Last Updated: May 11, 2022
Foreign transaction fee:
Cash advance fee:
$10 or 3% (whichever is greater)
Bank account requirement:
Credit cards were the most used payment method in the US in 2020. In fact, 79% of Americans own a credit card, and most of them carry more than one in their wallets. That’s because there are various types of credit cards that serve different purposes. But how do you choose amid the overwhelming selection of options?
We’re here to help you find the best fit for your credit situation and spending habits. Read our First Progress Platinum Prestige Mastercard® secured credit card review below to find out:
- What are the benefits of using this card
- How much spending power it provides
- What fees and rates to expect
- What users like and don’t like about it
- How it compares to other secured and unsecured credit cards
But first things first. Let’s see what it takes to get going with First Progress Platinum Prestige Mastercard®.
Application Process and Requirements
To apply for this First Progress credit card, simply visit the company’s website. Click on the Apply Now button under the Platinum Prestige edition, and fill out the online form. You’ll need to provide your personal details, such as your name and email address, as well as your basic financial information.
To qualify for this First Progress credit card, you must:
- Be 18 years or older (19 if you live in Alabama or Nebraska)
- Have a valid Social Security Number (SSN)
- Have a qualifying bank account
- Be a resident of a US state different than New York, Wisconsin, Arkansas, or Iowa
You don’t need an excellent credit score or extensive credit history to be eligible for the First Progress Platinum Prestige card. Not even a discharged bankruptcy still in your credit bureau file will cause you to be declined.
However, approval is not guaranteed, especially if you’ve applied for a credit card with First Progress within the last 30 days or haven’t completed your application.
First Progress Platinum Prestige Mastercard® Secured Review
Before you decide to apply for this First Progress secured credit card, you must consider all the fees involved to see if you can afford the card. You also need to consider the deposit of this card and what line of credit it offers. Find out more in this next section of our First Progress credit card review.
Security deposit & credit limit
To start using your First Progress Platinum Prestige Mastercard®, you’ll need to pay a minimum deposit of $200. The amount is refundable when you decide to pay off your account and close it. The initial credit limit for your card will be equal to the amount of the deposit you make with First Progress. So if you put in a minimum security deposit of $200, that will be your line of credit. You can put in a higher security deposit, but it may not exceed $2,000.
Like all credit cards, you will be charged certain fees on your First Progress Platinum Prestige Mastercard®. The annual fee is $49, which is considered fairly reasonable compared to other types of credit cards.
There are also transaction fees. First Progress will charge every cash advance you make on your card at an ATM either $10 or 3% of the amount, whichever is greater. Furthermore, for any foreign transactions, you’ll be charged 3% of the amount.
Penalty fees include up to $40 for late payments and up to $29 for returned payments.
Rewards or bonus offers
Even though the First Progress Platinum Prestige credit card doesn’t offer rewards, it still has many features that you can benefit from, such as a low APR of just 9.99% and no credit history or minimum credit score required for approval.
Reporting to credit bureaus
You may be happy to know that the First Progress bank reports to all three major credit bureaus monthly. So it’s important to maintain your credit card to prevent losing your deposit and hurting your credit score. Your on-time payments will be reflected on your credit history and help you improve it.
Access to credit score
The First Progress Platinum Prestige card includes free real-time access to your credit score and ongoing credit monitoring powered by Experian. This is a valuable feature for users working toward improving their profile. Tracking your progress and seeing the impact of your financial behavior can help you achieve your goals faster.
With First Progress, you have 24/7 access to your online account to view statements and manage your card effectively. There is a mobile app, but it’s Android-only. iOS users can access their online accounts via the website, which is optimized for mobile devices.
Common customer complaints
Although First Progress provides plenty of benefits, it does have drawbacks. Some First Progress Platinum Prestige Mastercard® secured credit card reviews from unhappy customers state that the app isn’t user-friendly. Other users say that they had the card for a year, but their credit score never went up because the card issuer failed to report their activity to the credit bureaus.
