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First Progress Platinum Select Mastercard Secured Credit Card review

Written by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Nov. 8, 2022 Edited by Editor, Product Claire Dickey is a product editor for Bankrate, CreditCards.com and To Her Credit. Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications Reviewed by Senior Editor, Credit Card Product News Emily Sherman is a senior editor for CreditCards.com and Bankrate Credit Cards, specializing in product news and recommendations. She has worked as a writer and editor in the Nov. 8, 2022

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Snapshot

1.0 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon on First Progress's secure site

First Progress Platinum Select Mastercard® Secured Credit Card

Rewards rate Annual fee Intro offer Intro offer is not available to this First Progress credit card Regular APR Recommended Credit Score A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

First Progress Platinum Select Mastercard Secured Credit Card overview

Having can make qualifying for a credit card tricky-but that's where the First Progress Platinum Select Mastercard Secured Credit Card comes in. This credit card is one of three secured cards offered by First Progress issued by Synovus Bank, and all of them can help you rebuild your credit. The Platinum Select Card has a fantastic APR and a reasonable annual fee compared to much of the competition. Keep reading for everything you need to know about the First Progress Platinum Select Mastercard Secured Credit Card to see if it's right for you.

What are the advantages and disadvantages

Pros

Low APR for a secured card Reasonable annual fee Can help you build credit

Cons

Has a $39 annual fee Charges a foreign transaction fee

A deeper look into the current card offer

Quick highlights

Rewards rate: N/A Welcome offer: N/A Annual fee: $39 Purchase intro APR: N/A Balance transfer intro APR: N/A Regular APR: 17.74 percent variable

Current welcome offer

The First Progress Platinum Select Mastercard Secured Credit Card doesn't currently have a welcome offer after you sign up. It's typically a challenge to find a with a rewards program or a welcome offer. This card from First Progress is no different, although it can help you build up your credit to get an eventually-and one with a fantastic sign-up bonus.

Benefits

If you have bad credit or , you'll likely need to turn to a secured credit card. When you look at secured cards, you'll want to think about things like APR, annual fee and whether it helps you build up your credit. This card excels in these categories, so check out the best benefits of this secured credit card.

No credit check

Usually, when you apply for a credit card, the credit card company checks your credit report. This check, or inquiry, can lower your credit score by a few points each time. But with this card, there's no credit inquiry when you apply, so don't have to worry about your credit score going down at all.

Helps build your credit score

When you make monthly payments on this secured card, those payments get reported to the three largest credit bureaus-Experian, Equifax and TransUnion. Because of this reporting, on-time payments help build up your credit score. But keep in mind that late payments will lower your credit score. Over time, if you don't miss a monthly minimum payment, your credit score will increase.

Reasonable annual fee

You have to pay an annual fee no matter which of the First Progress cards you go with, but the Select charges a manageable fee of $39. Many cards charge more than this to use throughout the year, although it's certainly possible to find secured cards with no annual fee. This fee isn't the lowest available of the three First Progress cards, either, but a much lower APR balances it out.

Low APR

The you'll pay with this credit card is 17.74 variable APR, which is unusually low for a secured card. Typically, credit card issuers charge a higher annual fee on secured credit cards because you're deemed a riskier customer but that's not the case with this First Progress card.

Work up to a higher credit line

A secured card requires you to make a cash deposit upon opening your account, and this amount makes up your credit limit. The more you deposit, the higher your credit limit will be on the card. The First Progress Platinum Select Mastercard Secured Credit Card requires a minimum of $200 cash deposit, but you can initially deposit up to $2,000. Over time, you can work up to a $5,000 credit limit.

Rates and fees

The APR for this card is much lower than most secured credit cards at 17.74 percent variable. It does require you to pay an annual fee of $39, however. If you use this card overseas, you'll pay a 3 percent foreign transaction fee. You must maintain at least a $200 deposit to keep your credit limit, as well. There are no rewards or welcome offers when you sign up for this card.

How the First Progress Platinum Select Mastercard Secured compares to other secured credit cards

Two other secured credit cards worth exploring are the and the . Neither of these two cards charges an annual fee, while the First Progress Platinum Select Mastercard Secured Credit Card costs $39 each year. However, the APR is much higher with the Discover it® Secured Credit Card and Capital One secured cards-25.99 percent and 28.49 percent variable, respectively. If you're after rewards, the Discover it Secured is the only one of the bunch that offers them. You'll get 2 percent cash back at gas stations and restaurants on up to $1,000 in combined purchases per quarter with the card, as well as 1 percent back on all other purchases. You won't get rewards with the other two cards.

First Progress Platinum Select Mastercard® Secured Credit Card

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. on First Progress's secure site Annual fee Intro offer Intro offer is not available to this First Progress credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One Platinum Secured Credit Card

on Capital One's secure site Annual fee Intro offer Intro offer is not available to this Capital One credit card Rewards rate Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Secured Credit Card

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Earn unlimited 1% cash back on all other purchases – automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Best cards to pair with the First Progress Platinum Secured

Because the First Progress Select Secured Card charges a 3 percent fee when you use it overseas, you might want to have a travel card in your wallet once you qualify. Many give you rewards for purchases, as well as travel protections and other perks. Additionally, you typically won't have to pay when you use the card abroad. Otherwise, any credit card that offers rewards would be good to go with this First Progress card.

Bankrate s Take-Is the First Progress Platinum Select Mastercard Secured worth it

If you have bad credit and can't qualify for another type of credit card, the First Progress Platinum Select Mastercard Secured Credit Card could be worth it. When comparing it to other secured credit cards, whether this one is worth it depends on what you want-a low annual fee or a low APR. For anyone looking to keep a rolling balance on the card month-over-month, this is one of the best secured credit card options on the market, since the interest rate is so low. However, if you're hoping to pay it off in full every month and pay the least amount possible annually, you might want to look elsewhere.

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Written by Garrett Yarbrough Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on NextAdvisor.com, he joined the CreditCards.com and Bankrate.com teams as a staff writer to develop product reviews and comprehensive credit card guides focused on cash back, credit scores and card offers. Edited by Editor, Product Reviewed by Senior Editor, Credit Card Product News

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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.