The First Progress Platinum Prestige Mastercard Secured Credit Card Review
REVIEW

Pros and Cons

Pros	Cons
Will be offered an unsecured credit card (First Digital Mastercard) if you pay on-time for 6 months No credit checks - guaranteed approval Accept those with discharged bankruptcy in credit report Earn 1% Cash Back on Payments Free Vantage Score	No Autopay Need to use own Bank's Bill Pay for online payments Cannot make payment through mobile app

At A Glance

The First Progress Platinum Prestige Mastercard is one of the rare secured credit cards that does not check your credit or perform hard inquiries when you apply (hence you will definitely be approved) but will also invite you to apply for an unsecured credit card (specifically the First Digital Mastercard) after you pay the first 6 monthly bills on time. It also has a cash back program where you can earn 1% cash back when you make your payment. Spend and pay $4,900 a year on the card and the cash back would have covered the $49 annual fee. It is thus ideal for rebuilders who have been denied other subprime credit cards (including secured credit cards) and who do not want another hard inquiry on their credit report or those who would prefer an unsecured credit card but are unsure if their credit scores and profile will cut it at this moment. Getting the First Progress Prestige provides you with a shorter path to an unsecured credit card just after six months with the card.

Key Features

The First Progress Prestige (as with other First Progress secured credit cards) have 3 features which makes them standout from the crowd. They are:

Offer First Digital Mastercard After Paying in Time for 6 Months - Though First Progress does not have their own unsecured credit card, they have done the next best thing by partnering with First Digital. If you pay your first 6 bills on time, you will be offered the First Digital Mastercard, which is an unsecured credit card for people with bad credit.

The First Digital Mastercard has an annual fee of $75 for the first year and $48 thereafter. There is no monthly fee for the first year, but from the second year onwards, a $6.50 a month is charged. There is a one-time processing fee to activate your card and the starting credit limit is $300.

No Credit Checks or Hard Inquiry - First Progress does not check your credit or perform any hard inquiry. You will be approved as long as your security deposit is less than the difference between your income and expenses (which you have to fill in during the application). First Progress also accepts and approve applications even if you have a prior recent discharged bankruptcy.

Get Your Card Before You Fund It - Another neat feature that First Progress has is that they will mail you your card before you fund it and allow to do so once you have received this. This procedure is a piece of mind to some of you who are not comfortable paying your security deposit before you receive the card. There is a $29.95 for this feature.

1% Cash Back Program

First Progress offers a Cash Back Rewards Program and this is how it works. You do not earn points (or cash back) from spending. Rather, you earn them when you make your payments on your credit card bills. You will earn 1% cash back for every dollar that you pay though it is recorded in points. For example, if you pay $100 on your bills, you will earn 100 points. The 100 points are worth $1 (ie 1%).

You can redeem in 500 points ($5) increments in the form of statement credits. You can redeem points via your online account at cc.firstprogress.com, through your mobile app or simply calling customer service. Your cash back or points do not expire.

Credit Limit Without Additional Security Deposit

I want to take a moment to explain all the First Progress credit increase policy.

Credit Limit Increase based on your security deposit - When you apply for your First Porgress Platinum Prestige Mastercard, you will be asked to indicate how much you want to put down as your security deposit. The security deposit amount becomes your credit limit. You can deposit anywhere between $200 and $2,000. If you want to increase your security deposit after the initial one to increase your credit limit, you need to get approval from First Progress (which is quite the usual practice for most secured credit cards).

Credit Limit Increase from First Progress without additional security deposit - Aside from you increasing your own credit limit by putting down more security deposit, First Progress may actually increase your credit limit without the need for any additional security deposit. The maximum security that you can deposit is $2,000. Hence, it means that the maximum credit limit that is determined by you is capped at $2,000. But if First Progress gives you a credit limit increase without needing an more deposit, the maximum credit limit of your card is $5,000. This is a feature that hardly anyone knows and hardly any reviewer or website mentions (cos unlike us, they do not bother to read the fineprints!).

