First Progress Platinum Prestige Mastercard® Secured Credit Card

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 10.24% 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.

Fees and APR

• The card charges a 10.24% variable APR.
• You’ll pay a $49 annual fee.
• Late payments won’t affect your APR but a late fee of up to $38 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.

How this card compares

OpenSky® Secured Visa® Credit Card

• No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
• The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.

• Build credit quickly. OpenSky reports to all 3 major credit bureaus.
• 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
• We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search "OpenSky Card" in Facebook.)
• OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
• *View our Cardholder Agreement located at the bottom of the application page for details of the card.

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Credit Needed

No credit check

Regular APR

19.14% (variable)

Annual Fee

$35

Purchase Intro APR

N/A

Balance Transfers Intro APR

N/A

The OpenSky Secured Visa Credit Card is most similar to the First Progress cards as its secured credit card doesn’t require a credit check or bank account. The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate.

There’s a very narrow band of consumers this applies to, we imagine.

Capital One® Secured MasterCard®

• No annual fee, and all the credit building benefits with responsible card use
• Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus

• You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
• Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
• Easily manage your account 24/7 with online access, by phone or using our mobile app
• It's a credit card accepted at millions of locations worldwide

Learn More

Credit Needed

Limited, Bad

Regular APR

24.99% (Variable)

Annual Fee

$0

Purchase Intro APR

N/A

Balance Transfers Intro APR

N/A

The Capital One Secured MasterCard has flexible opening options that other secured cards do not. If you qualify, you can put down as little as $49 to get a credit limit of $200. Or, you can pay the $200 security deposit in installments. This card can give you access to a higher credit line after you make five on-time monthly payments.

Credit One Bank® Platinum Card

• See if you Pre-Qualify without harming your credit score. Find the card that's right for you in less than 60 seconds.
• CreditOneBank.com and the Credit One Bank mobile app makes it easy to access and manage all your account information and make payments whether you're at home or on-the-go.

• Know you're protected from unauthorized charges with Zero Fraud Liability—included with every Credit One Bank account
• Take advantage of free online access to your Experian credit score and credit report summary so you can track the key factors impacting your credit health. Terms apply.
• Give your credit a boost with credit line increase opportunities, a fee may apply.
• Eligible purchases such as gas, groceries, mobile phone, internet, cable and satellite TV will automatically earn 1% cash back rewards. Terms apply.
• Always know what's happening with your account with custom email and text alerts to remind you about your payment due date, notify you when a payment posts, or warn you if your available credit runs low.
• Customize your card by selecting a unique design from Credit One Bank's card gallery. There are more than 20 options to choose from. A fee may apply.

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Credit Needed

Bad Credit

Regular APR

19.99% - 25.99% Variable

Annual Fee

$0 - $99

Purchase Intro APR

N/A

Balance Transfers Intro APR

N/A

The Credit One Bank Platinum Card offers some rewards, and offers decent APRs for a secured card. A major drawback of the Credit One Bank Platinum Card is that you won’t know the exact terms of your offer until you’ve applied.

Discover it® Secured

• 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 from $200-$2500 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
• We automatically match all the cash back you've earned at the end of your first year.
• Receive Free Social Security number alerts— Discover will monitor thousands of risky websites when you sign up.

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Credit Needed

Limited/Bad Credit

Regular APR

24.99% Variable

Annual Fee

$0

Purchase Intro APR

N/A

Balance Transfers Intro APR

10.99% for 6 months

The Discover it^® Secured card packs a powerful punch of attributes not typically seen in secured cards. For starters, you earn cash back with the card—something no other secured card on the market offers. And it will double your cash back at the end of the first year. The bank will also review your account, starting at eight months to see if you qualify to graduate to an unsecured card.