
on First Progress's secure site
First Progress Platinum Select Mastercard® Secured Credit Card
Rewards rate
N/AAnnual fee
$39Intro offer
N/ARegular APR
14.24% (Variable)Recommended Credit Score
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1.0
on First Progress's secure site
Rewards rate
N/AAnnual fee
$39Intro offer
N/ARegular APR
14.24% (Variable)Recommended Credit Score
No Credit HistoryHaving bad credit can make qualifying for a credit card tricky—but that’s where the First Progress Platinum Select Mastercard Secured Credit Card comes in. This credit card is one of three secured cards offered by First Progress issued by Synovus Bank, and all of them can help you rebuild your credit. The Platinum Select Card has a fantastic APR and a reasonable annual fee compared to much of the competition.
Keep reading for everything you need to know about the First Progress Platinum Select Mastercard Secured Credit Card to see if it’s right for you.
The First Progress Platinum Select Mastercard Secured Credit Card doesn’t currently have a welcome offer after you sign up. It’s typically a challenge to find a secured credit card with a rewards program or a welcome offer. This card from First Progress is no different, although it can help you build up your credit to get an unsecured card eventually—and one with a fantastic sign-up bonus.
If you have bad credit or no credit, you’ll likely need to turn to a secured credit card. When you look at secured cards, you’ll want to think about things like APR, annual fee and whether it helps you build up your credit. This card excels in these categories, so check out the best benefits of this secured credit card.
Usually, when you apply for a credit card, the credit card company checks your credit report. This check, or inquiry, can lower your credit score by a few points each time. But with this card, there’s no credit inquiry when you apply, so don’t have to worry about your credit score going down at all.
When you make monthly payments on this secured card, those payments get reported to the three largest credit bureaus—Experian, Equifax and TransUnion. Because of this reporting, on-time payments help build up your credit score. But keep in mind that late payments will lower your credit score. Over time, if you don’t miss a monthly minimum payment, your credit score will increase.
You have to pay an annual fee no matter which of the First Progress cards you go with, but the Select charges a manageable fee of $39. Many cards charge more than this to use throughout the year, although it’s certainly possible to find secured cards with no annual fee. This fee isn’t the lowest available of the three First Progress cards, either, but a much lower APR balances it out.
The interest rate you’ll pay with this credit card is less than 14 percent, which is unusually low for a secured card. Typically, credit card issuers charge a higher annual fee on secured credit cards because you’re deemed a riskier customer but that’s not the case with this First Progress card.
A secured card requires you to make a cash deposit upon opening your account, and this amount makes up your credit limit. The more you deposit, the higher your credit limit will be on the card. The First Progress Platinum Select Mastercard Secured Credit Card requires a minimum of $200 cash deposit, but you can initially deposit up to $2,000. Over time, you can work up to a $5,000 credit limit.
The APR for this card is much lower than most secured credit cards at 14.24 percent variable. It does require you to pay an annual fee of $39, however. If you use this card overseas, you’ll pay a 3 percent foreign transaction fee. You must maintain at least a $200 deposit to keep your credit limit, as well. There are no rewards or welcome offers when you sign up for this card.
Two other secured credit cards worth exploring are the Discover it® Secured Credit Card and the Capital One Platinum Secured Credit Card. Neither of these two cards charges an annual fee, while the First Progress Platinum Select Mastercard Secured Credit Card costs $39 each year. However, the APR is much higher with the Discover it® Secured Credit Card and Capital One secured cards—23.24 percent and 26.99 percent variable, respectively.
If you’re after rewards, the Discover it Secured is the only one of the bunch that offers them. You’ll get 2 percent cash back at gas stations and restaurants on up to $1,000 in combined purchases per quarter with the card, as well as 1 percent back on all other purchases. You won’t get rewards with the other two cards.
on First Progress's secure site
Annual fee
$39Intro offer
N/ARewards rate
N/ARecommended credit
No Credit Historyon Capital One's secure site
Annual fee
$0Intro offer
N/ARewards rate
N/ARecommended credit
No Credit HistoryBecause the First Progress Select Secured Card charges a 3 percent fee when you use it overseas, you might want to have a travel card in your wallet once you qualify. Many travel credit cards give you rewards for purchases, as well as travel protections and other perks. Additionally, you typically won’t have to pay when you use the card abroad. Otherwise, any credit card that offers rewards would be good to go with this First Progress card.
If you have bad credit and can’t qualify for another type of credit card, the First Progress Platinum Select Mastercard Secured Credit Card could be worth it. When comparing it to other secured credit cards, whether this one is worth it depends on what you want—a low annual fee or a low APR.
For anyone looking to keep a rolling balance on the card month-over-month, this is one of the best secured credit card options on the market, since the interest rate is so low. However, if you’re hoping to pay it off in full every month and pay the least amount possible annually, you might want to look elsewhere.
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
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