Prosper credit card Review 2022 | Pros and Cons of the Prosper Card

Find out if the Prosper credit card is a good fit for you. We compare the pros and cons of this card so you can make an informed decision.

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Quick Overview

If you have fair credit and are looking for a way to build it up, the Prosper® Card could be a good option. This credit card comes with a $0 annual fee for the first year if you enrol in autopay.

However, it does have a high APR and doesn’t offer any rewards. So, if you’re planning on carrying a balance monthly or making purchases with the card, you’ll pay a lot in interest charges.


Introduction

The Prosper credit card is a great option for those looking for a way to build or rebuild their credit. No security deposit is required, and cardholders who enrol in autopay get a $0 annual fee for the first year.

The purchase APR (variable APR) ranges from 20.49% to 31.49%, which is on the high side, but it’s still manageable if you use your card for everyday purchases and pay your balance in full each month.

Plus, you can choose a monthly payment date that works for you, which is a nice feature. And if you’re worried about your credit score, don’t be—applying won’t hurt your credit score.

Plus, a free mobile app makes it easy to keep track of your account. The Prosper credit card is a solid choice for those looking to build or rebuild their credit.

Prosper® Card
Prosper® Card

Quick Facts

  • Issued by Coastal Community Bank, Member FDIC
  • Initial credit limit up to $3,000
  • $0 annual fee for the first year if you enrol in autopay
  • Purchase APR (variable APR) ranges from 20.49% to 31.49%
  • You can choose a monthly payment date that works for you
  • A free mobile app makes it easy to keep track of your account
  • It’s a great option for those looking for a way to build or rebuild their credit.
  • Designed for those with fair credit
  • No security deposit is required
  • A foreign transaction fee of 1%
  • Free mobile app—My Prosper Card

Pros & Cons

Let’s take a look at the Prosper credit card pros and cons:

Pros:

  • No security deposit is required.
  • Cardholders who enrol in autopay get a $0 annual fee for the first year.
  • No fees for ATM cash withdrawals.
  • Identity Theft Protection.
  • Qualify with fair credit
  • Fast application
  • Credit limit increases available after 3 months
  • Reports to multiple credit bureaus.
  • Very high Credit limit up to $3,000

Cons:

  • Membership fees
  • No rewards on purchases.
  • Do not have a signup bonus.
  • No intro APR on purchases
  • Higher than average purchase APRs.
  • No balance transfers are available
  • Have Annual fee

Now that we have gone over the summary view of the Prosper Prosper card let’s jump in to look at the details of this Prosper credit card.


“Should you apply for a Prosper credit card?”

Here are some benefits of the Prosper Prosper card that could make it a good choice for you:

#1. No security deposit is required.

Building credit can be difficult, especially if you don’t have much money to start with. A secured credit card requires a security deposit, which can be a barrier for many people.

The Prosper Prosper card doesn’t require a security deposit, making it a great option for anyone looking to build their credit.

#2. $0 Annual Fee

The Prosper card is a great option for those looking to save on annual fees. For the first year, cardholders can enjoy a $0 annual fee. After the second year, the annual fee increases to $39.

However, cardholders who enrol in autopay are eligible for a $0 annual fee for the first year. This makes the Prosper card an affordable option for those looking to save on fees.

#3. Credit limit increases available after 3 months.

If you’re looking to build your credit, the Prosper® Card can be a great option. After just three months of using your card responsibly, you’ll be eligible for a credit line increase.

And unlike with other credit-building cards, there’s no need to request a review or submit additional documentation. Your account will be automatically reviewed, and if you’re approved for an increase, you’ll get access to more credit that can help you improve your financial profile.

So if you’re looking for a card to help you build your credit quickly and easily, the Prosper® Card is worth considering.

#4. Reports to multiple credit bureaus.

The Prosper Prosper card reports to all three major credit bureaus—Experian, Equifax, and TransUnion. This is important because it means that your responsible use of the Prosper Prosper card can help you build your credit quickly and easily. Plus, reporting to multiple credit bureaus can also help you qualify for a wider range of credit products in the future.

#5. High Credit limit up to $3,000

The Prosper Prosper card has a high credit limit of up to $3,000. This is important because it gives you plenty of room to make the necessary purchases without maxing out your credit limit.

And if you use your credit responsibly, you may be eligible for a credit limit increase after just three months.

#6. Fast application

The Prosper Prosper card has a fast and easy application process. Simply fill out the online application, and you’ll receive a decision in minutes. Plus, there’s no need to submit additional documentation or go through a credit review.

#.6. Qualify with fair credit

The Prosper Prosper card is available to those with fair credit, making it a great option for those looking to build or improve their credit. On top of that, it’s unsecured, so you don’t need to put down a security deposit.

