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This article was last updated Aug 22, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
Who the card is best for
Ability to build credit — but read the fine print. The First Progress Platinum Select Mastercard® Secured Credit Card is an OK card for people with poor/limited/no credit credit looking to build or rebuild credit. This card offers better approval odds compared with some other secured cards for people with fair or good credit, since First Progress doesn’t require you to have a credit history or minimum credit score. However, delayed payment processing means your payments may take up to 10 days to process, as much as five times longer than typical cards.
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 Select Mastercard® Secured Credit Card
A better choice: no annual fee secured cards. The First Progress Platinum Select Mastercard® Secured Credit Card has a $39 annual fee. While most secured cards from lesser-known banks have annual fees, check out some other secured cards from other issuers like Discover and Citi that don’t charge annual fees. If you already have good credit, check out our list of the top credit cards that have rewards and other added benefits — plus no security deposit.
Where this card stands out in its category
Decent variable APR. At 14.74% APR, the First Progress Platinum Select Mastercard® Secured Credit Card has one of the lowest interest rates of any card for bad credit. In comparison, the Indigo® Platinum Mastercard® has a high 24.90% variable APR. A lower APR can come in handy if you end up carrying a balance, though we recommend always paying your bills on time and in full to avoid accruing interest.
The ability to choose the card that fits your needs. Another helpful feature is the ability to easily select any First Progress card after approval. The First Progress site states once you’ve qualified for one secured card, you also qualify for the others.
Where this card falls short in its category
There’s an annual fee. This card has a $39 annual fee which is in the middle compared with the other First Progress cards. If you want a slightly lower annual fee, check out the First Progress Platinum Elite Mastercard® Secured Credit Card with a $29 annual fee.
Watch out for delayed payment processing. First Progress says payments can take up to 10 days to process — longer than the majority of cards, which often take only two to three business days. Therefore, this card isn’t ideal for people who need payments to be processed quickly. In addition, while your payment is being processed, your available credit will be limited.
How to use it most effectively
Pay on time and in full. Good payment history is the most important factor of your credit score and can easily be managed by paying your bill on time and in full each month. By doing so, you’ll avoid interest charges, late fees and penalty APRs. Take advantage of the autopay feature to help ensure good payment history.
Maintain a low credit utilization rate. This is the amount of total credit you use compared with the amount of credit you have. The lower your utilization rate, the better: it’s generally a good idea to keep it below 30%. For example, if you have a $200 credit limit, don’t spend more than $60. By following these credit tips, you can see an improvement in you credit score over time.
Compare it with the Discover it® Secured
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
A better alternative to the First Progress Platinum Select Mastercard® Secured Credit Card is the $0 annual fee Discover it® Secured.
The Discover it® Secured is a great secured card that provides cardholders more benefits and fewer fees than the First Progress Platinum Select Mastercard® Secured Credit Card . While the First Progress Platinum Select Mastercard® Secured Credit Card has a $39 annual fee, the Discover it® Secured has a $0 annual fee, no penalty APR and one late fee waiver. Additionally, there’s 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 Select Mastercard® Secured Credit Card doesn’t offer a rewards program.
The First Progress Platinum Select Mastercard® Secured Credit Card does have a lower APR at 14.74% compared with the Discover it® Secured with 25.24% Variable. A low APR can come in handy if you end up carrying a balance for a period of time, but we recommend always paying on time and in full. Overall, the Discover it® Secured is a well-rounded secured card that can provide you a wide range of benefits and minimal fees.
Here’s a breakdown of the key features of each card:
|First Progress Platinum Select Mastercard® Secured Credit Card||Discover it® Secured|
|Minimum Security Deposit||$200||$200|
|Regular Purchase APR||14.74% variable||25.24% 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 Select Mastercard® Secured Credit Card is just OK, compared with other secured cards. It can provide you with the chance to build or rebuild credit, but keep in mind there’s an annual fee and delayed payment processing.