Overview

Who is First Progress' Select Platinum Secured Mastercard Designed For?

The Platinum Select Mastercard secured credit card is designed for people with bad credit or no credit who want to repair or build their credit score.

First Progress has three types of secured Mastercards: the Platinum Prestige, the Platinum Elite and the Platinum Select. The only real difference is the annual fee and the APR for purchases. The higher the annual fee the lower the APR. This card offers the middle ground between cost and low rates.

What are the Rates for First Progress' Select Platinum Secured Mastercard?

The rate of purchases is 13.99% APR. Cash advances have a 19.99% APR. These rates look low, particularly for a card that has no credit requirements. However, remember this is a secured card not a credit card, which means the line of credit is equal to the security deposit made by cardholders. If you keep a balance on this card, you are effectively paying for borrowing your own money.

What Are the Fees for First Progress' Select Platinum Secured Mastercard

The Select Platinum Secured Mastercard has a $39 annual fee. There is also a 3% cash advance fee with a minimum fee of $10 and a 3% foreign transaction fee. Late payments incur a $38 fee and returned payments will cost you $27.

What Is First Progress' Select Platinum Secured Mastercard Rewards Program Like?

Secured cards don't usually have a rewards programs and this one is no exception.

What about First Progress' Select Platinum Secured Mastercard Signup Bonus?

There is no signup bonus for First Progress' Select Platinum Secured Mastercard.

Does First Progress' Select Platinum Secured Mastercard Any Other Benefits?

Apart from being a secured card that is accepted wherever they take Mastercard, this card has no additional perks. The main benefit using this card is that they report account activity to the national credit bureaus, which over time and if members manage their credit responsibly can increase their credit score.

The purpose of using this card is to build up your credit so you can qualify, among other things, for credit cards that do have a rewards program and extra benefits.

How Is First Progress' Select Platinum Secured Mastercard Better Than Other Credit Cards?

The First Progress Select Platinum Secured Mastercard offers a middle of the road trade-off for an annual fee ($39) and rate on purchases (13.99% APR). This allows people with bad credit to repair their credit score without having to pay outrageous fees or excessive rates on the months they carry a balance.