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The First Progress Platinum Elite Mastercard® is a secured credit card, meaning it requires a security deposit. Its high approval odds, relatively low fees, and flexible credit limit make it a decent credit card option for bad-credit or no-credit borrowers.
Quick Review
The First Progress Platinum Elite Mastercard® Secured credit card is issued by Synovus Bank and is one of three First Progress secured credit cards. It’s a good card for borrowers with poor or no credit, as you can expect fast approval (even if you have a discharged bankruptcy), no credit check, and credit reporting and monitoring to help build credit fast.
The First Progress Platinum Elite Mastercard® is a secured credit card in which your security deposit is equal to your credit limit. You can get an initial credit limit of $200–$2,000 (although you may be able to increase this to as much as $5,000 over time).
The two biggest downsides of the First Progress Platinum Elite Mastercard® are that you need to open a Synovus Bank account to open the card, and that there’s a $29 annual fee. Remember, this fee is in addition to the security deposit required to borrow through any secured credit card.
The credit card fees are reasonable, but there are also no rewards. While this card is a decent option for less-than-desirable credit card applicants, there are potentially better credit cards for bad credit and credit cards for no credit.
First Progress Platinum Elite Mastercard® Secured Credit Card Important Details
Basic card details
- Credit card issuer: Synovus Bank
- Card type: Secured
- Annual fees: $29
- APR: 23.74% (variable)
- Security deposit: $200–$2,000
- Initial credit limit: $200–$2,000
- Maximum credit limit: $5,000
- Grace period: 25 days
Additional information
- No rewards
- Reports monthly to major credit card bureaus (TransUnion, Experian, Equifax)
- Free real-time access to your credit score and credit monitoring service from Experian
- 3% foreign transaction fee
- Synovus account required
- No credit history or minimum credit score required (and no credit inquiry for application)
- 24/7 online account access, plus mobile app
- No liability for unauthorized purchases
First Progress Platinum Elite Mastercard® Secured Credit Card Feature Breakdown
Let’s look at some of the most notable features of the First Progress Platinum Elite Mastercard® Secured credit card.
Fees
Here’s a breakdown of First Progress Platinum Elite Mastercard® Secured credit card fees:
- Annual fee: $29
- Foreign transaction fee: 3%
- Cash advance fee: $10 or 3% of the amount of each cash advance (whichever is greater)
- Late fee: Up to $41
There’s also a fee if you want your card application processed faster, but this is optional.
These fees are fairly low, especially compared to many secured credit cards, which charge more money to compensate for the risk of lending to bad-credit and no-credit borrowers. Additionally, there are no monthly, maintenance, or processing fees.
Interest Rates
Here are the interest rates you’ll be subject to when borrowing with a First Progress Platinum Elite Mastercard® Secured credit card:
- APR: 23.74% (variable)
- APR for cash advances: 24.99%
- Minimum interest charge: $1.50
The APR is on par with, if not slightly higher than, the average APR of secured credit cards. Secured cards tend to have higher APR to mitigate the risk of lending to new borrowers or borrowers with a bad history.
The cash advance APR on this card is high, so avoid withdrawing money from an ATM using the First Progress Platinum Elite Mastercard® Secured card in order to avoid high interest charges.
Rewards
None of the First Progress secured credit cards offer rewards, promotions, or bonuses. Note that rewards are less common in credit cards for no credit or bad credit, but some lenders still offer them.
Cash Advance
You can take out a cash advance (i.e., use your card at an ATM to take out cash) with a First Progress Platinum Elite Mastercard® Secured credit card, but beware of fees and interest. You’ll pay 24.99% APR plus a fee of $10 or 3% of the transaction amount (whichever is higher) on each cash advance.
Security Deposit
The First Progress Platinum Elite Mastercard® Secured credit card requires a minimum security deposit of $200. Your credit limit will be equal to your deposit, and you can choose to put down any amount between $200–$2,000.
Your deposit is paid into a Synovus Bank account. If you don’t already have an account, you’ll need to open one to get your First Progress secured card.
Your security deposit will be refunded when you close your credit card account and your balance is paid in full.
Credit Limit
Your credit limit is based on the amount you pay as your security deposit. Your initial credit limit can be between $200 and $2,000.
When you open your First Progress Platinum Elite Mastercard® Secured credit card account, your available credit will be equivalent to your initial credit limit minus the initial annual fee charge of $29. For example, if you start with an initial credit limit of $1,000, you would initially get $971 of available credit.
Credit limit increase
To ask First Progress for a credit limit increase, you can call customer service at (866) 706-5543.
Grace Period
The First Progress Platinum Elite Mastercard® Secured credit card gives you a 25-day grace period, beginning on the first day of the new billing cycle.
If you pay your bill in full by the due date, purchases you make during the grace period (the first 25 days of the billing cycle) will not accumulate interest. If you carry a balance from the previous billing cycle, charges in the grace period will accumulate interest.
Credit Reporting
The First Progress Platinum Elite Mastercard® Secured credit card is aimed at people with bad credit or a limited borrowing history. To help cardholders build or repair their credit, Synovus Bank reports credit activity to all three major credit bureaus.
Credit reporting provides important information to the bureaus, which will be used to update your credit score.
Credit Building
To better help people build or repair their credit with the First Progress Platinum Elite Mastercard® Secured credit card, First Progress offers apps and digital services for managing credit and finances:
- You can use the First Progress app to manage your account wherever, whenever (e.g., to pay your bill, check your balance, and view your transactions).
