Best for low interest
First Progress Platinum Prestige Mastercard® Secured Credit Card
Rewards rate
1% Cash Back1% Cash Back Rewards on payments
Annual fee
Intro offer
N/APay over time APR
Regular APR
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.
First Progress Platinum Prestige Mastercard® Secured Credit Card Overview
The First Progress Platinum Prestige Mastercard Secured Credit Card is a secured credit card designed for people with no credit history or who are trying to get their credit score back on track. Though the card charges an annual fee of $49, you aren’t required to meet a minimum credit score for approval.
The primary difference between the three similarly named First Progress secured cards — including the First Progress Platinum Select Mastercard Secured Credit Card and First Progress Platinum Elite Mastercard® Secured Credit Card — are their rising annual fees and lower ongoing interest rates. The First Progress Platinum Prestige has the highest annual fee, but the only factor to offset this fee is its 15.24 percent variable APR, which is far below the current average interest rate, even for cardholders with excellent credit.
Ultimately, First Progress’ Platinum Prestige card is only worth considering if you’re rebuilding credit, but you’ll need a low-interest card to occasionally carry a balance with — which is a very specific context that isn’t too healthy for your credit score.
Pros and cons
Pros
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The card’s APR is much lower than even many full-fledged credit cards’ rates.
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An initial deposit of $200 up to $2,000 gives cardholders room to choose their credit limit and keep credit utilization low.
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The late payment fee of only up to $29 (then up to $40 if you’re late again within six billing cycles) is pretty forgiving and not common on many secured cards.
Cons
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The $49 annual fee coupled with an initial minimum security deposit of $200 could lower this card’s affordability.
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There are no intro APR offers on purchases or balance transfers, so you won’t get a break on interest if you end up carrying a balance.
A deeper look into the current card offer
Quick highlights
- Rewards rate: 1 percent cash back when you make a credit card payment
- Welcome offer: N/A
- Annual fee: $49
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 15.24 percent variable
Rewards rate
The First Progress Platinum Prestige now earns 1 percent cash back on payments you make toward your credit card balance. This kind of rewards structure is ideal for a credit-building card, since it ties your earnings to establishing good credit habits like paying your bills on time.
How you earn
Whenever you make a credit card payment, you’ll earn 1 percent cash back in the form of reward points. This means you earn your rewards with the First Progress Platinum by paying off your credit card, rather than by making purchases with the card. This element of the First Progress Platinum Prestige lends itself even more to building credit over simply earning rewards.
How to redeem
You can redeem the rewards you earn with the First Progress Platinum Prestige for 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 towards your card balance.
Other cardholder perks
Like the vast majority of secured credit cards, the First Progress Platinum Prestige doesn’t come with an opportunity to earn a welcome bonus. However, that’s to be expected since secured credit cards are designed primarily for people looking to build or improve their credit.
Despite the First Progress Platinum Prestige’s lack of a welcome offer, it does have some features that are useful and convenient to people building credit.
Potential for a higher credit limit
Your initial security deposit becomes your credit limit, and with the First Progress Platinum Prestige, this amount can be anywhere from $200 to $2,000. If you decide to deposit more than $200, your security deposit must be at least $350. We suggest going for the high end of this range if you can, because it’ll be less challenging to keep your credit utilization at or below the recommended level. Keeping a low credit utilization ratio will help improve your credit score faster, which can be challenging with a lower 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 especially 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. Luckily, you can eventually request a higher credit limit for up to $5,000 by increasing your security deposit (which is, oddly, only achievable by mailing a check) after issuer approval.
Still, $2,000 isn’t the highest initial credit limit on the secured card market. Some of even the best secured credit cards offer well over the $2,000 to $2,500 credit limit you’ll typically find, such as the BankAmericard® Secured Credit Card*, and its up to $4,900 deposit-backed limit.
Credit reporting to all three bureaus
First Progress reports to all three major credit bureaus (Experian, Equifax and TransUnion) each month, so you’ll be able to improve on your credit standing provided you use your card responsibly.
Worldwide acceptance
Since it’s a Mastercard, you can use your First Progress Platinum Prestige nearly anywhere that accepts credit cards nationwide and internationally. Just remember that there’s a 3 percent foreign transaction fee for purchases abroad.
Easy application
You can easily apply for the First Progress Platinum Prestige online with only a soft pull on your credit, so there will be no negative impact on your credit score.
