First Progress Platinum Prestige Mastercard® Secured Credit Card
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Recommended Credit Score
Bad Credit (0 - 670) A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
Best for no required credit check
- Annual Fee:
- $49
- Purchase Intro APR:
- N/A
- Regular APR:
- 10.74% (Variable)
Bankrate Rating
Commonly used for: Auto Rental Insurance, EMV, No Credit History, Poor Credit, Price Protection, Secured credit card, Zero Fraud Liability.
If you’re applying for a secured credit card, chances are either your credit stinks or you don’t have much of a financial history. First Progress can help make access to credit easy with one of its secured cards.
None of the three credit cards it offers requires a credit check or a minimum credit score, which can be a big boon for someone who may not be able to qualify for a credit card otherwise. Of the three options, the First Progress Platinum Prestige Mastercard Secured Credit Card has the highest annual fee, but the lowest annual percentage rate.
Review
The First Progress Platinum Prestige Mastercard Secured Credit Card is a just an OK card with a better-than-OK interest rate. It’s 10.74% variable APR is great as far as secured cards go. Some offer APRs closer to 30%. But since you’re trying to responsibly build up your credit score, you’ll want to pay your bill in full every month and avoid any interest, so the APR shouldn’t necessarily be the top feature to consider.
Like most secured cards, your credit limit is determined by the size of your security deposit, from $200 to $2,000.
Also like most secured cards, there are a lot of potential fees associated with this card, from the annual fee to late fees and foreign transaction fees.
We don’t like the annual fee of $49, which can put a dent in the amount of useable credit you’ll end up with. For example, if you’re approved for a $200 line of credit, you’ll only have $151 left after the issuer subtracts the annual fee.
Not only does this lower the purchasing power of the card, but it also can affect your credit utilization ratio. This ratio can play a big part in determining your credit score and, since this card reports monthly to all three of the major credit bureaus, your goal should be to keep the amount of credit you’re using low.
The money you put down to “secure” your line of credit won’t earn any interest either. Instead the funds will be put in a non-interest bearing deposit account, and you won’t see the money again until you close the account. If you can only qualify for a card that doesn’t do a background check, this card will do, but you should shop around to make sure you can’t find something better.
Who should get this card
If you’re serious about building up — or back — a strong credit profile, this card can help you get there if you use it responsibly.
Advantages
- There's no credit check or minimum credit score requirement, so it’s easy to get approved.
- You can get a credit limit ranging from $200 to $2,000, as long as you can put down an equivalent amount cash.
- The interest rate is better than some of the sky-high rates charged by other secured cards.
- The card reports to all three of the credit bureaus, so with regular on-time payments, you could improve your standing.
Disadvantages
- You can’t "graduate" to an unsecured card.
- The annual fee eats into your available credit.
- It takes up to 10 days for payments to show as deposited to your account.
- There's no phone number to reach customer service and you can only contact them online.
- Late payments won’t affect your APR but you will have to pay a late fee of up to $39.
- There's a 3% foreign transaction fee.
Fees and APR
• The card charges a 10.74% variable APR.
• You’ll pay a $49 annual fee.
• Late payments won’t affect your APR but a late fee of up to $39 will apply.
• There’s a foreign transaction fee of 3% for all purchases made outside the U.S.
Extras, perks and using points
There are no extras with the First Progress Platinum Prestige Mastercard Secured Credit Card.