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First Progress Platinum Select Mastercard® Secured Credit Card Review 2025
February 6, 2025
What Is the First Progress Platinum Select Mastercard® Secured Credit Card?
First Progress Platinum Select Mastercard® Secured Credit Card is one of three secured cards issued by First Progress (Synovus Bank) designed to help people build or rebuild credit. It stands out as the mid-range option in the lineup – it charges a $39 annual fee and offers a relatively low 18.24% variable APR on purchases.
In 2025, First Progress even added a 1% cash-back reward on this card’s purchases, sweetening the deal for cardholders. If you have poor or no credit, this card is easy to get (no credit check required) and reports to all three major credit bureaus to help you establish credit. But is the $39 fee worth it, and how does the Platinum Select compare to other secured cards? In this friendly review, we’ll break down its key features, pros and cons, and whether it’s the right card to jumpstart your credit journey.
The First Progress Platinum Select Mastercard Secured Credit Card is a full-featured credit builder card backed by Synovus Bank. It requires a security deposit but offers a low APR and even 1% cash back, making it an interesting option for those with bad or no credit.
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Key Features and Benefits
No Credit Check & Easy Approval
One of the biggest draws of the First Progress Platinum Select is that you don’t need a credit history or score to apply. There’s no hard inquiry, meaning applying won’t ding your credit score. Essentially, approval is almost guaranteed as long as you can provide the required security deposit and meet basic ID/income criteria. For someone starting from scratch or recovering from past credit issues, this is a stress-free entry point – you won’t be rejected over a low score because no minimum credit score is required.
Refundable Security Deposit (Your Credit Line)
Like all secured cards, this card requires a security deposit which becomes your credit line. You can start with as low as $200 (refundable when you close the account in good standing) and can deposit up to $2,000 initially. Over time, First Progress even allows you to increase your credit limit up to $5,000 by adding to your deposit. This flexibility is great – as your financial situation improves, you aren’t stuck at a $200 limit. Keep in mind: your initial annual fee is charged to the card upon opening, so if you only put $200 down, your effective available credit at first will be about $161 after the fee.
Low APR for a Secured Card
The 18.24% APR is significantly lower than most credit-builder cards. This matters if you carry a balance occasionally. While it’s best to pay in full, life happens – and if you need to carry a balance, this card’s interest charges will accumulate more slowly than on a high-APR card. In fact, First Progress specifically positions the Platinum Select as the low-interest choice among its secured cards.
1% Cash Back Rewards
Rarely do credit-builder cards offer rewards, but as of 2025 this card earns 1% cash back on purchases. That means for every $100 you spend, you get $1 back. It’s not a huge rate, but it’s a nice perk (essentially offsetting the cost of the annual fee if you spend $3,900+ a year). According to WalletHub, the Platinum Select’s $39 fee “could be worth paying because you can get approved with no credit check and then earn 1% cash back on purchases.”.
Credit Reporting to Build Credit
First Progress reports your account activity to all three major credit bureaus every month. This is crucial for building credit. By using the card wisely, you’ll start to generate positive credit history. Many Platinum Select users see their credit scores improve over 6–12 months of responsible use.
Costs and Drawbacks
Annual Fee
The card does have an annual fee of $39. This is a mid-range fee among secured cards – not zero, but lower than some competitors. You’re paying this fee essentially for the privilege of a lower APR. If you absolutely hate annual fees, note that there are secured cards with $0 annual fee, but those may have other drawbacks like higher APRs or stricter approval. With Platinum Select, consider that $39 the cost of credit-building convenience. Also remember, as mentioned, this fee is charged to your account when you open the card – slightly eating into your initial credit line.
No Big Perks (Basic Card)
Aside from the 1% cash back, you won’t get many frills. There’s no signup bonus, no travel perks, and no fancy rewards programs. The card is a plain vanilla Mastercard. It does at least include standard Mastercard benefits like fraud protection and maybe rental car insurance – but nothing headline-worthy. The credit line is limited by your deposit (max $2,000 to start), so it’s not a card for large purchases. And while 1% back is nice, some unsecured cards for fair credit offer rewards with no annual fee – so as your credit improves, you’ll want to “graduate” to those.
Foreign Transaction Fee
If you travel abroad or make purchases in foreign currency, be aware of a 3% foreign transaction fee on this card. That means any purchase outside the U.S. will incur an extra 3% charge. Many premium cards waive these fees, but most entry-level cards still have them. So, this isn’t the ideal card to take on an international trip. If you plan to travel, consider a no-FTF card once you qualify for one.
Customer Experience Quirks
First Progress is a smaller issuer, and their service is a bit old-school. Payments and customer support rely heavily on snail mail and manual processes, as NerdWallet’s review points out. For example, some users report that the only way to increase your credit limit involves mailing a physical check or money order. There’s an online portal, but it’s not as slick as major bank apps. There’s no mobile app dedicated to this card. This doesn’t mean you can’t manage your account – you can – but the experience isn’t as tech-friendly. However, if you’re okay with a more bare-bones approach, it’s a manageable issue. Just be prepared for possibly having to mail a payment or call in for certain requests – a small hassle that comes with the territory of subprime credit products.
