First Progress Platinum Secured Credit Cards: 3 Strong Cards to Choose From

By Christina Majaski. Last updated 15 May 2019. 0 comments

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If you are in the process of building or rebuilding your credit, determining which secured card is best for you on your journey to great credit can be confusing and complicated. First Progress provides financial products specifically for consumers who have credit problems or are interested in building a positive credit rating.

Three of these products are secured credit cards: the First Progress Platinum Elite Mastercard® Secured, the First Progress Platinum Select Mastercard® Secured, and the First Progress Platinum Prestige Mastercard® Secured. Although these three secured options are similar, each provides slightly different elements, such as annual fees and APRs, which are features that should be considered when choosing a secured card best for your circumstances.

How These Cards Work

Similar to other secured credit cards, you must make a security deposit in the amount of $200 to $2,000. This security deposit is not used to make your credit card payments, but is held in the event that you default on your balance. You receive a card with a limit in the amount of your deposit, less the annual fee. You have the opportunity to increase your limit by adding to your deposit, but the increase is subject to approval and can take up to 10 days to become available on your card. Your account activity is reported to the three major credit bureaus (TransUnion, Equifax, and Experian), so these cards can help increase your credit rating if you manage your account responsibly. 

Costs

The annual fee and APR for the cards are as follows:

  • Platinum Elite: $29, 20.74% Variable
  • Platinum Select: $39, 14.74% Variable
  • Platinum Prestige: $49, 10.74% Variable

The foreign transaction fee for all three cards is 3%.

Pros

Low APRs. If you plan on keeping a balance, the Platinum Prestige option offers a competitive variable APR of 10.74%. Most secured cards carry higher APRs of at least 17.99% up to 22.99%. (See also: Best Secured Cards with Low APRs)

Competitive annual fees. The main benefit of the Platinum Elite version is the low annual fee. At $29, it is among the lowest charged by secured cards. (See also: Secured Credit Cards with No Annual Fees)

Cons

No interest earned on security deposit. You won't earn any interest on your security deposit made with these cards. Some cards hold your security deposit in savings accounts or CDs so that when it is returned to you, you have earned a little extra money. (See also: 5 Best Secured Credit Cards That Pay Interest on Your Deposit)

Foreign transaction fee. There is a foreign transaction fee of 3% for foreign purchases which can be a problem if you travel abroad frequently. Very few secured cards, however, offer lower foreign transaction fees. (See also: 5 Best Secured Credit Cards with No Foreign Transaction Fees)

Who These Cards Are Best For

The First Progress secured cards are good options for those who need to rebuild their credit — and even better if they don't travel outside of the U.S. frequently. Because of the low purchase APR, the Platinum Prestige card is best for those who may occasionally carry a balance from month to month. If you consistently pay your balances in full each month, then the Platinum Elite card with its low annual fee may work better for you, and the Platinum Select card is a good middle-of-the-road card.

Click below to apply for a First Progress secured card today!

 


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