First Tech Platinum Secured Mastercard® Review for 2023
This article is part of a larger series on Best Small Business Credit Cards.
First Tech Platinum Secured Mastercard® is a secured business credit card designed for First Tech FCU members with an existing First Tech FCU business checking account. It’s good for those who want to simultaneously establish their credit and maximize purchases. It lets you earn a point for every dollar spent on all purchases, with no limits on the number of points earned. It should be noted that it requires a security deposit within the range of $500 to $25,000.
For a First Tech FCU membership, you must meet at least one of the following criteria:
- Have a family member or household member who is already a First Tech member
- You or a family member work for an innovative company included in their partner list or for the state of Oregon
- Work or live in Lane County, Oregon
- Belong to the Computer History Museum or the Financial Fitness Association If you wish to be a member of the Computer History Association or the Financial Fitness Association, you can visit one of its locations or join online.
If in the event you don’t meet the above-mentioned criteria, you can either call First Tech FCU at (855) 855-8805 or find the nearest First Tech FCU branch and drop by.
To see how this card stacks up against others we have reviewed on our site, click Add to Compare on the card below and select up to two additional cards for comparison.
First Tech Platinum Secured Mastercard®
Intro APR
Regular APR
14.00 to 18.00% variable
Annual Fee
$0
Credit Needed
Bad, limited
- 1x point per dollar
Pros
- Low starting APR
- No annual, foreign transaction, balance transfer, and cash advance fees
- Ongoing rewards on purchases
Cons
- No sign up bonus
- No 0% APR period
- You need to become a First Tech member to open an account
- Purchase assurance: When an item you bought with your covered card is damaged or stolen within 90 days of purchase, you may be eligible for benefits under this coverage
- Mastercard Global Service™: Provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance
- Mastercard ID Theft Protection™: This is a theft resolution service in case you become a victim of identity theft
- Ongoing rewards: Earn unlimited 1x points per dollar spent on purchases and redeem your rewards for travel, merchandise, gift cards, and more—plus, your rewards don’t expire
Intro APR
Regular APR
14.00 to 18.00% variable
Annual Fee
$0
Credit Needed
Bad, limited
- 1x point per dollar
Pros
- Low starting APR
- No annual, foreign transaction, balance transfer, and cash advance fees
- Ongoing rewards on purchases
Cons
- No sign up bonus
- No 0% APR period
- You need to become a First Tech member to open an account
- Purchase assurance: When an item you bought with your covered card is damaged or stolen within 90 days of purchase, you may be eligible for benefits under this coverage
- Mastercard Global Service™: Provides worldwide, 24-hour assistance with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance
- Mastercard ID Theft Protection™: This is a theft resolution service in case you become a victim of identity theft
- Ongoing rewards: Earn unlimited 1x points per dollar spent on purchases and redeem your rewards for travel, merchandise, gift cards, and more—plus, your rewards don’t expire
When grading secured business credit cards like the First Tech Platinum Secured Mastercard®, we first consider the annual fee and ongoing annual percentage rates (APRs). We also take into account the rewards, security deposit requirements, introductory APR, other fees, and additional features.
Grading Criteria | Card Score | Highest Possible Score |
|---|---|---|
Annual Fee | 25 | 25 |
Ongoing APR | 23 | 25 |
Ongoing Rewards | 10 | 10 |
Introductory Rewards | 0 | 10 |
Security Deposit | 5 | 10 |
Other Fees | 7 | 10 |
Introductory APR | 0 | 5 |
Additional Features | 3 | 5 |
Total Score | 73 | 100 |
Who the First Tech Platinum Secured Mastercard® Is Best For
- Those who need to either rebuild or establish their credit: Those with a bad credit history or just starting out and need to establish their credit may want to consider getting this credit card. First Tech FCU reports to major credit bureaus, such as Experian, Equifax, and TransUnion.
- Those who want to maximize their business expenses: This secured business credit card offers unlimited 1% cash back on all purchases, regardless of spending categories.
- Those with a First Tech FCU business checking account: If you have an existing checking account with First Tech FCU, it will be advantageous to secure this card as it will help you manage all of your financial transactions within one bank. Check our First Tech Federal Credit Union business checking review if you’re interested in getting an account.