Free Vantage Score from Experian

First Progress provides free Vantage credit scores from Experian to all their card members.

Understanding First Progress Payment Methods and Your Choices

Up next is First Progress payment methods. I think it is very important to understand the choices that First Progress offers for you to pay your credit card bills and potential payment holds you may face. So let's get going.

Payment Holds - Cardholders may face payment holds of up to 10 days. The number of days of payment hold may depend on how new your account is, whether First Progress have had problems with your bank's Bill Pay etc. If you have had the card for a while and never have problems with payment, then your payment hold will be relatively short (perhaps a day or two).

Pay via Check or Money Order - Paying via check or money may be the old fashion way, but doing it this ways means that First Progress will process the check or money order the same day as long as it arrives before 5pm EST. Just make sure you send the check early and give the Post Office enough time to deliver before your due date.

Online via Your Bank's Bill Pay - If you choose to pay online, First Progress requires that you use your Bank's own Bill Pay system. This is different from using the credit card issuer's online payment which will draw the payments from your checking account. With this method, you are initiating your bank to pay First Progress. It is important to note that First Progress will take up to 5 days to process payment from your Bank's Bill Pay. Hence, you should send your payment at least 6 days before your due date just to be safe to avoid the late fees.

Pay via Phone - You can also pay via phone for Express Payment (ie payment will be process immediately) but you will incur a $10 charge.

No Autopay Available and Cannot Pay via App - At this moment, First Progress does not offer autopay and you also cannot pay via their mobile app. This is something which I think you should be aware of and take into consideration when deciding whether to get the card or not.

First Progress Compared To Other No Credit Check Cards

Card	Annual Fee	Regular APR	Min Deposit	Cash Back
First Progress Prestige	$49	14.49%	$200 - $2,000	1%
First Progress Select	$39	18.49%	$200 - $2,000	1%
First Progress Elite	$29	24.49%	$200 - $2,000	N.A.
Applied Bank	$48	9.99%	$200 - $5,000	N.A.
Opensky	$35	21.64%	$200 - $3,000	N.A.
Go2Bank	$0	See Website	$100	N.A.
Chime	$0	N.A. - Pay in full	No min or max	N.A.
Self	$25	23.24%	$100	N.A.

There are two main characteristics that stand out for the First Progress Platinum Prestige Card. First, there are no credit checks when you apply and the second is that the regular purchase APR is very low at 11.49%. Though there are many secured credit cards available in the market, we should compare this card with those that does not perform any credit checks and if possible, those with low APR as well.

Compared to Traditional No Credit Check Secured Credit Cards

There are a few couple secured credit cards that do not perform any hard inquiries when you apply. The closest competitor is the Opensky Secured Visa. Opensky has a similar feature with First Progress, and that is they will pre-approve and offer cardholders an unsecured credit card as soon as 6 months if you pay your bills on time. Unlike First Progress (which partners with First Digital), Opensky actually has their own unsecured credit card called the Opensky Gold Card. The Opensky Gold Unsecured Credit Card has a $35 annual fee and a $500 starting credit limit and is better in these aspects than First Digital.

Like First Progress, Opensky will also potentially increase your credit limit without the need for additional security deposit. In terms of rewards, the First Progress Prestige Card has the 1% cash back rewards program whereas Opensky does not.

In terms of payment methods, Opensky allows you to set up autopay whereas there is no autopay with First Progress. First Progress also require that you use your own Bank's Bill Pay for online payments and you also cannot pay via your First Progress mobile app. Opensky has none of these restrictions.

Another card to compare to is the Applied Bank Secured Credit Card. They both have annual fees that are very similar ($48 for Applied Bank vs $49 for First Progress Prestige). Both these cards used to have 9.99%. But due to the Federal Reserve raising rates recently, the First Progress has also increase the rate of their regular APR to 14.49%. But Applied Bank has stuck to their 9.99% APR (to kudos to them). However, Applied Bank does not have any grace period so you will be charged an interest immediately after your purchase. Hence their very low rate is offset by the lack of grace period.

