First Progress Prestige Secured Mastercard review

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The First Progress Prestige Secured Mastercard® 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 impact to your credit score 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.

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The First Progress Prestige Secured Mastercard® does not offer a welcome bonus.

The First Progress Prestige Secured Mastercard® is primarily designed to help build credit. It doesn't have a minimum credit score requirement, requires no credit history and any credit check will be a soft inquiry. The card reports to all three major credit bureaus (Equifax, Experian and TransUnion), helping you establish or improve your credit score over time.

As a secured card, the First Progress Prestige Secured 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 Prestige Secured 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.

Earning

With the First Progress Prestige Secured Mastercard®, you will earn up to 10% Cash Back at select merchants with First Progress and 1% cash back on all purchases when you make your payments. You will receive rewards for every dollar of payment made towards the balance on your account at the end of each billing cycle.

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.

The First Progress Prestige Secured Mastercard® has an annual fee of $49, which will be subtracted from your initial line of credit. The card also has a 3% foreign transaction fee, a returned payment fee of up to $30, and a late payment fee of up to $41. Its variable APR is 13.49%.

First Progress Prestige Secured Mastercard® vs. opensky® Secured Visa® Credit Card

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 Prestige Secured Mastercard®. 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 Prestige Secured Mastercard® vs. Discover it® Secured Credit Card

The Discover it® Secured Credit Card offers several advantages over the First Progress Prestige Secured. It has no annual fee and provides higher cashback rates, earning 2% back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, along with 1% back on all other purchases. Additionally, Discover offers a unique welcome bonus for new cardmembers — at the end of your first year, it will match all the cash back you've earned.

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.

The First Progress Prestige Secured Mastercard® could be a good fit if you're looking for a credit-building card that doesn't require any previous history. While it comes with an annual fee, it has a low APR and earns some cash-back rewards. The card also doesn't offer any path to an unsecured card down the line, which is something to keep in mind once you're looking to upgrade.

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For rates and fees of the Discover it® Secured Credit Card, click here.