The First Progress Platinum Elite Mastercard is a pretty good option for people with a bad credit score, and it's the best of the three First Progress secured credit cards, thanks to its low annual fee (
$29). Platinum Elite can be worth it for low-cost credit improvement as a result. This card does have the highest APR among the trio of First Progress secured cards, but that shouldn’t matter as much because secured cards aren’t really built for financing, since your spending limit equals the amount of the refundable security deposit you’re required to place.
Just because First Progress Platinum Elite is the best First Progress card does not mean it’s automatically the best secured credit card for your needs. There’s some tough competition from other credit card companies, not to mention a few additional details you should be aware of regarding Platinum Elite before you apply.
First Progress Platinum Elite Mastercard Highlights
Minimal approval requirements
The First Progress Elite Mastercard does not have a minimum-credit-score requirement. You don’t even need any credit history. Rather, you simply have to be a first-time First Progress cardholder who is at least 18 years old (19 in Alabama and Nebraska) with a valid Social Security number. You also need enough income to afford monthly bill payments, in addition to your refundable security deposit.
$200+ security deposit needed
You’ll have to submit this deposit when you apply for the card. If you get approved, the amount of your deposit will serve as your spending limit. After that, you’ll have to get permission from First Progress to add to your deposit for a higher limit. If your application does not get approved, you’ll get the deposit money back right away.
Lowest annual fee among First Progress cards
First Progress offers three secured credit cards: Platinum Elite,
First Progress Platinum Prestige Mastercard® Secured Credit Card and
First Progress Platinum Select Mastercard® Secured Credit Card. The First Progress Platinum Elite Mastercard has a
$29 annual fee, while Select and Prestige charge more. Minimizing fixed costs is one of the most important parts of choosing a secured credit card, so if you want to work with First Progress, Platinum Elite is the way to go.
Highest APR among First Progress cards
As a tradeoff for having a relatively low annual fee, the First Progress Platinum Elite Secured Credit Card charges interest at a much higher rate than its siblings, Platinum Select and Platinum Prestige. That shouldn’t really matter, though. Carrying a balance from month to month with a secured card is a bad idea because you have to prepay for any money you spend, since your spending limit equals the amount of your refundable security deposit. And do you really want to pay interest on a loan you’re basically giving yourself?
Better options may be available
If your credit isn’t too severely damaged, you might be able to qualify for one of the few secured credit cards with no annual fee that are available right now. Or, if your credit is quite damaged, you might want to opt for a secured credit card with no credit check.