Add cards to start comparing.

Compare Cards
Reviews
" " CompareCards says issuers are providing such generous deals, they're virtually irresistible for those willing to switch.

" " Those who always pay their balances in full and on time will usually come out ahead.

" " The offers on the credit card landscape are constantly changing which is great news for consumers.

" " In the future, the companies that will thrive are those able to give customers exactly what they want, the way they want it, when they want it.

" " CompareCards was one of three sites that met all the criteria.

Trusted & Secure
  • Empowering over
    50,000,000 card holders Since 2005

  • Norton Secured

Ask Our Credit Experts Submit questions to our credit experts.

Thank you, we’ve received your question. Look for the response in your inbox in the next few days and subscribe to our newsletter.
Error sample

First Progress Platinum Elite Mastercard® Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

 

Rated 2/5 stars by our editorial team

Click the stars to submit your rating.

Thanks for rating!

Your Rating:

2.8/5.0 from 4 Offer Ratings
Over the Past 60 Days!

(4 ) Over the Past 60 Days!

  • Regular Purchase APR 19.99%
  • Intro Purchase APR No intro APR
  • Intro BT APR N/A
  • Annual Fee $29
  • Credit Needed

    No/Limited

  • Card Brand Mastercard®

Highlights

Card Fees

Expert Review of the First Progress Platinum Elite Mastercard® Secured Credit Card

  • 2.0

    Regular APR

  • 1.0

    Intro APR

  • 2.0

    Fees

  • 2.0

    Benefits

  • star rating 2.0 /5

    Overall Rating

Who the card is best for

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.

Where this card stands out in its category

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.

Where this card falls short in its category

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.

Additional card benefits

The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t offer any noteworthy benefits besides reporting to the three major credit bureaus.

How to use it most effectively

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.

Compare it with the Discover it® Secured

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
Annual Fee $29 $0
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

Bottom line

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.

Ongoing Information

Additional Card Details

Consumer Reviews

  • star rating mask

Offer Rating

2.8/5.0

4 Total Ratings

5 Star
 
 
(0)
4 Star
 
 
(1)
3 Star
 
 
(1)
2 Star
 
 
(2)
1 Star
 
 
(0)

Your Rating

There is nothing we value more than the opinions of our customers. We encourage open discussions among all users and hope we can all share advice. Please keep our site clean and safe by following our posting guidelines and please, don’t disclose personal information like your credit card numbers or account information.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

+3 users submitted a rating without a full review

Sort by:

48 Found this review helpful

By: | Sep 22, 2014

You shouldn't push this card. I only kept it for 5 days due to impossible to get into my account online, the rude unknowledgeable customer service dept. and to pay bill, it cost $10.00 each time both on the phone or online. It took them 3 weeks after deducting from my Debit account still didn't show paid. They posted 3 weeks after they deducted money from my debit account on my credit that it wasn't paid bringing my credit score down 37 points. I have worked hard to pay my bills to repair my credit now it's worse from one week of using this card. It kills me to see my new credit score.

Back to top ↑