In terms of payment methods, Applied Bank offers more choices than First Progress. You can set up autopay, pay online via online portal or over the phone, pay via debit card over the phone and even by MoneyGram and Western Union.

Compared to Other First Progress Cards

First Progress has a couple of other secured credit cards, namely the Elite and Select version. Among the three cards, the Prestige version has the highest annual fee and lowest APR while the Elite version has the lowest annual fee and the highest APR (see table above). The Select version lies in between. Both the Prestige and Select version has the 1% cash back program whereas the Elite version does not.

First Progress Compared to New Fintech Secured Cards

There are a few new secured credit cards launched by Fintech startups that have no credit checks and also no annual fees. However, you are required to either 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.

There are other secured credit cards like Chime Secured Visa 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

• Unsecured Credit Card Offering After 6 Months - Though First Progress does not have their own unsecured credit card, they have partnered with First Digital Mastercard. If you pay your first 6 bills on time, you will receive an invitation to apply for the First Digital Mastercard. Though approval is not guaranteed, the fact that both First Progress and First Digital have formed a partnership tells us that your chances of getting approved for the unsecured credit card is much better if you get the First Progress first.


• Cash Back Program - Very few subprime credit cards offer any sort of rewards program. But the First Progress Prestige Mastercard is one of the rare secured credit cards that has a cash back program whereby you can earn 1% cash back on your payments. If you spend $4,900 a year on the card, you will earn $49 in cash back and that is enough to cover your annual fee.


• Low APR - The purchase APR of 14.49% is quite low regardless of any credit card. This is very helpful for those who carry a balance occasionally. This rate used to be lower at 9.99% but with the Federal Reserve raising rates recently, the APR has also increased to the current levels.


• 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. The only other requirement is that your security deposit has to be less than the difference between your income and expenses (as filled in the online application form)


• Those with Discharged Bankruptcy Can Apply and Be Approved - If you have a discharged bankruptcy record on your credit report, First Progress will still approve you. Note that if you have a pending bankruptcy in your credit report, you will not be approved.


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

Cons: What Do Do Not Like

• Annual Fee on higher end of spectrum - Many secured credit cards used to charge an annual fee. However, an increasing number are now not charging annual fees. The $49 annual fee is also slightly on the high side compared to other secured credit cards>


• No Autopay - First Progress does not have any autopay solution at this moment. I am sure this will change in the future but it is something that every credit card issuer should have


• Need to use own Bank's Bill Pay - If you choose to pay your bills online, First Progress requires that you do so via your own Bank's Bill Pay. That should not be an issue for most of you but some Banks charge a fee for Bill Pay.


• Cannot Pay via Mobile App - Though First Progress has a mobile app, you cannot pay your credit card bills from the app at this moment.

Our Take : Get First Progress Prestige - Then Upgrade to Unsecured Card After 6 Months

The First Progress Platinum Prestige Secured Mastercard is a great card to get if you have very poor credit and have been denied other cards. The reason is because First Progress does not perform any credit checks or hard inquiry and you will be approved as long as you fund your security deposit and the security deposit amount is less than the difference between the stated income and expenses that you will fill in the application form. Even those of you who have just been discharged from bankruptcy can apply and be approved.

For those of you who are torn between getting a secured credit card or an unsecured credit card, First Progress offers a path to an unsecured credit card as soon as 6 months after you get their card. The reason is because they have partnered with First Digital Mastercard, whereby an invitation to apply will be offered to you if you pay your first 6 monthly bills on time.

First Progress has recently introduced a 1% cash back program for the Prestige card and if you spend $4,900 a year on the card, you would earn $49 in cash back which would offset the annual fee.

The First Progress Prestige Card is not perfect though. And the area where they fall short is in the payment department. The fact that you cannot set up autopay and that you cannot pay via your mobile will put off many of you. Furthermore, if you want to pay online, you would have to use your bank's own Bill Pay. Some bank's Bill Pay actually charge a fee. I can understand if these shortcomings deter you from getting this card.

