First Progress Prestige Secured Mastercard®
A simple, secured card with a low $49 annual fee and 1% cash back on payments. Fund your deposit over 90 days, build credit with all three bureaus, and use it like a normal Mastercard.
Card Details
- Annual fee: $49
- Rewards: 1% cash back on payments (statement credits).
- APR (purchases): variable, low-teens (~14%); cash-advance APR higher (varies with Prime).
- Deposit & credit line: $200–$2,000 to start (limit equals deposit); option to fund over 90 days with partial payments.
- Foreign transaction fee: 3%.
- Other fees: Cash-advance fee $10 or 3% (greater); late fee up to $41; returned payment up to $30.
- Reporting: Reports monthly to Experian, Equifax, and TransUnion.
- Issuer / Network: Synovus Bank • Mastercard. Online account management available.
About The Card
This is a secured card for straightforward credit building. You place a refundable security deposit (that becomes your limit), earn a flat 1% back on your payments, and build history with all three bureaus. Because it runs on the Mastercard network, it works almost everywhere and includes standard $0 fraud liability.
Two things stand out: you can split the deposit over 90 days to ease cash flow, and the purchase APR is lower than many secured competitors. Keep balances low and pay in full—use it for 12–18 months, then graduate to an unsecured card when ready.
Pros
- Deposit flexibility: fund over 90 days (rare and helpful).
- 1% cash back on payments—uncommon for secured cards.
- Reports to all three bureaus for real score building.
- Lower purchase APR than many secured competitors.
Cons
- 3% foreign transaction fee—avoid for international use.
- Cash advances are expensive (fee + higher APR).
- No guaranteed upgrade path within First Progress; you’ll likely apply elsewhere when ready.
Is this card for me?
Pick Prestige if you want a clean, reward-earning secured card, need the 90-day deposit window, and want full three-bureau reporting. If you travel abroad often or want a promised upgrade track with the same issuer, consider other options; otherwise, use this responsibly for a year or so and then move up to an unsecured line.
