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The First Progress Platinum Elite Mastercard® Secured Credit Card
The First Progress Platinum Elite Mastercard® Secured Credit Card is a full-feature Platinum MasterCard® with a credit line based on a security deposit rather than on a credit score.
Short Review: The First Progress Platinum Elite Mastercard® Secured Credit Card it’s our top pick of the three First Progress Secured Cards because it has the lowest annual fee, at only $29. This makes applying more feasible for someone with challenged credit who may also have challenged financial resources. The interest rate is higher, however, the goal is not to use this card to finance your lifestyle; it is designed to get you back on track. Your refundable security deposit will equal your credit limit. Use this card to get your credit health back in sync.
As with any card, make sure that the cards you are applying for tie into your overall financial health. Take the time to research your options and figure out what will best suit your needs overall.
Credit Card Review Highlights
- Minimal approval requirements. The First Progress Platinum Elite Mastercard® Secured Credit Card is not credit score based. You can be brand new and just looking to establish credit. You do need to be a first-time First Progress cardholder who is at least 18 years old (19 in Nebraska and Alabama ). You must have a valid SSN. You will need the income that can sustain your monthly bills, along with your refundable security deposit.
- $200+ security deposit needed. You will need to submit your security deposit when you are applying. Please make sure you actually have the funds available to transfer over. Once approved, your security deposit will serve as your credit limit. If you are denied, then your security deposit will be refunded back to you. Continue to make good payments and The First Progress Platinum Elite Mastercard® Secured Credit Card will permit you to increase your security deposit, thus increasing your limit.
- Lowest annual fee among The First Progress cards. First Progress offers three secured credit cards: The First Progress Platinum Elite Mastercard® Secured Credit Card, The Platinum Prestige Mastercard®, and The Platinum Select Mastercard®. The Elite Mastercard® has a low fee of only $29, whereas the other two have a higher annual fee.
- Highest APR among First Progress cards. The downside is that the card does have the highest Annual APR. You should not be carrying a balance from month to month, thus this should not really impact you. Carrying a balance on a secured card is not a great idea. Think about it this way, you don’t want to pay interest on a loan that you are in essence loaning to yourself.
- Available in all 50 states. Nationwide program is available.
- Options and more options If your credit isn’t completely in the gutter, you may be able to qualify for other secured credit cards or guaranteed cards that may not have an annual fee and have lower rates. If your credit is in fact severely challenged, then obtaining a secured credit card may in fact be your best option starting out.
Program Specs
Regular APR | 24.49% (V) |
Annual Fee | $29 |
Credit Line | up to $2,000 |
Cash Advance APR | 29.49% (V) |
Credit Recommended | Poor/Limited/No Credit |
Highlights
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application; No credit inquiry is required!
- Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
- Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide program; available in all 50 US states *See Card Terms.
- Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
- ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
- Make 6-months of on-time payments & you’ll be invited to apply for an unsecured First Digital Mastercard!
The First Progress Platinum Elite Mastercard® Secured Credit Card
Related Credit Repair Posts
- The Best “Guaranteed Approval” Credit Cards For Bad Credit
- How To Repair Your Credit (A Step-By-Step Guide)
- First Progress Secured Credit Cards – Which One Is Right For You
- The Best Checking Accounts For Bad Credit
About The Author
Marvette Critney
Marvette Critney is a Real Estate Broker in Metro Atlanta, GA, a Credit Expert, and the founder of 750 Credit Score Blog Resource Site, and the well-known blog site Brag Differently. Her credit advice and knowledge have helped hundreds to become homeowners. She is recognized as a leader in her field. Read more.