First Progress Platinum Prestige MasterCard® Secured Card Icon

First Progress Platinum Prestige MasterCard® Secured Card Review

The First Progress Platinum Prestige MasterCard® Secured Credit Card offers credit limits of up to $5,000. The annual fee is on the high side, but a low APR makes it an attractive secured credit card option. Apply Here

Cliff Brody

Cliff Brody

Secured Credit Cards Expert

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Updated: May 21, 2014

The Good

Low standard APR:

One benefit of the First Progress Platinum Prestige MasterCard® Secured Card is the low standard APR of 11.99%. Although there are other secured credit cards with slightly lower standards APRs, the Platinum Prestige MasterCard® is among the lowest. If you are trying to rebuild your credit, finding a secured credit card with a low APR will definitely be helpful.

Access to a high credit limit:

The Platinum Prestige MasterCard® has an initial credit limit of $2,000. However, over time, cardholders can be approved for a credit limit of $5,000. Some of the other top secured credit cards cap the credit limit at $3,000. For those that occasionally make large purchases, this higher limit can be beneficial.

No over-limit fee:

The Platinum Prestige MasterCard® does not charge an over-limit fee. For those times when money is particularly tight, get hit with an over-limit fee can be an additional burden. Although most secured credit cards don't charge an over-limit fee, it is still a positive characteristic of the Platinum Prestige MasterCard® that is worth noting.

The Bad

High annual fee:

One potential drawback to the Platinum Prestige MasterCard® is the relatively high annual fee of $44. All of the top secured credit cards charge an annual fee, but $44 is on the high side. This slightly higher fee may not impact those with relatively high credit limits, but for those with the minimum $300 limit, a low annual fee will be more important.

No instant approval:

The Platinum Prestige MasterCard® Secured Credit Card does not grant instant approval to credit applicants. Although instant approval is uncommon for secured credit cards, there are secured cards on the market that offer this feature. If instant approval is important to you, the Platinum Prestige MasterCard® may not be the right choice.

The Details

Deposit and Limits
Maximum Credit Limit $5,000
Minimum Credit Limit $264
Minimum Security Deposit $300
Cash Advance Rate (APR) 18.99%* Variable
Grace Period 25 Days
Standard Balance Transfer Rate (APR) N/A
Standard Rate (APR) 11.99%* Variable
Annual Fee $44
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 $35
Minimum Interest Charge $1.50
Over-Limit Fee $0
Returned Payment Fee Up to $25
Set-up Fee $0


Credit Limit

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  • Fund Account Online - You can fund your account online.
  • Increase Credit Limit with Additional Security Deposit - You can increase your credit limit by depositing more money.
  • Increase Credit Limit with Good Payment History - You can earn credit limit increases based on your credit and payment history.
  • No Approval Required for Credit Limit Increase - You do not need additional approval for credit limit increases.


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Penalty Fees

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Rates and Fees

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Security Deposit

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Balance Transfers

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