First Progress Secured Credit Cards are designed for consumers who want to build or rebuild credit with the support of a refundable security deposit. Instead of requiring a minimum credit score or established credit history, these cards use a secured structure, where the deposit helps determine the initial credit limit.
The current First Progress lineup highlighted on the official site includes the Platinum Prestige Secured Credit Card and the Platinum Select Secured Credit Card. Both are real Mastercard® credit cards, report to the three major U.S. credit bureaus, and may help support credit-building progress when used responsibly.
First Progress
2X the Rewards Cash BackHow the First Progress Secured Credit Cards work
The First Progress Secured Credit Cards require a refundable security deposit. According to the official FAQ, applicants can deposit between $200 and $2,000, and the security deposit determines the credit limit. For example, a $500 deposit generally supports a $500 credit limit before any applicable fees reduce the initially available credit.
These cards work similarly to traditional credit cards after approval. Cardholders can use them for eligible purchases wherever Mastercard is accepted, including online, in stores, and internationally. Each month, the cardholder receives a statement and must make at least the required minimum payment by the due date.
The main credit-building feature is monthly reporting. First Progress reports account activity to Equifax, Experian, and TransUnion, which allows payment history and balance activity to become part of the cardholder’s credit profile. Responsible use, on-time payments, and low balances may support credit progress over time, although no card can guarantee a specific score increase.
The Platinum Prestige Secured Credit Card currently offers a lower purchase APR and a higher annual fee, while the Platinum Select Secured Credit Card has a higher purchase APR and a lower annual fee. This gives applicants a practical choice based on how they expect to use the account.
More advantages of the First Progress Secured Credit Cards
One of the biggest advantages is accessibility. First Progress states that no minimum credit score or minimum credit history is required, which may help consumers who are starting from scratch or rebuilding after past credit challenges.
Another advantage is the refundable nature of the deposit. The deposit can be returned when the account is closed in good standing and the full balance has been paid. This makes the deposit different from an annual fee, because it is collateral rather than a permanent account cost.
The cards also currently include cash back rewards. First Progress promotes 1% cash back rewards on both the Prestige and Select cards. The official site also notes that up to 10% cash back may be available only at a limited number of participating merchants, with offer percentages varying by merchant and subject to change.
Additional advantages include:
- Soft inquiry application review: First Progress states it may use a soft inquiry, which does not affect the credit score.
- Worldwide Mastercard acceptance: The card can be used wherever Mastercard is accepted.
- Choice between two current card options: Prestige may appeal to users who want a lower APR, while Select may appeal to users who prefer a lower annual fee.
- Credit bureau reporting: Monthly reporting can help cardholders establish a credit file when the account is managed responsibly.
- Online application: Most applicants usually receive a decision within minutes, although some applications may require additional information.
Cons to consider before applying
The main drawback is the required security deposit. Applicants must provide at least $200 before using the card, and that money remains tied to the account while it is open. Although refundable, it cannot normally be used like a regular bank balance during the life of the account.
Another point to consider is the annual fee. Both current First Progress secured cards charge an annual fee, and the fee reduces the available credit after the account is opened. That means a cardholder who starts with the minimum deposit will not have the full deposit amount available for purchases immediately.
The card may also be less appealing for consumers who qualify for a no-annual-fee secured card elsewhere. Because this product is designed mainly for credit building, the rewards and benefits should be viewed as secondary.
Finally, carrying a balance can still be expensive, especially if payments are late or balances remain high. The best use case is typically responsible spending, low utilization, and on-time monthly payments.
First Progress Secured Credit Cards fees
The First Progress Secured Credit Cards do not have a $0 annual fee. Instead, applicants choose between two current cost structures.
The Platinum Prestige Secured Credit Card currently has a $49 annual fee, a 13.49% variable APR for purchases, and a 22.49% variable APR for cash advances.
The Platinum Select Secured Credit Card currently has a $39 annual fee, a 17.49% variable APR for purchases, and a 23.49% variable APR for cash advances.
Other published fees may include:
- Cash advance fee: $10 or 3% of the cash advance, whichever is greater;
- Foreign transaction fee: 3%;
- Late payment fee: up to $41;
- Returned payment fee: up to $30;
- Minimum interest charge: $1.50;
- Optional expedited processing fee: $19.95, when selected and available.
Rates are variable and may change with the Prime Rate. Applicants should review the current disclosures before applying, since the terms shown during the application process are the most important source for their account.
How to apply for the First Progress Secured Credit Cards
Consumers can apply online through the official First Progress website. During the application process, First Progress may request identifying information such as name, address, date of birth, and other details required to verify the applicant under federal rules. The institution may also ask to review identification documents.
Applicants should be prepared to choose a deposit amount between $200 and $2,000. The selected deposit determines the credit limit, subject to approval and account terms. First Progress states that most applicants usually know whether they are approved within minutes, although some cases may require additional review or documentation.
The First Progress Secured Credit Cards may be useful for consumers who need a secured card, want monthly reporting to all three major credit bureaus, and prefer a card that does not require a minimum credit score. The Prestige option may be more attractive for users who expect to carry a balance occasionally and want a lower APR, while the Select option may suit those who prioritize a lower annual fee.
Before applying, compare the deposit requirement, annual fee, APR, and rewards terms. Used responsibly, a First Progress card can be a practical step toward building stronger credit habits.
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