How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
Our take: The First Progress Platinum Prestige Mastercard® Secured Credit Card is a decent option if you’re looking for a way to build credit without another credit check, but it’s not the best option out there. However, it does report to all three credit bureaus and has a low APR.
The First Progress Platinum Prestige Mastercard® Secured Credit Card can be good if you want a card with no credit check and a low APR. It doesn’t require a credit check, which might help you if you’ve struggled to qualify for secured credit cards in the past. And it has a low APR, which could be beneficial if you tend to carry a balance some months.
Other than that, this card doesn’t have many unique benefits. It has a $49 annual fee, where most secured cards have no annual fee, and a weak cash back rewards rate. But if your goal is to build or rebuild your credit, then this card could provide a good temporary solution. After building back your credit score, you can apply for an unsecured card with no annual fee.
Intro Purchase APR
N/A
Regular Purchase APR
14.74% (V)
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$49
Cash Advance Fee
N/A
Foreign Transaction Fee
N/A
Balance Transfer Fee
N/A
No credit check
If you have a damaged or no credit history, that won’t affect your chances of being approved for the First Progress Platinum Prestige Mastercard® Secured Credit Card. This feature can help you if you’ve struggled to get approved for other cards for bad credit, or if you don’t want your score to be further dinged from a hard inquiry.
However, you likely won’t be approved for this card if you have a pending bankruptcy filing that has not yet been discharged.
Low APR
The First Progress Platinum Prestige Mastercard® Secured Credit Card has a 14.74% (V) APR. It’s rare to find a secured card with a low regular APR. The Discover it® Secured Credit Card, for example, has a 27.74% Variable APR.
If you have to carry a balance, it shouldn’t cost you too much in interest charges.
Reports to all three credit bureaus
Some secured cards only report your account and payment activity to one or two credit bureaus. This can backfire later if you apply for credit with a lender who uses the credit bureau that doesn’t list the card. The First Progress Platinum Prestige Mastercard® Secured Credit Card reports to all three credit bureaus: Equifax, Experian and TransUnion.
No credit history required for approval
Unsecured credit cards, cards that don’t require a security deposit and have more robust reward, usually require a good or excellent credit score. Since the First Progress Platinum Prestige Mastercard® Secured Credit Card is a secured card, you can qualify with no credit history or even a bad one.
Earns cash back
The First Progress Platinum Prestige Mastercard® Secured Credit Card lets you earn 1% Cash Back Rewards on payments. Some secured credit cards don’t offer cash back at all, so this is a plus.
Annual fee
The First Progress Platinum Prestige Mastercard® Secured Credit Card comes with a high $49 annual fee compared to other secured cards. The annual fee will be subtracted from your initial deposit. Most secured credit cards have no annual fee.
Security deposit must come from a checking account
When you apply for the First Progress Platinum Prestige Mastercard® Secured Credit Card, you need to provide checking account information. Your security deposit will be withdrawn from your account once you’re approved for the card. When you close the account, it can take up to 10 weeks to get your deposit back minus any unpaid balances or fees.
No opportunity to graduate to an unsecured card
Some secured credit cards, like the Discover it® Secured Credit Card and Capital One Platinum Secured Credit Card, offer the chance to upgrade to an unsecured card after you’ve used the card responsibly.
The First Progress Platinum Prestige Mastercard® Secured Credit Card doesn’t have this feature. This means that you’ll likely have to apply for a new card once your credit score improves and close your account to avoid paying an ongoing annual fee.
No automatic reviews for credit limit increases
Some secured cards will automatically review your credit limit for an increase after timely payments for a few months — but the First Progress Platinum Prestige Mastercard® Secured Credit Card does not have a set timeline.
Long time to process payments
Users report that it can take up to 10 days for payments to be processed. That’s much longer than the majority of credit cards that process payments in two to three business days. While your payment is being processed, your available credit will be limited.
In addition, the Discover it® Secured Credit Card has a better cash back rewards program with bonus categories. You can 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically
However, the Discover it® Secured Credit Card has a much higher 27.74% Variable APR. Therefore, if you wind up carrying a balance, the First Progress Platinum Prestige Mastercard® Secured Credit Card may be a better choice. But again, carrying a balance on a secured card should be avoided if at all possible.
It doesn’t come with a sign-up bonus, but it does offer credit line increase reviews and the opportunity to graduate to an unsecured credit card. This might make it the better option if you’re looking for a card with no credit check, since it also reports to all three credit bureaus.
Some applicants qualify for a lower security deposit of $49, $99 or $200. Since most secured cards require a deposit of at least $200, this is a unique feature. Keep in mind that there’s no guarantee you’ll qualify for one of the lower amounts.
Plus, this card offers the chance to graduate to an unsecured card, the Capital One Platinum Credit Card, after enough responsible credit usage. And after just six months, you’ll automatically be considered for a credit limit increase.
It doesn’t offer cash back rewards like the First Progress Platinum Prestige Mastercard® Secured Credit Card. However, the $0 annual fee and chance to graduate to an unsecured card make the Capital One Platinum Secured Credit Card better in most cases.
| Credit Cards | Our Ratings | Welcome Offer | Rewards Rate | Annual Fee | |
|---|---|---|---|---|---|
|
First Progress Platinum Prestige Mastercard® Secured Credit Card*
|
No bonus | 1% Cash Back | $49 | ||
|
Discover it® Secured Credit Card*
|
Discover will match all the cash back you’ve earned at the end of your first year. | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | $0 | ||
OpenSky® Secured Visa® Credit Card*
|
N/A | Earn up to 10% cash back* on everyday purchases | $35 | ||
Capital One Platinum Secured Credit Card*
|
N/A | Non-rewards Card | $0 |
With a modest annual fee and a low APR, The First Progress Platinum Prestige Mastercard® Secured Credit Card is a good choice among cards that don’t require a credit check.
It may be right for you if you don’t currently have a credit score, or if your credit score is so low you’re unable to qualify for better secured credit cards.
However, it’s below average when stacked up against other secured credit cards, which often don’t have annual fees.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the First Progress Platinum Prestige Mastercard® Secured Credit Card, Discover it® Secured Credit Card, Capital One Platinum Secured Credit Card, OpenSky® Secured Visa® Credit Card and Capital One Platinum Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
