First Progress Platinum Select Mastercard® Secured Credit Card review

First Progress Platinum Select Mastercard® Secured Credit Card review

Updated October 16, 2024

This date may not reflect recent changes in individual terms.

Written by: Clint Proctor

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What you need to know about the First Progress Platinum Select Mastercard® Secured Credit Card

Potentially easy to qualify for

First Progress says that there’s no minimum credit requirement to apply for the First Progress Platinum Select Mastercard® Secured Credit Card. It doesn’t require a credit history either.

This card is designed to help consumers who are looking to establish or rebuild their credit history. And these relaxed requirements mean that consumers with bad or no credit might have a good chance of qualifying for the First Progress Platinum Select Mastercard® Secured Credit Card.

Credit limit will be equal to your deposit

Secured credit cards require you to make a cash deposit to secure your account, which acts as collateral against your credit line. If you don’t make payments, then the card company can use your security deposit to pay your debt. So the security deposit helps to offset risk for the card issuer, which is why most secured credit cards can have lower credit requirements than unsecured credit cards.

With the First Progress Platinum Select Mastercard® Secured Credit Card, you’ll need to make a minimum security deposit of $200, which is refundable. You can make a larger deposit if you choose, at a minimum of $200 and a maximum of $2,000. But no matter what size deposit you make, your credit limit will be equal to your deposit. One other thing to note: First Progress will deduct your $39 annual fee from your initial credit line. So if your deposit is $200, your initial available credit would be $161 until you pay off the $39.

Reports to the three major credit bureaus

Even though it requires a cash deposit, the First Progress Platinum Select Mastercard® Secured Credit Card is a true revolving line of credit. And your card activity will be reported to all three major credit bureaus. So if you use the card carefully and make consistent on-time payments, it can have a positive effect on your credit scores.

One thing to note: Your credit utilization rate, which is the amount of money you’ve borrowed divided by the total credit available to you, can deeply affect your credit scores. The rule of thumb is to try and keep your utilization rate below 30%, but that can be hard to do if you have a low credit limit — especially if you get hit with an annual fee right out of the gate.

Over time, First Progress may choose to increase your credit limit without requiring an additional deposit. Just keep in mind that if First Progress does increase your limit that the maximum you can obtain is $5,000.

Can’t graduate to a fully unsecured card

Some secured credit cards will offer the option to graduate cardholders to unsecured versions of their cards after they’ve made a certain number of on-time payments.

But the First Progress Platinum Select Mastercard® Secured Credit Card doesn’t offer the option to get your “refundable” deposit back without closing your account, sending the issuer your cards and paying off your balance in full. 

You can ask First Progress to bump up your credit limit at any time. But it makes no promises about approval. This is definitely an area where the First Progress Platinum Select Mastercard® Secured Credit Card falls short.

Annual fee and APR

The First Progress Platinum Select Mastercard® Secured Credit Card has a $39 annual fee and a variable 18.24% purchase APR. That’s not bad, as far as interest rates go, but it’s better not to carry a balance at all if possible.

Annual fees can be worth it with unsecured cards that offer a lot of rewards. But that’s not the case here. If you can qualify for a secured card that doesn’t charge any annual fee, that would probably be a better move.

What else you need to know about the First Progress Platinum Select Mastercard® Secured Credit Card

• Penalty fees — This card’s late payment fee is up to $41, and its returned payment fee is up to $30.
• Transaction fees — With this card, a cash advance will cost you 3% (minimum $10) of the amount transferred (whichever is greater), and you’ll be charged a 3% fee for foreign transactions.

Who this card is good for

The First Progress Platinum Select Mastercard® Secured Credit Card may be a good fit for someone who wants the combination of relaxed credit requirements and a moderate variable purchase APR. You should try to avoid carrying a balance, but if that’s not possible, the First Progress Platinum Select Mastercard® Secured Credit Card could save you money over other secured credit cards that charge higher purchase APRs.

But if you plan to pay your bill off in full every month, there are better secured credit card options. Deciding on the right one for you depends on your needs.

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

• Capital One Platinum Secured Credit Card: For those who are looking for a low deposit and an accelerated graduation process, this could be a great choice. Read more reviews of the Capital One Platinum Secured Credit Card.
• OpenSky® Secured Visa® Credit Card: If you’re looking for a secured card that doesn’t check your credit as part of the application process, this could be the card for you. Read more reviews of the OpenSky® Secured Visa® Credit Card.

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