Designed for those with no or bad credit, the Platinum Elite version offers an unsecured-approach secured card with a low fee, predictable costs, and broad credit reporting. It’s ideal if you’re rebuilding credit and want a path without a credit check or deposit minimums beyond your own funds.
🎁 No Rewards — Focused on Credit Growth
- No cashback or bonus programs—that’s not the point here.
- Instead, it offers consistent monthly reporting to Equifax, Experian, and TransUnion, helping establish a solid credit history when used responsibly .
💸 Lowest Cost in the First Progress Portfolio
| Feature | Details |
|---|---|
| Annual Fee | $29, deducted from your initial deposit |
| APR on Purchases | ~25.24% variable (Prime + 16.74%)—low for a secured card |
| Cash Advance APR | ~30.24% variable (Prime + 21.74%) |
| Cash Advance Fee | Greater of $10 or 3% per advance |
| Foreign Transaction Fee | 3% on purchases abroad |
| Late Fee | Up to $41 per incident |
It doesn’t charge a monthly maintenance fee, making it more affordable than many competitors.
⚙️ Secure Deposit & Flexible Credit Limit
- Requires a security deposit between $200 and $2,000, which sets your credit limit. The annual fee is deducted first, reducing your usable limit initially (e.g. $200 deposit gives $171 available) .
- May be eligible to increase your limit over time by adding to your deposit or via bank review, up to a maximum of $5,000 .
📊 Credit Builder Focused: What You Get
- No credit check required for application—a soft inquiry may be done, but it won’t hurt your score .
- Reports activity monthly to all three bureaus—essential for showing responsible usage and raising scores over time .
- No option to upgrade automatically to an unsecured card, though you can reapply later independently .
🔐 Security & Digital Tools
- Features EMV chip protection, Zero Liability for fraud, and 24/7 account access online or via mobile .
- Alerts for payments and balances are available via the secure portal.
✅ Who Should Apply—and Who Should Wait
Best suited if:
- You have no or poor credit and want an unsecured-secured card with low initial costs.
- You expect to pay your bills in full every month (carry no balance).
- You’re ok with no rewards, just straightforward credit-building functionality.
Consider other options if:
- You qualify for a no-fee secured card like Discover it® Secured or Capital One Secured, with better rewards or upgrade paths.
- You seek rewards, intro APR offers, or automatic upgrades to unsecured cards.
🚀 How to Apply in 3 Simple Steps
- Visit First Progress website and choose the Platinum Elite Mastercard® Secured option.
- Use the prequalification tool (soft inquiry) to review eligibility and terms before applying—no impact to your credit score .
- Submit your application with personal info, make the security deposit (minimum $200), and the $29 annual fee will be taken from it. You’ll receive your card and can begin responsible use immediately.
🎯 Final Summary
The First Progress Platinum Elite™ Secured Mastercard® offers a low-entry, no-frills secured credit card for rebuilding credit. With a $29 fee, modest APR, and full credit reporting, it’s a practical stepping-stone—if you pay on time and plan to move to better terms soon. It’s a decent short-term solution—but consider upgrading once your credit improves.
