This offer is no longer available on our site: First Progress Platinum Elite Mastercard® Secured Credit Card

1. Credit Cards
2. Insights
3. First Progress Platinum Elite Mastercard® Secured Credit Card review

Image: image_4a8374

163

reviews

2.2

Rating: 2.2 out of 5.

Great for prior bankruptcies

Annual Fee: $29

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their First Progress Platinum Elite Mastercard® Secured Credit Card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $882, with $200 being the most common.

Here’s the average credit score of members who matched their First Progress Platinum Elite Mastercard® Secured Credit Card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 588, with 552 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

47.3%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

43 years

Average age of members who matched this card or similar cards.

$71,364

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

Image: yes

Flexible credit limit based on your security deposit

Image: yes

Reports to the three major credit bureaus each month

Image: yes

No credit history or minimum credit score required for approval

Image: Con

Annual fee

Image: Con

High variable APR

Image: Con

Minimum deposit of $200

What you need to know about the First Progress Platinum Elite Mastercard® Secured Credit Card

The First Progress Platinum Elite Mastercard® Secured Credit Card is a no-frills secured card offered by Synovus Bank. If used wisely, this card can help you establish a positive credit history.

Approval is possible with limited or poor credit history

The First Progress Platinum Elite Mastercard® Secured Credit Card was designed for people who have a limited credit history or have had credit problems in the past. In fact, First Progress says it doesn’t have a minimum credit score requirement for approval.

Build credit history

Payments for the First Progress Platinum Elite Mastercard® Secured Credit Card are reported to the three major credit bureaus each month. Making your payments on time and in full as well as keeping your credit utilization low can help you establish a solid credit history, which could help improve your chances of being approved for other types of credit in the future.

Flexible credit limit

If you apply for the card and are approved, you must make an initial refundable deposit of between $200 and $2,000 before you can begin using the card. The amount you deposit will be your credit limit and can be used by Synovus Bank to pay your bill if you fail to make a payment. Choose your initial deposit amount carefully, since you’ll need approval from the bank to deposit additional funds.

Your deposit, minus fees like the annual fee, will be returned to you when you close your account if your account is paid in full and in good standing.

If you get the card, over time, you may have the option to increase your credit limit. The maximum credit limit you can have with the First Progress Platinum Elite Mastercard® Secured Credit Card is $5,000. You may be required to make an additional deposit to receive a credit limit increase, or you may be approved for an increase without making another deposit. All credit limit increases are subject to credit approval.

Annual fee

The First Progress Platinum Elite Mastercard® Secured Credit Card has an annual fee of $29, which is deducted from your initial credit limit at account opening. So if you have a credit line of $500, your initial available credit will be only $471.

High variable APR

The purchase APR on the First Progress Platinum Elite Mastercard® Secured Credit Card is a variable 25.24%. If you carry a balance, interest charges can add up quickly, so we recommend paying your bill on time and in full each month whenever possible.

Things to consider before you apply

If you want to build credit with a secured card, here are a few more things to know about the First Progress Platinum Elite Mastercard® Secured Credit Card.

• If you make a late payment, you’ll be charged a fee of up to $41.
• The First Progress Platinum Elite Mastercard® Secured Credit Card doesn’t offer the ability to upgrade to an unsecured card.

Who this card is good for

This card may help you establish a solid credit history. It’s worth considering if you’re new to credit or you’ve had difficulties with credit in the past and want the potential for a higher credit limit than you might get with other secured cards.

But if you can qualify for a different card, there are better credit-building options available. Consider a card that doesn’t charge an annual fee or that comes with perks such as rewards, free FICO® scores or the ability to automatically upgrade to an unsecured card.

Not sure this is the card for you? Consider this alternative.

If you’re interested in getting a secured card but you’re not sure the First Progress Platinum Elite Mastercard® Secured Credit Card is right for you, check out the option below instead.

• OpenSky® Secured Credit Visa® Card:
This card may be a good choice for someone who wants to work toward upgrading to an unsecured card.
• Discover it® Secured Credit Card:
Consider this card if you’re looking for a secured card with rewards.