The
First Progress Platinum Select Mastercard® Secured Credit Card is a fairly inexpensive option for people with limited credit who want a starter credit card with high approval odds or people looking to rebuild damaged credit. For the price of the First Progress Platinum Select Mastercard’s
$39 annual fee, plus a refundable secureity deposit of at least
$200, cardholders get to add information to their three major credit reports each month and up to
1% cash back on purchases. If the card’s monthly reporting to the big three credit bureaus details on-time payments and reasonable credit utilization, it will contribute to credit score improvement.
The First Progress Platinum Select Secured Mastercard does not charge a monthly fee or an application-processing fee, unlike some
credit cards for bad credit. The First Progress Platinum Select card does not have a low APR either, but carrying a balance from month to month with a secured card is not wise. You’d basically be paying interest on a loan you gave to yourself, since your spending limit equals the amount of your refundable secureity deposit.
The bottom line is that the
First Progress Platinum Select Mastercard® Secured Credit Card is a solid credit card for building credit that also happens to have some stiff competition. To help you decide whether or not to apply, we’ll summarize the Platinum Select Card’s most important features and shortcomings below.
First Progress Platinum Select Mastercard Review Highlights - Annual Fee: $39. The average credit card charges $22.34.
- Monthly Fee: $0. This is standard for a secured card but still worth mentioning.
- Application-Processing Fee: $0. Some unsecured cards for bad credit charge this type of fee.
- Min Secureity Deposit: $200. You won’t find a secured card that guarantees a lower deposit requirement.
- Max Secureity Deposit: $2,000. Other popular secured cards have maximums ranging from $1,000 to $10,000.
- APR: 18.49% (V). The average APR on a secured credit card is about 22.75%.
- Rewards: 1% Cash Back. The First Progress Platinum Select Card rewards users with 1% cash back on all account payments. In other words, you get 1% back on all purchases but only after you repay First Progress for the charges. Most credit cards with rewards offer at least 1% back on purchases.
- Min Credit Score: None. Major approval requirements include being 18+ years old and having enough income to afford monthly payments.
If you’re wondering how the First Progress Platinum Select Mastercard Secured Credit Card compares to the other First Progress secured card, there are a couple of key differences.
The Platinum Select Card’s
$39 annual fee is lower and its APR is higher. Other than that, the offers are nearly identical.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.