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This article was last updated Aug 16, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
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.
Free Credit Bureau Reporting
$200 - $2,000 Credit Line*
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum Mastercard® Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
See additional details for First Progress Platinum Elite Mastercard® Secured Credit Card
*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 20.74%. 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% Variable. 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 gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all 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.
2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.
Credit line will equal your security deposit of $200 or more*
No annual fee, no late fee on your first late payment. No penalty APR*
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It's a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can't help you build a credit history.
- Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- INTRO OFFER: We automatically match all the cash back you've earned at the end of your first year.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- See Rates & Fees
See additional details for Discover it® Secured
Looking at the APRs, the $29 has a lower APR at 20.74% compared to the Discover it® Secured with 24.49% Variable APR. 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% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*|
|Regular Purchase APR||20.74%||24.49% Variable|
|Rewards||Non-rewards card||2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all 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.