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First Progress Credit Card

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LAST UPDATED: June 5th, 2020

Issued by FDIC member Synovus Bank in Columbus, Georgia, First Progress credit cards cater to consumers wanting to build or rebuild their credit. Each card holder’s revolving credit line is based on a refundable security deposit rather than a credit score. 

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The Good

  • Easy Application and Approval
  • Credit Building Efforts

Easy Application and Approval

First Progress serves a broad applicant pool. It is ideal for people who either have a poor credit history and credit score they want to improve or who are just starting out and want to establish a credit history.

As such, there is no minimum credit score or credit history requirement. Those interested can apply over the phone or online and can expect to hear a response within three weeks.

Credit Building Efforts

First Progress aims to improve card holders’ credit by reporting monthly to all three national credit bureaus: Experian, TransUnion, and Equifax. By adding new information to each card member’s credit file, First Progress has the potential to improve or establish positive credit history.

However, this can also work in reverse, negatively affecting your credit if your have poor payment performance. The company reports all usage and payment activity, so using a secured credit card only works in your favor if you consistently pay off your account balance on time.

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The Bad

  • Annual Fee
  • Deposit Required
  • Unavailable in Some States

Annual Fee

Though you don’t need a credit history to qualify for a First Progress card, you do need to pay an annual fee of $29-$49 regardless of which card you use:
Platinum Prestige MasterCard: $49
Platinum Select MasterCard: $39
Platinum Elite MasterCard: $29

Deposit Required

To be granted a card, you need to maintain a security deposit of at least $200 in a non-interest bearing Deposit Account at Synovus Bank, which issues the cards. You also need a bank account from which to make monthly payments on your new card.

Unavailable in Some States

Secured MasterCards with First Progress are available in all states except Arkansas, Iowa, New York, and Wisconsin.

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The Bottom Line

A First Progress secured credit card is a good alternative to a prepaid or debit card because the company will report to the credit bureaus — you can build or rebuild your credit while getting access to the funds you need each month.

The downside is the lack of cash back and other rewards offered by credit history-based credit cards, but you can look forward to that once you’ve established your credit with a secured card.

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DISCLAIMER: *For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While BestCompany.com always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

** FICO scores and credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card offer.

†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which BestCompany.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.

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