Overview

Who is the First Progress Platinum Prestige Mastercard Designed For?

The First Progress Platinum Prestige Mastercard is designed for people with bad or no credit who want to improve their credit score and have at least $300 in cash for the security deposit. It could also be an option for people who want the convenience and security of shopping with plastic but don't want a credit card.

This is a secured credit card, which means its line of credit is based on the security deposit placed by the cardholder. The minimum security deposit is $300 and must remain in an account at Synovus Bank for as long as the secured Mastercard account is open. The security deposit of the Platinum Prestige Mastercard doesn't earn any interest, which is something other secured cards do offer.

What are the Rates?

The First Progress Platinum Prestige Mastercard has a 9.99% APR on purchases. This is low compared to other secured credit cards, but it's still a lot to pay on a loan that is backed dollar for dollar with your own cash. There is also and 18.99% APR on cash advances.

What Are the Fees?

The Platinum Prestige Mastercard has a $49 annual fee. It also charges a 3% fee on foreign transactions and a 3% fee on cash advances with a minimum of $10. Late payments incur a $38 fee and returned payments cost $27.

What Is the Rewards Program Like?

This card has no rewards program. Its purpose is to build your credit so you can qualify for, among other things, credit cards with rewards programs.

What about the Signup Bonus?

There is no signup program linked to this card.

Any Other Benefits?

There are no additional benefits to using this card.

How Is It Better Than Other Credit Cards?

The First Progress Platinum Prestige Mastercard is available to everyone regardless of their credit. It reports the payment activity on the card to the national credit bureaus, which over time and when used responsibly can improve the credit score of cardholders. This card has an initial maximum credit limit of $2,000. After some time, members can request a larger credit limit of up to $5,000.