First Progress Platinum Prestige Mastercard® Secured Credit Card Review

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

By Hanna Volkava
Updated November 25, 2022
First Progress Platinum Prestige Mastercard® Secured Synovus Bank
Apply now
On First Progress’s site
Our Rating:
3.8 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:
    $49 annually
  • Purchase Intro APR:
    None
  • Regular APR:
    13.74% Variable
  • Balance Transfer APR:
    None
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Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 13.74% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • None
  • APR for Cash Advances
    • 22.74% 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
    • $49 annually
  • Fees for Cash Advances
    • $10.00 or 3% of the amount of each Cash Advance, whichever is greater
  • Return Payment
    • Up to $30
  • Late Payment
    • Up to $41
View all Rates & Fees

Pros & Cons

Pros:
  • Low APR for Purchases
  • No Minimum Credit Score Required
  • Reports to Three Major Credit Bureaus
  • Suitable Range of Credit Limit
Cons:
  • High Annual Fee
  • High Transaction Fees on Cash Advance
  • High Penalty Fees
  • No Bonuses or Rewards
  • Foreign Transaction Fees
  • Unavailability of Card for Certain Geographies in the US

Features

Platinum
Mastercard
  • Low interest
  • Payment Flexibility
  • Fraud Protection
  • Free Credit Score
  • 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 Prestige Mastercard® Secured Credit Card Review

This article details the features of First Progress Platinum Prestige Mastercard® Secured Credit Card including an analysis of its pros and cons.

You can get a First Progress Platinum Prestige Mastercard® Secured Credit Card even when you have a poor or no credit history as it does not require a minimum credit score. The card is highly beneficial for individuals, who want to improve their credit history as the reporting is done to all three major bureaus in the US. However, the fees associated with the card other than APR are high and it is not available to residents of some US states.

First Progress Platinum Prestige Mastercard®: pros and cons

Pros Cons
No Minimum Credit Score Required. First Progress Platinum Prestige Mastercard® does not require a minimum credit score or credit history of the applicant. High Annual Fee. First Progress Platinum Prestige Mastercard® has a high annual fee, amounting to $49, when compared to other secured credit cards.
Reports to Three Major Credit Bureaus. The reporting is done to all three major credit bureaus (Experian, TransUnion and Equifax), which makes it an attractive product to improve credit score/history. High Transaction Fees on Cash Advance. There is a high transaction fee on cash advances amounting to a minimum of $10.00 or 3% of the amount of each Cash Advance, whichever is greater.
Suitable Range of Credit Limit. First Progress Platinum Prestige Mastercard® offers a credit limit from $200 minimum to $2,000 maximum. A security deposit of an amount equivalent to the credit limit must be maintained in a non-interest bearing deposit account at Synovus Bank. High Penalty Fees. High late payment fees and returned payment fees of up to $41 and $30 respectively are charged.
Low APR for Purchases. The APR of 13.74% is lower than the majority of secured credit cards. No Bonuses or Rewards. The First Progress Platinum Prestige Mastercard® Secured Credit Card does not offer any rewards or bonuses to the cardholders.
Foreign Transaction Fees. A foreign transaction fee of 3% is charged on all transactions denominated in foreign currency.
Unavailability of Card for Certain Geographies in the US. The card cannot be availed by residents of Arkansas, Iowa, New York, or Wisconsin.

Rewards system in a nutshell

The First Progress Platinum Prestige Mastercard® Secured Credit Card has no benefits or rewards for the cardholders.

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

Individuals with low credit scores or no credit history can benefit from First Progress Platinum Prestige Mastercard® Secured Credit Card as the card does not require a minimum credit score. Also, it helps these individuals build their credit history to become eligible for other credit products in the future.

Are there any other benefits?

The First Progress Platinum Mastercard® credit card offers a variety of payment options including login for online payment and pay by phone for the credit card bill.

A grace period of 25 days is offered for payment without any interest, which is a reasonable period considering other Secured Credit Card products.

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The benefits also include the option to increase credit limit easily. It is simply done by increasing the balance maintained in a non-interest bearing deposit account at the issuing bank.

Conclusion

To sum up, the First Progress Platinum Prestige Mastercard® Secured Credit Card is good for individuals who do not have a credit history or have a low credit score. They can improve their credit history by using First Progress Platinum Prestige Mastercard® Secured Credit Card as it reports to all three major bureaus in the US. The low requirements for credit card applications are accommodated by a lower APR when compared to other credit products. However, higher annual fee, cash advance transaction fees, penalty fees and foreign transaction fees make the card unattractive when compared to other secured credit cards.

FAQ

What is the customer service (center) phone number for First Progress Platinum Prestige Mastercard® Secured Credit Card?

The customer service phone number for First Progress Platinum Prestige Mastercard® Secured Credit Card is 1-888-237-6828.

How to check my application status for First Progress Platinum Prestige Mastercard® Secured Credit Card?

The application status for First Progress Platinum Prestige Mastercard® Secured Credit Card can be checked by calling 1-877-724-0932. The general processing time, as stated by First Progress, is up to 3 weeks.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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