Our Verdict
Issued by Synovus, the $39-annual-fee First Progress Platinum Select Mastercard® Secured Credit Card is a reward-lacking, benefit-lacking, relatively-low APR secured card for those with dismal or non-existent credit. Desperate to start rebuilding credit following bankruptcy? This card might do it, but we’d advise applying for a better secured card over this one.
Pros
- Provides a way for those with low credit scores to rebuild
- Low variable APR for a secured card
- Reports to all three major credit bureaus
- Can apply even with a discharged bankruptcy in your file
Cons
- $39 annual fee
- Lower-than-average credit line maximum
Highlights
- 1% Cash Back Rewards on payments
- Choose your own credit line – $200 to $2000 – based on your security deposit
- Build your credit score. Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Introduction
The First Progress Platinum Select Mastercard® Secured Credit Card offers a maximum credit line of $2,000 and a minimum of $200. Like most secured cards, the Platinum Select Mastercard Secured requires a deposit equal to the amount of credit desired to protect the lender’s risk with a deposit.
There’s nothing remarkable about this card that makes it a better choice than other secured cards. In fact, there are multiple options that offer better perks and benefits than this one, like no annual fees, greater rewards potential and the opportunity to graduate to an unsecured card over time. Go with one of those options over the First Progress Platinum Select Mastercard.
Quick Facts
- $39 annual fee
- This card does not offer a welcome bonus
- 1% cash back on payments
- Free VantageScore 3.0 access
- Deposit required: $200 to $2,000
Other First Progress Platinum Select Mastercard Secured Credit Card Benefits
- VantageScore access. No-extra-charge access to credit scores for monitoring purposes.
- 24/7 support. Mastercard Global Service helps you with reporting a lost or stolen card, obtaining an emergency card replacement or cash advance, finding an ATM and answering questions on your account.
- Minimal requirements. No minimum credit score or credit history is required.
Fine Print
Interest Rates
- Regular APR: 19.24% (Variable)
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $39
- Balance transfer fee: See Terms
- Foreign purchase transaction fee: 3% of the transaction amount
How the First Progress Platinum Select Mastercard Secured Credit Card Stacks Up
First Progress Platinum Select Mastercard® Secured Credit Card vs. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is an all-around better choice than the First Progress Platinum Select Mastercard Secured. Few secured cards offer cash back, but this one does. With the Discover it® Secured Credit Card you’ll earn 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.
Discover’s Cashback Match® also matches all cash-back rewards earned at the end of the first year. With a $0 annual fee and access to a FICO Score each month, the Discover it® Secured Credit Card provides those seeking to build a stronger credit profile a solid choice.
First Progress Platinum Select Mastercard® Secured Credit Card vs. Bank of America® Customized Cash Rewards Secured Credit Card*
The Bank of America® Customized Cash Rewards Secured Credit Card* is Bank of America’s cash-back-earning secured card. The card has an annual fee of $0. It also requires a $200 minimum deposit, but the BofA card offers a higher maximum deposit limit of $5,000.
You’ll earn 3% cash back in a category of choice: gas and EV charging, online shopping, dining, travel, drug stores or home improvement/furnishings; 2% cash back at grocery stores and wholesale clubs; unlimited cash back on all other purchases. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. This card offers an opportunity to graduate to the unsecured version of the card with good payment behavior. These attributes make it likely to be a smarter choice than the First Progress Platinum Select card.
First Progress Platinum Select Mastercard® Secured Credit Card vs. U.S. Bank Altitude® Go Secured Visa® Card*
With security deposit options ranging from $300 to $5,000, the no-annual-fee U.S. Bank Altitude® Go Secured Visa® Card* offers rewards and even a small extra streaming benefit. U.S. Bank Altitude Go Secured cardholders earn 4 points per dollar spent on dining and takeout, 2 points per dollar spent at grocery stores (effect September 9, 2024 discount stores and wholesale clubs are excluded), gas stations and EV charging and on streaming services and 1 point per dollar on all other eligible purchases.
It’s this slate of benefits that make it a better option than the First Progress Platinum Select card.
Compare the First Progress Platinum Select Mastercard Secured Credit Card With Other Cards
Is the First Progress Platinum Select Mastercard Secured Credit Card for You?
For those with discharged bankruptcies looking to rebuild, a card like the First Progress Platinum Mastercard Secured may seem like the only option. We advise considering other secured credit cards over this one as many others offer better benefits and even rewards, without charging an annual fee.
Methodology
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
*The information for the following card(s) has been collected independently by Forbes Advisor: Bank of America® Customized Cash Rewards Secured Credit Card, U.S. Bank Altitude® Go Secured Visa® Card. The card details on this page have not been reviewed or provided by the card issuer.
