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First Progress Platinum Prestige Mastercard® Secured Credit Card – Low APR & Easy Approval
February 6, 2025
The First Progress Platinum Prestige Mastercard® Secured Credit Card is a unique secured credit card offering a low interest rate and even 1% cash-back rewards – but is it worth the $49 annual fee? Read on to see if this card can help build your credit without breaking the bank.
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Card Overview and Key Features
The First Progress Platinum Prestige Mastercard® Secured Credit Card is a secured credit card designed for people with limited or poor credit who want to build credit while keeping interest costs low. Here are the key features at a glance:
- Low APR: A 14.24% variable APR on purchases, which is well below the typical ~25% APR on many starter cards. This comparatively low interest rate is ideal if you expect to carry a balance occasionally.
- Annual Fee: A $49 annual fee. In exchange for the lower APR, you’ll pay this yearly cost (the highest among First Progress’s secured cards).
- Security Deposit: A refundable security deposit of at least $200 is required to open the account (your credit limit equals your deposit). You can choose a deposit up to $2,000 initially, and even fund it in installments over 90 days if needed. Over time, you may increase your deposit/credit line up to $5,000 with additional payments.
- Credit Check: No credit history or minimum credit score is required to apply. Uniquely, applying does not involve a hard credit inquiry – making it easier to get approved without dinging your score.
- 1% Cash Back Rewards: Earn 1% cash back on all purchases, a rare perk for a secured card aimed at credit-builders. Your cash-back rewards accumulate as you use the card (typically applied as a statement credit or similar – check First Progress’s terms for details).
- Credit Reporting: Like most secured cards, it reports to all three major credit bureaus. On-time payments can help you build a positive credit history over time.
In short, the First Progress Platinum Prestige offers an easy approval path and low interest rate, plus a little reward on the side. However, you’ll need to weigh the annual fee and some service limitations, which we’ll explore next.
Why You Might Want the First Progress Platinum Prestige
The Platinum Prestige can be a helpful tool in specific situations. Here are a few reasons this card stands out, broken down into its key benefits:
Low Interest Rate for a Secured Card
This card’s biggest selling point is its ultra-low APR. Most credit-building cards charge very high interest. If you think you might carry a balance occasionally, the Prestige’s low interest could save you money in interest charges. In fact, among secured cards, 14.24% is one of the lowest rates available, making it a smart choice if you need some flexibility in paying off purchases over time.
1% Cash-Back Rewards on Purchases
Unlike many basic secured cards that offer no rewards, the First Progress Platinum Prestige gives 1% cash back on all purchases. That means for every $100 you spend, you get $1 back. While 1% isn’t a huge rebate, it’s a nice bonus for a card aimed at rebuilding credit. It effectively offsets a bit of the annual fee over the course of a year if you use the card regularly. For example, $5,000 in yearly spending would earn $50 in cash back – nearly canceling out the $49 fee.
Easy Approval – No Credit Score Needed
If you’re just starting out or have damaged credit, getting approved for new credit can be a hurdle. The Platinum Prestige shines here: there’s no minimum credit score or prior history required. The issuer doesn’t even perform a hard credit pull for this card, so applying won’t hurt your credit score. Essentially, as long as you can make the deposit and meet basic identity and income criteria, your chances of approval are very high. This “no credit check” feature makes the card accessible to those who might be rejected elsewhere.
Builds Credit with Responsible Use
Once you have the card, it can serve as a stepping stone to better credit. First Progress reports your payment history to Equifax, Experian, and TransUnion every month. By keeping your balance low and paying on time, you can gradually improve your credit score. The card’s credit limit is tied to your deposit, so it also encourages you not to overspend. Remember: aim to use no more than 30% of your credit line at a time to build credit efficiently.
Flexible Deposit and Credit Limit Options
Not everyone has a lot of cash on hand for a security deposit. First Progress allows you to pay your deposit in parts over 90 days, which can make it easier to come up with the minimum $200. You can start at $200 and later increase your credit limit up to $5,000 by adding to your deposit. This flexibility is useful as your financial situation improves – you’re not stuck at a low limit forever. Just note that any deposit increases must come from your own funds. The deposit remains fully refundable when you close the account in good standing.
