Secured cards
First Progress Platinum Elite Secured Mastercard Review: Fees, APR & How It Works (2026)
No credit check, no minimum score, and no credit history required — just a refundable deposit starting at $200 to open the account and start building credit.
Updated for 2026 · Page 1 of 1
If your credit score is thin, damaged, or nonexistent, most "regular" credit cards will reject you before you even finish the application — and the secured cards that do accept you often bury the offer in fine print and fees that outweigh the benefit. The First Progress Platinum Elite Secured Mastercard is built specifically for that entry point: it does not run a credit check to approve you, it has no minimum credit score requirement, and it reports your payment activity to all three major credit bureaus (Equifax, Experian, and TransUnion) every month, which is the mechanism that actually moves your score over time.
This is an independent, editorially written guide. It is not operated by First Progress, Mastercard, or any bank, and it is not the issuer's official card page — treat it as a starting point for research, not as an application or an offer.
Card terms, especially on secured products, get revised without much notice, and small differences in deposit minimums or fee schedules can matter a lot when you're working with a limited budget. The details below reflect terms as verified through 2025-2026 research; before you apply, confirm the current annual fee, APR, and deposit requirements directly on First Progress's own site, since issuers update pricing tables periodically.
In short: this is a no-frills, deposit-secured Mastercard aimed at people with no credit file, a recent bankruptcy, past collections, or a score too low for most unsecured cards. It doesn't earn rewards and its APR runs high, but for the specific job of establishing or repairing a credit history with predictable, low-barrier approval, it's one of the more accessible options on the market.
How the First Progress Platinum Elite Works
Unlike most credit cards, approval for the Platinum Elite is not primarily driven by your credit score — First Progress states there's no minimum credit score requirement and the issuer does not perform a credit check to decide whether to approve you. Instead, the mechanics are simple: you submit a refundable security deposit, generally between $200 and $2,000, and that amount becomes your starting credit limit. Deposit $300, and your limit is $300; deposit $1,500, and your limit is $1,500.
Because the deposit collateralizes the account, First Progress is taking on very little risk, which is why it can skip the credit check that stops most applicants with damaged or no credit from getting approved elsewhere. Cardholders in good standing may later be able to request a credit limit increase — sometimes requiring an additional deposit, sometimes not — with the ceiling on total credit generally capped well above the initial minimum, subject to First Progress's approval.
The core value of the card isn't spending power, it's the monthly reporting: First Progress reports account activity to Equifax, Experian, and TransUnion, so on-time payments and low utilization build a track record lenders can see. There's no rewards program (no cash back, no points), which is standard for entry-level secured cards — the product is designed purely as a credit-building tool, not a spending tool.
Fees and APR Explained
The Platinum Elite carries a $29 annual fee, which First Progress deducts from your available credit shortly after the account opens — so if you deposit the $200 minimum, your effective starting purchase power is reduced by that fee. The purchase APR is variable and runs high relative to unsecured cards, around the mid-20s (roughly 25% APR as of the most recent published terms), which matters because carrying a balance on a secured card erodes the credit-building benefit fast.
There's no introductory 0% APR offer on this card, which is typical for secured products in this tier — the deposit itself, not a promotional rate, is the draw. International purchases carry a foreign transaction fee of up to 3%, so it isn't a good fit for travel spending. As with most cards, expect standard fees for late payments and returned payments; the security deposit itself is refundable, generally returned when you close the account in good standing or after First Progress upgrades you off the secured product.
Because the annual fee is fixed regardless of your deposit size, the fee represents a larger percentage bite on a small $200 deposit than on a $1,000+ deposit. Readers stretching for the minimum deposit should budget for that $29 coming out of their available credit in the first billing cycle.
