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First Progress Platinum Elite Mastercard® Secured Credit Card
REVIEW

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By : Mr Credit Card

 

  • Annual Fee = $29
  • Regular APR = 19.99%
  • Credit Limit = $200 - $2,000 secured by security deposit
  • No Credit Checks
  • Discharge Bankruptcy OK
  • Mobile App for Android Users
  • Free Vantage Score from Experian
  • Not available to residents of NY, IA, AR, or WI

 

At A Glance

The First Progress Platinum Elite Mastercard is ideal for rebuilders who want a lower annual fee secured credit card and does not intend to carry a balance. It is also suitable for rebuilders who have been repeatedly denied other rebuilder cards and cannot afford another hard inquiry. The First Progress Elite is one of three secured credit cards issued by First Progress and it has the lowest annual fee among them at $29. Like all secured credit cards from First Progress, they do not perform any hard inquiry or credit checks so as long as you fund your security deposit and the security deposit amount is less than the difference between your income and expenses, you will definitley be approved.

 

 

Card Details

Annual Fee $29
Regular APR 19.99%
Foreign Transaction Fee 3%
Security Deposit and Credit Limits $200-$2,000


Other key features of the First Progress Prestige include

  • Free Vantage Score from Experian - all cardholders get a free monthly Vantage score and credit monitoring service from Experian.

  • Reports to all three credit bureaus - First Progress Platinum Prestige reports to Experian, TransUnion and Equifax (the 3 major bureaus).

  • Android App Available - First Progress has an app for Android devices. Apple IOS app is still in the works.

 

 

First Progress Compared To Other No Credit Check Cards

Card Annual Fee Regular APR Min Deposit
First Progress Elite $29 19.99% $200 - $2,000
First Progress Prestige $49 9.99% $200 - $2,000
First Progress Select $39 13.99% $200 - $2,000
Applied Bank $48 9.99% $200 - $5,000
Opensky $35 17.39% $200 - $3,000
Go2Bank $0 See Website $100
Chime $0 N.A. - Pay in full No min or max
Self $25 23.24% $100


Thekey characteristic of First Progress secured credit cards is that there is no credit checks when you apply. So we are going to compare the First Progress Elite with similar secured credit cards that do not check your credit report.
 

Compared to Traditional No Credit Check Secured Credit Cards

There are a few traditional secured credit cards that do not perform any hard inquiries when you apply. The first is the Opensky Secured Visa. Compared to the First Progress Prestige, the Opensky has a higher annual fee (at $35 vs $29), but a slightly lower regular APR. Both the Opensky and First Progress are very well known in the rebuilder community and choosing one over the other is a trade off between annual fee and APR.

Another card to compare to is the Applied Bank Secured Credit Card. They both have low APR at 9.99% and their annual fee is also very similar ($48 for Applied Bank vs $49 for First Progress Prestige). Both also allow you to fund their security deposit without a checking account. However, the First Progress Prestige is better because the Applied Bank Secured Card has no grace period. So interest accrues when you make a purchase on the card. In contrast, First Progress has a standard 25 day grace period.
 

Compared with other First Progress Secured Credit Cards

First Progress has a couple of other secured credit cards, namely the Select and Prestige version. The Prestige Version has a higher annual fee at $49 (vs $29 for the Elite version), but a much lower APR at 9.99% (vs 19.99% for the Elite). The Prestige would be more appropriate for those of you who want to carry an occasional balance and are willing to pay the higher annual fee. In contrast, the Elite version is more suitable for those of you who do not intent to carry a balance and hence will save some money on the annual fee.

The First Progress Select version is the middle of the road version compared to the Elite and Prestige. The annual fee of $39 is higher than the Elite but lower than the Prestige version while the APR of 13.99% is lower than the Elite version but higher than the Prestige version. Depending on your preference, you might be tempted to choose the Select version over the Elite version.
 

First Progress Compared to New Fintech Secured Cards

First Progress is also competing with new secured credit cards launched by Fintech startups that have no credit checks and also no annual fees. With these new offerings, you are required to open a mobile banking account and set up direct deposit with them or open a credit builder account.