Kudos can help you track your progress and even find better credit card offers as your score improves. Many secured card users “graduate” to cards with higher rewards or no fees – and Kudos’s free platform can match you to those options when you’re ready.
Comparing First Progress Platinum Prestige Mastercard® Secured Credit Card with Other Credit Cards
When considering the First Progress Platinum Prestige Mastercard® Secured Credit Card, it's helpful to compare it with other popular options in the cashback credit card category:
- Annual fee: $0
- Sign-up bonus: Cash bonus after meeting spending requirements
- Key rewards: 5% on travel purchased through Chase Travel℠, 3% on dining and drugstores, 1.5% on all other purchases
- Standout feature: Flexible redemption options including cash back, travel, and gift cards
Capital One Savor Cash Rewards Credit Card:
- Annual fee: $0
- Sign-up bonus: Cash bonus after meeting spending requirements
- Key rewards: 3% on dining, entertainment, popular streaming services, and grocery stores
- Standout feature: No foreign transaction fees
Blue Cash Everyday® Card from American Express (rates & fees):
- Annual fee: $0
- Welcome offer: Cash bonus after meeting spending requirements
- Key rewards: 3% at U.S. supermarkets (up to $6,000 per year, then 1%), 3% cash back up to $6,000 per year, then 1%. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout
- Standout feature: This card offers a generous intro of APR on purchases and balance transfers
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- First Progress Platinum Prestige Mastercard® Secured Credit Card excels in helping people with limited or poor credit
- Chase Freedom Unlimited® offers diverse category bonuses
- Capital One Savor Cash Rewards Credit Card rewards dining and entertainment spending
- Blue Cash Everyday® Card from American Express provides strong rewards on everyday purchases
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What to Watch Out For (Drawbacks and Considerations)
No card is perfect, and the First Progress Platinum Prestige has a few notable downsides and limitations. Keep these in mind before applying:
$49 Annual Fee (Not Waived)
Paying an annual fee is never fun, especially on a card that’s meant to help when you’re already in a tough credit spot. The $49 yearly fee on the Platinum Prestige is relatively high. By comparison, some secured cards have no annual fee, and even First Progress’s own Select card charges a bit less. Essentially, you are paying for that lower APR privilege. If you plan to always pay your balance in full, the low APR won’t benefit you – and you might be better off with a no-annual-fee card to build credit at lower cost. In short, the fee is only “worth it” if you occasionally carry a balance; otherwise, it’s an extra expense.
No Upgrade Path to Unsecured
The Platinum Prestige does not graduate to an unsecured card. First Progress is issued by Synovus Bank, and currently they don’t offer a standard unsecured credit card to transition to. This means after you build your credit, you’ll likely need to apply for a new card elsewhere and close this account to get your deposit back. Some competing secured cards can automatically upgrade you to an unsecured card over time – but First Progress doesn’t have that feature. It’s not a deal-breaker, but it does mean the card is more of a temporary tool. Be prepared to move on when your credit improves (and use Kudos to find your next card!).
Limited Digital Features and Slower Service
First Progress has a bit of an “old school” approach. The bank has a heavy reliance on snail mail for customer support and bill payments. There’s no dedicated mobile app, and the online account management may not be as robust as what bigger banks offer. For example, if you want to increase your credit line, you might need to mail in additional deposit checks. This can feel inconvenient if you’re used to modern, fully online banking. If you prefer a more high-tech experience, consider other secured cards that offer online or app-based management.
Cash Back is Limited
While 1% cash back is a nice perk, keep in mind it’s a relatively low rewards rate. Some alternative cards for those with fair credit can offer 1.5% or more, or rotating 5% categories. Also, the cash back on First Progress might be credited to your account rather than redeemable for other things – so it’s a modest benefit. In essence, rewards shouldn’t be the main reason to get this card – think of them as a small bonus. Your primary goal here is building credit and saving on interest, not racking up rewards.
