First Progress Platinum Select Mastercard® Secured Credit Card review 2024

In a nutshell

The card_name is a credit-building card for applicants with credit_score_needed.

• The simple card features credit lines of $200 to $2,000 and a annual_fees annual fee.
• As with other secured cards, you must put down a security deposit equal to your credit line.
• Using the card as agreed should put you on track for improved credit over time.

First Progress Platinum Elite Mastercard® Secured Credit Card

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First Progress Platinum Elite Mastercard® Secured Credit Card

Credit score

credit_score_needed

Annual fees

annual_fees

Who is the card for?

The card_name is for borrowers with credit_score_needed looking to build a positive credit history. If you’re new to credit or have a series of mistakes in the past, you can still get the card_name.

If you have good credit or better, this card isn’t an ideal fit, as there’s a annual_fees annual fee and no rewards. But the card_name may be worth considering for anyone with a negative credit history.

Card perks and benefits

This secured credit card offers two main perks to help you build credit as quickly as possible.

First, you can choose your credit limit when applying for the card. Credit limits are available from $200 to $2,000, equal to your security deposit. A higher credit limit is better when building credit, and keeping your balance low compared to your credit limit is a significant factor in your credit score.

Remember that if you don’t pay the card as agreed, card_name can take your deposit to pay down your balance. But if you keep the account in good standing, the deposit is fully refundable.

The second major benefit is that First Progress reports your account activity to all three major credit bureaus: Experian, TransUnion and Equifax. Because lenders use different credit report sources, building your credit history with all three sets you up for a better credit score in the future wherever you apply. Always pay at least the minimum balance by the due date and keep your balance low to build your credit score.

Rewards and bonuses

This credit card doesn’t offer any cash back, travel rewards or other bonuses. Because it has a annual_fees annual fee and requires a deposit, it’s not ideal for long-term use.

How to get the most out of the card

Like many secured credit cards, it’s best to use this card to get your credit into a better position to get superior credit accounts in the future. If you have this card long enough to get a credit score that qualifies you for a credit card with no annual fee, you’re better off upgrading and moving on.

The best rewards cards and no annual fee cards are typically reserved for applicants with good to excellent credit scores. This card is a stepping stone to get you on track for better credit cards and better terms with other borrowing accounts.

Alternatives

If you’re not a fan of this card, you may want one of these card_name alternatives.

card_name

Chime Credit Builder Visa® Credit Card

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Chime Credit Builder Visa® Credit Card

Credit score

credit_score_needed

Annual fees

annual_fees

The card_name is a unique credit card tied to a Chime bank account. There are no annual fees or interest charges. Chime is a neobank, which means it doesn’t have physical locations, but if you like life online, it could be a good solution for you.

U.S. Bank Cash+ Visa Secured Card

U.S. Bank Cash+® Secured Visa® Card

U.S. Bank Cash+® Secured Visa® Card

Credit score

Bad/Poor

Annual fees

$0

The U.S. Bank Cash+® Visa® Secured Card is a cash back credit card offering up to 5% cash back on purchases you already make. There’s $0 annual fee, and credit lines range from $300 to $5,000. That as much or more cash back as you will find on a non-secured credit card.

card_name

Chase Freedom Unlimited®

Chase Freedom Unlimited®

Credit score

credit_score_needed

Annual fees

annual_fees

Why we like it

If you have better credit, the card_name is an excellent cash back rewards card with annual_fees annual fee.

If you have better credit, the card_name is an excellent cash back rewards card with annual_fees annual fee. One thing to note: if you have opened five or more new credit cards in the last two years, you probably won’t be approved for this card.

The AP Buyline roundup: A basic credit builder card

Due to its annual fee and lack of rewards, the card_name isn’t the best secured credit card. You can find an alternative with no annual fee and modest cash back rewards. But if you like what this card offers, it’s a reasonable choice to build or rebuild your credit.