Credit Cards » Credit Card Reviews » First Progress Platinum Elite MasterCard® Secured Card Review
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First Progress Platinum Elite MasterCard® Secured Card Review

The First Progress Platinum Elite Mastercard is a secured card. While this doesn’t offer any sign up bonuses or rewards, it can help those with poor credit or no credit history to access credit and build a good credit score.

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

In this Review

While there are a number of secured cards on the market that can help you to rebuild your credit, the First Progress Platinum Elite offers some advantages.  You can open your account with a deposit between $200 and $2,000. The deposit amount will determine your credit limit. So, if your deposit is $200, you’ll have a $200 credit limit.

It is a Mastercard and provides nationwide acceptance. This card is also widely accepted overseas, but a 3% foreign transaction fee does apply.

The First Progress Platinum Elite also reports to all three of the major credit bureaus. Each time you make a monthly payment, it will be reported to Equifax, TransUnion and Experian. This makes it easier to more quickly build your credit.

This is a basic secured card, but you will need to be aware that there are fees and charges that apply to your account. The card has an $29 annual fee that is charged to your card. This means that if you will immediately have a reduced credit limit.

There are also $29 returned payment fees, $40 late payment fees and a 24.99 percent APR for cash advances. Cash advances also incur a 3% or $10 transaction fee, whichever is greater. However, the standard APR is 19.99 variable, which is lower than similar secured cards.

The First Progress Platinum Elite is also a great choice for those who want a quick response. There is no lengthy application process, and First Progress aims to prioritize application speed. Once you’re approved, you just need to provide your security deposit and you can expect to receive your card within three weeks.

First Progress Secured
First Progress Platinum Elite MasterCard® Secured review

On First Progress Secure Website

Rewards Plan

None

Sign up Bonus

None

0% Intro

None

PROS

CONS

APR

19.99%

Annual Fee

$29

Balance Transfer Fee

N/A

Credit Requirements

NoCredit / Bad Credit

Card & Issuer Reputation

  • 3.5/5  on WalletHub customer reviews (+9,300 reviews): WalletHub customer reviews allow customers to post positive, negative, or neutral reviews about marketplace experiences.
  • J.D Power offers the most comprehensive and independent study of customer satisfaction of card issuers . The study aims to help consumers and issuers to understand user opinions and ratings of the largest bands. It covers terms, benefits, services, communication, rewards and more. First Progress wasn't participated in the 2020 study.

J.D. Power U.S. Credit Card Satisfaction Study 2020

Benefits

All financial products have both advantages and possible drawbacks and the First Progress Platinum Elite Mastercard is no exception. Here we’ll examine the pros and cons to help you determine if this is the right choice for you.

The First Progress Platinum Elite is a secured credit card, so the risk to the lender is minimized. 

This means that you won’t need to worry about a lengthy application process. You can apply online and your application will be processed as quickly as possible.

This card is available to anyone regardless of their credit status. 

The application process does not involve a credit check or income verification. This removes the barriers that those with poor or no credit often face when trying to obtain a credit card.

Your credit limit is determined by your deposit, so you can set your own credit limit by providing a larger deposit. Your deposit can be $200 to $2,000, so you can have a credit card with a $2,000 limit.

Unlike some secured and unsecured credit builder cards, the activity on your First Progress Platinum Elite will be reported to all three credit bureaus. This can help you to quickly build up your credit score.

This card is a Mastercard, which is widely accepted across the US and overseas. This makes this a great option for those who enjoy traveling and want the security of a widely accepted card. However, you will need to be prepared to pay a 3% foreign transaction fee.

Drawbacks

The card does have a $29 annual fee. While this is lower than many unsecured credit builder cards, it will still reduce your available credit limit. The fee is charged to your card and you’ll need to pay it off or it will incur interest charges.

In addition to the annual fee, there are other charges that may apply to your account. There is a 3% foreign transaction fee, 3% cash advance fee and up to $40 late payment fees. You may also incur a $29 returned payment fee.

Unlike some credit builder cards, there are no upgrade possibilities with the Platinum Elite Mastercard. This means that once you build up your credit score, you will need to qualify and apply for another card to access better rates and terms.

This is a basic card that offers no rewards. There are no introductory offers or promotional interest deals.

Application Process

You can start the application process online on the First Progress Website. You’ll see there are three platinum credit card options to choose from.

First Progress card application process - 1

Once you click “Apply Now”, you’ll be directed to the secure application form. The first section requires that you provide your name and email address. You’ll also need to confirm that you are a US resident over the age of 18.

First Progress card application process - 2

You will then proceed to the contact details section, where you need to provide your address and phone number. You also need to consent to the company’s Electronic Communications Agreement.

First Progress card application process - 3

The next section involves your financial details. You need to provide details of your estimated monthly income and your monthly expenses. At this stage, you will also need to specify how much of a security deposit you want to provide.

You will also need to provide your date of birth, social security number and set your password.

First Progress card application process - 4

To finalize your application, you’ll need to check the agreements and provide your funding details. This completes your application and you can expect to receive your card within three weeks.

Bottom Line

The First Progress Platinum Elite Mastercard is a secured card that is a great option for those with no credit history or poor credit that are looking for a credit card. This card is a Mastercard, so it is widely accepted across the US and overseas.

It has a quick application process that doesn’t involve a credit check or income verification. You can also set your own credit limit by putting a deposit of $200 to $2,000 down. Your deposit reflects your credit limit.

The card has an average APR, but your account activity is reported to all three major credit bureaus. This makes it ideal for those who have the cash for a deposit, but are struggling to build or establish a good credit rating. Even a small deposit can help you to start building your credit, but be aware that there are fees that can apply to your account.

This means that you will need to be confident that you will be able to make your payments on time every month. However, this will encourage you to develop good financial habits for the future.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.