First Progress Platinum Select MasterCard Secured Credit Card
If you’re in the sort of credit history bind where a secured credit card that doesn’t care about your FICO score is the only option, this could work for you. But if you can qualify for something better without a fee, go for that instead.
If you messed up your credit, or you’re just starting out, the First Progress Platinum Select MasterCard Secured Credit Card is an OK way to build up your credit profile as long as you use it responsibly. It’s low interest rate is unusual for a secured credit card, and is even better than a lot of unsecured cards.
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 $39 annual fee — which, admittedly, isn’t terrible as far as secured card fees go — to late fees and foreign transaction fees.
There’s no minimum credit requirement, which means your financial past won’t be held against you. Like all secured credit cards, if you use this one sparingly and pay on time you can give your credit rating a lift and get on track toward the goal of getting an unsecured card.
There are two other iterations of this card worth considering. Both the Platinum Prestige MasterCard Secured Credit Card and the Platinum Elite MasterCard Secured Credit Card offer the same features but have different annual fees and APRs.
The Platinum Prestige charges a $49 annual fee and has a 10.74% variable APR; the Platinum Elite has a $29 annual fee and a 20.74% variable APR. If you don’t carry a balance, the Platinum Elite might be a better choice, but if you occasionally do, it may be worth it to pay a little more in exchange for an ultra-low APR.
Who should get this card
Anyone with a thin credit file or less than stellar credit history, may want to consider this card to build up their credit profile.
Fees and APR
- There’s a $39 annual fee with this card, in addition to the security deposit you put down.
- This card has a 14.74% variable APR.
- There’s a 3% foreign transaction fee with this card.
Extras and perks
There are no extras or rewards with this card. Along with the potential fees, the lack of extras hurt this card’s overall Bankrate score.
How this card compares
We give kudos to the Capital One Secured MasterCard for not charging an annual fee and being one of the only secured cards that potentially lets you deposit less than your credit limit.
If you can’t afford a $200 security deposit all at once, Capital One Secured is a great option for its installment plan. This makes the Capital One card a solid choice for someone trying build (or rebuild) their credit history.
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.
If you have a bank account but limited or poor credit history, the Discover it Secured Card is a terrific choice to help build your credit and earn cash-back rewards, too.
We also like that you can quickly graduate to an unsecured Discover card with just seven months of good payment behavior.