No Path to Upgrade
Unlike a few secured cards issued by major banks, the First Progress Platinum Select cannot be upgraded to an unsecured card. Some issuers will review your account after e.g. 12 months and “graduate” you. First Progress does not offer this. The only way to move up is to apply for a different card elsewhere once your credit is better. This isn’t a huge con – many secured cards lack a graduation option – but it’s worth noting. You’ll eventually close this account when you’re ready for an unsecured card, and that could slightly ding your credit. In the meantime, the goal is to use Platinum Select as a temporary credit-building tool.
Comparing First Progress Platinum Select Mastercard® Secured Credit Card with Other Credit Cards
When considering the First Progress Platinum Select Mastercard® Secured Credit Card, it's helpful to compare it with other popular options in the credit builder card category:
Chime Credit Builder Secured Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Credit Builder account
- Key features: No credit check to apply, reports to all three major credit bureaus
- Standout feature: No minimum security deposit required
Capital One Quicksilver Secured Cash Rewards Credit Card:
- Annual fee: $0
- Security deposit: Minimum $200, which becomes your credit limit
- Key features: 1.5% cash back on most purchases, automatic credit line reviews
- Standout feature: Earn rewards while building credit
Current Build Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Build account
- Key features: No credit check required, reports to all three major credit bureaus
- Standout feature: Linked to Current banking app for easy fund transfers
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 Select Mastercard® Secured Credit Card excels in helping customers build credit
- Chime Credit Builder offers flexibility with no minimum deposit
- Capital One Quicksilver Secured provides cash back rewards
- Current Build integrates with banking app for convenient use
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Conclusion
The First Progress Platinum Select Mastercard Secured Credit Card offers a solid pathway toward better credit. Its approachable approval requirements, low APR, and now cash-back rewards make it a competitive choice in the secured card space. While you do pay a modest fee and won’t get bells-and-whistles perks, it provides exactly what someone with limited credit needs: an opportunity to prove yourself financially and build up a positive credit history. Consider your own habits – if you’re likely to carry a balance at times or have struggled to get approved elsewhere, Platinum Select’s cost structure and easy approval can be well worth it. Use it diligently for a year or so, and you could be on your way to qualifying for better cards.
Lastly, as you work on your credit, remember you don’t have to do it alone. Kudos can be your companion along the way. Kudos is a free smart tool that helps you optimize your credit card rewards and find the best card for each purchase – even as you’re building credit. While you’re using a card like First Progress to strengthen your credit profile, Kudos can suggest ways to maximize any rewards and notify you of card offers you might qualify for as your score improves. Building credit is a journey, but with the right card and the right tools, you’ll be well on your way to a stronger financial future.
FAQ – Frequently Asked Questions
Is the First Progress Platinum Select Mastercard® Secured Credit Card good for building credit?
Yes – it’s designed for credit building. First Progress reports your payment history to all three major credit bureaus every month, so using the Platinum Select card responsibly will gradually boost your credit score. Cardholders with no prior credit or past credit issues can use it to establish a positive track record. Remember to keep your balance low (ideally under 30% of your credit limit) and pay on time. Over 6–12 months, you should start to see improvement.
Do I need a credit check to get the First Progress Platinum Select card?
No credit check is required. This is a no “hard pull” secured card, meaning First Progress won’t run a traditional credit inquiry when you apply. In fact, they don’t require any minimum credit score at all – even if you have a “thin file” or past credit problems, you can still be approved. Approval mainly depends on you providing the security deposit and meeting basic identity and income verification. This makes the Platinum Select an attractive option if you want to avoid a hard inquiry or have been denied by other cards that do check credit.
What are the fees for the First Progress Platinum Select Secured Credit Card?
The main fees to be aware of are the $39 annual fee (charged upon account opening and then yearly) and a 3% foreign transaction fee on purchases made outside the U.S. or in non-USD currency. There is no application fee. Like most credit cards, it also has fees for late payments or returned payments if those situations occur, and a cash advance fee if you take out cash. Importantly, there’s no fee to apply or to close the account (when you close it in good standing, you get your deposit back in full). Overall, the fee structure is pretty standard for a secured card, with the annual fee being the primary cost.
How does First Progress Platinum Select compare to Prestige or Elite?
The difference is mainly in APR and annual fee. The Platinum Prestige has a $49 annual fee but a lower APR. The Platinum Elite has a $29 fee but a higher APR. All three now offer 1% cash back on purchases and have the same $200 minimum deposit requirement. So, if you want the lowest interest rate and don’t mind paying the highest fee, Prestige could be an option. If you care most about keeping costs low and won’t carry a balance at all, the Elite saves you $10/year in fees. The Platinum Select is the middle-ground: moderate fee, moderate APR. Many people choose Select because it’s a balanced approach – you’re not paying as much as Prestige but still get a significantly lower APR than Elite. In practice, all three will similarly build your credit if used responsibly; the decision comes down to how much fee vs. interest you’re willing to trade off.
Can I get my deposit back or increase my credit limit?
Your security deposit is fully refundable when you close the account (minus any owed balances/fees). While the account is open, that deposit is locked in a holding account – you can’t use it to pay your bill. If you want to increase your credit limit, you can do so by adding more deposit. For example, if you initially put $300 and want a $500 limit, you’d add $200 extra deposit. However, First Progress may require that additional deposits be sent via mailed check or a similar process. There is no automatic credit line increase without a deposit, since this is a secured card. Also, you cannot graduate this card to an unsecured version – the only way to “upgrade” is to apply for a different unsecured card elsewhere once your credit is improved, and then close this account to get your deposit back.
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