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First Progress Platinum Select MasterCard® Secured Credit Card

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Rewards Rate
N/A
Sign Up Bonus
N/A
Typical Credit Score
None
First Progress Platinum Select MasterCard® Secured Credit Card
First Progress Platinum Select MasterCard® Secured Credit Card
Pros & Cons
  • High-approval odds
  • Reports to all three major credit card bureaus
  • Low variable APR for purchases
  • No monthly or application-process fee
  • No rewards program
  • Annual fee of $39
Rated Best for:
First Progress Platinum Select MasterCard® Secured Credit Card Review

Who is the First Progress Platinum Select MasterCard® Secured Credit Card for?

Consider applying for the First Progress Platinum Select MasterCard® Secured Credit Card if your main focus is to build a good credit history. Since no credit history or minimum credit score is required for approval, this card is an attractive option for new card owners as well those with a damaged credit score. For an annual price of $39 and a fully refundable security deposit of $200 upon applying, you will receive monthly reports to all three major credit bureaus to establish a credit history. 

Other features of this card to consider is the low APR of 14.99%. This card does not charge a monthly fee nor an application-processing fee. Furthermore, your credit limit is determined by the amount of your security deposit, with a maximum credit limit of $2,000. 

Ultimately, the First Progress Platinum Select MasterCard® Secured Credit Card is a great option for those who want to establish a good credit history. If you are 18 years or older, and these features fit your criteria, the First Progress Platinum Select MasterCard® Secured Credit Card could be right for you.

Credit and Other Benefits

The highlight of the First Progress Platinum Select MasterCard® Secured Credit Card is the ability to establish or reestablish your credit history. With no credit history or a minimum credit score required for approval, this card is ideal for those with limited credit who want a starter credit card as well as those with damaged credit. This card allows you to add information to all three major credit reports each month. Timely payments and reasonable spending will be reflected in these reports and contribute to a credit score increase.

In addition, the application process is extremely easy for prospective cardholders. Not only is it fast and simple, but applying does not hurt your credit score; no credit inquiry will be recorded in your credit bureau file.

Fees

The price prospective applicants have to pay for the First Progress Platinum Select MasterCard® Secured Credit Card is an annual fee of $39 and a fully refundable security deposit. Rather than using your credit history, your credit line is secured by your fully refundable security deposit. This is to ensure that you are able to make your payments on time since the goal is to build credit. The minimum security deposit required is $200 and the maximum security deposit is $2,000. Compared to other popular secured cards, you won’t find a card that guarantees a lower deposit requirement. On the flip side, other popular secured cards have a maximum that goes up to $10,000. The required security deposit range is something to keep in mind especially if you need more flexibility in regards to how much you can charge to your card. Therefore, this card is not ideal for those who often incur high monthly statements due to utilities, rent, food, shopping, and other expenses.

While the Platinum Select card charges an annual fee, it does not charge a monthly fee nor does it charge an application-processing fee - unlike some credit cards for bad credit. It also has a low APR of 14.99% when compared to other secured credit cards.

Conclusion 

The First Progress Platinum Select MasterCard® Secured Credit Card is a solid option for new cardholders who want to familiarize themselves with the responsibilities of owning a card and for those with damaged credit. While there are both an annual fee and a minimum security deposit, there are no monthly or application-processing fees, eliminating further complications with owning a credit card. As long as you are maintaining reasonable spending habits and making your monthly payments promptly, this card is a simple and effective way to build a good credit history.

Complete Card Details
Rewards Rate
N/A
Welcome Bonus
N/A
Typical Credit Score
Intro Annual Fee
N/A
Annual Fee
$39
Additional User Annual Fee
N/A
Foreign Transaction Fee
3%
Intro Purchase APR
N/A
Regular Purchase APR
14.99%
Cash Advance Fee
3%
Cash Advance APR
19.99%
Late Fee
Up to $38
Intro Balance Transfer APR
N/A
Regular Balance Transfer APR
N/A
Penalty APR
See Terms*
Balance Transfer Fee
N/A
Return Payment Fee
Up to $27
Minimum Deposit
N/A
Credit Card Network
Mastercard
Credit Card Issuer
Synovus Bank
First Progress Platinum Select MasterCard® Secured Credit Card FAQ

What is the minimum credit score required to apply for First Progress Platinum Select MasterCard® Secured Credit Card?

This information is currently not available. Please refer to the card terms and conditions for more details.

What is the minimum deposit required for First Progress Platinum Select MasterCard® Secured Credit Card?

There is no minimum deposit required for this credit card.

What is the Intro Annual Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Intro Annual Fee for First Progress Platinum Select MasterCard® Secured Credit Card is not available at the moment. Please check the terms for more details.

What is the Annual Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Annual Fee for this credit card is $39.

What is the Intro Purchase APR for First Progress Platinum Select MasterCard® Secured Credit Card

The Intro Purchase APR for this credit card is not available at the moment. Please check the terms for more details.

What is the Regular Purchase APR for First Progress Platinum Select MasterCard® Secured Credit Card

The Regular Purchase APR for First Progress Platinum Select MasterCard® Secured Credit Card is 14.99%.

What is the Intro Balance Transfer APR for First Progress Platinum Select MasterCard® Secured Credit Card

The Intro Balance Transfer APR for this credit card is not available at the moment. Please check the terms for more details.

What is the Regular Balance Transfer APR for First Progress Platinum Select MasterCard® Secured Credit Card

The Regular Balance Transfer APR for First Progress Platinum Select MasterCard® Secured Credit Card is not available at the moment. Please check the terms for more details.

What is the Cash Advance APR for First Progress Platinum Select MasterCard® Secured Credit Card

The Cash Advance APR for this credit card is 19.99%.

What is the Cash Advance Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Cash Advance Fee for this credit card is 3%.

What is the Late Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Late Fee for First Progress Platinum Select MasterCard® Secured Credit Card is up to $38.

What is the Penalty APR for First Progress Platinum Select MasterCard® Secured Credit Card

The Penalty APR for this credit card is see terms*.

What is the Balance Transfer Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Balance Transfer Fee for this credit card is not available at the moment. Please check the terms for more details.

What is the Min. Balance Transfer Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Min. Balance Transfer Fee for First Progress Platinum Select MasterCard® Secured Credit Card is not available at the moment. Please check the terms for more details.

What is the Foreign Transaction Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Foreign Transaction Fee for this credit card is 3%.

What is the Return Payment Fee for First Progress Platinum Select MasterCard® Secured Credit Card

The Return Payment Fee for First Progress Platinum Select MasterCard® Secured Credit Card is up to $27.
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