 19.99% variable compared to the Discover it® Secured with 24.49% Variable. This makes the First Progress Platinum Elite Mastercard® Secured Credit Card slightly better if you carry a balance, but we recommend always paying on time and in full so you don’t incur interest. Overall, if you’re looking for a well-rounded secured card, the Discover it® Secured is our top pick.
Here’s a breakdown of the key features of each card:
|First Progress Platinum Elite Mastercard® Secured Credit Card||Discover it® Secured|
|Minimum Security Deposit||$200||$200|
|Purchase Intro Rate||No intro APR||N/A|
|Balance Transfer Intro Rate||N/A||10.99% APR for 6 Months|
|Balance Transfer Fee||N/A||3%|
|Regular Purchase APR||19.99%||24.49% Variable|
|Rewards||Non-rewards card||2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, 1% cash back on all your other purchases|
|Sign Up Bonus||N/A||Discover will automatically match all the cash back you earn at the end of your first year.|
|Foreign Transaction Fee||3%||None|
The First Progress Platinum Elite Mastercard® Secured Credit Card is just OK, as far as secured cards go. It can help you establish or reestablish credit, but be aware of the delayed payment processing which limits your available credit, as well as the annual fee.
$0 Fraud Liability
Auto Rental Insurance
Extended Warranty Program
Flight Accident Insurance
Lost Luggage Reimbursement
4 Total Ratings