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

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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.

First Progress Platinum Prestige Secured Card
Rating image, 4.00 out of 5 stars.
4.00 stars
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Credit Score:
New to Credit Under(579) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

9.99% variable

Rewards

N/A

Annual Fee

$49

Welcome Offer

N/A

  • The standout perk is the low ongoing APR. This pick is also available for people with no credit history and there is no minimum credit score required for approval.

    • No minimum credit score required
    • No credit history required
    • No credit inquiry
    • Low variable APR
    • Reasonable minimum security deposit
    • Reports to all three credit bureaus
    • Annual fee
    • Foreign transaction fee
    • Not available in all states
    • No rewards
    • No Credit History or Minimum Credit Score Required for Approval -
    • Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
    • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
    • Receive Your Card More Quickly with New Expedited Processing Option
    • 24/7 Online Access to Your Account; Try our new Mobile App for Android Users!
    • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
    • Quick and Complete Online Application; No credit inquiry required!
    • Get a fresh start!  A discharged bankruptcy

Full First Progress Platinum Prestige Secured Card review

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.

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.

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 an extremely low variable APR rate when making purchases with this card. This rate is much lower than many 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.

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.

Alternatives to consider

If you want no annual fee and rewards: The Discover it® Secured Credit Card has no annual fee and earns rewards. This card earns 2% cash back at restaurants and gas stations on up to $1,000 in combined spending per quarter -- and 1% cash back on other purchases. Plus, Discover will match all cash back earned at the end of the first year as a welcome bonus for new cardholders.

If you need to pay a smaller security deposit: The Capital One Platinum Secured Credit Card has three deposit options: $49, $99, and $200. Plus, this card charges no annual fee.

As of Nov. 16, 2022
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Image for
Discover it® Secured Credit Card Capital One Platinum Secured Credit Card
Rating image, 5.00 out of 5 stars.
5.00 stars
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50 stars
Info Icon Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rates & Fees

Credit Rating Requirement:

New/Rebuilding Under(579) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Credit Rating Requirement:

Fair/New to Credit Under(669) Info Icon Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Welcome Offer: Info Icon Circle with letter I in it. Discover will match all the cash back you’ve earned at the end of your first year.

Cashback Match

Welcome Offer:

N/A

Rewards Program: Info Icon Circle with letter I in it. 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically

1% - 2% Cashback

Rewards Program:

N/A

Intro APR:

Purchases: n/a

Balance Transfers: 10.99%, 6 months

Intro APR:

Purchases: N/A

Balance Transfers: N/A

Regular APR:

25.99% Variable APR

Regular APR:

28.49% Variable

Annual Fee:

$0

Annual Fee:

$0

Highlights:

  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Click "Apply Now" to see terms and conditions.

Highlights:

  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
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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.

Not available in all states

This credit card is available to applicants in most states, but not all. Consumers in Arkansas, Iowa, New York, and Wisconsin are not eligible for this card.

No rewards

While some secured credit cards offer cardholders a chance to earn rewards on their spending, this one doesn't. If you're looking for a secured credit card with the ability to earn rewards, you may want to consider another option, like the Bank of America® Customized Cash Rewards Secured credit card or the Discover it® Secured Credit Card.

Find the best credit card for your needs

Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

Suggested credit score

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.

First Progress Platinum Prestige Secured Card is right for you if:

This secured cards sweet spot is for people who want to build credit and do so with a rock-bottom ongoing APR for this card category. This 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

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