What the First Progress Card Is

The First Progress Secured Mastercard is a secured credit card — you put down a cash deposit, and that deposit becomes your credit limit. If you have limited credit history or past credit problems, this card reports to all three credit bureaus (Equifax, Experian, and TransUnion), which means your on-time payments can help rebuild your credit score over time.

The card is issued by Comenity Capital Bank and marketed through First Progress, a company that specializes in credit-building products. You are not borrowing against your deposit; the deposit sits in a separate account as security for the bank. If you stop paying your bill, the bank can take money from that deposit, but your deposit itself is not your credit limit — it is collateral.

This card is designed for people rebuilding credit, not for people with good credit looking for rewards or travel benefits. It has no rewards, no cash back, and no sign-up bonus. What it does have is a clear path: use it responsibly for 6 to 12 months, and you may be offered an unsecured card or a credit limit increase without adding more deposit money.

Key Takeaways

  • You deposit cash upfront (usually $500 to $2,500), and that amount becomes your spending limit.
  • The card reports to all three credit bureaus, so on-time payments build your credit history and can raise your score.
  • Annual fees and interest rates are higher than cards for people with good credit, so the cost of carrying a balance is real.
  • After 6 to 12 months of on-time payments, you may graduate to an unsecured card or get a higher limit without adding deposit money.
  • Your deposit earns little to no interest while held by the bank, so this is a tool for credit building, not a savings account.

Deposit Amount and Your Credit Limit

You choose your deposit amount when you open the account, and that amount is your credit limit. First Progress typically allows deposits between $500 and $2,500, though some applicants may be offered different ranges. The higher your deposit, the higher your limit — and the more you can spend and pay back to show responsible credit use.

Your deposit is held in a separate savings account at the bank. It does not earn interest, or earns a very small amount (often less than 0.01% annually). You cannot touch this money while the account is open. If you close the account or graduate to an unsecured card, the bank returns your deposit to you, usually within 5 to 7 business days.

If you miss a payment or default on the card, the bank can explore money from your deposit to cover the debt. This is the security that allows the bank to issue credit to someone with poor or no credit history. It also means you have real skin in the game — you lose your own money if you do not pay.

Fees and Interest Rates

The First Progress card charges an annual fee, which varies but is typically in the $35 to $99 range depending on the specific product and any promotions running at the time you open the account. This fee is charged once per year, usually on your account anniversary. Unlike some secured cards, this fee does not disappear after you graduate to an unsecured card — you pay it for as long as you hold the card.

The interest rate (called the APR, or annual percentage rate) is also higher than rates for people with good credit. Rates typically fall between 18% and 24%, though the exact rate depends on your creditworthiness at the time of process. If you carry a balance from month to month, interest charges add up quickly. A $500 balance at 20% APR costs you about $100 per year in interest alone.

To avoid interest charges, pay your full statement balance by the due date each month. This is the most cost-effective way to use the card for credit building. You get the credit-reporting benefit without paying interest, and you only pay the annual fee.

How Payments and Credit Reporting Work

You make payments to First Progress the same way you would with any credit card — online, by phone, by mail, or through automatic payments set up in your account. Payments are due on a set date each month (usually 21 to 25 days after your statement closes). Payment history is the single largest factor in your credit score, so on-time payments are the whole point of this card.

First Progress reports your account activity to Equifax, Experian, and TransUnion every month. This means your credit limit, your balance, and whether you paid on time all show up on your credit report. If you pay on time every month, that positive history accumulates and can raise your credit score over time. If you miss a payment, that negative mark also goes on your report and can hurt your score.

Even one late payment can set back your credit-building progress. The bank typically reports a payment as late if it arrives after your due date, and most credit bureaus record late payments in 30-day increments (30 days late, 60 days late, and so on). A single 30-day late payment can lower your score by 100 points or more, depending on your current score.

