First Progress Platinum Select Mastercard® Secured Credit Card Review 2020

What's The Platinum Select Mastercard®?

The First Progress Platinum Select Credit Card was created by Synovus Bank and was created solely to help people establish or rebuild credit.

Along with reporting to all 3 credit bureaus, this card doesn't have a minimum credit score required to get approved.

The card helps you build credit history by reporting to all three major credit reporting agencies as well. 

Like most secured cards, it does require an initial security deposit once you get approved which we discuss below.

Who Is Synovus Bank?

Synovus Bank is an FDIC insured and headquartered in Columbus, Georgia.  They have been around since 1888 and currently have over 300 locations.

What Makes Them Different?

The biggest selling point of the First Progress Platinum Select Secured Credit Card is that it's been designed for people who may have had credit issues in the past and need to re-build credit or who are just starting out and need to build new credit.

To top it all off, you get to choose your credit limit based on your initial security deposit.

Platinum Select Secured Mastercard® Basics

Below are some of the basic features of the Platinum Select Secured Mastercard®:

*With secured cards you will need to provide a refundable security deposit, which determines what your initial credit limit will be. The credit card company holds that deposit in case you don't pay your bill.

In my personal opinion, paying a small fee to establish credit is 100% worth it; just be sure to make your payments on-time.

On Synovus Bank's Secure Website

Platinum Select Secured Mastercard® Features

The First Progress Platinum Select Secured Mastercard is packed with several features that make it a great option for a secured card..

The main features of this card include: 

Paying Your Security Deposit

Your security deposit is what will determine your initial credit limit.

You Have A Bank Account

You need to provide your debit card details or checking account information.  

First Progress accepts  either MasterCard® or Visa® and the application is designed to make it quick and easy no matter if you are on mobile or desktop..

When you submit your application, you are giving First Progress the authority to process the full security deposit, this will place an immediate hold on the funds selected as your credit line.

If your application is not approved, your money will be posted back to your account within five days.

They don’t store your debit card information on file.

You Don't Have A Bank Account

If you don't have a bank account, you won't be able to apply for this card unfortunately. 

Requesting A Credit Limit Increase

You can request a credit limit increase at any time by contacting their Customer Service Department.

If you get approved, you’ll receive instructions on how to send the additional security deposit needed to fund the increase to your credit limit.

You may be charged a fee to get the increased credit limit and all credit lines are subject to underwriting approval. 

On Synovus Bank's Secure Website

Platinum Select Secured Card Pros & Cons

Alternatives To The Platinum Select Credit Card

A secured credit card through Synovus Bank is a great option to get things started with your credit profile.  

However, there are a few other options available for building or re-building your credit, and if you can, I would get them in addition to the First Platinum Select Card.

Credit Builder Loan Through Self Lender

While these loans have a small monthly fee attached to them,  they also pull your credit report for approval.

Just like with a First Progress card, Credit Builder Loans report to all 3 credit reporting agencies.

The major difference is that it is an installment loan and not a revolving loan, but once the loan is paid off, the funds will be sent back to you.

We wrote a detailed guide here and a review of Self Lender here.

Catalog / Merchandise Account Through Fingerhut

Another great alternative are Catalog/ Merchandise Accounts.

While these types of accounts require a credit pull, it is very easy to get an approval and to start building your credit profile.

These accounts will report to all 3 credit reporting agencies; however, you can only use the credit at the Catalog or Merchandise company that gives you the credit.

One of the best catalog accounts comes from Fingerhut, we wrote a detailed review here. 

Steps To Take After You're Approved

Make On Time Payments

Making on time payments sounds like a super simple thing to do; however, we all live in the real world where things almost never go as planned.

Be sure, no matter what, to make your payments on time because it is super important and is one of the largest factors in your credit score.

No matter what, avoid late payments.

Keep Credit Utilization Low

Another factor to consider is credit utilization, you really want to keep this under 3% of total credit if you can but try to never get it over 15%.

For example, if your First Progress® credit card has a $300 limit and you spend $60.

Spending $60 on a $300 card limit means you are utilizing is around 20% of your credit on that card and it is above the recommend credit utilization percentage, so be mindful of how much you spend.