Credit Cards (US)

First Progress Platinum Elite Mastercard® Secured Credit Card review

Are you looking for a smart and safe way to repair your damaged score? The First Progress Platinum Elite MasterCard® Secured Credit Card can help you do that! Read our review to learn more.

First Progress Platinum Elite Mastercard® Secured Credit Card.

See our full review of the First Progress Platinum Elite Mastercard® Secured Credit Card! Source: The Mister Finance.
See our full review of the First Progress Platinum Elite Mastercard® Secured Credit Card! Source: The Mister Finance.

The First Progress Platinum Elite Mastercard® Secured Credit Card is one of the three secured cards offered by First Progress. Also, all of these three secured First Progress credit cards are for those with not-so-good credit scores.

Moreover, you can use any of these cards to establish or reestablish your credit. And the Elite card by First Progress is the one with the lowest annual fee. So, keep reading our full review of this credit-building card to know more!

Credit ScorePoor/Limited/No Credit.
Annual Fee$29.
APRRegular APR 24.74% (variable);
Cash advance APR 29.74% (variable).
Welcome bonusThere is no welcome offer for new cardholders.
RewardsThis credit card does not have any rewards program.
First Progress Platinum Elite Mastercard® Secured Credit Card

How to apply for First Progress Elite Mastercard®?

Do you have a low score and need to re-establish credit? Read more to know how to apply for the First Progress Platinum Elite Mastercard® Secured Credit Card!

How does the card works?

You can use this credit card to reestablish your credit. Source: Adobe Stock.
You can use this credit card to reestablish your credit. Source: Adobe Stock.

After getting approved to use this card, you will have to pay for a security deposit of at least $200 and up to $2,000. Also, the amount you deposit will be the same as your credit limit. Even though there is no welcome bonus or rewards program, you can reestablish your credit with this card.

That is, the card sends all of your monthly payment reports to the major credit bureaus. However, to build credit, you will have to make all your payments on time.

Also, if you use the card correctly and make all your payments on time, you can get a credit limit increase. However, this credit limit increase can be up to $5,000, and you will need to increase your security deposit to match the credit limit increase.

First Progress Platinum Elite Mastercard® Secured Credit Card benefits

Pros

  • You can receive your card via mail more quickly with the New Expedited Processing Option.
  • You don’t need a credit history or a minimum credit score to apply.
  • You can quickly apply to it online with no credit checks.
  • You’ll get free real-time access to your score with Experian.
  • Android users can manage their accounts via mobile app.
  • Reports all monthly payments to the three main credit bureaus.
  • You can use this card for car rentals, hotels and anywhere credit cards are accepted.
  • A discharged bankruptcy still in your credit bureau file will not cause you to be declined.
  • By making 6-months of on-time payments, you’ll be invited to apply for an unsecured First Digital Mastercard.
  • This credit card does not charge a very high variable APR fee.

Cons

  • There are no welcome bonuses or rewards on purchases.
  • There is a $29 annual fee.

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How good does your credit score need to be?

To apply for this card, you do not need a high score. Moreover, you do not need to have a credit history as well. And, as we mentioned, the application process will not affect your score. So, if you need to build or rebuild credit, this can be a good option for you.

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

The application process to get this First Progress card is basically the same as the other cards. Also, it is very easy to apply, and you can do it all online. So, to understand more about the application process to get this First Progress card, read our post below!

First Progress Platinum Elite Mastercard® Secured Credit Card

How to apply for First Progress Elite Mastercard®?

Do you have a low score and need to re-establish credit? Read more to know how to apply for the First Progress Platinum Elite Mastercard® Secured Credit Card!

About the author  /  Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by  /  Aline Barbosa

Senior Editor

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