First Progress Platinum Elite MasterCard® Secured Credit Card review

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In a Nutshell

The First Progress Platinum Elite MasterCard® Secured Credit Card is designed to help people with no credit or bad credit to build credit with healthy use. The card requires a security deposit and offers a credit limit of up to $2,000. But with high interest rates and fees, this card may not be worth it if you can qualify for a different card.

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Pros Cons
Flexible credit limit based on your security deposit Annual fee
Reports to the three major credit bureaus each month High variable APR
No credit history or minimum credit score required for approval Minimum deposit of $200

 

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What you need to know about the First Progress Platinum Elite MasterCard® Secured Credit Card

The First Progress Platinum Elite MasterCard® Secured Credit Card is a no-frills secured card offered by Synovus Bank. If used wisely, this card can help you establish a positive credit history.

Approval is possible with limited or poor credit history

The First Progress Platinum Elite MasterCard® Secured Credit Card was designed for people who have a limited credit history or have had credit problems in the past. In fact, First Progress says it doesn’t have a minimum credit score requirement for approval.

Build credit history

Payments for the First Progress Platinum Elite MasterCard® Secured Credit Card are reported to the three major credit bureaus each month. Making your payments on time and in full as well as keeping your credit utilization low can help you establish a solid credit history, which could help improve your chances of being approved for other types of credit in the future.

Flexible credit limit

If you apply for the card and are approved, you must make an initial refundable deposit of between $200 and $2,000 before you can begin using the card. The amount you deposit will be your credit limit and can be used by Synovus Bank to pay your bill if you fail to make a payment. Choose your initial deposit amount carefully, since you’ll need approval from the bank to deposit additional funds.

Your deposit, minus fees like the annual fee, will be returned to you when you close your account if your account is paid in full and in good standing.

If you get the card, over time, you may have the option to increase your credit limit. The maximum credit limit you can have with the First Progress Platinum Elite MasterCard® Secured Credit Card is $5,000. You may be required to make an additional deposit to receive a credit limit increase, or you may be approved for an increase without making another deposit. All credit limit increases are subject to credit approval.

Annual fee

The First Progress Platinum Elite MasterCard® Secured Credit Card has an annual fee of $29, which is deducted from your initial credit limit at account opening. So if you have a credit line of $500, your initial available credit will be only $471.

High variable APR

The purchase APR on the First Progress Platinum Elite MasterCard® Secured Credit Card is a variable 20.24%. If you carry a balance, interest charges can add up quickly, so we recommend paying your bill on time and in full each month whenever possible.

Things to consider before you apply

If you want to build credit with a secured card, here are a few more things to know about the First Progress Platinum Elite MasterCard® Secured Credit Card.

  • If you’re approved for the First Progress Platinum Elite MasterCard® Secured Credit Card, you’ll also qualify for two other First Progress secured cards.
  • This card isn’t available to residents of Arkansas, Iowa, New York or Wisconsin.
  • If may take up to 10 weeks to get your refundable security deposit back after you close your account.
  • If you pay late, you’ll be charged a fee of up to $28. If you make more than one late payment within a six-month time frame, you’ll be charged a fee of up to $39.
  • The First Progress Platinum Elite MasterCard® Secured Credit Card doesn’t offer the ability to upgrade to an unsecured card.

Who this card is good for

This card may help you establish a solid credit history. It’s worth considering if you’re new to credit or you’ve had difficulties with credit in the past and want the potential for a higher credit limit than you might get with other secured cards.

But if you can qualify for a different card, there are better credit-building options available. Consider a card that doesn’t charge an annual fee or that comes with perks such as rewards, free FICO® scores or the ability to automatically upgrade to an unsecured card.

Not sure this is the card for you? Consider these alternatives.

If you’re interested in getting a secured card but you’re not sure the First Progress Platinum Elite MasterCard® Secured Credit Card is right for you, check out these options instead.

  • Discover it® Secured Credit Card: This card could be a good choice if you want to earn cash back on purchases you make every day while helping to build your credit.
  • Green Dot primor® Visa® Gold Secured Credit Card: If you plan to carry a balance on your credit card, the Green Dot primor® Visa® Gold Secured Credit Card’s low interest rate may make it a good option.
  • Wells Fargo Secured Card: This card may be a good choice for someone who wants the potential to become eligible for an upgrade to an unsecured card.