First Progress Platinum Elite Mastercard® Secured Credit Card Review

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ByGrace Pilling
Edited byBenjamar Gabawa
ByGrace Pilling
Edited byBenjamar Gabawa

Updated: June 11, 2024

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First Progress Platinum Elite Mastercard® Secured Credit Card

APR25.24%
Min. Security Deposit$200
Annual Fee$29.00
Recommended CreditNo Credit History

The First Progress Platinum Elite Mastercard® Secured Credit Card shines for those starting or rebuilding credit. Its flexible credit line, determined by your security deposit, offers unparalleled adaptability in financial management. With no minimum credit score needed, it's exceptionally accessible. The card's highlight is regular reporting to major credit bureaus, ensuring your good spending habits positively impact your credit score. While it lacks rewards and carries an annual fee, its fundamental strength lies in its straightforward approach to credit building. Ideal for anyone seeking a practical tool for credit improvement, this card is an intelligent choice in navigating credit journeys.

First Progress Platinum Elite Mastercard® Secured Credit Card Overview

When selecting a credit card, it's vital to critically evaluate its features, as they can significantly impact your financial health and align differently with individual needs and goals.

  • Regular APR: 25.24% (variable)
  • Deposit required: $200 to $2,000
  • Potential credit limit: $200 to $2,000 (equal to your deposit)
  • Annual fee: $29
  • Rewards rate: None

Important Card Details

In assessing the features of the First Progress Platinum Elite Mastercard® Secured Credit Card, it's essential to consider the benefits and the costs involved. This analysis aims to provide a balanced view of how its unique characteristics, from credit building to security measures, weigh against its fees, shaping its overall value proposition for consumers.

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    Security Deposit

    The First Progress Platinum Elite Mastercard® Secured Credit Card offers a unique advantage by allowing you to choose your credit line, from $200 to $2,000, directly linked to your security deposit. This feature empowers you with flexibility, making aligning the credit limit with your financial comfort zone easier. It’s smart for those who prefer a custom-fit credit limit tailored to their financial situation.

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    Credit Requirements

    One of the most appealing aspects of the First Progress Platinum Elite Mastercard® is its accessibility, especially for those with limited or less-than-perfect credit histories. The card does not require a minimum credit score for approval, positioning itself as an inclusive financial tool. This feature opens doors for many who are starting their credit journey or looking to rebuild their credit. Offering a chance to those whom traditional credit cards might overlook paves the way for more inclusive financial growth and empowerment.

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    Fees

    The First Progress Platinum Elite Mastercard® Secured Credit Card carries an annual fee of $29, a factor to consider in the overall cost of building credit. While fees are commonplace in many secured credit cards, especially those catering to individuals with limited or rebuilding credit, it’s important to weigh this cost against the benefits offered. The fee can be viewed as an investment in your credit-building journey, especially given the card's features like flexible credit limits and credit bureau reporting.

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    Other Perks

    Beyond its accessibility and flexible credit line, this card also reports to all three major credit bureaus. Regular reporting is crucial for building a positive credit history, as it ensures your responsible financial behaviors are recognized and rewarded with potential credit score improvements. Additionally, while maintaining discipline in keeping balances low and making timely payments, cardholders are often rewarded with an increase in their credit score, further enhancing the card's value as a credit-building tool.

How the First Progress Platinum Elite Mastercard® Secured Credit Card Compares

In this comparative analysis, we'll closely examine the features, benefits and potential drawbacks of two popular credit cards, providing insights to determine which aligns best with your financial objectives.

How This Card Compares

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First Progress Platinum Elite Mastercard® Secured Credit Card

  • Regular APR: 25.24% (variable)
  • Deposit required: $200 to $2,000
  • Potential credit limit: $200 to $2,000 (equal to your deposit)
  • Annual fee: $29
  • Rewards rate: None
  • Best for: Individuals seeking to build or rebuild their credit history with a secured credit card who prefer a straightforward approach without the complexity of rewards programs.
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Discover it® Secured Credit Card

  • Regular APR: 28.24% variable APR (see rates and fees)
  • Deposit required: $200 to $2,500
  • Potential credit limit: $200 to $2,500 (equal to your deposit)
  • Annual fee: $0 (see rates and fees)
  • Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter) and % cash back on other purchases matches all your cash back in the first year
  • Best for: Budget-conscious individuals aiming to build credit while earning cash back on daily expenses, especially at gas stations and restaurants, with a bonus of matched cash back in the first year.

About Grace Pilling


Grace Pilling headshot

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.


*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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