- You get free real-time access to your credit score.
- You get Experian credit monitoring (which helps you prevent identity theft and keep an eye on any changes to your credit report).
Application and Approval
First Progress secured credit cards have a quick and simple online application process, and you’re unlikely to be rejected—even if you’ve declared bankruptcy in the past.
How to apply
You can apply for First Progress Secured Credit Cards online. Applications usually take about 7 to 10 business days to review and accept. If you want your application processed in 3 to 5 business days, you can pay $19.95 to speed up processing.
You can check the status of your First Progress application online or call customer service for an update.
Customer Service
- Phone number: (866) 706-5543
- Mailing address:
First Progress Card
P.O. Box 9053
Johnson City, TN 37615-9053
Should You Get the First Progress Platinum Elite Mastercard® Secured Credit Card?
FinanceJar verdict
If you have a limited or poor credit history, the First Progress Platinum Elite Mastercard® Secured credit card is a good way to manage your finances and build credit. The fees are low, there’s no hard inquiry or credit score requirements, and you get free access to digital tools that will help you on your way to healthier finances and a better credit score.
However, opening and using a First Progress Platinum Elite Mastercard® Secured credit card requires a Synovus Bank account, a security deposit, and an annual fee.
Who is this card for?
- Students: The First Progress Platinum Elite Mastercard® Secured credit card is a good option for students with new credit histories, as even completely new borrowers can get approved. Plus, its comprehensive credit reporting can help build credit quickly.
- Credit builders: In today’s world, a low credit score can make many aspects of life more difficult, from renting an apartment to getting a loan. The First Progress Platinum Elite Mastercard® Secured credit card is designed for improving credit with minimal fees. It reports to all three credit bureaus—so you can build credit quickly—and provides tools for managing and monitoring your account and reviewing your credit report.
- People who were formerly incarcerated: The First Progress Platinum Elite Mastercard® Secured credit card is a good financial resource for formerly incarcerated individuals who need to rebuild their credit. With high approval rates and low fees, it’s a great credit card for anyone who wants a fresh financial start.
Comparable Cards
To determine whether the First Progress Platinum Elite Mastercard® Secured credit card is right for you, take a look at how it measures up against other secured credit cards on the market.
First Progress Platinum Elite Mastercard® Secured Credit Card vs. Capital One Platinum Secured Credit Card
Both the Capital One Platinum Secured Credit Card and the First Progress Platinum Elite Mastercard® Secured credit card:
- Are available to people with no credit history or bad credit scores.
- Report to all three credit bureaus.
- Allow you to check your credit score for free (although Capital One will give you your VantageScore, whereas First Progress will give you your FICO score).
This makes both cards great for building credit. However, there are a few differences. The Capital One Platinum Secured credit card offers:
- A lower minimum security deposit of $49
- No annual fee
- No foreign transaction fees
However, the Capital One Platinum Secured only offers a credit limit up to $1,000, half of the initial limit allowed by the First Progress Platinum Elite Mastercard® Secured card. Furthermore, the Capital One Platinum Secured card has a higher APR of 26.49% (variable).
If you use your Capital One Platinum Secured Credit Card responsibly and make payments on time, you could earn back your deposit and upgrade to an unsecured Platinum card. If finances are tight at the moment, the low security deposit and lack of annual fees make the Capital One Platinum Secured card a slightly better choice.
First Progress Platinum Elite Mastercard® Secured Credit Card vs. Discover it® Secured Credit Card
Both the First Progress Platinum Elite Mastercard® Secured Credit Card and the Discover it® Secured Credit Card:
- Are available to people with no credit history.
- Report to all three credit bureaus.
- Give you access to your FICO credit score.
One of the main disadvantages of the Discover it® Secured card is that Discover will perform a credit check when you apply for the card. Although you’ll likely get approved with limited credit history, you may be rejected if you have certain major negative marks on your credit report.
The Discover it® Secured credit card has some advantages that First Progress’s secured credit cards don’t offer, including:
- Cashback rewards
- No annual fee
- No foreign transaction fees (although Mastercard® is still potentially better for international use than Discover® because the Mastercard® network is more extensive)
- Automatic upgrade to an unsecured card
While borrowers with particularly negative credit histories may not qualify, we recommend considering the Discover It® Secured credit card card over the First Progress Platinum Elite Mastercard® Secured credit card.
First Progress Platinum Elite Mastercard® Secured Credit Card vs. OpenSky® Secured Visa® Credit Card
The First Progress Platinum Elite Mastercard® Secured credit card and the OpenSky® Secured Visa® credit card share the following features:
- They don’t require a credit check.
- They charge a modest annual fee ($35 for the Opensky Secured Visa®).
- They charge a 3% foreign transaction fee.
- They offer no rewards.
- They don’t let you upgrade to an unsecured account.
Some advantages of the OpenSky® Secured Visa® are that it gives you flexible due dates for your repayments and a slightly lower APR of 21.14% (variable) than the First Progress Platinum Elite Mastercard® Secured Credit Card. Also, whereas First Progress requires you to have a Synovus Bank Account, the OpenSky® Secured credit card doesn’t even require you to have a checking account to get the card.
If you already have a Synovus account and don’t plan on carrying a balance that could accrue interest, then you might prefer the slightly lower annual fee of the First Progress Platinum Elite Mastercard® Secured credit card.
