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.
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.
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 $200 to get access to credit.
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.
Deposits and Limits
- Maximum Credit Limit: $5,000
- Minimum Credit Limit: $261
- 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): 13.99%* Variable
- 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 $38
- Minimum Interest Charge: $1.50
- Over-Limit Fee: $0
- Returned Payment Fee: Up to $27
- Set-up Fee: $0