First Progress Platinum Prestige Mastercard Secured Credit Card

First Progress Platinum Prestige Review Highlights

Hefty annual fee

There are 40+ secured credit cards, including two others from First Progress, that have lower annual fees than the $49 assessed by the First Progress Platinum Prestige Mastercard. And since fixed costs are one of the two biggest things to consider when comparing secured cards, along with your approval odds, you shouldn’t waste much time on First Progress Platinum Prestige.

Low regular APR

The First Progress Prestige Credit Card has one of the lowest APRs among secured cards. But aside from the fact that lower rates are available, carrying a balance from month to month with a secured card is just a bad idea. It basically amounts to paying interest on a loan you’ve given yourself. You can’t spend more than the amount of your refundable deposit, after all.

$200 minimum deposit

To be considered for the First Progress Platinum Prestige Secured Mastercard, you must place a refundable $200 deposit at the time you apply. If you don’t get approved, you’ll immediately get the money back, so that stipulation isn’t a big deal. More concerning, however, is the fact that you’ll have to get First Progress’s permission to add to your deposit in the future. That makes it harder to increase your available credit, decrease your credit utilization, and expedite credit improvement.

Lenient approval requirements, but geography could be a problem

You don’t need a certain credit score – or any credit history, for that matter – to get approved for the First Progress Platinum Prestige Mastercard Secured Credit Card. You just have to be at least 18 years old (19 in Alabama and Nebraska) with a valid Social Security number and no prior history as a First Progress cardholder. You also can’t live in New York, Wisconsin, Iowa, or Arkansas, as First Progress does not operate there.