Check out our recommended alternatives below if this card doesn’t fit the bill.
First Tech Platinum Secured Mastercard® Fees
APRs
- Introductory: None
- Ongoing: 14.00% to 18.00% variable for purchases; adjusts with the prime rate
- Cash advances: 15.00% to 18.00% variable; adjusts with the prime rate
Fees
- Security deposit: Minimum of $500, maximum of $25,000
- Annual: None
- Foreign transaction and cash advance: None
- Late and returned payments: Up to $25
Your due date is at least 21 days after the close of each billing cycle.
- Online: Log in to your Online Banking account and click the “Pay” button next to the credit card. Alternatively, you can transfer money to the credit card account via Online Banking from your First Tech FCU business checking account.
First Tech Platinum Secured Mastercard® Rewards
First Tech Platinum Secured Mastercard® lets you earn 1 point for every dollar spent on everyday purchases, with no limit on the points earned. Aside from your points never expiring, you can redeem your points for travel, merchandise, and gift cards.
First Tech Platinum Secured Mastercard® Features
Mastercard® Benefits
- Mastercard ID Theft ProtectionTM: Gives you access to Mastercard’s numerous Identity Theft resolution services in the event of becoming a victim of identity theft.
- Mastercard Global Service: Provides worldwide, 24-hour assistance with lost and stolen reporting, emergency card replacement, and emergency cash advance. Call (800) 307-7309 to process your lost or stolen card.
- MasterRental Coverage: To qualify, you need to charge your entire car rental service to this card, decline the optional collision/damage waiver, and rent the vehicle in your one name. The coverages received are as follows:
- Physical damage and theft of the vehicle
- Reasonable loss of use charges imposed by the vehicle rental company
- Towing charges to the nearest collision repair facility
- Mastercard Airport ConciergeTM: Enjoy a 15% discount on Airport Meet and Greet services. In addition, you can arrange for your dedicated Meet and Greet agent to escort you through the airport on departure, arrival, or any connecting flights.
- MasterAssist: Mastercard holders can request the following services:
- Travel medical emergency assistance
- Travel services medical protection
- Legal assistance
- Travel personal assistance
- Travel-oriented emergency assistance
- Master Roadassist® service
- Purchase assurance: Use your First Tech Platinum Secured Mastercard® to receive coverage for purchases made within 90 days of purchase. A maximum of $1,000 per loss and a total of $25,000 per cardholder account within the 12-month period will be given to cardholders.
- Loss or damaged luggage: Receive coverage for your checked or carry-on luggage. You are entitled to coverage of up to $1,500 per incident of repairing or replacing your checked and/or carry-on luggage and any personal property contained within.
- Trip cancellation: If you use your card for your trip, you are entitled to a reimbursement in the event that you are required to cancel your trip prior to the trip departure date.
- Worldwide automatic travel accident and baggage delay:
- Worldwide automatic travel accident: You are entitled to a full benefit of $250,000 after meeting certain conditions.
- Baggage delay: Mastercard will reimburse you up to the daily benefit amount of $100 per day for three in the event of a baggage delay. Note that certain conditions will need to be met.
First Tech FCU Benefits
- Portland Trail Blazers option: Members of First Tech FCU can opt to have their card issued with a Portland Trail Blazers logo. This card makes you eligible to receive discounts on the following:
- Games, shows, and performances at the Rose Quarter
- 10% off everything at Rip City Clothing Co. in the Moda Center, all season long, after using your First Tech Platinum Secured Mastercard®
- Digital banking: First Tech FCU offers a mobile app, available for iOS and Android users, that will give you the flexibility to pay your bills, manage your cards, do wire transfers, and send money through Zelle®.
