Assent Platinum Secured Card: What Changed

Assent Platinum Mastercard Secured Credit Card was designed as a secured credit card for consumers looking to establish or rebuild their credit history while using a traditional Mastercard. Unlike an unsecured credit card, the account requires a refundable security deposit that generally determines the cardholder’s initial credit limit.

However, there is an important update for anyone researching this card today. The official Assent website no longer provides a standard application for new Assent accounts. Instead, visitors who need to reapply are directed to First Progress, while existing Assent cardholders are instructed to manage their accounts through the new Customer Center or the First Progress mobile app. Because of this change, the terms below are most relevant to existing or legacy Assent accounts rather than a new credit card offer.

How Does the Assent Platinum Secured Card Work?

The Assent Platinum Mastercard Secured Credit Card is issued by Synovus Bank and requires a security deposit of at least $200. According to the official Assent disclosures, the initial credit limit generally equals the amount deposited.

Cardholders could initially fund the security account with between $200 and $2,000. With approval, the credit limit may later be increased, and the official disclosure states that the maximum credit limit that could be obtained over time is $5,000.

Because this is a secured card, the deposit acts as collateral for the account. It is not a payment toward the card balance and normally remains in a non-interest-bearing deposit account while the account is open.

The card can then be used similarly to another Mastercard for eligible everyday purchases. Cardholders receive monthly statements and are responsible for making at least the required minimum payment by the due date.

Responsible card use can help consumers establish payment history. Keeping balances manageable and making payments on time are particularly important when using a secured credit card as part of a credit-building strategy.

More Advantages of the Assent Platinum Secured Card

One advantage of the Assent structure is the relatively low initial deposit requirement. Starting at $200 made the card accessible to consumers who may not want to place a large amount of cash into a secured account.

The credit limit structure also provided some flexibility. While the initial limit was tied to the deposit, qualified cardholders could potentially receive increases over time, subject to approval.

Other potential advantages include:

• Initial security deposit starting at $200
• Mastercard acceptance for everyday purchases
• No annual fee under the official Assent disclosure currently available
• Opportunity to establish responsible credit card payment history
• Potential credit limit increases with approval
• Grace period on purchases when the balance is paid according to the account terms
• Security deposit may be returned after account closure once all applicable obligations have been satisfied

The card is issued by Synovus Bank, and the security deposit is maintained in an eligible deposit account subject to the terms described in the agreement.

What Are the Cons of the Assent Platinum Secured Card?

The most important disadvantage today is availability. New applicants can no longer simply apply for the Assent Platinum Mastercard Secured Credit Card through the original Assent application flow. The official website currently sends applicants to First Progress instead.

This matters because a First Progress Secured Mastercard is a separate current offer and may have different rates, fees, rewards, and eligibility requirements. Consumers should not assume that old Assent terms automatically apply to a new First Progress card.

Other drawbacks of the legacy Assent product include:

• A security deposit is required
• The deposit does not earn interest
• The purchase APR is variable
• Foreign transactions carry an additional fee
• Cash advances can be expensive
• Late and returned payments may trigger fees
• Access to the security deposit is restricted while the account remains open
• Higher credit limits are subject to approval

Consumers who already have an Assent account should refer to their own current Cardholder Agreement because account terms may be changed as permitted by the agreement and applicable law.

Assent Platinum Secured Card Rates and Fees

The official Assent disclosure currently available lists a $0 annual fee.

The purchase and cash advance APRs are variable and are calculated using the Prime Rate plus a margin of 20.74 percentage points. The disclosure shows an example APR of 29.24%, but it specifically states that this figure was based on the Prime Rate as of August 1, 2023. Because the rate is variable, that example should not be treated as the guaranteed APR today.

The disclosure also lists:

• Cash advance fee: $10 or 3% of the transaction, whichever is greater
• Foreign transaction fee: 3%
• Late payment fee: up to $41
• Returned payment fee: up to $30
• Minimum interest charge: $1.50 when applicable

For purchases, cardholders may avoid interest by paying the applicable balance in full by the payment due date under the terms of the account.

These terms replace outdated claims that the Assent card currently provides a six-month 0% introductory APR or charges a $49 annual fee. Those conditions should not be presented as part of the current official disclosure.

How to Apply and What New Applicants Should Know

Under the legacy Assent eligibility disclosure, applicants were generally required to be at least 18 years old, or 19 in Alabama and Nebraska, have a valid Social Security number unless otherwise specified, and reside in a U.S. state. Approval also depended on successful identity verification and receipt of the required security deposit.

Today, however, the application process has changed.

The official Assent website states that consumers with a previous unfunded application need to reapply, and its Apply Now option sends visitors to First Progress. Existing Assent account holders are directed to MyCCPay or the First Progress mobile app to access the new Customer Center.

This means consumers looking for a new secured credit card should review the current First Progress Secured Mastercard offers and disclosures rather than relying on historical Assent terms.

For existing cardholders, the Assent Platinum Mastercard Secured Credit Card can still be understood as a secured credit-building product backed by a refundable deposit and issued by Synovus Bank. For new applicants, however, the most important takeaway is that Assent is no longer the active application path, so current First Progress terms should be reviewed before submitting a new application.

Important Update

The original Assent Platinum Mastercard Secured Credit Card application flow is no longer available for new applicants. The official Assent website now directs consumers who need to apply or reapply to First Progress. As a result, new applicants should review the current First Progress Secured Mastercard offers, since their terms, fees, benefits, and eligibility requirements may differ from the legacy Assent card.