Don’t want to risk dealing with the drawbacks others have had with the First Progress Platinum Prestige Mastercard®? Then perhaps one of the following credit card alternatives will be a better fit for you financially.
|First Progress Platinum Prestige MasterCard® Secured||First Access Visa® Card||Applied Bank Secured Visa® Gold Preferred®||First Progress Platinum Select MasterCard® Secured||FIT Mastercard®|
|APR||9.99% (variable)||34.99% (fixed)||9.99% (fixed)||13.99%||29.99% (variable)|
|Deposit||$200 – $2,000 (refundable)||$95 non-refundable setup fee||$200 – $1,000
|$200 – $2,000 (refundable)||$89 non-refundable setup fee|
|Type of card||Secured||Unsecured||Secured||Secured||Unsecured|
|Credit limit||$200 – $2,000||$300||$200 – $5,000||$200 – $2,000||$400 – $2,000|
|Annual fee||$49||$75.00 for the first year. After that, $48.00 annually.||$48||$39||$99|
|Foreign Transaction Fee||3%||N/A||3%||3%||3%|
|Cash advance fee||3% or $10 (whichever is greater)||None for the first year . After that, 3% or $10.00 (whichever is greater).||5% or $5 (whichever is greater)||3% or $10 (whichever is greater)||5% or $5 (whichever is greater)|
This card is an unsecured credit card, so you don’t have to pay a security deposit as you would with the First Progress card. However, it will require a $95 non-refundable set-up fee. What’s more, it doesn’t charge a cash advance fee for the first year, whereas First Progress does.
The APR of this secured credit card is the same as the First Progress Platinum Prestige’s, but it’s fixed and won’t go up even if you are late with payments. With this card, you can increase your credit limit to $5,000 by adding deposits at any time. The First Progress Platinum Prestige card only allows you to go up to $2,000.
Here is another credit card offered by First Progress. You may receive your card quicker compared to the Platinum Prestige one. It also has a lower $39 annual fee compared to Platinum Prestige, but its APR is a bit higher.
Here is another unsecured credit card that doesn’t require a deposit to use the account. You get a decent $400 line of credit, and you can increase it to $800 if you’ve been a cardholder for at least six months. You also get free access to your Vantage 3.0 score from Experian.
As you can see, the First Progress Platinum Prestige Mastercard® can be an excellent financial solution for people with poor credit. You can apply safely online, but you may have to wait three weeks for approval. On the other hand, you don’t need a stellar credit score or a credit history to apply, so it may be a suitable credit card for college students who have no credit yet.
If you don’t want to pay the high annual fees or are not impressed with what this First Progress card can offer you, opt for one of the alternative cards mentioned above.
- Low APR
- No minimum credit score required
- Excellent for people with bad credit
- Provides 24/7 access to your account online
- Doesn’t offer cashback rewards
- No upgrade path to an unsecured card
How long does it take to get a First Progress credit card?
It can take between 2 and 3 weeks for your First Progress credit card to reach you. You can also pay $19.95 for expedited processing to get a decision up to 7 days faster.
Does First Progress give credit increases?
Yes, First Progress does provide a credit increase but only at your request. So you’ll have to apply for a credit limit increase if you want a higher line of credit. However, to be eligible for a credit increase, you must ensure your payments are made every month and on time.
How can I pay my First Progress credit card?
To pay your First Progress credit card you can pay the amount directly from your bank account or use bill payment service DOXO.
How do I pay my First Progress credit card online?
You can pay your credit card online by logging into your account either on the First Progress app or the website.
How to close First Progress credit card?
To cancel your card, you’ll have to call the First Progress customer center and make a request. You can’t close your account in person or by mail.
Does First Progress refund deposits?
Yes, First Progress refunds your deposit when you decide to pay your balance in full and close your account. If you are unable to make a payment, the deposit will be used to cover the costs incurred. Read our First Progress Platinum Prestige MasterCard® secured credit card review above to find out more about the security deposit size and the fees that apply.