The First Progress Platinum Prestige Mastercard® Secured Credit Card is a credit-building card that offers cash-back rewards and a low APR. While it has an annual fee and requires a security deposit, no credit history or hard credit check is required, making it accessible even if you have poor or no credit.
If you’re looking for a credit card to help build or rebuild your credit, CNBC Select reviews some of the card’s strengths and drawbacks to help you make your decision.
First Progress Platinum Prestige Mastercard® Secured Credit Card
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Rewards
1% cash back rewards on payments
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Welcome bonus
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Annual fee
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Intro APR
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Regular APR
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Foreign transaction fee
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Credit needed
Pros
- Potentially low APR
- Earns cash back rewards
Cons
- Has an annual fee
- No welcome offer or intro APR offer
First Progress Platinum Prestige Mastercard® Secured Credit Card review
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Welcome bonus
Benefits and perks
As a secured card, the First Progress Platinum Prestige Mastercard requires a minimum deposit of $200 up to an initial maximum of $2,000. The annual fee will be subtracted from the deposit. First Progress offers the option of funding your deposit in partial payments over 90 days, which can help relieve some initial financial pressure. While it’s best to avoid carrying a balance, the card’s APR is lower than you’d typically find in a credit card, which may lessen any potential interest.
Unfortunately, the First Progress Platinum Prestige Mastercard doesn’t offer an upgrade path to an unsecured card, so you’ll need to apply for a different card when you’re ready to transition.
How to earn and redeem First Progress Rewards
Earning
Redeeming
The cashback you earn is only redeemable for statement credits and every point is worth one cent.
Once you’ve accumulated at least 500 points you can redeem your accrued First Progress rewards either online, via mobile app or by phone. You can only redeem rewards in increments of 500 points, and these points can not be applied to your minimum payment due, which must be paid without statement credits.
First Progress rewards do not expire, but they will be lost if your account is closed for any reason.
Rates and fees
Card comparison
First Progress Platinum Prestige Mastercard® Secured Credit Card vs. OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
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Rewards
New feature! Earn up to 10% cash back on everyday purchases
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Welcome bonus
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Annual fee
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Intro APR
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Regular APR
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Balance transfer fee
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Foreign transaction fee
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Credit needed
Terms apply. Click here to view the Cardholder Agreement.
Pros
- No credit check, even if you have a credit score
- High approval odds
Cons
- $35 annual fee
- 3% fee charged on purchases made outside the U.S.
The OpenSky® Secured Visa® Credit Card is another no-credit-check option that reports to all three credit bureaus but with a slightly lower annual fee than the First Progress card. The card requires a minimum deposit of $200, and according to its site, based on Q1 2024, 66% of OpenSky customers increase their score by 47+ points after 6 months.
The card offers a slightly different rewards system, where you can earn up to 10% cash back on select purchases through special offers. This cashback will be automatically posted to your account as a statement credit, so you won’t need to remember, or wait for a minimum amount before redeeming.
Both of these secured cards have similar fee structures, offer very good approval chances, and will report your activity to the credit bureaus. The OpenSky Secured card’s rewards system does offer a larger percentage, but not on all purchases like the First Progress Platinum Prestige Mastercard Secured Credit Card. Either of these cards will likely work as a credit-building card, with some differences in reward potential based on your spending habits.
First Progress Platinum Prestige Mastercard® Secured Credit Card vs. Discover it® Secured Credit Card
The Discover it® Credit Card is one of the best options for earning rewards while you build your credit.
- Unusually rewarding for a credit card
- Unique welcome bonus matches the cash back you earn for the first year
- No annual fee
- Credit limit is based on your security deposit
- Gas station and restaurant bonus cash back is capped each quarter, then you’ll earn 1% back
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
Highlights
- No credit score required to apply. No Annual Fee.
- Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
- Raise your credit score by 30+ points.
- Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. Activate by mobile app for free.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply.
Balance transfer fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Another perk of the Discover it Secured Credit Card is the ability to transition to an unsecured card. Starting at seven months, Discover will automatically review your account and may offer an upgrade. Discover also offers Online Privacy Protection which can help you find any personal information that might be online.
While both cards have late payment fees, Discover does not charge foreign transaction fees, making it a better choice for international use.
Is the First Progress Platinum Prestige Mastercard® Secured Credit Card right for you?
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit cards.
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For rates and fees of the Discover it® Secured Credit Card, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