Who This Card Is Best For
The Platinum Elite is aimed squarely at people who can't get approved for anything else right now: no credit history at all (recent immigrants, young adults, people who've never held credit), or a credit history damaged by late payments, collections, charge-offs, or a past bankruptcy. Because there's no credit check and no minimum score, it functions as a near-guaranteed approval path as long as you meet the basic eligibility rules (18 or older, valid Social Security number, and enough income to responsibly make the deposit and monthly payments).
It's also a reasonable fit for someone who was recently denied an unsecured card and doesn't want another hard inquiry weighing on their file while they rebuild — since approval isn't score-based, applying doesn't carry the same risk of a rejection dragging your score down further.
It's a weaker fit for anyone who already qualifies for an unsecured starter card or a secured card with rewards, since the Platinum Elite offers no cash back and a relatively high ongoing APR. If your score is already in fair-to-good territory, you likely have better options.
How It Compares to Other Secured Cards
Within First Progress's own lineup, the Platinum Elite sits alongside the Platinum Select and Platinum Prestige. The Prestige tier carries a higher annual fee but a lower APR and modest cash-back rewards on some categories, making it a better fit if you're confident you'll occasionally carry a balance or want at least some rewards on spend. The Elite trades that lower APR and rewards for a simpler, lower-fee structure — it's the pared-down option in the family.
Compared with secured cards from major banks — Discover it Secured, Capital One Platinum Secured, or Capital One Quicksilver Secured — First Progress's biggest differentiator is that it skips the credit check and score requirement entirely, and it doesn't require an existing banking relationship. The trade-off is that those bank-issued alternatives often include rewards programs (Discover it Secured matches cash back earned in your first year, for instance) and, in some cases, a path to a lower deposit or unsecured graduation after a review period. First Progress is a specialty issuer focused on credit repair, not a full-service bank, so don't expect the broader banking perks.
For someone who has already been turned down by bank-issued secured cards due to credit history, First Progress's no-credit-check approval process is the practical advantage that outweighs the lack of rewards.
Downsides and Watch-Outs
The clearest downside is the lack of any rewards program — every dollar you spend earns nothing back, so this is purely a credit-building tool, not something to route everyday spending through once you have better options. The variable APR is also on the higher end of the market, so carrying a balance is expensive; the card only makes financial sense if you pay it off in full each month.
The $29 annual fee, while modest in absolute terms, is deducted from your credit line immediately, which meaningfully eats into a bare-minimum $200 deposit. And because your credit limit equals your deposit, this isn't a card for anyone who needs meaningful spending power in the short term — it's a slow-build tool, not a wallet card.
Finally, remember your deposit is tied up as collateral for as long as the account is open in its secured form; it's refundable, but it isn't liquid cash you can access on demand. Budget accordingly, and don't deposit money you might need before the account is eventually closed or upgraded.
Frequently asked questions
- Does the First Progress Platinum Elite Secured Mastercard require a credit check?
- No. First Progress states it does not run a credit check to approve applicants for this card, and there is no minimum credit score requirement — approval is based on meeting basic eligibility (age, Social Security number, and sufficient income) and providing the refundable security deposit.
- How much deposit do I need to open the account?
- The security deposit generally ranges from $200 to $2,000, and it becomes your starting credit limit. You may later be able to request a credit limit increase, which could require an additional deposit and is subject to First Progress's approval.
- Does this card earn rewards or cash back?
- No. The Platinum Elite does not have a rewards program. It's designed as a straightforward credit-building tool rather than a spending card — if rewards matter to you, First Progress's Platinum Prestige tier offers some cash back for a higher annual fee.
- Will I get my deposit back?
- The security deposit is refundable. It's generally returned when you close the account in good standing or if First Progress transitions your account off the secured product, though you should confirm the exact conditions in your cardholder agreement.
- Is there a foreign transaction fee?
- Yes, the card charges a foreign transaction fee of up to 3% on purchases made outside the U.S., so it isn't a strong choice for international travel spending.
Advertiser disclosure: general information only, not financial advice. Confirm current terms on the issuer's official site before applying.