First Tech Platinum Secured Mastercard® Alternatives
First National Bank of Omaha Business Edition® Secured Mastercard®
First National Bank of Omaha Business Edition® Secured Mastercard® Card
BEST FOR:
Secured credit lines of as much as $100,000
Intro APR
None
Regular APR
25.49% Variable
Annual Fee
$39
Credit Needed
Very Poor to Good
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits between $2,000 and $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
Intro APR
None
Regular APR
25.49% Variable
Annual Fee
$39
Credit Needed
Very Poor to Good
- While FNBO does not offer any rewards for their new and existing cardholders for this card, you can still earn rewards through Mastercard Easy Savings®, where cardholders are able to save on purchases with automatic rebates from over 40,000 participating merchant locations available.
Pros
- Available for those with very poor to good scores
- Can set credit limits between $2,000 and $100,000
- Offers free management reports
Cons
- With annual fee
- Charges foreign transaction fee
- No introductory and ongoing rewards
- Requires a security deposit of 110% of the credit limit required
- TurboTax discount: Get a discount of up to $20 on TurboTax federal products when using First National Bank of Omaha Business Edition® Secured Mastercard®.
- QuickBooks Online or QuickBooks Self-Employed discount: Receive either a 30% off of a 12-month subscription on QuickBooks Online (Simple Start, Essentials, Plus, or Advanced) or a 30% off of a 12-month subscription on QuickBooks Self-Employed. This is applicable only to new QuickBooks Online customers.
- Free management reports: First National Bank of Omaha provides free management reports to help track expenses, monitor spending, note tax deductions, prepare tax filings, and predict costs easily.
- Zero liability: FNBO guarantees that you won’t be held responsible for any fraudulent charges made with both your card and account information.
- Is best for those needing an alternative secured business credit card with a credit limit of anywhere from $2,000 to $100,000
- Requires a security deposit of 110% of the amount of your credit limit
- Charges an annual fee of $39
- Does not offer rewards for cardholders
- Is in our roundups of the:
Emburse Spend Card
- Is a great option for those wanting a business prepaid card with rewards
- Offers unlimited 1% cash back on all purchases
- Does not charge fees for domestic transactions and adding virtual and physical cards
- Lets you deposit up to a maximum of $100,000
- Is on our lists of the:
Capital One® Spark® Classic for Business
Capital One® Spark® Classic for Business
BEST FOR:
Those with fair credit
Intro APR
N/A
Regular APR
30.49% variable
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: If your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
- Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
Intro APR
N/A
Regular APR
30.49% variable
Annual Fee
$0
Credit Needed
Fair
- 1% cash back every time you swipe
- Build your business credit through responsible usage
- Issue employee cards for free
Pros
- Opportunity to build business credit
- Only requires fair credit to qualify
- Doesn’t charge annual and balance transfer fees
Cons
- Charges high ongoing APR
- Has no 0% introductory APR
- No sign-up bonus
- Automatic payments: Setting up AutoPay in the Capital One mobile app will save you from having to worry about signing in to your account every month
- $0 fraud liability: If your card is either lost or stolen, you can get an emergency replacement and cash advance.
- Purchase records: You can download all purchase records quickly and securely in multiple formats, including Quicken®, QuickBooks®, and Excel®.
- Extended warranty: Get free additional warranty and protection on eligible items purchased with your business credit card.
- Free employee cards: You can create multiple employee cards, track employee spending, and customize spending limits while earning all the rewards from their purchases.
- Is best suited if you have fair credit and do not want annual, balance transfer, and foreign transaction fees
- Lacks 0% introductory APR for purchases and balance transfers
- Lets you earn unlimited 1% cash back on all purchases, with no minimum to redeem
- Is in our guides to the:
- Best business credit card for fair credit
- Best business credit cards for consultants
- Best cash back business credit cards
- Best business credit cards for startups
- Best business credit cards for nonprofits
- Best business credit cards for travel
- Best sole proprietorship business credit cards
- Best credit cards for self-employed
- Best business credit cards with no foreign transaction fees
- Best business credit cards with no annual fee
- Best credit cards for new businesses with no credit history
For more options, see our guide on the best small business credit cards.
Bottom Line
First Tech Platinum Secured Mastercard® is a great secured business credit card to consider if you are a First Tech FCU member with an existing business checking account wanting to build credit and earn rewards. It lets you earn a point for every dollar spent on purchases, which you can redeem for travel, merchandise, gift cards, and more.
