The First Progress Platinum Prestige Mastercard® is one of three First Progress secured credit cards. As a secured credit card, it requires a security deposit of at least $200, and up to $2,000.
As no credit inquiry is performed when you apply for this card, it’s a good choice to help you establish your credit history or repair a negative borrowing past. Further helping this process is the fact that your activity on the card will be reported to all three major credit bureaus.
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Quick Review
The First Progress Platinum Prestige Mastercard® Secured card is good for people with no credit history or bad credit, as no credit check is required to apply. However, you will need to already have or to open a bank account with Synovus Bank to get this credit card.
Additionally, a $200 minimum deposit is required, which can be increased up to $2,000 to determine your initial credit limit. The card also requires a $49 annual fee, and comes with an APR of 13.74% (variable).
Given the card’s low APR, we named the First Progress Platinum Prestige Mastercard® credit card among our best credit cards for bad credit.
Among the card’s downsides is that it doesn’t offer rewards or the opportunity to upgrade to an unsecured credit card. While this isn’t a requirement, many secured credit card issuers offer this upgrade route.
First Progress Platinum Prestige Mastercard® Secured Credit Card Important Details
Basic Card Details
- Purchase APR: 13.74% (variable)
- Annual fee: $49
- Credit card issuer: Synovus Bank
- Security Deposit: $200–$2000
- Initial credit limit: $200–$2000 (equal to your security deposit)
Additional Information
- No credit check required for approval
- Potential for credit limit increase
- Security deposit is refundable upon account closure (if balance is paid in full)
- Monthly reporting to credit bureaus (Equifax, Experian, TransUnion)
First Progress Platinum Prestige Mastercard® Secured Credit Card Feature Breakdown
Let’s take a look at some of the key features of the First Progress Platinum Prestige Mastercard®.
Fees
- Annual fee: $49
- Cash advance fee: $10 or 3% of the amount (whichever is greater)
- Foreign transaction fee: 3% of the transaction amount
- Late payment fee: Up to $41
- Returned payment fee: Up to $30
Among the First Progress secured credit cards, this one has the highest annual fee, in exchange for the lowest interest rate. So if you plan on carrying a balance from month to month, this card may be worth the $49 annual fee, as you’ll avoid expensive interest charges.
Given the card’s 3% foreign transaction fee, you may want to consider a different card if you travel frequently.
Interest Rates
- Purchase APR: 13.74% (variable)
- Cash advance APR: 19.24% (variable)
- Minimum interest charge: $1.50
Rewards
One of the major downsides to the First Progress Platinum Prestige Mastercard® is that it doesn’t offer rewards, introductory offers, or welcome bonuses. These features are rare in cards designed for people with bad credit, but they do exist.
Cash Advance
This card allows cash advances (i.e., withdrawing money from an ATM using your credit card), but the cash advance APR is relatively high. You also have to pay a cash advance fee of $10 or 3% of the amount withdrawn.
Credit Reporting
One way this card helps rebuilding or initially building credit is by reporting credit activity to all three major credit bureaus.
Credit reporting is an important part of building or rebuilding credit, as the information voluntarily given to the bureaus is used to update your credit report.
Security Deposit
The First Progress Platinum Prestige Mastercard® is a secured card, meaning it requires a security deposit. The security deposit can be between $200–$2,000, and will allow you a credit limit of equal value.
Note that your security deposit must be paid into a Synovus Bank account, so if you don’t already have one, you’ll need to open one to get the First Progress Platinum Prestige Mastercard®.
When the time comes to close your First Progress Platinum Prestige Mastercard® credit card account, your security deposit will be refunded upon closing if your balance has been paid in full.
Credit Limit
Your initial credit limit on the First Progress Platinum Prestige Mastercard® will be equal to your security deposit, between $200–$2,000.
When you open your account, your available credit will be equivalent to your initial credit limit minus the initial annual fee of $49. For example, if you start with an initial credit limit of $1,000, you’ll initially get $951 of credit.
Credit limit increases
You can increase your credit limit up to a maximum of $5,000. To ask for a credit limit increase, call customer service at (866) 706-5543.
