First Progress Platinum Prestige Mastercard Secured Credit Card Review

The First Progress Platinum Prestige Mastercard Secured Credit Card is one of three cards offered by First Progress. The card appeals to those with bad credit or no credit at all because it doesn’t require a credit score to qualify. Instead, the First Progress Platinum Prestige Mastercard Secured Credit Card uses a security deposit to establish your account and set your credit limit.

The First Progress Platinum Prestige Mastercard Secured Credit Card comes with a $49 annual fee. In return, you’ll get an affordable 9.99% APR on purchases and 18.99% APR for cash advances. Plus, the card is accepted nationwide anywhere Mastercard is. For more information, read our First Progress Platinum Prestige Mastercard Secured Credit Card review below.

What is the First Progress Platinum Prestige Mastercard Secured Credit Card?

The First Progress Platinum Prestige Mastercard Secured Credit Card is one of three secured credit cards issued by First Progress. Each card comes with different annual fees and APRs. However, they all work differently than a traditional credit card because they don’t require a credit check. You can have bad credit or no credit at all and still qualify. The First Progress Platinum Prestige Mastercard Secured Credit Card is the top tier card. It has the highest annual fee of $49, but comes with the lowest purchase APR of 9.99%. The APR for cash advances is 18.99%. There are no other hidden fees to be aware of, such as program fees or one-time fees. This makes the First Progress Platinum Prestige Mastercard Secured Credit Card an excellent option for rebuilding bad credit or establishing credit from scratch if you have none.

Unlike other credit cards, the First Progress Platinum Prestige Mastercard Secured Credit Card uses a security deposit to determine your credit limit. You can put down anywhere from $200 and $2,000. Your available credit will be the amount of money you put down minus the $49 annual fee. The card can be used by someone who is new to credit and just starting out. It can also be used by someone who is looking to repair damaged past credit. It’s completely versatile and affordable. A good credit score is needed for just about everything in modern life, including housing, auto loans, and even employment securement. The First Progress Platinum Prestige Mastercard Secured Credit Card is an easy way to get you where you need to be without breaking the bank.

What Does It Offer?

The First Progress Platinum Prestige Mastercard Secured Credit Card offers a low APR of 9.99% for purchases and 18.99% for cash advances. It also offers an opportunity to boost your credit score before the card reports to all three major credit reporting agencies. This means that everytime you make a payment on time, it will be recorded on your credit report. Over time, this activity will help improve your score. On the other hand, any late payments will also be recorded. This can negatively impact your credit score. The key is to keep your payments low and affordable so that you can make payments on time every month. You can also avoid paying interest if you pay on time every month.

Here are some highlights of the card’s key features:

  • You do not need to have good credit or any credit at all to qualify
  • Your security deposit acts as your credit limit and can range from $200 to $2,000
  • Annual fee: $49
  • 9.99% APR for purchases and 18.99% for cash advances
  • Cash advance fee: $10 or 3% of the amount, whichever is more
  • Foreign transaction fee: 3% of the amount
  • Returned payment fee: up to $29
  • Late payment fee: up to $40

How Does It Work?

The First Progress Platinum Prestige Mastercard Secured Credit Card works by securing your line of credit with a security deposit instead of basing your creditworthiness on your credit score. Your security deposit will also act as your credit limit. It can be anywhere from $200 to $2000. You can ask to have your account reviewed if you wish to gain a higher credit limit. First Progress requires you to send in the payment for the difference in your credit limit if you are approved. Your initial available credit limit will be the amount you put down minus the $49 annual fee. For example, if you put $200 down for your security deposit, then your credit limit will be $151.

First Progress states that you must make sure the following has occurred before you get your security deposit back:

  • It has been at least 10 weeks since your account was closed and all unexpired cards are returned to them
  • You have paid all amounts owed to First Progress on your account in full
  • First Progress receives all unexpired cards from you cut in half

First Progress may withhold any of your security deposit if you do not meet any of these requirements or own them money. If the account is closed either by you or First Progress, you can ask to have your security deposit applied to any outstanding balances you may have. You can do this by sending in a written request to PO Box 9053, Johnson City, TN 37615-9053. The request will be honored 10 days after receiving your letter. If you have any money leftover in your account, then it will be refunded to you.

