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Home Credit Cards Reviews First Progress Platinum Elite Mastercard® Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card 2025 Review

Written by Kari Dearie

Reviewed by Robert Jellison

Mar 25, 2022

Fresh advice you can trust

We promise to always deliver the best financial advice that we can. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Learn more about how we make money.

Table of Contents

  1. Quick Review
  2. First Progress Platinum Elite Mastercard® Secured Credit Card Important Details
  3. First Progress Platinum Elite Mastercard® Secured Credit Card Feature Breakdown
  4. Should You Get the First Progress Platinum Elite Mastercard® Secured Credit Card?
  5. Comparable Cards

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.

First Progress Platinum Elite MasterCard® Secured Credit Card

First Progress Platinum Elite Mastercard Secured credit card Apply Now

on First Progress' secure site

Rates & Fees
4.0
Annual Fee

$29

Credit Score

300–669

Deposit

$200–$2,000

Purchase APR

23.74% (variable)

At a Glance

The First Progress Platinum Elite Mastercard® Secured credit card is a credit-building card available to borrowers with bad credit or limited credit history.

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.

Pros:

  • Free FICO credit scores
  • Credit monitoring service from Experian
  • Limited credit or bad credit can qualify
  • Reports to all three credit bureaus

Cons:

  • $29 annual fee
  • You need to open a qualifying Synovus Bank account
  • Security deposit required
  • No automatic upgrade to an unsecured credit card
  • Foreign transaction fee

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).

You won’t get a hard inquiry when you apply for the First Progress Platinum Elite Mastercard® Secured credit card

Because there are no credit scoring requirements for the card, Synovus Bank won’t perform a hard inquiry, which can take points off your credit score. There may, however, be a soft credit inquiry, or you may need to provide other identification to open your account if you don’t have any credit history.

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.

Capital One® Platinum Secured Credit Card

Capital One Platinum credit card Apply Now

on Capital One's secure website

Rates & Fees
4.2
Rating Breakdown
Fees
5.0

The card boasts no annual fee, no foreign transaction fees, and standard fees for functions like cash advances.

APR
2.6

The card has a relatively high purchase APR, making it expensive to carry a balance on.

Rewards
1.0

Unfortunately, there are no cashback rewards on the Capital One® Platinum Secured.

Credit Reporting
5.0

Capital One reports to the three major credit bureaus, making this card a good option for building credit.

Security Deposit
4.6

This card has one of the best security deposit offers available, as you actually can put less money down then you get as a credit limit.

Other

We manually adjusted the card’s rating for factors like free credit scores and a fully refundable security deposit.

Our FinanceJar Star Rating represents an objective and unbiased evaluation of this card, without influence from advertisers and affiliates. Our scores are generated by a rubric and our reviews adhere to a strict editorial process. Learn more about how we rate credit cards.

Annual Fee

$0

Credit Score

300–669

Deposit

$49–$200

Purchase APR

26.49% (variable)

At a Glance

The Capital One® Platinum Secured is an affordable credit card for building credit. It offers a flexible security deposit of $49, $99, or $200 in exchange for a minimum initial credit limit of $200. It doesn’t charge annual fees or foreign transaction fees.

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.

Discover it® Secured Credit Card

Discover It secured credit card Apply Now

on Discover's secure site

Rates & Fees
4.8
Rating Breakdown
Fees
4.9

No annual fee and no foreign transaction fees score this card a high rating in the fees department.

APR
2.7

Carrying a balance could get costly on this card, given the high purchase APR.

Rewards
4.4

Considering it’s a secured card, the Discover it® Secured offers impressive rewards and even a cashback welcome bonus.

Credit Reporting
5.0

Discover reports to the major credit bureaus, which can help you build your credit.

Security Deposit
4.0

The minimum and maximum security deposit allow a good range of flexibility for you to determine your credit limit.

Other

We adjusted for factors like free credit scores and a fully refundable security deposit.

Our FinanceJar Star Rating represents an objective and unbiased evaluation of this card, without influence from advertisers and affiliates. Our scores are generated by a rubric and our reviews adhere to a strict editorial process. Learn more about how we rate credit cards.

Annual Fee

$0

Credit Score

300–669

Deposit

$200–$2,500

Purchase APR

25.99% (variable)

At a Glance

The Discover it® Secured is one of the best credit cards for borrowers with poor credit or no credit history. Unlike most credit cards in this range, it offers cashback rewards, a welcome bonus, and no annual fee.

Rewards

  • Welcome Bonus

    Cashback Match earns you a dollar-for-dollar match on your first-year rewards

  • Gas & Restaurants

    2% cash back up to $1,000 in combined spending each quarter

  • Everything Else

    1% cash back on all eligible purchases

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.

OpenSky® Secured Visa®

OpenSky Secured Visa credit card Apply Now

on OpenSky's secure site

Rates & Fees
4.0
Rating Breakdown
Fees
4.6

The OpenSky® Secured Visa® does well in the fees category thanks to the low annual fees.

APR
3.3

The OpenSky® Secured Visa® has reasonable interest rates on purchases and cash advances, especially compared to other cards for this credit range.

Rewards
1.0

Because this card doesn’t give you any returns for your spending, it gets the lowest possible score in the rewards category.

Credit Reporting
5.0

The OpenSky® Secured Visa® reports to all three credit bureaus, so it gets top marks for credit reporting.

Security Deposit
4.0

The OpenSky® Secured Visa® allows you to put down as little as $200 or as much as $3,000, so there’s a reasonable amount of flexibility about how much security deposit you pay (and credit limit you get in return).

Other

We bumped up the score a bit for this card because of its good accessibility, since it has high approval odds and is available to borrowers with no credit history.

Our FinanceJar Star Rating represents an objective and unbiased evaluation of this card, without influence from advertisers and affiliates. Our scores are generated by a rubric and our reviews adhere to a strict editorial process. Learn more about how we rate credit cards.

Annual Fee

$35

Credit Score

300–669

Deposit

$200–$3,000

Purchase APR

21.14% (variable)

At a Glance

The OpenSky® Secured Visa® is​​ a less expensive option than many other credit cards for bad credit holders or new borrowers. However, it requires a security deposit and a $35 annual fee. On the plus side, it doesn't require a credit check to qualify.

How we rate our credit cards

Applying for a new credit card is a big decision. That's why FinanceJar's card experts carefully studied the following details of the First Progress Platinum Elite Mastercard® Secured credit card to determine whether or not it's a good choice:

  • Security Deposit
  • Credit Limit
  • Fees
  • Interest Rates
  • Approval Odds
  • Benefits

These factors, among many others, are part of our 5-star credit card rating methodology for all card categories. Our star ratings are unbiased and independent of our affiliates and advertisers.

Kari Dearie

Credit Cards Editor

View Author

Kari Dearie is an editor for FinanceJar specializing in credit and personal finance. She previously managed a B2B website in the data privacy and digital compliance industry.

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