#7. Identity Theft Protection:

The Prosper Prosper card includes fraud protection and identity theft protection. This means you can rest assured that your personal information is safe and secure.

If your card is lost or stolen, you can quickly and easily cancel your card and request a replacement. Plus, you’ll never be responsible for fraudulent charges.

#8. No fees for ATM cash withdrawals.

The Prosper Prosper card doesn’t charge any fees for ATM cash withdrawals. This is important because you can get the cash you need without paying additional fees.

Plus, you’ll have access to over 24,000 ATMs nationwide, so you can always find a convenient location when you need cash.


Why should you not get the prosper® Card?

There are a few reasons why the Prosper Prosper card may not be the right choice for you. Let’s discuss the reason below:

#1. Prosper Prosper card has a high APR.

The Prosper Prosper card has a high APR of 24.99%. This means that you’ll accrue interest on your purchases quickly if you don’t pay off your balance in full each month.

For this reason, the Prosper Prosper card is best suited for those who always pay their balance in full and never carry a balance from month to month.

If you’re not sure you can always pay your balance in full, you may want to consider a card with a lower APR.

2. Has an annual fee.

The Prosper Prosper card has an annual fee of $0-$39. This fee is charged each year on your account opening date anniversary. If you’re not sure you can afford the annual fee, you may want to consider a card with no annual fee.

However, if we compare this fee to similar cards, the Prosper Prosper card is quite reasonable.

3. Prosper Prosper card doesn’t offer any rewards or perks.

The Prosper Prosper card doesn’t offer any rewards or perks. This means you won’t earn any rewards on your purchases. And, you won’t get any perks like free travel insurance or extended warranty protection.

If you’re looking for a card with rewards and perks, the Prosper Prosper card is not the right choice. However, the Prosper Prosper card is a great option if you’re simply looking for a card to help you build your credit.

4. Higher than average purchase APRs.(Interest rate)

As mentioned earlier, the Prosper Prosper card has a high APR of 24.99%. This means that you’ll accrue interest on your purchases quickly if you don’t pay off your balance in full each month.

So, if you’re not sure you can always pay your balance in full, you may want to consider a card with a lower APR.

5. Do not have a signup bonus.

The Prosper Prosper card doesn’t offer a signup bonus. This means you won’t earn any rewards on your initial purchases.

The Prosper Prosper card is not the right choice if you’re looking for a card with a signup bonus.

6. No balance transfers are available with this card.

The Prosper Prosper card doesn’t offer balance transfer options. This means you won’t be able to transfer your high-interest credit card debt to this card and save on interest.

The Prosper Prosper card is not the right choice if you’re looking for a card with balance transfer options.

7. Does not offer 0% introductory APR.

The Prosper Prosper card doesn’t offer a 0% intro APR on purchases or balance transfers. This means you’ll accrue interest on purchases and balance transfers from the transaction date.


The alternative of Prosper card?

There are many alternatives to the Prosper Prosper card. Some of these alternatives include:

  • Milestone® Mastercard®
  • Destiny Mastercard®
  • Discover it® Secured Credit Card

#1. Prosper card Vs. Milestone® Mastercard

Milestone Mastercard
Milestone Mastercard

The Prosper® Card is a much better choice than the Milestone® Mastercard® for people with less-than-perfect credit. The Prosper® Card does not charge cash advance fees, has a lower annual fee, and has a higher credit limit.

For example, the Prosper® Card has a credit limit of $3,000, whereas the Milestone® Mastercard® has a credit limit of only $300.

So, if you’re looking for a card with a higher credit limit and no cash advance fees, the Prosper® Card is the better choice.

#2. Prosper® Card vs. Destiny Mastercard

Destiny Credit Card Reviews
Destiny Credit Card Reviews

The Prosper® Card is a better choice overall than the Destiny Mastercard®, as it offers a lower annual fee, a higher credit limit, and no cash advance fees.

For example, the Prosper Card has an annual fee of $0 for the first year, compared to the Destiny Mastercard’s annual fees of $59-$99.

Additionally, the credit limit offered by the Prosper Card is typically much higher than that of the Destiny Mastercard.

Finally, the APR for cash advances on the Prosper Card is marginally lower than that of the Destiny Mastercard at 24.9%.

#2. Prosper Card vs. Discover it Secured Credit Card

Discover It Secured Credit Card
Discover It Secured Credit Card

The Discover it® Secured Credit Card and the Prosper® Card are both options for people looking to rebuild their credit. However, there are some important differences between the two cards.

The Discover it® Secured Credit Card requires a security deposit, while the Prosper® card does not. The Discover it® Secured Credit Card offers an initial credit limit that is based on the size of the security deposit paid upfront, whereas there is no such guarantee with the Prosper® card.

