For those looking for a way to establish or repair their credit, the Prosper credit card is a fantastic choice. No security deposit is necessary, and cardholders who enrol in autopay pay nothing the first year for annual fees.
Despite the fact that the purchase APR (variable APR) ranges from 20.49% to 31.49%, it is still manageable if you use your card for regular purchases and pay off the entire balance each month.
A nice feature is that you can select a monthly payment date that works for you. And if you’re concerned about your credit score, you shouldn’t be because applying won’t lower it.
A free mobile app also makes it simple to manage your account. For those trying to establish or repair their credit, the Prosper credit card is a wise choice.
what is prosper credit card | prosper credit card
Borrowers can get personal loans from Prosper, an online lending platform. Additionally, they provide a credit card called the Prosper Daily Cash Card, which is intended to save users money when making regular purchases. The card does not have an annual fee or foreign transaction fees, and it offers cashback rewards on eligible purchases. Prosper Daily Cash Card users can also set their own spending limits and receive spending alerts, among other features that make it easier for them to keep track of their spending. The Prosper credit card may not be offered everywhere, and specific locations may have different eligibility requirements.
Why is this Prosper Card being used?
For those who want to avoid fees or deposits, the ProsperCard is a great option. It is accessible enough for you to be eligible even if you have been turned down for other cards, is unsecured, and has minimal fees.
People can use the Prosper Card to check their eligibility without jeopardising their credit score. If they meet the requirements, they can start using the card to raise their credit score by making prompt monthly payments.
People can raise their credit scores and gain access to better rates and terms in the future by using the ProsperCard.
How Can I Apply for a Prosper Credit Card? | prosper credit card application process
You are required to be a minimum of 18 years old to apply for this card. However, it favours a score between 640 and 800. However, a number of sources have confirmed that applications with fair credit scores of 580 to 670 (FICO score) are acceptable.
Furthermore, since the pre-approval process won’t affect your credit score, you shouldn’t disregard it to find out if you qualify. You then submit the official application and allow it to lower your credit score by a few points.
There are two options for the application: online and by phone. Do as you please.
In order to share the necessary information, look up the activated contact number.
You can visit the website for the pre-qualification procedure and final application to find out in a flash whether you qualify for a line of credit and what the interest rate is.
Once you make the decision to proceed, submit a formal application and allow the bank or card issuer to run a hard credit check on you. You should be a US citizen, with the exception of Iowa and West Virginia, and you should be a major in age. Your social security number is essential to confirm your residency information.
You can manage the account and monthly payments using its mobile app, with or without customizing the due date.
eligibility requirements for Prosper Credit Card
The Prosper Credit Card is available to US citizens who are at least 18 years old and have a current Social Security number. West Virginians and Iowans are ineligible for the card.
Although a specific credit score is not needed to apply, candidates must have a positive credit history.
Annual Fee for Prosper Credit Cards
With Autopay, there is no annual fee for the first year. To avoid being charged the $39.00 annual fee, cardholders must enrol in Autopay before their first monthly statement is posted. Every cardholder must pay an annual fee of $39.00 after the first year.
Although there are many cards available with lower annual fees, the typical credit card fee is $147.00. Given this, we consider a $39.00 annual fee for a credit building card to be reasonable.
Interest Rate on Prosper Credit Card
Depending on the cardholder’s credit score, the Prosper Card’s APR ranges from 21.99% to 32.99%. If your application for a 32.99% APR is approved when you open your account and you maintain good account standing, you can reapply for a lower APR once you’ve built up enough history.
The average credit card interest rate as of this year is 21.59%, which is just a little bit higher than the lowest interest rate that the Prosper Card offers. Additionally, the Prosper Card’s APR is relatively high for the typical American credit card holder given that 21.59% is the highest average credit card interest rate since 2019. Therefore, if that’s what you’re basing your choice on, we believe you can find a much better card.
Security Deposit For Credit Card Prosper
The Prosper Card has a competitive advantage over its rivals in this area. There is no security deposit needed for this credit-building card. If accepted, new cardholders will have a credit limit that ranges from $500 to $3,000, depending on their credit history.
The majority of credit-building cards are secured, which means a security deposit is needed up front in order to activate the card. The ones that don’t typically give their new users a $200 credit limit when they first sign up, which many consumers who are applying for credit feel is insufficient. As a result, when it comes to the security deposit feature, The Prosper Card is significantly more appealing.
Prosper Late Fees for Credit Cards
Cardholders will be assessed a $40 late fee. Consumer Finance reports that “In 2019, general purpose card first-time late fees averaged $26 while repeat fees were 36 percent higher at $35 on average.” Although The Prosper Card does not offer forgiveness for a customer’s first late payment, its maximum fee is only marginally higher than the average for the country.
While adding late fees may appear unnecessary and like a money-grabbing tactic, it only serves to further encourage cardholders to keep their balance paid off, which is essential for establishing credit. So, The Prosper Card does not benefit from this or suffer a disadvantage.
Minimum Interest Rate for Prosper Credit Cards
If an interest fee is applied to your statement, it won’t be less than $1. (The minimum interest charge for residents of Maine shall not be less than $0.50). You should pay off your entire balance by the due date each month if you want to completely avoid paying interest. This is typical for the majority of credit cards worldwide.
What is the required credit score for a Prosper Card?
Although the required credit score for a Prosper Card hasn’t been made public, most people with fair or below-average credit can still apply. For poor and fair credit scores, the FICO scoring model provides the following ranges:
prosper credit card score needed
300 to 579 for those with bad credit
580 to 669 is considered fair credit.