It’s up to you whether skipping the potential three weeks to arrive is worth the additional fee, but First Progress also provides an expedited processing option where your application can be fast-tracked by seven days for $19.95.
Rates and fees
While the First Progress Platinum Prestige’s annual fee is $49, which is expensive compared to other cards of its caliber, its rock-bottom 15.24 percent variable 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 does have a 30.74 percent variable APR.
If you’re interested in the low APR because you’ll carry a balance from time to time, you should be aware of the card’s other fees. The First Progress Platinum Prestige charges up to $29 for your first late payment, then up to $40 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.
There are also a few optional fees to know just in case. 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 to request a copy of a billing statement over six months old.
How the First Progress Platinum Prestige compares to other secured credit cards
As far as cards for applicants with no credit history or bad credit go, the First Progress Platinum Prestige Mastercard is notable for its incredibly low ongoing APR and fast approval process with no hard credit pull. Granted, the APR shouldn’t be much of a deal-breaker since you most likely aren’t carrying a balance while trying to improve your credit score anyway. The Platinum Prestige is a more practical and possibly less expensive 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.
Annual fee
Intro offer
Rewards rate
1% Cash Back Rewards on payments
Recommended Credit Score
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.
Annual fee
Intro offer
Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards rate
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically.
Recommended Credit Score
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.
Annual fee
Intro offer
Rewards rate
Recommended Credit Score
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.
The First Progress Platinum Prestige card vs. The Capital One Platinum Secured Credit Card
With the Capital One Platinum Secured Credit Card, you have the opportunity to get the same $200 minimum credit line with a smaller $49 or $99 security deposit. Plus, Capital One can automatically review your account for positive credit activity after six months and may increase your limit or upgrade you to an unsecured credit card. With the First Progress Platinum Prestige, that same credit limit increase means putting down more funds for a security deposit, so the Capital One Platinum Secured is much more lenient with increasing credit limits. This leniency makes it easier — and cheaper — to boost your credit score with Capital One.
Remember that the Capital One Platinum Secured comes with a much higher variable APR, almost twice the Platinum Prestige’s. However, that higher APR also comes with no annual fee. If you carry a balance often, the First Progress Platinum Prestige may be a better fit, but overall the Capital One Platinum Secured checks more boxes in helping people build credit.
The First Progress Platinum Prestige card vs. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is one of the only secured cards to earn cash back on all purchases. You’ll earn your highest rates of cash back on gas and restaurant purchases up to a combined $1,000 quarterly spending cap before dropping back to the base earning rate of 1 percent. You can also earn at least 1 percent cash back on all other purchases. This earning potential, plus its lack of an annual fee, sets the Discover it® Secured Credit Card far above the First Progress Platinum Prestige, which earns a lower, flat-rate of rewards with fewer redemption options while also charging an annual fee. If you are laser-focused on building credit and may be tempted to overspend just to earn cash back, the Platinum Prestige will help you build credit with fewer distractions. If you can use the Discover it® Secured Credit Card responsibly, it’s a more rewarding stepping stone to unsecured credit cards. Discover will also automatically review your account for an upgrade to an unsecured card after seven months.
The Discover it® Secured Credit Card is slightly more forgiving with missed payments than the First Progress Platinum Prestige. In case you ever miss your payment deadline, Discover doesn’t charge a penalty APR and your first late payment fee will be waived (up to $41 after that). With the First Progress Platinum Prestige, the penalty is $29 but up to $40 if another payment is missed within six billing cycles.
Best cards to pair with this card
We recommend pairing this card with one of the best credit cards for bad credit — the Discover it® Secured Credit Card. While the Discover it® Secured Credit Card is a top competitor of the Platinum Prestige, cardholders can use Discover’s lack of an annual fee and modest cash back rate on popular spending categories to offset the First Progress Platinum Prestige’s annual fee.
Bankrate’s Take — Is the First Progress Platinum Prestige worth it?
The First Progress Platinum Prestige Mastercard Secured Credit Card could be a decent choice, particularly if paying off your card in full each month could be an issue. The other two secured First Progress cards trade higher APRs for lower annual fees, but you can find secured cards from major issuers with lower upfront deposits, higher initial credit limits and more lucrative reward programs. Ultimately, the First Progress Platinum Prestige may offer marginally better terms than the other First Progress secured cards, but its annual fee doesn’t entirely offset any potential benefits compared to its siblings and other popular secured credit cards.
*The information about the BankAmericard® Secured Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.