First Progress Platinum Elite Mastercard® Secured Credit Card Review

First Progress Platinum Elite Mastercard® Secured Credit Card — all information about the credit card.

By Hanna Volkava
Updated December 29, 2023
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First Progress Platinum Elite Mastercard® Secured Credit Card Synovus Bank
Apply now
On First Progress’s site
Our Rating:
3.3 out of 5
scorer
Recommended credit score
No Credit History to Fair (0-669)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $29 annually
  • Purchase Intro APR:
    None
  • Regular APR:
    25.24% Variable
  • Balance Transfer APR:
    None
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We recommend more cards

Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 25.24% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 30.24% Variable
  • How to Avoid Paying Interest
    • Your due date is at least 25 days after the close of each billing cycle. You will not be charged any Interest on purchases if you pay your entire balance by the due date each month.

Fees

  • Annual Fee
    • $29 annually
  • Fees for Cash Advances
    • Either $10.00 or 3% of the amount of each Cash Advance, whichever is greater
  • Return Payment
    • Up to $30.00
  • Late Payment
    • Up to $41.00
View all Rates & Fees

Pros & Cons

Pros:
  • No credit history required
  • No Minimum Credit Score needed
  • Low Annual Percentage Rates
  • It builds your Credit Score
Cons:
  • No option to graduate to an unsecured credit card
  • Credit limit is equal to your deposit amount
  • There is no Rewards program

Features

Platinum
Mastercard
  • Payment Flexibility
  • Fraud Protection
  • Purchase Protection
  • Poor Credit
  • Fair Credit

About the issuer

Synovus Bank has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your
Credit card issuer's website
Call to Customer Service

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First Progress Platinum Elite Mastercard® Secured Credit Card Review

The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t require a minimum credit score or credit history. Learn more about this card's pros and cons in this review!

The First Progress Platinum Elite Mastercard® Secured Credit Card is a great choice for those looking to improve their credit score. In order to obtain this card, there are no minimum credit requirements and no need for any previous credit history - just the $200 minimum deposit. By paying your deposit and using it as collateral, you can reduce risk of defaulting on payments by shifting that responsibility onto the issuer.

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With time, good habits, and responsible use of the secured card, your score will increase steadily, giving you more access to unsecured loans down the line.

The First Progress Platinum Elite Mastercard® Secured Credit Card sends out information about your account every month to Experian, TransUnion, and Equifax (the three major credit bureaus), so you can build up more information on your credit files with them. With this full-feature platinum card, you also enjoy all of the convenience and protection that comes with using Mastercard® around the world.

First Progress Platinum Elite Mastercard® Secured Credit Card: Pros and cons overview

Pros Cons
No credit history required: First progress is the perfect solution for those who have been turned down by other companies due to their credit history. First Progress does not require a credit history, and you can be approved without one. No option to graduate to an unsecured credit card: Some card issuers would give an option to upgrade your credit card from secured to unsecured when your credit score is high enough. First Progress doesn’t offer that option.
No Minimum Credit Score needed: Traditional credit cards normally need a certain score for you to qualify for a credit card. The First Progress Platinum Elite Mastercard® Secured Credit Card , on the other hand, helps customers who may have past credit issues or even a low credit score. You can apply even with a very low credit score, because there is no minimum requirement. Credit limit is equal to your deposit amount: When applying for a new card with First Progress, you need to deposit a minimum of $200 USD and a maximum of $2,000 USD, which will also be the limit of your credit. This deposit limits the risk assumed by the credit card issuer and also serves as collateral in case you fail to repay your debts.
It builds your Credit Score: This card is intended specifically for helping those with little or no credit history establish a credit file with the three main credit bureaus. It does this by sending out account information monthly to Experian, TransUnion, and Equifax to accumulate information on your credit file quickly. There is no Rewards program: You do not earn rewards or points for purchases with your First Progress Platinum Elite Mastercard® Secured Credit Card.
It has Low Annual Percentage Rates: The First Progress Platinum Elite Mastercard® Secured Credit Card comes with an annual fee of $29. By comparison, the annual fee for the OpenSky® Secured Visa® Credit Card is $35, and for the Credit One® Bank Visa® for Rebuilding Credit, annual fees can go as high as $99.

Rewards system in a nutshell

The First Progress Platinum Elite Mastercard® Secured Credit Card unfortunately does not offer a rewards system, complimentary bonuses, or cash-back rewards. Like many other secured credit cards, this card mainly offers you the means to greatly improve your credit score by regularly reporting your account activity to the major national credit bureaus.

Who can benefit from getting the First Progress Platinum Elite Mastercard® Secured Credit Card?

There are two main types of people who should consider applying for the First Progress Platinum Elite Mastercard® Secured Credit Card: people with low credit scores, and people applying for their first-ever credit card.

As you use your card, make purchases, and pay bills, your credit file will become more established with all three major national credit bureaus (Experian, TransUnion, and Equifax). This is important, because these agencies’ credit scores are used by lenders to determine whether you are a high or a low risk whenever you apply for a loan or credit card in the future.

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First Progress’s secured line of credit cards are therefore an ideal choice for those with little credit to build it up and establish themselves as responsible users of credit. From the young adults getting their first card to the people who need to improve their scores, this card can help people either build or rebuild their credit.

In fact, First Progress’ company motto is: “For Building and Re-Building Credit”. First Progress helps you increase your credit score to a point that you are satisfied with. Your card activity will be checked and reported to all three of the major national credit bureaus, which will help improve your chances of getting approved for future credit or loan applications.

Are there any other benefits?

Another benefit of using the First Progress Platinum Elite Mastercard® Secured Credit Card is that it gives you access to top-notch customer service and support.

First Progress’ customer service has received stellar reviews. If you’re having trouble with your application, or want to ask questions about First Progress itself, then seeking help is a seamless process. Whether a transaction of yours was declined or you missed a payment, you can easily contact First Progress’ customer assistance team for support via their dedicated online customer portal.

Conclusion

The First Progress Platinum Elite Mastercard® Secured Credit Card is a good option for those who need help with rebuilding or establishing their credit score.

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Like most secured credit cards, it requires an initial deposit to determine your line of credit on the card, and does not come with any rewards or benefits programs.

It will, however, help you build your credit score over time, as long as you make your payments on time and use the card responsibly. By reporting your account activity to all three major credit bureaus monthly, this card allows you to improve your credit and access other loans or credit cards in the future. Plus, with no minimum credit score or credit history requirements, the First Progress Platinum Elite Mastercard® Secured Credit Card is an ideal choice for building or rebuilding your credit.

FAQ

How do I apply for the First Progress Platinum Elite Mastercard® Secured Credit Card?

You can contact the customer service hotline at (888) 403-4783 or apply through their website.
You can also write to them at:
First Progress Card
P.O. Box 9053
Johnson City, TN 37615-9053

How do I check my application status for the First Progress Platinum Elite Mastercard® Secured Credit Card?

Once you have applied for the First Progress Platinum Elite Mastercard® Secured Credit Card, you can check on the status of your application by visiting the website.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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