First Progress Platinum Elite Mastercard® Secured Card Review
The First Progress Platinum Elite MasterCard® Secured Credit Card charges the lowest annual fee among top secured credit cards. The high cash advance APR may deter some, but the high credit limit makes the card an appealing option.
Relatively low annual fee
Those that are trying to rebuild credit know that every dollar can make a difference. All of the top secured credit cards charge an annual fee, with some reaching as high as $50. The annual fee charged by First Progress Platinum Elite MasterCard® Secured Card is $29, and is the cheapest among top cards. If a low annual fee is particular important to you, the Platinum Elite MasterCard® may be a good fit.
High maximum credit limit
The Platinum Elite MasterCard® allows you to build your credit limit to as high as $5,000. Some of the top secured credit cards have credit limits of $3,000. In some cases, that lower credit limit may be sufficient. However, when rebuilding your credit, there may be times when you need access to a little extra spending capacity, in which case, having a higher limit is a nice convenience.
High cash advance APR
Among the top secured credit cards, cash advance APRs range from 9.99% to 24.99%. Unfortunately, the Platinum Elite MasterCard® comes in at the high end, charging a 24.99% APR on cash advances. If you know you’ll need access to cash advances, it may be worth it to shop around for a different card.
High security deposit requirement
The Platinum Elite MasterCard® requires a $200 security deposit. This deposit requirement may not be a problem for many cardholders; however, some secured credit cards provide flexibility when it comes to security deposit requirements, allowing cardholders to choose between a $49, $99, or $200 deposit. If the $200 deposit is outside of your reach, there are alternative secured credit cards that may be a better fit.
Deposits and Limits
- Maximum Credit Limit: $5,000
- Minimum Credit Limit: $271
- Minimum Security Deposit: $200
- Cash Advance Rate (APR): 24.99%* Variable
- Grace Period: 25 days
- Standard Balance Transfer Rate (APR): N/A
- Standard Rate (APR): 19.99%* Variable
- Annual Fee: $29
- Balance Transfer Fee: N/A
- Cash Advance Fee: $10 or 3% per advance
- Foreign Currency Transaction Fee: 3% per transaction
- Late Payment Fee: Up to $38
- Minimum Interest Charge: $1.50
- Over-Limit Fee: $0
- Returned Payment Fee: Up to $27
- Set-up Fee: $0