The Prosper® Card is designed for anyone with less-than-perfect credit. But it doesn’t offer rewards, and it does has an annual fee (which can be waived the first year). While it could be useful if you cannot qualify for other credit-builder cards, it’s best to explore all your options before signing up for this card.
Below, CNBC Select shares the Prosper Card details and viable alternatives to help you decide if it’s right for you.
Prosper® Card
-
Rewards
-
Welcome bonus
-
Annual fee
$59 (waived for the first year if you are approved and sign up for autopay before your first statement)
-
Intro APR
-
Regular APR
23.24% – 34.74% based on creditworthiness
-
Balance transfer fee
-
Foreign transaction fee
1% of the transaction amount
-
Credit needed
Pros
- Low annual fee
- No security deposit required
Cons
- No rewards or intro bonus
Compare credit repair options
Welcome bonus and rewards
Benefits and perks
The main benefit of the Prosper® Card is that you can typically qualify with only fair credit (a FICO score of at least 580), and you don’t have to put down a security deposit.
An easy-to-get credit card (like this one) can help you build your credit profile or improve your credit score. The key is to pay your monthly bill on time and in full — this improves your payment history and keeps your total debt down. Over time, your history of on-time payments will raise your credit score and give you access to better rates and more rewarding credit cards.
This card offers an initial credit line of $500 to $3,000 and instant access to 50% of your credit limit upon approval.
Rates and fees
The Prosper® Card has an annual fee of $59, but Prosper will waive this fee for the first year if you enroll in autopay before your first statement. There is no returned payment fee, over-limit fee or cash advance fee (high APR applies to cash advances). There is a 1% foreign transaction fee and a late payment fee of up to $40.
Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.
Card comparison
Prosper® Card vs. First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
-
Rewards
1% cash back rewards on payments
-
Welcome bonus
-
Annual fee
-
Intro APR
-
Regular APR
-
Foreign transaction fee
-
Credit needed
Pros
- Earns cash back rewards
- Low credit score requirement
Cons
- No welcome bonus
- Has an annual fee
The Capital One Platinum Credit Card is a credit-builder card that offers a path to upgrading to a more rewarding credit card in as little as six months.
- No annual fee
- No security deposit required
- No rewards on purchases
- No welcome offer
- High APR
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select’s editorial staff.
- No annual or hidden fees. See if you’re approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One’s mobile app
Balance transfer fee
- 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Is the Prosper Card right for you?
If you’re building or rebuilding your credit, the Prosper® Card may seem like an appealing choice, but be sure to compare all of your options. There are cheaper unsecured credit cards available that are designed for people with fair credit. There are also a handful of secured credit cards that offer rewards with no annual fee. Unless you’re unable to qualify for a more affordable or rewarding card, the Prosper Card isn’t likely to be the best first card to apply for.
Subscribe to the CNBC Select Newsletter!
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