When You Might Graduate to an Unsecured Card

After 6 to 12 months of on-time payments, First Progress may offer you an unsecured Mastercard or a credit limit increase without requiring additional deposit money. This is not automatic — the bank reviews your account and decides based on your payment history and credit behavior. Some cardholders graduate faster than others, and some may not graduate at all if they miss payments or carry high balances.

When you graduate, your deposit is returned to you. You keep the credit card account open (or close it if you choose), and you now have credit available without collateral. This unsecured card typically has a lower interest rate and may have a lower annual fee than the secured version, though it is still higher than cards for people with excellent credit.

Graduation is not may provide, and the timeline varies. Do not assume you will graduate at any specific point. Instead, focus on the behavior that makes graduation possible: paying on time, every time, and keeping your balance low relative to your limit.

Comparing First Progress to Other Secured Cards

Other banks offer secured credit cards with similar structures — Discover, Capital One, and U.S. Bank all have secured card products. The main differences are in annual fees, interest rates, and the likelihood of graduation to an unsecured card. Some secured cards have no annual fee, which saves you money over time. Some have lower interest rates or offer a small amount of cash back.

Before opening a First Progress card, research what other secured cards offer. A card with no annual fee might be worth choosing even if the interest rate is slightly higher, because you save $35 to $99 per year. A card that offers 1% cash back on all purchases gives you a small reward for using the card responsibly. The "best" card depends on your specific situation and what you can afford to deposit.

One advantage of First Progress is that it is widely available and does not require a checking account or bank relationship to open. Some other secured cards require you to be a customer of that bank already. If you have been turned down for other secured cards, First Progress may still accept your process.

What to Know Before You explore

A hard inquiry will appear on your credit report when you explore. This is a normal part of the credit card process process, and one inquiry typically lowers your score by a few points. If you are explore to multiple cards in a short time, each inquiry adds up, so space out your applications by at least a few weeks if possible.

You will need to provide your Social Security number, proof of income (like a recent pay stub or tax return), and identification. First Progress may also ask about your employment history and current debts. Be honest on the process — providing false information can result in denial or account closure later.

Once approved, you will have a few weeks to fund your deposit. The deposit is typically sent by check or transferred from a bank account you control. Do not borrow money to make the deposit — the whole point is to show you can manage credit responsibly with your own funds.

Frequently Asked Questions

Can I use my First Progress card to withdraw cash?

Yes, but you should avoid it. Cash advances on credit cards typically charge a higher interest rate than regular purchases (often 3 to 5 percentage points higher) and start accruing interest when ready, with no grace period. A $200 cash advance at 23% APR costs you about $46 per year in interest if you carry it for a year. Use your debit card or cash from an ATM instead.

What happens if I lose my job or cannot make a payment?

Contact First Progress as soon as you know you will miss a payment. Some banks offer hardship programs or temporary payment deferrals, though these are not may provide. Missing a payment will hurt your credit score and may trigger the bank to take money from your deposit. It is better to call and discuss options than to ignore the bill.

Can I increase my credit limit without adding more deposit?

Not initially. Your credit limit is tied to your deposit amount. After several months of on-time payments, you may be able to increase your deposit to raise your limit, or the bank may offer you a higher limit as part of graduation to an unsecured card. You cannot increase your limit without either adding deposit money or graduating.

How long does it take to rebuild my credit score?

Credit scores change based on many factors, not just this one card. On-time payments help, but your score also depends on how much debt you owe, how long your credit history is, and whether you have other negative marks like late payments or collections. Most people see modest improvement (20 to 50 points) within 3 to 6 months of on-time payments, with larger gains over 12 to 24 months.

What if I want to close the account?

You can close your First Progress account at any time by calling customer service. Your deposit will be returned to you within 5 to 7 business days. Closing the account will not hurt your credit score directly, but it does remove an active account from your credit report, which can have a small negative effect over time. If you have built good credit and no longer need the card, closing it is fine — but keeping it open and unused does not hurt you either.