First Progress Platinum Prestige Mastercard Secured Credit Card Review
Consumers with poor or nonexistent credit may be eligible for the First Progress Platinum Prestige Secured Mastercard. However, although this card does offer a low APR, the annual fee makes it a less affordable option for some consumers.
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First Progress Platinum Prestige Mastercard Credit Card
First Progress Platinum Prestige Mastercard Credit Card
What we like:
Low APR and no minimum credit score requirement
- Low APR compared to other secured cards
- Good for consumers with bad or no credit
- Reports to the three major credit bureaus to help you build your credit report
- Benefits include purchase protection, roadside and travel assistance, and more
- Access to higher credit limits over time
- Not available in Arkansas, Iowa, New York, or Wyoming
- High annual fee compared to other secured cards
- Use anywhere credit cards are issued
- No 0% introductory APR, signup bonus, or rewards
- Credit line equal to your refundable security deposit ($200 to $2,000)
- No option for balance transfers
Recommended Credit Score
- No minimum credit score or credit history required
Is the First Progress Platinum Prestige Mastercard a Good Secured Credit Card?
The First Progress Platinum Mastercard is part of a lineup of secured cards designed for consumers who have bad credit or no credit. (The other cards are the Platinum Select Mastercard and Platinum Elite Mastercard. If you qualify for one card, you qualify for all three). As such, this card may be worth considering if you are unable to qualify for unsecured credit cards and can afford the minimum $200 refundable deposit.
The card reports to all three major credit bureaus every month, so when used responsibly, it can help you establish or re-establish your credit history. However, although this card does offer its share of benefits for consumers with poor credit, it may not be the best option compared to similar products. This is particularly true for students, who may be able to take advantage of cards designed to accommodate their unique needs.
>> Read More: Best student credit cards
For example, the Discover it Student Cash Back card offers a rewards program without an annual fee. By adding a cosigner, Discover it Student cardholders can improve their chances of being approved.
The First Progress Platinum Prestige card does offer a low APR; however, many of the other benefits are readily available through other secured credit cards. If you don’t plan to carry a balance from month to month, chances are you’ll save money elsewhere.
In this review:
- Benefits of the First Progress Platinum Prestige Card
- Downsides of the First Progress Platinum Prestige Card
- First Progress Customer Center Login
- How it Compares to Similar Cards
Benefits of the First Progress Platinum Prestige Card
If you’re thinking about applying for the First Progress Platinum Prestige credit card, here are a few benefits to consider.
Compared to other secured credit cards on the market, this First Progress card has one of the lowest APRs on the market. However, since the maximum balance is limited to $2,000, this may not be as advantageous when paired with the $49 annual fee.
As a Mastercard holder, people who sign up for this secured credit card enjoy access to the following perks:
- Car rental collision damage waiver
- Purchase protection and extended warranty coverage
- 24/7 roadside and travel insurance
- Extended warranty coverage
- Free monthly FICO credit score
Downsides of the First Progress Platinum Prestige Card
Although there are some benefits associated with this First Progress Credit Card, the following drawbacks should factor into your decision as you compare secured cards.
High Annual Fee
The First Progress Platinum Prestige card carries a $49 annual fee. Annual fees aren’t unheard of, but cards that come with them usually offer some type of rewards program to help offset the cost of being a cardholder. Plus, most other secured cards are free.
>> Read More: Best No Annual Fee Credit Cards
No Bonus or Rewards
There are no bonuses or rewards associated with this credit card. That’s not uncommon for secured credit cards, but it should be factored in when determining whether or not the annual fee is justified.
Not Available in Every State
As a product of First Progress Bank, this credit card, as well as others within the First Progress Bank portfolio, are only available in states where the bank operates. Currently, consumers in Arkansas, Iowa, New York, and Wisconsin are ineligible for this card.
First Progress Customer Center Login
Bill pay, account statements, and other relevant credit card information can be obtained by visiting the customer center, accessible via the card issuer homepage. (For example, you can link your bank account to your credit card account for easy payment.)
If you’re a new customer who is logging in for the first time, you must visit the First Progress Customer Center Login and enter your 16-digit account number as the First Progress login ID and the last four digits of your Social Security number as the password.
How it Compares to Similar Cards
A secured card like the First Progress Platinum Prestige Mastercard gives you access to a line of credit while helping you improve your score enough to obtain an unsecured credit card. Unfortunately, because of the annual fee and nonexistent rewards, this card generally fails to compete with similar cards on the market.
>> Read More: Compare the best credit cards
First Progress Platinum Prestige Mastercard vs. Discover it Secured Credit Card
The First Progress Platinum Prestige Mastercard does have a low APR, particularly compared with the higher interest rate (25.24% APR) attached to the Discover it Secured card. However, because consumers should avoid carrying a balance on a credit card whenever possible, the role APR plays in determining the best card should not be a primary factor.
In addition, the Discover it Secured card offers 2% cash back on up to $1,000 in purchases and 1% back after that, while the Platinum Prestige card offers no rewards.
In most cases, the Discover it Secured Card is the winner. However, if you do plan on carrying a significant balance, it’s important you crunch the numbers and review the card terms as you decide which card will be more affordable when interest, rewards, and annual fees are factored in.
The First Progress Platinum Prestige Mastercard offers consumers with poor or nonexistent credit the opportunity to open and use a credit card. As a secured card, however, this card may not be the best option, particularly when the $49 annual fee is factored in.
There are many other secured cards on the market that offer similar benefits without the annual fee, so consumers should shop around and consider how they will use the card before they apply.4.5 First Progress Platinum Prestige Mastercard
Author: Jennifer Lobb
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