If First Progress approves your request, you’ll need to add funds to your security deposit so your deposit continues to equal your desired credit limit. However, First Progress may allow you to increase your credit limit without providing additional deposit funds, but this is not a guaranteed offer.
Grace Period
The First Progress Platinum Prestige Mastercard® Secured credit card offers 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 won’t accumulate interest. This means you have a possible 25 days of interest-free spending with the First Progress Platinum Prestige Mastercard® Secured credit card.
If you carry a balance from the previous billing cycle, charges during the grace period will accumulate interest at the usual rate.
Credit Score Requirements
There are no credit score requirements to qualify for a First Progress Platinum Prestige Mastercard® credit card. In fact, applying for the card won’t even require a hard inquiry, which can take points off your credit score.
Should You Get the First Progress Platinum Prestige Mastercard® Secured Credit Card?
FinanceJar verdict
A First Progress Platinum Prestige Mastercard® Secured credit card is a good option if you have bad credit or no credit history and plan to carry a balance on your card. The card’s APR of 9.99% is among the lowest available to cardholders with limited or bad credit histories.
However, this card does have a high annual fee of $49 and a minimum security deposit of $200, making it a somewhat expensive account to open. Additionally, it doesn’t offer a path to upgrade to an unsecured card. So if you don’t plan to carry a balance and can accept a higher APR, other secured card options are available with lower annual fees and more benefits.
Who is this card for?
- People with bad credit: The First Progress Platinum Prestige Mastercard® credit card doesn’t require a credit check, making it a good option for people who have bad credit. Even having a discharged bankruptcy on your credit report won’t disqualify you from borrowing with this card.
- People with limited or no credit: As no credit history is required to qualify, this is a good starter card option for new borrowers. Furthermore, the extensive credit bureau reporting will help credit novices build a history fast.
- People who plan to carry a balance: Because this card offers an appealingly low interest rate, it’s a good option if you’re unable to pay your balance in full each month.
Comparable Cards
See how the First Progress Platinum Prestige Mastercard® Secured credit card compares to similar credit card options.
First Progress Platinum Prestige Mastercard® vs. PREMIER Bankcard® Secured Credit Card
Both of these secured credit cards are designed to help new borrowers build credit, or borrowers with negative histories repair their credit.
They both require a security deposit of at least $200, but the PREMIER Bankcard® Secured credit card offers a higher potential credit limit of up to $5000 (based on your deposit). The annual fees for both cards are nearly identical, $49 and $50. However, the APR for the PREMIER Bankcard® Secured credit card is much higher at 19.9%.
Because of the nearly double APR on the PREMIER Bankcard® Secured card, the First Progress Platinum Prestige Mastercard® is a better choice for anyone who regularly carries a balance.
First Progress Platinum Prestige Mastercard® vs. Regions Explore Visa® Credit Card
Once again, both of these secured credit cards are aimed at borrowers who want to build or repair their credit history. The Regions Explore Visa® requires a slightly higher minimum security deposit of $250, but allows for a much higher credit limit of up to $10,000 with a matching security deposit.
The Regions Explore Visa® also offers a lower annual fee of $29, and no foreign transaction fees. However, if you plan to carry a balance on the card, you’ll be faced with an APR of 25.99% (variable), which can easily translate into expensive interest charges.
Perhaps the biggest advantage of the Regions Explore Visa® is that your card has the potential to transition to an unsecured card based on your credit trajectory. If you qualify for this upgrade, your security deposit will be refunded.
First Progress Platinum Prestige Mastercard® vs. First Progress Platinum Elite Mastercard®
First Progress offers several secured credit cards for people who need to build or improve their credit. The cards very closely resemble one another with the primary distinctions being between their annual fees and interest rates.
The First Progress Platinum Prestige Mastercard® has the highest annual fee ($49) and a low APR, making it the better card option for people who can’t pay their full balance each month.
However, if you don’t plan to carry a balance regularly, the First Progress Platinum Elite Mastercard® is the better choice, as it has a lower annual fee of $29.
