First Progress Platinum Prestige Secured Card Review: A No-Credit-Inquiry Option to Build and Repair Credit

The First Progress Platinum Prestige Secured Card is a good secured credit card option for consumers looking to build or rebuild their credit. This card also has one of the lowest ongoing APRs in the secured card category. There's no credit history or credit score requirement to apply, and applying won't trigger a credit inquiry. This card does come with an annual fee, however. Our First Progress Platinum Prestige Secured Card review will help you determine if it's the right card for you.

This credit card is a good fit for: Consumers who are new to credit or have a poor credit history and want to get a credit card to improve their credit score.

Top perks

Here are some of the highlights of this secured credit card.

Cash back rewards

The First Progress Platinum Prestige Secured Card offers 1% cash back rewards on payments.

No minimum credit score required

Many credit cards require applicants to meet a minimum credit score to be considered for card approval. That's not the case with this secured credit card. If you have a poor score or limited credit history, you can apply for this card, and you have a chance at being approved.

No credit history required

If you have no credit history, it can be challenging to get approved for a credit card. Many card issuers require a credit history to determine creditworthiness. The good news is that the First Progress Platinum Prestige Secured Card doesn't require credit history. While there's no guarantee you'll get approved, you may have a better chance at approval compared to other credit cards.

Read more: Best Starter Credit Cards for No Credit

No credit inquiry

When applying for this secured credit card, you won't need to worry about a negative impact on your credit. There will be no credit inquiry marked on your credit report that could lower your credit score. That's not the case when applying for many other credit cards. If you have a low credit score or minimal credit history, this is a nice perk.

Low ongoing APR

Consumers can take advantage of a low variable APR rate when making purchases with this card. This rate is much lower than other cards, including other secured credit cards. However, a variable APR can change, so it may not stay that low.

Low minimum security deposit

This card has a minimum refundable security deposit of $200, which is reasonable. While it's not the lowest, some cards require a deposit of $300. For consumers who are already struggling financially, it can be challenging to come up with a high deposit to begin using a secured card. So the $200 needed for this card may be more attainable for many consumers who are hoping to build or rebuild their credit.

Earns rewards

When you make payments on your First Progress Platinum Prestige Secured Card, you'll earn 1% back in rewards points. As an example, a payment of $100 would earn you 100 points.

Cash back earnings can be applied as a statement credit to your account once you accumulate at least 500 points. While rewards can reduce the total amount owed, they won't reduce your minimum payment due, so paying the minimum amount each month is necessary.

Since not all secured credit cards earn rewards, this is an excellent benefit.

Activity is reported to all three credit bureaus

For consumers with little to no credit history, building credit is essential. The good news is you can use this secured credit card to build credit. The card issuer reports all usage and payment activity to all three credit bureaus on a monthly basis. When you pay your card bills on time and consistently, you can use this card to help build credit and improve your credit score.

What could be improved

While this card does have benefits, it also has some issues.

$49 annual fee

An annual fee is not unheard of when it comes to a secured credit card, but it's also not the norm. This secured credit card charges a $49 annual fee. Consumers who want to improve their credit may already be in debt and may not have extra money to spend on an annual fee. If you're looking for a secured credit card with no annual fee, this isn't it. There are plenty of other secured cards without one, but these tend to have high ongoing APRs.

Foreign transaction fee

The First Progress Platinum Prestige Secured Card charges a 3% fee for foreign transactions. If you plan to use this card when traveling abroad, these fees can add up quickly and result in higher travel costs. To avoid paying these fees when traveling internationally, you'll need to use a different card.

See more: Best Rewards Credit Cards

You don't need a specific minimum credit score to apply for the First Progress Platinum Prestige Secured Card. This card is intended for applicants with a limited credit history, poor credit, or a low credit score.

With this in mind, there is no approval guarantee. After applying, your financial situation will be reviewed to see if you qualify for this card.

Read more: Best Credit Cards for Bad Credit

This secured card's sweet spot is for people who want to build credit and do so with a rock-bottom ongoing APR for this card category. This credit card is a good fit if you:

• Want a low ongoing APR (This APR may justify the required deposit and annual fee for some people)
• Have a low credit score and want to rebuild your credit
• Have minimal credit and want to build a credit history
• Want a credit card application that won't impact your credit

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.