The First Progress Select Secured Mastercard® is designed for those looking to build or rebuild their credit profile. With an ongoing variable APR of 17.99%, it offers a competitive rate among secured card options. The annual fee is set at $39. This card provides 1% cash back rewards, giving you an opportunity to earn while you improve your credit. To open an account, you will be required to make a refundable security deposit, which becomes your credit limit—typically starting at R3,800 (about $200).

How to Apply: Step-By-Step

To apply for the First Progress Select Secured Mastercard®, begin by preparing your financial documents and ensuring you meet the minimum deposit requirement. Visit the official application portal and complete your personal information details. Deposit your chosen amount, starting at R3,800, which will determine your credit limit. Submit your application and wait for an approval notification, which typically arrives swiftly. Once approved, your card will arrive by post, and you can activate it immediately.

Main Advantages

One of the major pros of the First Progress Select Secured Mastercard® is its nearly universal acceptance for applicants with various credit backgrounds. This feature makes it attractive, especially if you’ve struggled with previous credit challenges. Furthermore, cardholders benefit from the option to upgrade to an unsecured card later, provided you’ve demonstrated responsible management and on-time payments.

Main Disadvantages

A notable downside is the R750 (about $39) annual fee, which may feel burdensome, especially for those on a tight budget. There is also no welcome bonus, and the default credit limit is directly tied to your deposit amount, limiting flexibility for some applicants.

Our Verdict

The First Progress Select Secured Mastercard® stands out for its easy approval process, competitive APR, and rewards on purchases, making it a solid option for South Africans striving to build or repair credit. While the annual fee may not suit everyone, the pathway to unsecured cards and potential rewards make it a sensible choice for many.