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May 3, 2013

First Progress Platinum Elite Secured Card Review


The First Progress Platinum Elite Secured Card is unique in that it requires no credit history for approval and helps build credit history. To qualify for most credit cards, you need a good credit score. This can be a problem if you've had credit problems in the past or haven’t yet built a credit history. The First Progress Platinum Elite MasterCard Secured Card could be your way to get back on track.

First Progress Platinum Elite MasterCard Secured Credit Card
Apply for First Progress Platinum Elite MasterCard Secured Credit Card
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account
  • Go to issuer's official application, terms, and details
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
19.99% (Variable)
$29

Overall Score

3.2

Interest Rates

3.0

Fees

3.5

Benefits

3.0
5-point scale (the higher, the better)

Pros and Cons

  • No credit history required
  • Builds credit history
  • $29 annual fee
  • 19.99% variable APR for purchases
  • No rewards

Bottom Line

Good secured credit card for people with no credit.

No Credit History

Since the First Platinum Elite MasterCard is a secured credit card, almost anyone can qualify; your credit score will not be an issue. This is because your credit limit on this card is secured by a deposit. For example, to get a $500 credit limit, you need to deposit $500 with Synovus Bank (the issuer of the First Progress Secured Card). You can deposit anywhere from $300 to $2,000 on this card. This deposit is refundable. If you decide to cancel your card and have paid off all your purchases, you’ll get your entire deposit back.

Builds Credit

The First Platinum Elite MasterCard is a real credit card; it’s not like putting money on a prepaid debit card. This is important because this card builds your credit history. Every month, First MasterCard reports your card information to the three major credit bureaus. As with any credit card, you need to ensure you make at least the minimum payment on time each month.

Annual Fee

To use the First Platinum Elite MasterCard, you need to pay a $29 annual fee. Keep in mind, the First Platinum Elite charges 19.99% APR for purchases.

If you don't consistently pay your balance in full each month, you may want to consider the First Progress Platinum Prestige, which charges a $44 annual fee, but has a lower 11.99% APR for purchases.

No Rewards

Like most secured credit cards, the First Platinum Elite MasterCard doesn’t offer any rewards like cash back or airline miles. This program is designed to help people build credit, not earn bonuses. Once your credit score improves, you can consider applying for an unsecured rewards credit card.

Pros

  • No credit history required
  • Simple online application
  • Builds credit history with all three major credit bureaus
  • Credit limit secured by fully-refundable deposit ($300 to $2000)
  • $29 annual fee

Cons

  • 19.99% variable APR for purchases
  • No rewards

Bottom Line

The First Progress Platinum Elite MasterCard is a good choice for people with no credit. Its fees are reasonable. Once you have good credit, you may want to consider a rewards credit card instead.

Next Step: View the issuer's official application, terms, and details

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Disclaimer: This content is not provided or commissioned by the company whose products are featured on this site. Any opinions, analyses, reviews or evaluations provided here are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by the Advertiser. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: This content was first published on May 3, 2013. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Synovus Bank website for updated information.

More Articles in Reviews

First Progress Platinum Elite MasterCard Secured Credit Card
Apply for First Progress Platinum Elite MasterCard Secured Credit Card
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account
  • Go to issuer's official application, terms, and details
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
19.99% (Variable)
$29

Compare First Progress Secured Credit Card to:

First Progress Platinum Prestige MasterCard Secured Credit Card
Apply for First Progress Platinum Prestige MasterCard Secured Credit Card
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
11.99% (Variable)
$44

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