First Progress Platinum Prestige Mastercard® Secured Credit Card review

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Claire Dickey @ClaireDickey  in  Credit History How we rate our cards  |  Advertiser Disclosure
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Annual Fee:
Purchase Intro APR:
Regular APR:
9.99% (Variable)
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The First Progress Platinum Prestige Mastercard Secured Credit Card review was last updated on January 20, 2020.

First Progress Platinum Prestige Mastercard® Secured Credit Card: Details and benefits

The First Progress Platinum Prestige Mastercard Secured Credit Card is an OK card with a better-than-OK interest rate.

It’s 9.99 percent variable APR is great as far as secured cards go (some offer APRs closer to 30 percent), 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.

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; 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.


  • 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 the equivalent amount in 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.


  • 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.
  • Late payments won’t affect your APR but you will have to pay a late fee of up to $40.
  • There’s a 3 percent foreign transaction fee.

Is the First Progress Platinum Prestige Mastercard Secured worth it for you?

If you’re applying for a secured credit card, chances are either your credit isn’t up to par or you don’t have a credit history. First Progress can help make access to credit easy with one of its secured cards.

The First Progress Platinum Prestige Mastercard Secured doesn’t require 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.

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.