The daily balance for cash advances is calculated by taking the beginning cash advance balance for each day, including unpaid fees and interest. Then, add new cash advances and fees as well as any interest accrued on the previous day’s balance. Finally, subtract any new payments or credits. The total interest for the billing cycle is the total amount of daily interest charges for each balance type for each day. You will see a balance subject to interest rate listed on your billing statement for each balance type. The balance subject to interest rate is the average of all daily balances of a given billing cycle. This can be calculated by taking the sum and dividing the number of days in the billing cycle.

The First Progress Platinum Prestige Mastercard Secured Credit Card doesn’t have any hidden fees. However, you’ll want to avoid the late fee of $40 by making each payment on time. They will also charge you a returned payment fee of up to $29. Other fees include a billing statement copy fee of $1.00 for each additional copy and an expedited telephone payment fee of $10. However, these fees are normal for most credit cards. There is no program fee or reinstatement fee. There are also no one-time fees associated with this card.

First Progress Platinum Prestige Mastercard Secured Credit Card: Pros and Cons

Like all First Progress cards, the Platinum Prestige Mastercard Secured Credit Card is an excellent option for all uses. It can be used as a tool to boost bad credit or it can help you establish credit if you have none. However, of the three cards, the Platinum Prestige Mastercard Secured Credit Card is the best value. It does not require a credit score or credit history, and it has the lowest APR of all three choices. You will have to pay a higher annual fee, but it’s much lower than most cards that appeal to those with bad credit. Overall, the First Progress Platinum Prestige Mastercard Secured Credit Card is the ideal package.

You’ll enjoy that your activity is reported to all three credit reporting bureaus and not just one or two. This ensures accuracy between all of your credit reports. You’ll also like that the purchase APR of 9.99% is one of the most competitive on the market for bad or no credit. Your security deposit acts as your credit limit, which means that you are in charge of your account. However, this card (and all First Progress cards) comes with a $5,000 credit limit. If you need better terms, including a lower APR and a higher credit limit, then you’ll want to look elsewhere. But you’ll need to have a good credit score to secure better rates.

Here are some other pros and cons of the First Progress Platinum Prestige Mastercard Secured Credit Card to consider:

PROS

  • You have control over your account and credit limit by deciding how much of a security deposit to put down
  • Your security deposit will be returned to you after you close your account and there are no pending charges
  • The card reports your activity to all three major credit reporting agencies and not just one
  • Your security deposit doubles as your credit limit and can range from $200 to $2,000
  • You can avoid paying interest by making each payment on time every month
  • You can apply and get approved if you have bad credit or no credit at all
  • California residents can apply for a separate account from their spouses
  • Better rates and terms than most credit cards for bad credit or no credit
  • Low APR of 9.99% for purchases and 18.99% for cash advances
  • Members under the age of 21 can have a cosigner

CONS

  • The maximum credit limit you can have is capped at $5,000. This is to ensure that you’ll be able to make timely payments and boost your credit. If you have good credit and you need a card with a higher credit limit, then you may want to look elsewhere.
  • The card must be used for personal purchases only, such as household or family purchases. It cannot be used for business items. Check elsewhere if you need a card that can help you establish good business credit.
  • Late payments will cost you up to $40 while returned payments can be up to $29. This is a good way to motivate yourself to stay on track so that you avoid these fees.
  • The card is not available in New York, Arkansas, or Wisconsin. You will need an active bank account to qualify.

Your security deposit is returned to you after you close your account. There must be no outstanding balances on your account in order for your money to be refunded to you. If you have any pending payments, then you can use your security deposit to pay them. The Platinum Prestige Mastercard Secured Credit Card is the highest tier card in the three-card lineup offered by First Progress. At $49 per year and with no other hidden fees, it would be hard to find another card with better terms that also reports to all three credit reporting bureaus. This card is not ideal if you need to use it for major purchases. However, if you use it wisely, then the First Progress Platinum Prestige Mastercard Secured Credit Card is an excellent tool for boosting your credit with minimal fees.

How To Apply

You can apply for the First Progress Platinum Prestige Mastercard Secured Credit Card by visiting www.firstprogress.com. You will need to enter your personal information, including your name, address, contact details, and more. To qualify, you must be 18 years old (19 years old in Nebraska and Alabama). You must also have a valid social security number and be a resident of the United States.

First Progress states that you can only use your card for personal reasons, such as family and household purchases. You cannot use this card as a business card. You also cannot use it for gambling purchases. You need to have a valid bank account to make monthly payments on this card.

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