First Progress Platinum Select MasterCard® Secured Credit Card Icon

First Progress Platinum Select MasterCard® Secured Credit Card Review

By reporting your credit to all three major credit bureaus each month, you can be sure that the First Progress Platinum Select MasterCard® Secured Credit Card will be a step in the right direction if you're looking to start or continue building credit. However, the high security deposit required to obtain the card may be a turnoff to some. Apply Here

Cliff Brody

Cliff Brody

Secured Credit Cards Expert

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Updated: January 11, 2014

The Good

Credit monitoring:

One universal benefit that secured credit cards give you is the ability to raise your credit score faster as your credit is monitored and reported to the three credit bureaus monthly. If you are just building or looking to rebuild your credit, the First Progress Platinum Select MasterCard® could be a viable option for you.

Rewarding grace period:

Whereas some other card providers will not offer a grace period on interest accruals, the First Progress Platinum Select MasterCard® offers zero interest on purchases for 25 days so long as you pay your balance on time. It is important to note that the 25-day grace period is only offered on purchases and not balance transfers or cash advances. Those charges will accrue daily interest.

The Bad

Slow balance refresh:

It can take up to 10 full business days to clear a payment on your account, which limits the period for credit to be made available again. This may be cumbersome if you spend frequently and also maintain a higher balance. However, if you are aren't spending on big-ticket items, this won't be as inconvenient as it sounds.

High security deposit required:

Compared to the other top secured credit cards, the First Progress Platinum Select MasterCard® requires a much higher security deposit. It will cost you $300 to get access to credit, while most other cards will cost you $200 or less.

Foreign currency transaction fee:

Several of the other secured credit cards won't charge a foreign transaction fee, but that is not the case with the First Progress Platinum Select MasterCard® as they charge a 3% transaction fee. This may be annoying for frequent travelers who find themselves having to use their cards while out of the country.

The Details

Deposit and Limits
Maximum Credit Limit $5,000
Minimum Credit Limit $300
Minimum Security Deposit $300
Rates
Cash Advance Rate (APR) 19.99%* Variable
Grace Period 25 Days
Standard Balance Transfer Rate (APR) N/A
Standard Rate (APR) 14.99%* Variable
Fees
Annual Fee $39
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

Features

Credit Limit

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  • Increase Credit Limit with Additional Security Deposit - You can increase your credit limit by depositing more money.
  • Fund Account Online - You can fund your account online.
  • 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.

Benefits

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Penalty Fees

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Rates and Fees

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Security Deposit

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Application

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Balance Transfers

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