The Prosper credit card is an option specifically created to help you take control of your financial life. With it, you can make payments at numerous establishments and manage these expenses through a smart app.
Available without the need for a security deposit, the card offers a practical and accessible way for consumers who wish to improve their credit score or simply want an easier option to get approved.
Want to learn more about this credit card and how it can fit your financial needs? Keep reading to discover all the benefits, applicable fees, credit limits, how to apply, and more!
About the Issuer
The Prosper card is issued by Coastal Community Bank, a solid and respected financial institution in the USA. The choice of the issuing bank by Prosper Marketplace was strategic, as it has a strong reputation for supporting financial products aimed at credit rebuilding.
Additionally, Coastal Community Bank is a member of the FDIC, ensuring the security of transactions made with the Prosper card.
The partnership between Prosper and Coastal Community Bank results in a reliable financial product aimed at consumers who wish to regain their financial health. With a transparent fee structure and effective customer support, the issuing bank offers a secure and straightforward experience for cardholders.
Benefits
No Security Deposit: Unlike many cards designed for those with limited credit, the Prosper credit card does not require a security deposit, making access to credit easier.
First-Year Annual Fee Waiver: For those enrolled in AutoPay, the $39 annual fee is waived in the first year, providing initial savings.
Automatic Credit Limit Reviews: The Prosper card conducts automatic credit limit reviews, meaning your limit can be increased with responsible use, without the need to request it.
Immediate Credit Access: Once approved, you can access up to 50% of your credit limit immediately, even before receiving the physical card.
No ATM Withdrawal Fee: The card does not charge fees for ATM withdrawals, offering more flexibility in your finances.
Fraud Protection: The Prosper card offers fraud protection, ensuring you are not held responsible for unauthorized purchases.
My Prosper App: The card comes with access to the My Prosper app, which helps manage expenses and receive security alerts, making financial control easier.
Prosper Credit Card – Fees and commissions
The Prosper credit card has an annual fee of $39, which is waived in the first year for those enrolled in AutoPay. The variable APR for purchases ranges between 24.24% and 35.24%, depending on the user’s credit profile.
There is also a 1% fee for international transactions. It is important to note that fees and charges are subject to change without notice, so it’s advisable to check updated information directly with the issuer.
Card limit
The initial credit limit offered by the Prosper card can reach up to $3,000, depending on the applicant’s credit assessment. This flexibility is one of the card’s strengths, as it allows users to start with a limit suited to their needs.
Additionally, the Prosper card conducts periodic reviews to automatically increase the credit limit, providing even more control and purchasing power over time.
Positive points
- Access Without Deposit:The Prosper card does not require a security deposit.
- Automatic Reviews:The credit limit can automatically increase with responsible card use.
- First-Year Fee Waiver:AutoPay enrollees can enjoy the first year without an annual fee.
Negative points
- Annual Fee After the First Year:From the second year onward, there is a $39 annual fee.
- No Rewards:The card does not offer reward or cashback programs.
- High APR:The interest rate can be high, especially for those with limited credit.
How to apply for Prosper Credit Card
- Visit the official Prosper card website;
- Click on “Apply Now” to start the process;
- Fill out the digital form with your information;
- Submit the application and wait for approval;
- If approved, you can access 50% of your credit limit immediately;
- Receive the physical card and activate it;
- Set up AutoPay to avoid the annual fee in the first year;
- Ready! Now you can enjoy it.
How to contact Prosper
If you need to contact the Prosper, you can use the following channels:
- Phone: 800-903-4697
- Email: *[email protected]*
With benefits like automatic limit reviews and a first-year annual fee waiver, the Prosper credit card offers a practical and accessible solution. If you are ready to take an important step towards financial stability, consider applying for the Prosper card today!
