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.

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The Good

Low standard APR

One benefit of the First Progress Platinum Prestige MasterCard® Secured Card is the low standard APR of 9.99%. 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 $49. All of the top secured credit cards charge an annual fee, but $49 is on the high side. This slightly higher fee may not impact those with relatively high credit limits, but for those with the minimum $200 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

Deposits and Limits

  • Maximum Credit Limit: $5,000
  • Minimum Credit Limit: $256
  • Minimum Security Deposit: $200


  • Cash Advance Rate (APR): 18.99%* Variable
  • Grace Period: 25 days
  • Standard Balance Transfer Rate (APR): N/A
  • Standard Rate (APR): 9.99%* Variable


  • Annual Fee: $49
  • 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

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