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Oakstone Gold Secured Mastercard: 13.99% Apr, $39 Annual fee, No Credit Checks

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By : Mr Credit Card


  • Annual Fee = $39
  • Regular APR = 13.9.9%
  • Credit Limit = $200 - $5,000 secured by security deposit
  • No Credit Checks - but checking account required
  • Mobile App for Android Users
  • Free Vantage Score from Experian
  • Not available to residents of NY, IA, AR, or WI



At A Glance

The Oakstone Gold Secured Mastercard is ideal for rebuilders who have been denied other credit cards and do not want another hard inquiry on their credit report. You will also be approved if you have a discharged bankruptcy on your credit report. Furthermore, it comes with a reasonable annual fee and a reasonably low APR.



Even though there are no credit checks, you still need to meet the following (non-credit related) criteria.

  • Your security deposit must be less than the difference between your monthly income and expenses (which you have to provide in your application)
  • You must fund your security deposit (Oakstone does give you the option to receive your card first before you fund it for a fee)
  • You must have a checking account




Card Details

Annual Fee $39
Regular APR 13.99%
Foreign Transaction Fee 3%
Security Deposit and Credit Limits $200-$5,000

Other key features of the Oakstone Gold 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 - Oakstone Gold reports to Experian, TransUnion and Equifax (the 3 major bureaus)

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



Oakstone Compared To Other No Credit Check Cards

Card Annual Fee Regular APR Min Deposit
Oakstone Gold $39 13.99% $200 - $5,000
Oakstone Platinum $49 9.99% $200 - $5,000
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 we have mentioned earlier, Oakstone does not perform any credit checks so we will be comparing this card to other secured credit cards that do not check your credit.

Compared to Traditional No Credit Check Secured Credit Cards

One of the most reknowned secured credit card in the rebuilding community is the Opensky Secured Visa. Compared to the Oakstone Gold Mastercard, the Opensky has a slightly lower annual fee (at $35 vs $39), but a higher regular APR (17.55% vs 13.99% for the Oakstone Gold).

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 Oakstone Gold). As you can see, there is a trade off between annual fee and APR for these two cards.

Compared to other Oakstone and First Progress Secured Credit Cards

Oakstone is marketed by First Progress, who also has a few other credit cards that are very similar. Oakstone also has a Platinum version with slight different annual fee and APR. We shall now compare all of them.

Firstly, the Oakstone Gold is very similar to the First Progress Platinum Select Mastercard. They both have the same annual fee and APR. The only difference (which is a difference between First Progress and Oakstone cards), is that Oakstone allows you to deposit up to $5,000 in security deposit and hence get a $5,000 credit limit versus $2,000 for First Progress. The second difference is that Oakstone requires that you have a checking account to apply whereas First Progress cards have no such requirement.

Both the Oakstone and First Progress have cards with lower APR than the Oakstone Gold. The Oakstone Platinum and the First Progress Prestige both have $49 annual fee and an incredibly low APR of 9.99%. Both these cards are better than the Oakstone Gold if you carry a balance and are looking for the lowest APR in a secured credit card.

Oakstone Gold 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. However, 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 Oasktone Platinum and the First Progress Prestige Mastercard has a lower APR at 9.99%.

  • No Credit Checks - Oaskstone Gold Mastercard 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 - Oakstone has a mobile app available for Android devices.



Cons: What Do Do Not Like

  • Requires Checking Account to be approved - While most credit cards require a checking account to be approved, rebuilders who have had CHEX problems have to look elsewhere to rebuild.

  • Charges Annual Fee - Most secured credit cards used to charge an annual fee and the $39 annual fee from Oakstone Gold 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 - Oakstone only has their app available on Android devices and not IOS devices at the moment.



Our Take - Reasonable Annual Fee and APR

The Oakstone Gold Mastercard is one of two secured credit cards from Oakstone (the other being the Platinum version). The Gold version has a reasonable annual fee and APR. The APR of 13.99% in particular is very low compared to most other secured credit cards or credit cards for bad credit. Only the Oakstone Platinum Mastercard and First Progress Platinum Prestige Mastercard has a lower APR at 9.99%.

The key feature of the Oakstone Gold Secured Card is that they do not check your credit when you apply. Hence, you will be approved if fund your deposit, if your security deposit is less than the difference between your stated income and expense in the application form, and if you have a checking account. If you meet these criteria, you will be approved for the card.

Oakstone also gives you the option of getting your card first before you fund it so this would appeal to those of you are are sceptical about sending in your security deposit before you actually get the card (for a $29.95 fee).

If you are are a rebuilder who has been denied other credit cards and do not want another hard inquiry or credit check, then the Oakstone Gold Mastercard might just be the card you are looking for. It has a reasonble annual fee and purchase APR (should you decide to carrry the occasional balance). Should you want a lower APR, then the Oakstone Platinum Mastercard with it's 9.99% APR might be a better fit for you.

For those of you who do not have a checking account, First Progress (who is the parent company of Oakstone) also has the First Progress Platinum Select Mastercard, which has identical terms except for the fact that you do not need a checking account to apply and the maximum credit limit is $2,000 rather than $5,000 for Oakstone. You might want to get this card instead if you do not have a checking account. 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 review, we give the Oakstone Gold 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 do not want another hard inquiry on their credit report. You do have to be aware that Oakstome 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 Oakstone.



How to Apply?

The application process of the Oakstone Gold Secured Mastercard is pretty simple. On the first page, you fill in your name, home address and email address and your primary phone number. On the second page, you will fill in 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.

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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.

oakstone 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.

oakstone 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.

oakstone apply now fund later oakstone apply now fund later


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Contact Information

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