ProsperCreditCard Rewards Program
The ability to repair damaged credit is the only benefit the cardholder receives from using this card. There isn’t a rewards program like points, miles, or cashback for the Prosper Card right now. Since many of their target customers are choosing credit cards with a reward system, this could change in the future.
Given that almost all card issuers on the market offer a rewards program to persuade customers to choose them, this is a significant disadvantage. We advise you to take into account a card with a similar reward structure that allows you to save money.
prosper credit card login | prosper credit card log in
- Visit the Prosper® Card login page.
- Your credentials should be entered in the “Email” and “Password” fields.
- To access your account, click “Log in“.
You can manage your Prosper® Card account online once you’ve logged in. You can manage account information, including passwords and automatic payments, as well as pay credit card bills, view credit card statements, and track account activity.
On the Prosper login page, click “Forgot password?” if you can’t remember your login details. Then, simply adhere to the instructions to change or retrieve your username or password.
prosper credit card reviews
For customers trying to build credit, Coastal Community Bank created the Prosper® Card.
It does not, however, require a security deposit because it is not a secured credit card. For anyone who wants the traditional credit card experience while building their credit, the Prosper® Card is a compelling choice.
If you’re trying to cut costs, the annual fee for the Prosper® Card might be a deal-breaker. However, there is a way to avoid paying the fee for the first year. There are no rewards with this card, and there isn’t a higher-level Prosper-issued card to advance to. As a result, you might want to look into other cards that have benefits without an annual fee as your credit situation changes.
The low rewards and high APR of this offer are its drawbacks. Making purchases won’t earn you any points, miles, or cash back, and carrying a balance from month to month will incur high interest fees.
Pros and Cons ProsperCreditCard
- A security deposit is not necessary.
- For the first year, there is no annual fee for cardholders who enrol in autopay.
- ATM cash withdrawals are free.
- Security against identity theft.
- with fair credit.
- a quick application
- After three months, credit limit increases are available.
- multiple credit bureaus are notified.
- Maximum Credit Limit of $3,000
- initiation fees
- No incentives for purchases.
- Do not offer a welcome bonus.
- no introductory APR for purchases
- Purchase APRs that are above average.
- There are no balance transfers available.
- charge yearly
Can you increase the Prosper® Card’s credit limit? | prosper credit card limit
Numerous features on the Prosper® Card can help cardholders raise their credit score. The capability to automatically review your credit limit every three months is one of these.
You might be able to increase your credit limit if your credit score has improved. By lowering your credit utilisation ratio, this can assist you in raising your credit score even higher.
How to cancel your Prosper Credit Card
Call customer service at (800) 903-4697 if you need to cancel your Prosper® Card. When you call, you will need to be prepared with your account information.
You won’t be able to use your card after cancelling it. You will nevertheless be in charge of covering any outstanding debt.
When you cancel your card, if there is a balance left on it, you must make payments on it until it is fully paid off. Your account will be closed once your remaining balance has been paid in full, and any remaining charges will no longer be your responsibility.
Read More:–“tires plus credit card“
is prosper credit card legit?
Yes, Prosper, a reputable online lending platform, offers a credit card that is a valid financial product. Since 2005, Prosper has served consumers by offering personal loans and other credit products. Prosper is a member of the FDIC.
prosper credit card payment
You can follow these steps to make a payment on your Prosper credit card:
- Use the Prosper website or mobile app to log into your account.
- Go to your account dashboard’s credit card section.
- Decide on the payment option.
- Select the payment source (such as a bank account or debit card) and enter the amount you wish to pay.
- Make your payment.
What is the restriction on my Prosper card?
If you discovered that your Prosper card was restricted, you might have tried something against the rules. To resolve the problem, however, you must speak with the service provider team right away. Additionally, you can review the card’s terms and conditions one more time. This will enable you to recognise your error on your own.
prosper credit card pre approval
The Prosper® Card has pre-approval, yes. You will know for sure if you will be approved if you decide to apply because Prosper actually requires applicants to check for pre-approval before they can apply. Having your application for a Prosper® Card pre-approved increases your likelihood of being accepted, but it does not guarantee that you will be.
Who is the owner of Prosper credit cards?
Coastal Community Bank has granted permission for the Prosper Unsecured Credit Card. Borrowers can apply on the official website with all necessary information and documentation, and then use their cards to earn cashback and rewards while building their credit histories. More than 80% of cardholders with bad credit have been approved.
What is the prosper credit card customer service | prosper credit card phone number
(866) 615-6319 is the customer service number for the Prosper Credit Card.
A foreign transaction fee is there for the Prosper Credit Card?
The foreign transaction fee for the Prosper Credit Card is 1%. For instance, you would pay a $20 foreign transaction fee for a $2,000 weeklong vacation abroad. You might want to apply for a card that doesn’t charge foreign transaction fees if you plan to travel abroad and leave this one at home.
What is the Prosper Credit Card’s support email address?
Prosper can be reached at: for correspondence and general questions.
LLC Prosper Funding
Main Street, Ste. 300, 221
Los Angeles, CA 94105
Additionally, you can email Prosper at email@example.com.
Can you make withdrawals of money using a Prosper credit card?
Our research indicates that Prospercard cash advance is not subject to an ATM fee. But that’s not entirely accurate. You need to understand the phrase Cash advance APR. This phrase includes an interest rate on cash advances of 33.74%. Additionally, a fee for the cash withdrawal may be generated by the third-party association’s ATM.