First Progress Platinum Prestige Mastercard® Secured Credit Card Review: A Stepping Stone to Credit Improvement

Build credit with Prestige: Low APR, 1% cash back rewards, and extensive credit tools.

First Progress Platinum Prestige Mastercard® Secured Credit Card Review: A Stepping Stone to Credit Improvement


  • Minimum Deposit: $200 refundable deposit to set your credit line.
  • Purchase APR: Low variable APR of 15.24%, providing cost-effective credit access.
  • Annual Fee: $49, a manageable cost for credit building.
  • Cash Back Rewards: Earn 1% on payments, incentivizing timely bill payments.
  • Credit Bureau Reporting: Monthly reports to all three major credit bureaus to help establish and improve your credit history.
  • Application Eligibility: No credit history or minimum credit score is required for approval.


  • Credit Building: Ideal for individuals looking to improve or establish credit, including those with past bankruptcies.
  • Rewards Program: Unique among secured cards, offering 1% cash back on payments.
  • Wide Acceptance: Use wherever Mastercard® is accepted, both online and worldwide.
  • Second Card Option: Eligibility to apply for a second card after six months of on-time payments, further aiding credit building.
  • Mobile App Access: Manage your account, view statements, and track rewards easily via the mobile app.
  • Educational Resources: Access to credit education through the app, helping users understand and improve their credit.


  • Annual Fee: Higher than some secured cards at $49, which may deter some potential users.
  • APR Still Considerable: While lower than many secured cards, the 15.24% APR can accumulate interest if balances are not paid in full.

Product Summary

The First Progress Platinum Prestige Mastercard® Secured Credit Card stands out for its low APR and rewards program, which are rare in secured credit cards. Designed for those with no credit history or those rebounding from financial difficulties, it offers a practical path towards credit improvement. Requiring a refundable security deposit to establish the credit line and reporting monthly to the three major credit bureaus provides a solid foundation for building credit. The card's mobile app enhances user experience by offering easy account management and access to credit education. While the annual fee and APR warrant consideration, the benefits of improved credit access and the potential for rewards make it a compelling option for responsible users.

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