First Progress Platinum Prestige Mastercard® Secured Credit Card Review

Navigating the world of credit cards can be a daunting task, especially for individuals with no credit history or a fair credit score. The First Progress Platinum Prestige Mastercard® Secured Credit Card is tailored for those who are looking to build or rebuild their credit. With its unique features, such as 1% cash back on payments and a relatively low APR, it offers a balanced mix of benefits and drawbacks. In this review, we’ll delve into the specifics of this card, providing you with comprehensive insights to help you decide if it’s the right fit for your financial needs.

First Progress Platinum Prestige Mastercard® Secured Credit Card Review

The First Progress Platinum Prestige Mastercard® Secured Credit Card is an intriguing option for those who are on the journey of building or rebuilding their credit. Synovus Bank, the issuer, has designed this card with features that cater specifically to this demographic. Let’s break down the card’s key components:

APR and Fees

One of the standout features of the First Progress Platinum Prestige Mastercard® Secured Credit Card is its relatively low APR for purchases, which is set at 15.24% variable. This is particularly notable for a secured credit card, as these types of cards often come with higher interest rates. This lower APR can be a significant advantage for cardholders who may occasionally carry a balance.
However, the card does come with an annual fee of $49, which is moderately high for a secured credit card. Additionally, there are no introductory APR offers for purchases or balance transfers. The APR for cash advances is also on the higher side at 24.24% variable, with a fee of $10 or 3% of the amount of each cash advance, whichever is greater.

Cash Back Rewards

The 1% cash back on payments is a unique feature of this card. Unlike many other credit cards that offer cash back on purchases, this card rewards you for making payments towards your balance. This can be a motivating factor for cardholders to stay on top of their payments and reduce their overall debt.

Credit Building

The primary purpose of the First Progress Platinum Prestige Mastercard® Secured Credit Card is to help individuals build or rebuild their credit. It reports to all three major credit bureaus—Equifax, Experian, and TransUnion—which can significantly aid in improving your credit score over time. Additionally, there is no minimum credit score required to apply, making it accessible to a wide range of applicants.

Security Deposit

As a secured credit card, it requires a security deposit, which typically serves as your credit limit. This deposit is refundable if you close your account in good standing. The minimum deposit amount can vary, so it’s essential to check the specific requirements before applying.

Fees and Penalties

While the card offers several benefits, it does come with various fees and penalties that potential cardholders should be aware of. The late payment fee can go up to $41, and the return payment fee is up to $30. Additionally, there is a foreign transaction fee, which can be a drawback for those who frequently travel internationally.

First Progress Platinum Prestige Mastercard® Secured Credit Card Key Takeaways

1. Low APR for Purchases: At 15.24% variable, the APR is relatively low for a secured credit card.
2. Annual Fee: The card comes with an annual fee of $49.
3. Unique Cash Back Rewards: Earn 1% cash back on payments, encouraging timely balance payments.
4. No Minimum Credit Score Required: Accessible to individuals with no credit history or fair credit.
5. Reports to Major Credit Bureaus: Helps in building or rebuilding credit by reporting to Equifax, Experian, and TransUnion.
6. High Fees and Penalties: Includes high fees for late payments, return payments, and foreign transactions.
7. Security Deposit Required: Requires a refundable security deposit, which sets your credit limit.

First Progress Platinum Prestige Mastercard® Secured Credit Card Pros and Cons

Pros:

1. Low APR for Purchases: The 15.24% variable APR is competitive for a secured credit card, making it a good option for those who might carry a balance.
2. No Minimum Credit Score Required: This card is accessible to individuals with no credit history or fair credit, providing an opportunity to build or rebuild credit.
3. Reports to Three Major Credit Bureaus: By reporting to Equifax, Experian, and TransUnion, this card can help improve your credit score over time.
4. 1% Cash Back on Payments: This unique feature encourages timely payments and responsible credit use.

Cons:

1. High Annual Fee: The $49 annual fee is relatively high for a secured credit card.
2. High Transaction Fees on Cash Advances: The cash advance fee is $10 or 3% of the amount, whichever is greater, coupled with a high APR of 24.24% variable.
3. High Penalty Fees: Late payment fees can go up to $41, and return payment fees can be as high as $30.
4. Foreign Transaction Fees: Additional fees apply for foreign transactions, making it less ideal for international use.

First Progress Platinum Prestige Mastercard® Secured Credit Card Benefits

Credit Building

The primary benefit of the First Progress Platinum Prestige Mastercard® Secured Credit Card is its ability to help individuals build or rebuild their credit. By reporting to all three major credit bureaus, the card ensures that your responsible credit behavior is recorded and reflected in your credit score. This can be particularly beneficial for those who are starting from scratch or recovering from past credit issues.

Low APR for Purchases

With a 15.24% variable APR for purchases, this card offers a relatively low-interest rate compared to other secured credit cards. This can be a significant advantage for cardholders who may occasionally carry a balance, as it reduces the amount of interest accrued over time.

Unique Cash Back Rewards

The 1% cash back on payments is a unique feature that sets this card apart from many other secured credit cards. This reward structure encourages cardholders to make timely payments and reduce their overall debt, which can positively impact their credit score.

No Minimum Credit Score Required

The First Progress Platinum Prestige Mastercard® Secured Credit Card does not require a minimum credit score for approval. This makes it accessible to a wide range of applicants, including those with no credit history or fair credit. For individuals who have been denied credit in the past, this card provides an opportunity to build a positive credit history.

Purchase Protection and Fraud Protection

As a Mastercard, this card comes with standard purchase protection and fraud protection benefits. Purchase protection can cover eligible purchases against damage or theft for a limited time after purchase, while fraud protection ensures that cardholders are not held responsible for unauthorized transactions.

Payment Flexibility

The card offers payment flexibility, allowing cardholders to make payments online, by phone, or through the mail. This can be particularly convenient for individuals who prefer different methods of managing their accounts.

Free Credit Score Access

Some cardholders may have access to their credit score for free as part of the card’s benefits. This can be a valuable tool for monitoring your credit progress and identifying areas for improvement.

Conclusion

The First Progress Platinum Prestige Mastercard® Secured Credit Card is a solid option for individuals looking to build or rebuild their credit. With its low APR for purchases, unique 1% cash back on payments, and no minimum credit score requirement, it offers several advantages that can help improve your credit score over time. Additionally, the card’s reporting to all three major credit bureaus ensures that your responsible credit behavior is recorded.
However, it’s essential to be aware of the card’s high annual fee, various transaction fees, and penalty fees. The $49 annual fee is relatively high for a secured credit card, and the fees for late payments, return payments, and foreign transactions can add up quickly if not managed carefully.
Overall, the First Progress Platinum Prestige Mastercard® Secured Credit Card is best suited for individuals who are committed to making timely payments and managing their credit responsibly. If you fall into this category and are looking for a card to help you establish or rebuild your credit, the First Progress Platinum Prestige Mastercard® Secured Credit Card can be a valuable tool in your financial journey.
As with any financial product, it’s important to carefully review the terms and conditions, assess your financial situation, and consider your long-term goals before applying. Remember that building credit is a gradual process, and responsible credit use is key to achieving a strong credit score and financial stability.