First Progress Platinum Prestige Mastercard® Secured Credit Card Review 2024

As a secured card the First Progress Platinum Prestige Mastercard® Secured Credit Card requires a refundable deposit between $200 and $2,000 to establish a credit line. This security deposit acts as collateral and protects the bank against default. Your deposit also determines your credit line. However, your annual fee is immediately applied to your balance. So if you deposit $200, you will only have $151 in available credit once the $49 annual fee is applied. It’s worth noting that due to high-cost loan disclosure requirements, you can open an account with $200, but if you want to increase your credit limit, you must deposit at least an additional $150. Deposits between $201 and $349 cannot be accepted.

The card’s below average 15.24% variable APR is nice, but like many cards for rebuilding credit there are no major benefits. The card does earn minimal rewards of 1% cash back on payments. Since rewards are earned through payments, this is a good incentive to pay your statement in full.

The First Progress family of credit cards are all designed for those with bad credit to help them start rebuilding. The card presents an expensive option for those needing to rebuild credit from rock bottom, since it requires both a deposit and an annual fee. And unlike some other secured cards, it doesn’t offer a path to graduate to an unsecured card and out of an annual fee.

Rebuilding credit after a devastating hit can be a challenge, but with responsible use and careful financial planning, you can improve your credit. For more, check out our guide on rebuilding credit and the best credit cards for rebuilding credit.

• $49 annual fee
• This card does not offer a welcome bonus.
• Earn 1% cash back on payments.
• Rebuild credit even with a past bankruptcy or bad credit
• Low standard APR compared to other credit cards

If you’re trying to rebuild your credit after a bankruptcy, the First Progress Platinum Prestige Mastercard® Secured Credit Card is an option since it’s designed for those with poor, limited or no credit. Secured credit cards are also a tool to practice the management of credit card spending.

Earning Rewards

The First Progress Platinum Prestige Mastercard® Secured Credit Card does not earn rewards in the traditional sense of a rewards credit card. Instead, you’ll earn 1% cash back on payments. At the end of each billing cycle, you earn one reward point for every dollar of payment, and payments are rounded up to the nearest dollar. For example, a $99.24 payment would be rounded up to 100 points.

Redeeming Rewards

Rewards points can be redeemed once you’ve accumulated 500 points which is equal to a $5 statement credit you can apply to your balance. There is no limit to how many rewards points you can redeem per billing cycle. You can redeem rewards points through your account, via the website or app, or by calling the number on the back of your card.

Rewards Potential

Since the First Progress Platinum is a secured card with a limited credit line, your earning potential is capped by your credit limit. If a cardholder deposited the full amount of $2,000, spent their entire available limit and paid the balance off each month, they would earn 24,000 points, good for 48 $5 statement credits or $240. However, if your security deposit is $200, you would earn a maximum of four $5 statements over a year’s time, or $20.

Keep in mind it is both unlikely and unwise to spend your entire available credit limit each month. To build your credit, it’s important to keep your credit utilization low. Many experts recommend staying below 30% utilization if possible. While this may not be possible, it is likely that your maximum rewards would be half of the numbers represented above.

While the rewards are a nice perk, this card is not designed to generate big returns. Focus on spending within your means. On-time payment will do more to rebuild your credit than anything else. Any rewards that come as a result will be a nice bonus.

• Mobile and online banking. Convenience of the click with alerts and account monitoring via phone or computer.
• Platinum Mastercard benefits. As a Mastercard, you’ll get some basic card benefits including ID theft protection, liability protection and global assistance.

Interest Rates

• Regular APR: 15.24% (Variable)
• Purchase intro APR: N/A
• Balance transfer intro APR: N/A

Fees

• Annual fee: $49
• Balance transfer fee: See Terms
• Foreign purchase transaction fee: 3% of the amount of each transaction

First Progress Platinum Prestige Mastercard® Secured Credit Card vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card is one of the best secured cards available today. Not only does the Discover it® Secured Credit Card offer rewards, it matches those rewards during the first year as part of its welcome bonus: Unlimited Cashback Match™ - Discover will automatically match all the cash back earned at the end of the first year.

The Discover it® Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. Like the First Progress Platinum Prestige Mastercard® Secured Credit Card, the Discover it® Secured Credit Card requires a deposit and offers few extra benefits. But Discover will begin automatically reviewing your account at seven months to see if you qualify for an upgrade to an unsecured card and get your security deposit back.

First Progress Platinum Prestige Mastercard® Secured Credit Card vs. Petal® 1 “No Annual Fee” Visa® Credit Card*

The unsecured Petal® 1 “No Annual Fee” Visa® Credit Card*, issued by WebBank, offers an alternative to secured cards. A “cash score” may be used to evaluate creditworthiness so it may make sense for those who have less-than-perfect credit but may have a solid banking history and make on-time payments elsewhere.

The Petal® 1 “No Annual Fee” Visa® Credit Card* offers select-vendor rewards, but these are geographically limited. But without requiring a security deposit, the Petal may provide a more affordable option for those looking to rebuild credit.

First Progress Platinum Prestige Mastercard® Secured Credit Card vs. U.S. Bank Cash+® Secured Visa® Card*

Another solid secured card pick, the U.S. Bank Cash+® Secured Visa® Card* has no annual fee. This card requires a higher opening deposit, but also allows deposits up to $5,000. Cardholders also earn rewards: 5% cash back on the first $2,000 in combined eligible purchases each quarter in two categories of choice, 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center, 2% cash back on eligible purchases in choice of one everyday category (like gas stations, grocery stores and restaurants) and 1% cash back on all other eligible purchases.

The U.S. Bank Cash+® Secured Visa® Card* comes with $0 fraud liability and ID Navigator by NortonLifeLock and the ability to pick when your payment is due. U.S. Bank also offers a path to an unsecured card, making this a better long-term option.

A card like the First Progress Platinum Prestige Mastercard® Secured Credit Card may be the only option for those with closed bankruptcies still listed on a credit report, but be sure to compare other secured credit cards. Many others in this category offer better benefits and even better rewards without charging an annual fee, although few are likely to have as low a standard APR.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual points or miles
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

Read more: How Forbes Advisor rates credit cards.