Full review

The First Progress Platinum Select Mastercard® Secured Credit Card is a fairly inexpensive option for people with limited credit who want a starter credit card with high approval odds or people looking to rebuild damaged credit. For the price of the First Progress Platinum Select Mastercard’s $39 annual fee, plus a refundable security deposit of at least $200, cardholders get to add information to their three major credit reports each month. If the card’s monthly reporting to the big three credit bureaus details on-time payments and reasonable credit utilization, it will contribute to credit score improvement.

The First Progress Platinum Select Secured Mastercard does not charge a monthly fee or an application-processing fee, unlike some credit cards for bad credit. But First Progress Platinum Select does not offer rewards, either, in contrast to several credit cards for people with limited credit or lower – even some secured cards. First Progress Platinum Select does have a pretty low APR, but carrying a balance from month to month with a secured card is not wise. You’d basically be paying interest on a loan you gave to yourself, since your spending limit equals the amount of your refundable security deposit.

The bottom line is that the First Progress Platinum Select Mastercard® Secured Credit Card is a solid credit card for building credit that also happens to have some stiff competition. To help you decide whether or not to apply, we’ll summarize the Platinum Select Card’s most important features and shortcomings below.

First Progress Platinum Select Mastercard Review Highlights

Annual Fee: $39. The average credit card charges $19.76.

Monthly Fee: $0. This is standard for a secured card but still worth mentioning.

Application-Processing Fee: $0. Some unsecured cards for bad credit charge this type of fee.

Min Security Deposit: $200. You won’t find a secured card that guarantees a lower deposit requirement.

Max Security Deposit: $2,000. Other popular secured cards have maximums ranging from $1,000 to $10,000.

APR: 13.99% (V). The average APR on a secured credit card is about 17.28%.

Rewards: None. Secured credit cards with rewards are not common.

Min Credit Score: None. Major approval requirements include being 18+ years old and having enough income to afford monthly payments.

Not Available In: 4 states – New York, Wisconsin, Iowa and Arkansas.

If you’re wondering how the First Progress Platinum Select Mastercard Secured Credit Card compares to the other First Progress secured cards, there are a couple of key differences.

First Progress Platinum Select Mastercard® Secured Credit Card Review

Sams Credit Card

The Sam’s Club Credit Card, issued by Synchrony Bank, is a basic store credit card for Sam’s Club members with a less-than-stellar credit profile. The Sam’s Club Credit Card can only be used at Sam’s Club and Walmart stores and doesn’t offer any rewards on purchases, so it’s mainly for borrowers who aren’t likely to qualify for a better credit card that can be used more broadly. If your credit is just fair (if you have a FICO score of 580 to 669) and you shop at Sam’s Club and Walmart frequently, this card can be a worthwhile financing tool, albeit with a steep interest rate.

Big Lots Credit Card

The Big Lots Credit Card is a good choice for frequent Big Lots shoppers who want the flexibility to pay for their purchases over time. If you can handle the deferred-interest financing deals properly, you can save a lot of money and gain the flexibility around paying your credit card bill. Most people, however, will be better off with a cash-back card that works anywhere and earns rewards of some kind. Try the CardCruncher tool to find the right card for you.

Surge Mastercard Credit Card

The Surge Mastercard® is one of the easiest credit cards to get if you have bad credit, but the card's annual and monthly fees may reduce its appeal. If you're considering the Surge Mastercard® to build credit, here's what you need to know before you submit your application.

Menards BIG Credit Card

Menards has been one of the leading stores for home improvements for over five decades now. Many people rely on this store for their home improvement needs where they spend thousands of dollars. The Menards Big Card is designed to help all the Menards loyalists to get more rewards from making their purchases in the store and a few other selected gas stations. The card offers different types of rewards from cash back to in-store financing making it a very valuable tool especially if you tend to do a lot of home improvement.

Stein Mart Credit Card

The Stein Mart Platinum Mastercard® offers additional savings on items that fly off the rack at the discount retailer's store.The card, issued by Synchrony Bank, earns rewards at the retailer online and in-store and everywhere that Mastercard is accepted. It also offers perks such as exclusive savings events, birthday surprises and the chance to earn even more rewards with Elite status. The card's annual fee is $0.

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Related Credit Card/Article

First Progress offers three secured credit cards for people who are new to credit or rebuilding their credit. These cards have the same application requirements and similar features, but offer a choice between a lower annual fee or lower interest rate. The Platinum Select Mastercard® Secured Credit Card is the middle option.
First Progress Platinum Select Mastercard® Secured Credit Card
Build or repair your credit.You can apply with no credit history and with no minimum credit score. As soon as you get your card and start spending responsibly, First Progress reports your activity to the three major credit agencies. By paying on time every month, you can potentially improve your cre
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