First Progress Platinum Prestige MasterCard® Secured Credit Card Review

 Card Stats:

first progress platinum prestigeMinimum Security Deposit: $200
Maximum Security Deposit: $3,000

Interest Rate: 11.99%
Grace Period: 25 days
Foreign Transaction Fees: 3% of total transaction
Annual Fees: $44
Application Fees: None
Rewards Program: None
Signing Promotion: None
Interest Earned on Security Deposit: No

Other Features:

Not listed

Editor’s Review

This review was provided by William Charles, editor of Diabolika. 

This card is the same as the First Progress Platinum Select MasterCard® Secured Credit Card & First Progress Platinum Elite MasterCard® Secured Credit Card except it has a higher annual fee and lower APR.

This is one of the worst cards on the market and nobody should be applying for it when there are so many other options out there.

Annual Fees

At $44 per year this is the third most expensive annual fee of all the secured cards (only SKYPASS Visa® Secured Card at $50 per year and Centennial® Classic Credit Card at $76 per year are higher)

APRs

This card has one of the lower APRs on the market, but it’s still not the lowest. Card holders of secured cards should not be making purchases unless they can pay off the card in full each month as the idea behind these cards is to build positive credit history.

Rewards Program

Like the other cards offered by first progress, this one does not have a rewards program.

[Read: Secured Cards With Rewards Programs]

Credit Reporting

This card reports to TransUnion, Equifax & Experian. We’re unsure if it reports as a secured credit card or not.

Adding Funds

It’s possible to add funds to this card, this increases the credit limit of the secured card. There is a maximum of $2,000 that can be added.

UPGRADING TO AN UNSECURED CARD

First progress hasn’t posted any information that suggests this card can graduate and become an unsecured card – if you’ve had your security deposit refunded please let us know in the comments.

Approval

First progress is designed for consumers with bad credit and will accept almost anybody – unless you have a bankruptcy on your credit report in which case you’ll be denied. Here is a list of secured cards that approve with bankruptcies on file.

Final Verdict

This is easily one of the worst secured cards on the market. It has a massive annual fee which will eat into funds that card holders should be putting aside for their emergency funds or putting towards paying off other debt they have. There is no rewards program and the card doesn’t even graduate to an unsecured card, so getting your deposit back is impossible without cancelling.

There are so many choices when it comes to secured credit cards these days, it’s a shame that first progress is putting their profits ahead of their customers.

Click here to find out the best secured credit cards.

Still want to apply? Use the link found below.

Apply for First Progress Platinum Prestige MasterCard® Secured Credit Card


Leave a reply

Your email address will not be published. Required fields are marked *. Please do not share your referral links/codes unless the post specifically states it's allowed. If the post states it is allowed please follow the rules carefully. If you'd like an image next to your comments please create a gravatar. Most of all please be kind and respectful to each other. 

Last Posts

chase bank account fees experian credit log in sportsmans visa denied secured credit card aa citi card payment increase kohls credit limit shopkick barcodes no chexsystems checking accounts gj federal credit union is fingerhut worth it close hsbc account pay talbots bill online american express client login citibank checking fee chase checking account promotion suntrust direct deposit routing number lowes credit card application denied increasing credit limit affect credit score victoria secret credit card fraud sears master credit card login usair dividend miles promo code coupon code for chase savings total rewards reward credits value cash advance navy federal credit card chase southwest rapid rewards card how to send chase quickpay

Back to Top ↑