First Progress Platinum Select Secured Mastercard Review: 13.99% APR, No Credit Checks

By : Mr Credit Card

Annual Fee = $39
Regular APR = 13.9.9%
Credit Limit = $200 - $2,000 secured by security deposit
No Credit Checks
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 Select Mastercard is ideal for rebuilders who want a secured credit card but do not want a hard inquiry on their credit report. As this card does not perform any credit checks, you will definitely be approved of the card as long as you fund your security deposit and the deposit amount is less than the difference between your income and expenses. It comes with a reasonable annual fee and APR as well (much lower than most other secured credit cards). Furthermore, First Progress offers you the option of physically receiving your card first before your fund your security deposit (albeit for a small fee) for those of you who are sceptical of transferring any money to First Progress before you get your card.

Card Details

Annual Fee	$39
Regular APR	13.99%
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) so if you pay on time, this card will help you to build or rebuild your credit.

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 Select	$39	13.99%	$200 - $2,000
First Progress Prestige	$49	9.99%	$200 - $2,000
First Progress Elite	$29	19.99%	$200 - $2,000
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

As First Progress does not check your credit score when you apply, we will compare this card with other secured credit cards that also does not check your credit score. First Progress also has two other cards which we have to compare it with.

Compared to Traditional No Credit Check Secured Credit Cards

The most well know no credit check secured credit card is the Opensky Secured Visa. Compared to the First Progress Platinum Elite, the Opensky has a slightly lower annual fee (at $35 vs $39), but a higher regular APR (17.55% vs 13.99% for the First Progress Elite). 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 secured credit card that does not check your credit is the Applied Bank Secured Credit Card. It has a lower APR than First Progress Select (9.99% vs 13.99%) but it does not have any grace period. The annual fee is higher ($48 vs $39 for First Progress Select). Hence, once again, there is a trade off between annual fee and APR for these two cards.

First Progress has a couple of other secured credit cards, namely the Elite and Select version. Both these cards have lower annual fees but higher APRs than the Prestige. So once again, it is a trade off between these two features.

Compared to other First Progress Secured Credit Cards

First Progress also has two other secured credit cards which differ in both annual fees and APR. The first one is the First Progress Platinum Prestige Mastercard. It has an annual fee of $49 vs $39 for the Select version. However, the APR for the Prestige version is 9.99% compared to the Select Version. Hence, if you want to get a secured credit card with a lower APR, then First Progress offers the Prestige version but you have to pay a slightly higher annual fee.

The other First Progress card is the First Progress Platinum Elite Mastercard. It has a $29 annual fee (vs $39 for the Elite) and a 19.99% APR (vs 13.99% for the Elite). Once again, the three different First Progress secured credit cards offer a trade off between annual fee and APRs.

First Progress Compared to New Fintech Secured Cards

Recently, there have been a few new secured credit cards launched by Fintech startups that have no credit checks and also no annual fees. But you are required to either open a mobile banking account and set up direct deposit with them or open a credit builder account. Let's look at a few of them.

The Self Secured Visa is a secured credit card has no credit checks and no annual fee. But you can get it once you have "saved" enough money in your credit builder account. This is a card that is ideal for those of you that want to rebuild with a secured credit card but do not have the necessary cash to fund your deposit. It allows you to save up for it.

Then 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. But once you have met this hurdle, you can simply get the secured credit card with a click from their mobile app.

Pros: What We Like

Reasonable APR - The purchase APR of 13.99% is which is on the lower end of the APR spectrum for secured credit cards. Only the First Progress Prestige version has a lower APR at 9.99%.

No Credit Checks - First Progress does not perform any credit checks. Therefore you will definitely be approved and get your card as long as you fund your security deposit.

Free Vantage Score from Experian - Cardholdes get a free Vantage score from Experian.

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

Cons: What Do Do Not Like

Charges Annual Fee - Most secured credit cards used to charge an annual fee and the $39 annual fee from the First Progress Select is very reasonable. Having said that, there are also quite a few no annual fee secured credit cards out there.

Mobile App only available on Android - First Progress only has their app available on Android devices. Iphone owners will have to wait until an IOS version is developed.

First Progress Select - Reasonable Annual Fee and APR

The First Progress Platinum Select Mastercard is one of three secured credit cards from First Progress. Both it's annual fee and APR fall in the middle of the range. Compared to other traditional secured credit cards, the annual fee and APR are both very reasonable. It also offers card members a free credit score from Experian and also has a mobile app (though it is only for Android users). If you are a rebuilder and have been denied many cards (including secured credit cards), then I would certainly consider this card as there are no credit checks and you will definitely be approved as long as you fund your security deposit and your security deposit amount is lower than the difference between your stated income and expenses. Furthermore, for those of you who are sceptical about sending money for your security deposit before receiving your card, First Progress gives you the option of receiving your card first and fund it later after you received it (you do need to pay a $29.95 fee for this service).

If you are really picky about having to pay an annual fee, there are some new secured credit cards like GO2bank secured credit card that has no annual fee and also does not check your credit. However, you have to set up a mobile banking acconnt with them and also a recurring direct deposit.

To sum up, based on our evaluations and review, we give the First Progress Platinum Select Mastercard a 4/5 star rating for its' reasonable annual fee, APR and the fact that it does not check your credit report when you apply. We would recommend this card to rebuilders who want to rebuild with a secured credit card. You do have to be aware that First Progress does not accept applicants from the state of NY, IA, AR, or WI. If you are from one of these states, we suggest you look to an issuer like Opensky Secured Visa, which also does not check your credit and is very similar to First Progress.

How to Apply?

The First Progress application process is really easy. I'll show you the pages and information. 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. On the next page, 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.

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. This option is great for those of you who are really paranoid about wanting to have the card in your hand before you part with your security deposit.