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First Progress Platinum Prestige Mastercard Secured Credit Card Review

First Progress offers three Platinum Secured credit cards that are designed to help you build or improve your credit. No credit history or minimum credit score is required to apply. Just make a deposit of $200 to $2,000, and the amount of your deposit is your credit limit. Of the three cards, the First Progress Platinum Prestige Mastercard® Secured Credit Card charges the highest annual fee of $49, but it also offers the lowest APR, at 15.24% variable.

  • Issuer NameFirst Progress
  • Credit NeededBad Credit
  • Annual Fee$49
  • Regular APR15.24% variable
  • Balance Transfer FeeSee Terms
  • Cash Advance FeeEither $10.00 or 3% of the amount of each Cash Advance, whichever is greater
  • Foreign Transaction Fee3% of the transaction amount

  • Have bad credit or no credit history.
  • Don’t mind paying an annual fee and a deposit.
  • Want to earn rewards for making payments.

Take advantage of the credit education tools within the app, including access to your VantageScore®+ to track your credit-building progress. This can help you understand how your credit behaviors impact your credit score so you can learn how to improve it.

The best way to ensure that you grow your score and graduate to an unsecured credit card is to pay your bill on time every month and try not to carry a high balance relative to your credit limit. To maximize your credit score, your goal should be to use 30% or less of your available credit, so if your credit limit is $200, try to keep your balance below $60 at all times.

Editor’s Take

Secured credit cards are not forever. Rather, they are a pathway toward unsecured credit cards. Because your options are limited, secured credit cards may have unfavorable terms. Compared with other secured credit cards, the First Progress Platinum Prestige Mastercard® Secured Credit Card has some good features. You’ll get 1% cash back rewards when you make payments, which encourages you to manage your account responsibly. It also has a low APR, though you should try not to revolve a balance if possible. The downside is the annual fee, which not all secured cards charge.

Dawn PapandreaContributor

The First Progress Platinum Prestige Mastercard® Secured Credit Card does not offer a sign-up bonus.

You’ll earn 1% cash back rewards of payments made to your account, which equates to 1% cash back in First Progress Rewards. Cash back is provided in the form of statement credits. Once you’ve accrued at least 500 points, you can redeem your rewards online or by calling customer service. Points can be redeemed in 500-point increments, applied as a $5 credit to your card account. You must still make regularly scheduled payments.

The information for the U.S. Bank Secured Visa® Card has been collected independently by U.S. News and the card is not currently available on the site. The information has not been reviewed or provided by the card issuer and it is accurate as of the date posted.

U.S. News rates credit cards by analyzing factors including fees, interest rates and benefits, each weighed against their importance to determine an overall score for each credit card. Consumers can rely on these ratings to provide objective, accurate assessments of credit card choices.

Best in Credit Cards With No Foreign Transaction Fee

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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