First Progress Platinum Prestige Mastercard® Secured Credit Card

Quick Snapshot

• Annual Fee: $49
• APR: 17.99% variable
• Rewards: No rewards program
• Bonus: No welcome bonus
• Best For: Credit builders who may carry a balance and want the lowest possible APR on a secured card
• Credit Needed: No credit check required

Overview

The First Progress Platinum Prestige is a secured credit card with one standout advantage: its 17.99% APR is one of the lowest available on any secured card. For people who may occasionally carry a balance while building credit, this low rate can save significant money in interest compared to cards charging 24%-29% or more.

The card requires no credit check and accepts a security deposit of $200 to $2,000, which becomes your credit limit. It reports to all three major credit bureaus, making it effective for credit building. The $49 annual fee is higher than some competitors, but the interest savings from the low APR can more than offset this cost for anyone who carries a balance.

First Progress offers three versions of their secured card with different annual fee and APR combinations. The Platinum Prestige has the highest annual fee ($49) but the lowest APR (17.99%). If you always pay in full, a lower-fee option would be better. But if you anticipate carrying a balance during your credit-building journey, the Platinum Prestige's low rate makes it the most cost-effective choice. The card is a Mastercard, providing solid acceptance, and the deposit is refundable when you close the account in good standing.

APR Breakdown

• Purchase APR: 17.99% variable
• Balance Transfer APR: N/A
• Cash Advance APR: N/A
• Penalty APR: None

Note: Variable APR of 17.99%. No credit check required. No penalty APR. One of the lowest APRs available on a secured card.

Benefits Overview

Lowest Secured Card APR

• 17.99% variable APR is among the lowest for secured cards
• Saves significant interest versus 24%-29% APR competitors
• No penalty APR protects against rate increases
• Ideal for those who may occasionally carry a balance
• Fixed low rate regardless of credit history

Accessible Approval

• No credit check required
• Security deposit of $200-$2,000
• Available to people with any credit profile
• No bank account required for some funding methods
• Deposit refundable upon account closure

Credit Building

• Reports to all three major credit bureaus
• Mastercard network for wide acceptance
• Builds credit history with on-time payments
• Consistent reporting for credit score improvement

Rewards & Points

The First Progress Platinum Prestige does not offer a rewards program. Its value is in the low 17.99% APR, which saves money on interest for those who carry a balance while building credit.

Welcome Bonus

No welcome bonus is offered. The card's primary value proposition is its low APR of 17.99%, which is significantly below the 24%-29% charged by most secured cards.

Fees Summary

• Annual Fee: $49
• Foreign Transaction Fee: N/A
• Late Payment Fee: Up to $40
• Cash Advance Fee: N/A
• Balance Transfer Fee: N/A
• Returned Payment Fee: Up to $40
• Security Deposit: $200-$2,000 (refundable)

Who This Card Is Best For

Ideal For

• Balance carriers who may occasionally carry a balance and want the lowest APR
• Credit builders on a budget who want to minimize interest costs during their journey
• No-credit-check applicants who need guaranteed approval regardless of credit
• Interest-rate-sensitive users who prioritize low APR over rewards or annual fee

Not Good For

• Pay-in-full users who never carry a balance and gain no benefit from the low APR
• Fee-averse users who do not want a $49 annual fee on a no-rewards card
• Rewards seekers who want cash back or points on purchases

Key Pros & Cons

Pros

• 17.99% APR is one of the lowest available on any secured card
• No credit check required for approval
• No penalty APR
• Reports to all three major credit bureaus
• Security deposit of $200-$2,000 provides flexibility
• Deposit refundable upon account closure in good standing
• Mastercard network for wide acceptance
• Low APR saves money for those who carry a balance
• Fixed rate regardless of your credit history

Cons

• $49 annual fee is higher than many secured card competitors
• No rewards, cash back, or points program
• No welcome bonus
• Requires a security deposit of at least $200
• Credit limit capped at your deposit amount
• No additional card benefits or protections
• Low APR advantage is wasted if you always pay in full
• First Progress customer service is basic compared to major issuers

Alternatives to Consider

Card	Best For	Annual Fee	Rewards	Credit Needed
OpenSky® Secured Visa®	Lower $35 annual fee, no bank account needed	$35	None	No minimum
Discover it® Secured Credit Card	$0 annual fee + cash back rewards	$0	2%/1%	No minimum
OpenSky® Plus Secured Visa®	$0 annual fee, no credit check	$0	None	No minimum

How the Rewards Add Up

Example Annual Value

Category	Annual Spend	Reward Rate	Earned	Value
Interest Savings (vs. 25% APR card)	$1,000 balance carried	17.99%	$70 saved	$70 savings

If you carry a $1,000 balance for a year, the 17.99% APR costs approximately $180 in interest versus $250 at 25% APR, saving $70. After the $49 annual fee, the net savings is approximately $21 versus a free card with 25% APR. The savings increase with larger or longer-held balances.

Should You Get This Card?

You Should Get It If...

• You expect to carry a balance occasionally and want the lowest possible APR
• You cannot pass a credit check and need guaranteed approval
• You want a secured card that reports to all three credit bureaus
• You prioritize low interest costs over rewards or annual fee
• You can afford a $200+ security deposit
• You want Mastercard network acceptance

You Should Skip It If...

• You always pay your balance in full (the low APR provides no benefit)
• You want a no-annual-fee secured card (OpenSky Plus, Chime, Discover)
• You want cash back or rewards on your purchases
• You want a welcome bonus
• You have fair credit and can get an unsecured card instead
• You want a card with additional benefits beyond credit building

Apply Now

Apply for First Progress Platinum Prestige Mastercard® Secured Credit Card

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Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.