First Progress Prestige Secured Mastercard® Credit Card review: Build credit with low interest

To get the most credit-building value out of the First Progress Prestige Secured Mastercard, lean into the card’s unique strengths, which include a low ongoing APR and the ability to report to all three major credit bureaus. You should also consider the following strategies:

• Start with a manageable deposit. Since your credit limit is tied to your deposit, choose an amount that supports occasional use while staying well below your limit — ideally using less than 30 percent of your available credit to keep your credit utilization low.
• Make small, recurring purchases. Use the card to pay for a fixed monthly bill, such as a subscription service or utility, then pay it off in full. This establishes a positive payment history without running the risk of carrying a balance.
• Pay early if needed to avoid interest. Although the card offers a relatively low APR compared to many secured cards, paying your balance early (or in full) ensures you avoid interest while still benefiting from on-time payments.
• Monitor your credit progress. Track your credit score over time using free tools and look for improvements in your payment history, credit utilization and length of credit history. These are all reported monthly by First Progress.
• Reassess after six to 12 months. With a strong record of responsible use, consider applying for a traditional unsecured card or see if you qualify for another First Progress product with better terms, which will allow you to continue building credit without tying up your deposit.

As far as cards for no credit history or bad credit go, the First Progress Prestige Secured Mastercard is notable for its incredibly low ongoing APR and fast approval process with no hard credit pull.

Rewards rate: Every bit counts

The First Progress Prestige earns 1 percent cash back on payments you make toward your credit card balance. This kind of reward structure is ideal for a credit-building card since it ties your earnings to establishing good credit habits like paying your bills on time. It also gives those who are new to rewards an easy way to get used to earning and redeeming them, which will come in handy for higher-tier cards.

APR: Much lower than an average secured card

The card’s rock-bottom 13.74% (V) APR is about half the typical interest rate for someone with limited credit. By comparison, the Capital One Platinum Secured Credit Card has no annual fee, but it has an APR of 29.49% (Variable) (See Rates & Fees). While you should avoid carrying a balance with a credit card — particularly if you’re building credit — the low APR should help keep any interest charges low. 

Credit Building: Standard but essential features

The First Progress Prestige has a few key credit-building features that can help raise your credit score.

You can apply for the First Progress Prestige online with a soft pull on your credit, so there will be no negative impact on your credit score. First Progress also reports to all three major credit bureaus (Experian, Equifax and TransUnion) each month, so you’ll be able to improve your credit standing provided you use your card responsibly.

Despite its solid credit-building perks and low interest rate, the First Progress Prestige secured card comes with its fair share of drawbacks. With its potentially low credit limit and myriad fees, this card can cost more than it’s worth.

Credit limit: The limit is quite low

Like most secured cards, your initial security deposit on the card becomes your credit limit. With the First Progress Prestige, this amount can be anywhere from $200 to $2,000. Keeping a low credit utilization ratio helps improve your credit score, but maintaining a low ratio is more challenging with a lower credit limit. The general guideline is to keep this ratio under 30 percent, but the minimum $200 credit limit means you’ll need to keep your balance below a mere $60.

This detail is important since the annual fee will eat into your credit limit when you first open your account and when it’s charged each year. If you start with the minimum $200 credit limit, you’ll actually have just $151 available on your card in your first billing cycle, with very little spending power before you reach above 30 percent on your credit utilization ratio.

Rates and fees: A few caveats to keep in mind

If you’re interested in the First Progress Prestige’s low APR because you’ll carry a balance from time to time, you should be aware of the card’s other fees. The $49 annual fee is expensive compared to other cards of its caliber and generally a negative to have on a credit building card unless you have few alternatives. The card also charges up to $30 for your first late payment, then up to $41 if you’re late again in the following six billing cycles. This factor adds a layer of grace not typically seen among secured credit cards, but these fees can still add up quickly if you fall behind on payments. 

Finally, if you can’t pay your bill online or you’re worried your payment will be posted too late, you can make an expedited telephone payment in exchange for a $10 fee. There is also a $1 fee if you ever need a copy of a billing statement over six months old.

Redemption: Limited options for rewards and low earning rate

You can only redeem the rewards you earn with the First Progress Prestige as a statement credit. Once you’ve earned a minimum of 500 rewards points or $5 worth of earnings, you’ll be able to redeem your points for a statement credit toward your card balance. Since you only earn 1 percent cash back on purchases and the card carries an annual fee, it will take some time before your spending pays off.

The Prestige is a more practical and possibly easier-to-obtain way to build credit with a card compared to other options like store credit cards. But its steep $49 annual fee is also noteworthy when other secured credit cards offer more effective features for no yearly cost.

The First Progress Prestige Secured Mastercard is notable for its incredibly low ongoing APR and fast approval process with no hard credit pull. It could prove a good fit if:

• You don’t qualify for a secured card that doesn’t carry an annual fee.
• You want to build credit without distraction, as you won't have to worry about welcome bonuses or features that encourage spending on big purchases.
• You want to earn rewards on credit card payments, as this card incentivizes healthy credit card habits.
• If you typically carry a balance, this card could work in your favor due to its very low ongoing interest rate.

The First Progress Prestige Secured Mastercard Credit Card could be a decent choice for building credit, but its perks don't offset enough of the annual fee compared to other popular secured credit cards. You can find secured cards from major issuers with lower upfront deposits, higher initial credit limits and more lucrative reward programs. 

Bank of America® Customized Cash Rewards Secured Credit Card

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Firstcard® Secured Credit Builder Card with Cashback

Best for high credit limit potential

*We may pull a soft inquiry of your credit. Soft inquiries do not impact your credit score.

Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.

We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category. 

Here are some of the key factors that gave this card its score: