First Progress Platinum Select MasterCard® Secured Credit Card Review
Interest Rate: 14.99%
Introductory Interest Rate: None
Grace Period: 25 days
Foreign Transaction Fees: 3% of total transaction
Annual Fees: $39
Application Fees: None
Rewards Program: None
Signing Promotion: None
Interest Earned on Security Deposit: No
This review was provided by William Charles, editor of Doctor of Credit.
This card is the exact same as the First Progress Platinum Elite MasterCard® Secured Credit Card, except it has a higher annual fee and slightly lower APR. It’s still one of the worst secured cards on the market and nobody should be applying for it.
This card comes with a whopping $39 annual fee. Compared to other secured cards with no annual fee, you can see why we don’t recommend applying for this card.
This card has an APR of 14.99% which is definitely on the lower side for secured cards – but it’s still not one of the best. Card holders shouldn’t be carrying a balance with secured cards to begin with, so a low APR isn’t necessarily a great feature.
This card doesn’t have a rewards program, why not check out our full list of cards that do.
Like all secured credit cards, this card reports to all three of the major credit bureaus. We’re unsure of whether it reports as a secured or unsecured credit card.
It’s possible to add funds to the security deposit of this card to increase the credit limit. We believe this results in a soft pull but we aren’t 100% certain.
UPGRADING TO AN UNSECURED CARD
First progress doesn’t list any graduation schedule and we are unsure if they ever unsecure this card.
First progress will approve anybody that doesn’t have a bankruptcy on their credit report.
This is a terrible card. It has a high annual fee and virtually no positives (the only positive is that it’s relatively easy to be approved – but this is the case for all secured cards). There is no reason to apply for this card with so many other better options currently on the market.