For example, the Self Secured Visa has no credit checks and no annual fee. You can get it once you have "saved" enough money in your credit builder account. So essentially, you first have to set up a credit builder account. The Self Secured Visa is ideal for those of you would do not have enough cash yet for a security deposit if you apply for a secured credit card now. Having one allows you to save up for it first while building your credit at the same time.

There are other secured credit cards like Chime Secured Visa, GO2bank Secured and Sable One Secured Credit Card that require you to set up a mobile banking account with them. Chime and GO2bank also require that you set up a recurring direct deposit with them. Having said that, once you have met this hurdle, there is no credit check if you want their secured credit card and they have no annual fee as well.

 

 

Pros: What We Like

  • Low Annual - The $29 annual fee is on the low side for secured credit cards.

  • No Credit Checks - First Progress does not perform any credit checks or hard inquiries. Therefore you will definitely be approved and get your card as long as you fund your security deposit and if the security deposit amount exceeds the difference between your income and your expenses.

  • Bankruptcy OK - First Progress will approve you even if you have a discharged bankruptcy on your credit report.

  • Free Vantage Score from Experian - You will get a free Vantage score from Experian which is updated monthly.

  • Mobile App - First Progress has a mobile app available for Android devices.

  • Can get your card before you fund it - Unlike most secured credit cards, First Progress gives you the choice of receiving your card before you fund it. This will appeal to those of you who are wary about transferring your security deposit before you receive your card. You do have to pay a $29.95 fee for this service and option.

 

 

Cons: What Do Do Not Like

  • Mobile App only available on Android - First Progress mobile app is only available for Android users. Apple iPhone users have to wait for the IOS version.

 

 

First Progress Elite Ratings - Low Annual Fee

Among the three First Progress secured credit cards, the Elite version has the lowest annual fee (at $29) and the highest APR (at 19.99%). You would want to choose the elite version if you do not intend to carry a balance but want to pay in full your monthly bills instead. As we have said many times, the biggest attraction of the First Progress Elite is that they do not perform any hard inquiries or credit checks when you apply. You will definitley be approved as long as you fund your security deposit and the security deposit amount is less than the difference between your income and expenses. For those of you who are skeptical about transferring money to fund your deposit before receiving your card, First Progress allows you the option to receive your card first, then fund it. They do charge you a $29.95 fee for that.

If you have been denied other credit cards that you have applied, then you might just want to consider the First Progress Platinum Elite Mastercard since you will definitely be approved if you fund your deposit. You have to bear in mind that First Progress is available to residents of NY, IA, AR, or WI. If you are from one of these four states, then you should get the Opensky Secured Visa instead as they also do not check your credit report when you apply and is also available to residents in all 50 states.

 

 

How to Apply?

The First Progress Prestige application process is really easy. You simply fill in your name and email address, address, one phone number, financial information like your estimates income and expenses, the amount of security deposit you want to put up, your social security number, date of birth and a password for your First Progress account. You can use Federal or state benefits, unemployment benefits and social security benefits as income. Then you simply have to tick off all of the check boxes and agree to the terms and conditions.

first progress prestige application first progress prestige application first progress prestige application first progress prestige application first progress prestige application first progress prestige application first progress prestige application first progress prestige application

There are 3 ways to fund First Progress secured credit cards. You can fund it with a bank debit card or prepaid credit card or with a ACH transfer from your checking account. If you apply from your mobile phone (as you are doing now), funding your account via checking account is not available.

first progress prestige fund deposit

If you decide to fund with your debit or prepaid credit card, then all you need is to provide your debit card number and three digit security code.

first progress prestige fund deposit

First Progress also offers you the option to get your card in the mail first and then fund later. If you choose this option, you are given up to 90 days to fund your account. But you have to pay a $29.95 fee. If you are really paranoid about wanting to have the card in your hand before you part with your security deposit, then choose this option.

first progress prestige fund deposit first progress prestige fund deposit

 

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Contact Information

First Progress Card
P.O. Box 9053
Johnson City, TN 37615-9053