Security Deposit Ties Up Your Funds
This is true of any secured card: the money you deposit is locked as collateral until you close the account. With First Progress, that could be $200 up to potentially thousands. While the deposit is refundable, it’s not accessible for emergencies unless you close the card. Make sure you can afford to set aside the deposit amount for however long you plan to use the card. If coming up with $200 is a struggle, you might explore credit-builder loans or other strategies in parallel.
Despite these drawbacks, the Platinum Prestige can still be useful for the right person. It’s all about weighing the cost versus the benefit given your personal situation. Next, we’ll cover some frequently asked questions to address any remaining concerns.
Conclusion: Is First Progress Platinum Prestige Right for You?
The First Progress Platinum Prestige Mastercard Secured Credit Card can be a valuable credit-building tool for those who need easy approval and want to minimize interest costs. Its low APR and soft-pull approval set it apart in the subprime credit card market. You essentially pay $49/year for the benefit of a lower interest rate. If you’re someone who might carry a balance from time to time or you worry about high interest on a starter card, the Platinum Prestige can offer peace of mind with its modest 14.24% rate.
On the other hand, if you’re confident you won’t carry balances, you might question the value of that $49 fee. In such cases, comparable secured cards without annual fees could rebuild your credit at a lower cost. Additionally, more modern alternatives might offer a smoother digital experience.
The Platinum Prestige is worth considering if you need a “training wheels” credit card and especially if you want to avoid sky-high interest while you rebuild. It’s a short-term stepping stone on your credit journey. Use it wisely for a year or two – keep balances low, pay on time, maybe earn a bit of cash back – and you should find your credit health improving. After that, you can move on to better products (and Kudos will be here to help you find your next perfect-fit credit card when the time comes!).
Frequently Asked Questions (FAQ)
Does applying for the First Progress Platinum Prestige require a credit check?
No – First Progress does not perform a hard credit inquiry for this secured card, and there is no minimum credit score required to be approved. In other words, applying won’t ding your credit score, which is great news if you’re trying to rebuild credit.
How does the Platinum Prestige differ from the First Progress Platinum Select card?
The Prestige and First Progress Platinum Select Mastercard® Secured Credit Card secured cards are very similar, but the Prestige has a $49 annual fee and a lower APR, whereas the Select has a $39 annual fee and a higher APR. Both offer 1% cash back and require a $200 minimum deposit. Essentially, Prestige lets you “buy down” your interest rate by paying a higher fee upfront, while Select saves you $10/year if you don’t mind a higher interest rate. If you plan to carry balances, Prestige might save you more; if you always pay in full, Select could be more economical.
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Can I increase my credit limit on the Platinum Prestige, and do I get my deposit back?
Yes, you can raise your credit limit by adding to your security deposit. Initially, your limit equals whatever deposit you put down. Over time, First Progress may allow you to deposit more to increase your limit – up to a maximum of around $5,000 total. There are no credit line increases without a deposit on this card. As for your deposit, it remains fully refundable. You’ll get your deposit back in full when you close the account. Just be aware that First Progress doesn’t offer a direct upgrade, so getting your deposit back typically means closing the card after you’ve moved on to another card.
Will this card help me build credit fast?
It can certainly help you build credit, but “fast” depends on your overall credit behavior. Using the Platinum Prestige responsibly – i.e. keeping your balance low and paying on time every month – will be reported to all three credit bureaus. Many users see their credit scores improve after 6–12 months of on-time payments. There’s no instant fix, but this card provides the opportunity to demonstrate good credit habits. Remember to avoid late payments (which can hurt your score) and monitor your credit progress. In the meantime, the low APR can protect you if you need to carry a small balance, so you can focus on building credit without incurring huge interest charges.
Is the First Progress Platinum Prestige the best secured card for me?
It depends on your needs. The Platinum Prestige is best if low APR is a priority – for instance, if you might carry a balance while you rebuild credit, and you’re okay paying an annual fee for that peace of mind. However, if you are confident you’ll pay in full each month, you won’t benefit from the low APR, and a no-annual-fee secured card might be better choices. Also consider whether you value things like a mobile app or the ability to graduate to an unsecured card.
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