Should these be issues for you, then you might also want to consider the Opensky credit card because not only do they share many similarities, they have autopay and allow you to pay via their mobile app. Opensky also does not check your credit and will definitely approve you if you fund your account. Like First Progress, Opensky also offers a pathway to an unsecured credit card via their own Opensky Gold Card though they set no specific timeframe for that. Like First Progress, Opensky may also increase your credit limit without the need for additional security deposit.

Those of you who would prefer to pay via MoneyGram or Western Union Quick Collect or are looking to occasionally carry a balance should consider the Applied Bank Secured Gold Visa. Like First Progress, there are no credit checks and you will definitely be approved. The APR has stayed at 9.99% despite the Federal Reserve increasing rates recently and they also have more payment options than First Progress. For example, they have autopay, allow payment from their mobile app and also allow you to pay via MoneyGram and Western Union.

To sum up, the First Progress Platinum Prestige Mastercard is one of the best traditional secured credit cards for rebuilders who have been denied other credit cards and cannot afford another hard inquiry. It will also appeal to rebuilders want to get an unsecured credit card rather than a secured credit card but feel their credit scores and profile are not up to scratch yet. If you are ok with using their payment methods (ie you are mail the check person or do not mind paying with your bank's Bill Pay), then the First Progress Prestige is a good rebuilder card for you.

Based on our evaluations and review, we give the First Progress Platinum Prestige Mastercard Credit Card a 4 star out of 5 for it's easy approval and no credit checks, their partnership with First Digital Mastercard (which will be offered to you after 6 months of paying on time) and the free Vantage score you will get as a cardholder. It's limited payment methods prevents us from giving it a higher rating.

Best Practices - How to Use Your First Progress Prestige Mastercard?

I am now going to make a few suggestions to make your journey with the First Progress Prestige Card as smooth as possible with as little hickups. Here are some suggestions.

Make sure you have the right amount of security deposit and hence credit limit the first time - Because First Progress needs to approve you before you can add more security deposit to your "Deposit Account" to increase your credit limit, it is best that you fund it sufficiently when you apply. That way, you can avoid situations where you cannot use your card because your credit limit is too low. Ask yourself if you will use the card to rent a car, book a hotel etc. Sometimes, merchants like car rentals will put a hold on a certain amount so it is vital you have enough credit lines on your credit card.

Make sure you pay your first bill on time - Your annual fee will be billed on the very first bill even if you may not have used the card then. Make sure you pay it off. Sometimes, the card might take a while to arrive (due to "supply chain issues"), but you still have to pay off your first bill and not be late. The reason is you do not want to miss the invitation to apply for the First Digital Mastercard just because you were careless and did not pay the first bill.

Send in your check or money order with enough time to arrive - Though First Progress will process your check or money the same day if it arrives before 5pm EST, you still have to make sure that it arrives on time. It is best to put it in the mailbox a good few days before the due date just to be sure.

Pay online at least 6 days before the due date - If you choose to pay your bills online, you have to use your bank's own Bill Pay. First Progress may take up to 5 days to process this. So you should at least send in the electronice payment 6 days before the due date just to be safe.

Pay In Full, Pay on Time and Watch Your Credit Utlization Ratio - As with any credit cards, make sure you pay in full, pay on time and keep your credit utilization low. Credit bureaus suggest a 30% credit utilization is ideal for credit rebuilding purposes.

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.



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.



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 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.

FREQUENTLY ASKED QUESTIONS

Does First Progress report to credit bureaus?

Does First Progress report to credit bureaus?

What is expedited processing?

What is expedited processing?

How long does it take to receive a response after I apply?

How long does it take to receive a response after I apply?

Does First Progress deposit earn interest?

Does First Progress deposit earn interest?

Does First Progress really not perform any hard inquiry?

Does First Progress really not perform any hard inquiry?

How do I apply for First Progress Rewards

How do I apply for First Progress Rewards

How do I redeem my rewards

How do I redeem my rewards

Contact Information

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