First Progress Platinum Prestige Mastercard® Secured Credit Card is a great option for someone who has no credit or poor credit because there is no minimum credit score required. Learn how you can use this card to establish or rebuild your credit.
First Progress Platinum Prestige Mastercard® Secured Credit Card
If you have no credit or poor credit then the First Progress Platinum Prestige Mastercard® Secured Credit Card is a great card to have.
You don’t need to have a minimum credit score when you apply; however, the card does have an annual fee and a high APR.
I created this review so that you can understand how this card works, its benefits and short comings.
Easy to qualify
Credit building tool
Reports to all 3 major credit bureaus
$49 Annual Fee
Requires $200 minimum security deposit
What’s The Platinum Prestige Mastercard®
The First Progress Platinum Prestige Credit Card was created by Synovus Bank and was created solely to help people establish or rebuild credit.
Along with reporting to all 3 credit bureaus, this card doesn’t have a minimum credit score required to get approved.
The card helps you build credit history by reporting to all three major credit reporting agencies as well.
Like most secured cards, it does require an initial security deposit once you get approved which we discuss below.
Who Is Synovus Bank?
Synovus Bank is an FDIC insured and headquartered in Columbus, Georgia. They have been around since 1888 and currently have over 300 locations.
What Makes Them Different?
The biggest selling point of the First Progress Platinum Prestige Secured Credit Card is that it’s been designed for people who may have had credit issues in the past and need to re-build credit or who are just starting out and need to build new credit.
To top it all off, you get to choose your credit limit based on your initial security deposit.
Platinum Prestige Secured Mastercard® Basics
Below are some of the basic features of the Platinum Prestige Secured Mastercard®:
- Card type: Secured
- Interest rate: 9.99% (V)
- Annual fee: $49
- Rewards: None
- *Security deposit: $200 minimum, $2,000 maximum
- Foreign transaction fee: 3% of each Transaction in U.S. dollars
- Credit reporting: Reports payment information to all three credit bureaus.
- Cash advance fee: Either $10 or 3% of the amount of each cash advance, whichever is greater.
- Late payment fee: Up to $39.00
*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don’t pay your bill.
In my personal opinion, paying a small fee to establish credit is 100% worth it; just be sure to make your payments on-time.
Platinum Prestige Secured Mastercard® Features
The First Progress Platinum Prestige Secured Mastercard is packed with several features that make it a great option for a secured card..
The main features of this card include:
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum MasterCard(R) Secured Credit Card
- Nationwide Program though not yet available in NY, IA, AR, or WI
First Progress Platinum Prestige Secured Mastercard® Credit Cards help you to establish a solid payment history.
Paying Your Security Deposit
Your security deposit is what will determine your initial credit limit.
You Have A Bank Account
You need to provide your debit card details or checking account information.
First Progress accepts either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on mobile or desktop..
When you submit your application, you are giving First Progress the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.
If your application is not approved, your money will be posted back to your account within five days.
They don’t store your debit card information on file.
You Don’t Have A Bank Account
If you don’t have a bank account, you won’t be able to apply for this card unfortunately.
Requesting A Credit Limit Increase
You can request a credit limit increase at any time by contacting their Customer Service Department.
If you get approved, you’ll receive instructions on how to send the additional security deposit needed to fund the increase to your credit limit.
You may be charged a fee to get the increased credit limit and all credit lines are subject to underwriting approval.
Platinum Prestige Secured Card Pros & Cons
Alternatives To The Platinum PrestigeCredit Card
A secured credit card through Synovus Bank is a great option to get things started with your credit profile.
However, there are a few other options available for building or re-building your credit, and if you can, I would get them in addition to the First Progress Card.
Credit Builder Loan Through Self Lender
While these loans have a small monthly fee attached to them, they also pull your credit report for approval.
Just like with a First Progress card, Credit Builder Loans report to all 3 credit reporting agencies.
The major difference is that it is an installment loan and not a revolving loan, but once the loan is paid off, the funds will be sent back to you.
We wrote a detailed guide here and a review of Self Lender here.
Catalog / Merchandise Account Through Fingerhut
Another great alternative are Catalog/ Merchandise Accounts.
While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.
These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.
One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here.
Steps To Take After You’re Approved
The real work starts once you have been approved for your First Prestige Platinum Secured Mastercard® Credit Card.
Monitor Your Credit
One of the most overlooked area of building credit, is monitoring your credit.
This is truly your first line of defense when trying to build or rebuild your credit.
You should try to find a service that allows you to monitor all 3 of your reports.
If your application goes to “Pending” status it doesn’t mean Declined. Usually, more information may be needed.
Make On Time Payments
Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.
Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.
No matter what, avoid late payments.
Keep Credit Utilization Low
Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.
For example, if your First Progress credit card has a $300 limit and you spend $60.
Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.
How To Close Your Platinum Prestige Card?
First Progress will automatically credit your account for the amount of the security deposit in full when you close your account.
If a credit balance remains net of any outstanding charges, a credit balance refund check will be a mailed to your address of record within 10 weeks.
If you wish to receive your credit balance refund check on an expedited basis after closing an account, please request this by writing them at:
First Progress Credit Balance Refund Requests, PO Box 9053, Johnson City, TN 37615-9053.
They will issue a credit balance refund check within 7 business days upon receipt of such a request.
Is There A Fee For Closing My Account?
Outside of the fees associated with your remaining balance, there is no fee for closing your account.
You will also receive your security deposit back that you used to open your account.
I would recommend keeping the card active as long as you can, there really isn’t a reason to cancel the card any time soon.
Taking Action On Your Credit
Hopefully, you found this First Progress Platinum Prestige Mastercard® Secured Card Review helpful because starting your credit journey can be complicated and confusing.
There is no better time than now to get things started and the sooner you get your card setup, the faster it will hit your reports and start helping you.
Having the card in your wallet is going to feel great, but growing your credit is going to feel even better.
Start building your credit today with a Platinum Prestige Mastercard®!
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.