The Discover it® Secured Credit Card has cash advance fees, while the Prosper® card does not.

However, the Discover it ®Secured credit card also has several important advantages compared to the Prosper ̈card.

  • First, the annual percentage rate (APR) on the Discover it ®Secured credit card is much lower than the APR on the Prosper ®Card.
  • Second, the Discover it ®Secured credit card offers a rewards program that gives cash back on every purchase.

Overall, the Discover it ®Secured credit tcard is a better option than the Prosper ®Card for people looking to rebuild their credit if you can pay the security deposit upfront and don’t mind the cash advance fees.


What Is the Credit Score Needed for Prosper® Card ?

 The Prosper® Card requires a credit score of 640 or better for approval. However, people with lower credit scores may still have a chance of being approved. The key is to have at least fair credit.

If your credit score is lower than 640, you can still try to apply for the card. However, your chances of being approved will be lower.

There are a few things you can do to improve your chances of being approved, such as paying your bills on time and maintaining a good credit history.


Can you increase your credit limit with the Prosper® Card?

The Prosper® Card offers a number of features that can help cardholders improve their credit score. One of these is the ability to automatically review your credit line every three months.

If your credit score has improved, you may be able to increase your credit limit. This can help you further improve your credit score by reducing your credit utilization ratio.


How to apply for the Prosper Credit Card

Applying for the Prosper Credit Card is easy, whether you do it online or over the phone. If you go online, you’ll be able to prequalify for the card and get an idea of your approximate interest rate and credit line amount.

All you need to do is provide some basic information about yourself and your finances. If you decide to apply over the phone, the process is just as simple. The Prosper Credit Card issuer will conduct a credit check, also known as a hard pull or hard credit check.

This usually knocks a few points off your credit score. However, if you’re approved for the card, you’ll be able to enjoy all of its benefits,that can help you improve your credit score over time.


Eligibility criteria

US residents who are at least 18 years old and have a valid Social Security number can apply for the Prosper® Credit Card. Residents of Iowa and West Virginia are not eligible for the card.

There is no specific credit score required to apply, but applicants must have a good credit history.


What is the Customer care number for Prosper?

For questions about the Prosper® Card, you can contact customer service at (800) 903-4697.

For general inquiries and correspondence, you can reach Prosper at:

Prosper Funding LLC

221 Main Street, STE 300

San Francisco, CA 94105

Prosper can also be reached by email at: support@prospercards.com


Who is this card for?

The Prosper® Card is a great solution for people who want to avoid fees or deposits. It’s unsecured, low on fees, and accessible enough that you may be eligible even if you’ve been rejected for other cards.

The Prosper® Card allows people to check their eligibility without damaging their score. If they qualify, they can use the card to start building their credit score by paying monthly bills on time.

By using the Prosper® Card, people can improve their credit score and get access to better rates and terms in the future.


How to cancel your Prosper® Card

If you need to cancel your Prosper® Card, you can do so by calling customer service at (800) 903-4697. You’ll need to have your account information handy when you call.

Once you cancel your card, you’ll no longer be able to use it. However, you will still be responsible for paying off any balance that you owe.

If you have a balance on your card when you cancel it, you’ll need to continue making payments until the balance is paid off in full. Once you’ve paid off your balance, your account will be closed and you will no longer be responsible for any future charges.


Conclusion:

Prosper credit card Review 2022 | Pros and Cons of the Prosper Card

Although Prosper is a good credit card option for people with fair credit, it’s important to remember that the card has a high APR and no rewards. If you know you will be able to make regular payments on time every month, then this could be a great way to establish or build your credit history. However, if you think there’s even the slightest chance you might not be able to make your monthly payments on time, I would suggest looking for another card with lower interest rates and better rewards.

Editor's Rating:
3

Let me know in the comments which of these cards works best for your needs!

  1. Does Prosper Credit Card offer a cash back or rewards program?

    NO, the Prosper Credit Card does not offer any type of cash back or rewards program.

  2. What is the interest rate for the Prosper Credit Card?

    The APR for the Prosper Credit Card ranges from 24.99% – 32.99%. This APR will vary with the market based on the Prime Rate.

  3. Is there an annual fee for the Prosper Credit Card?

    Yes, there is an annual fee of $39.00 for the Prosper Credit Card

  4. Does Prosper Credit Card charge a fee for foreign transactions?

    Yes, 1% of each foreign purchase or withdrawal.

  5. Does Prosper Credit Card send information about your account activity to credit bureaus?

    Yes, Prosper reports your credit activity to the three major credit bureaus: Equifax, Experian and TransUnion.

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