The Prosper credit card is a type of an unsecured credit card will be your choice if you wish to start and build your credit history. This article will include all the information about this card, preapproval, and all other procedures and processes. Let’s start the article.
Prosper credit card
For new consumers, the Prosper credit card offers the chance to build and improve their credit history. For those who have limited or poor credit history as well as manage their finances, it offers a cost-effective financial environment with many advantages. The Prosper credit card is the greatest option to handle your financial difficulties. Regular shoppers who are starting their financial path and concentrating on improving their credit history will find the Prosper card to be quite helpful. There are many advantages in this card, such as no additional fees or charges, but high annual percentage rate (APR) and annual fee (after one year).
Benefits of Prosper credit card
There are some exclusive advantages of this card for your reference are given below.
- Verify your eligibility for this card without having an impact on your credit score.
- A security deposit is not required.
- 50% of your credit limit will be instantly accessible through your digital wallet upon approval.
- The standard credit limit is between $500 and $3000.
- There is no ATM cash withdrawal charge.
- Get free access to resources, exclusive courses, and financial education content.
- 100% assurance of safety protection.
- Depending on your preferences, you will select the monthly due date.
- Every three months, your account will be automatically reviewed to increase your credit limit.
- Bill payments can be set up automatically by cardholders.
- Use net banking or a mobile device to monitor your account and receive alerts.
Drawbacks of Prosper credit card
- For purchases, the annual percentage rate is high.
- There is a limited credit line.
- It doesn’t have the same benefits and continuous worth as competitor cards.
- There is no welcome offer & rewards earning with this card.
Fees and charges details
| Purchase APR | The variable annual percentage rate is between 23.24% and 34.74%. |
| Cash Advance APR | APR range is 34.74%. |
| Penalty APR | Nil |
| Balance Transfer APR | None |
| Annual Fee | $59 after the first year (first year waived if you signup your account for autopay before you get your first statement of account). |
| Cash Advance Fee | No |
| Late Payment Fee | Up to $40. |
| Cheque returned or returned payment fee | Nil |
| Balance Transfer Fee | No |
| Foreign Transaction Fee | 1% from the amount of the transaction. |
| Bonus and rewards | None |
| Minimum Interest Chargeable | $1.00 ($0.50 for Maine residents) |
| Eligible or Minimum Credit Score | having a fair credit score of 640 or more. |
| Grace Period | 21 days |
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Requirements for Eligibility
Here, You have to fulfill some eligibility conditions to apply the prosper credit card which are given below.
- You must be 18 years or older with a bank or savings account.
- Personal details like (name, address, Date of birth, contact details).
- The Social Security number.
- Details about employment.
- Physical address in the United States.
- A credit score of 640 or higher indicates fair credit or better.
- Enough income to pay the minimum installment each month.
Pre-qualification process of Prosper credit card
Lets check the preapproval procedure of prosper credit card below without impact your credit score.
- Visit Prosper official website and locate the section on credit cards.
- Locate the “pre-qualify” button, then click it.
- Provide the information required on the pre-qualify form.
- Once the information has been verified, click the “submit” button.
- Awaiting approval. If you qualify, the credit card will be mailed to you.
The application process of Prosper credit card
If you follow the below instructions then your application process for the prosper credit card will be very simply.
- Go and visit to Prosper official website.
- Locate and proceed to the credit cards section.
- In the credit cards area, find and click the “apply now” option.
- When the “apply now” button is clicked, the application form will open.
- Fill out the application form with the necessary information, including your name, date of birth, address, income details, and more.
- Click “submit” once your application has been filled out and verified.
- Following application submission, you must wait for bank representatives to review your eligibility and other information depending on your application.
- If you are eligible, you will receive your card via mail after complete the verification process.
Prosper credit card login procedure
There are two login process of the prosper credit card guidelines are given below.
- Internet Banking.
- Mobile Banking.
Internet Banking
- Go to the Prosper official website.
- Go to the credit cards section.
- In the credit cards section, find and click the “Login” button.
- When you click the “login” option, the login page will open.
- Give your username or user ID and password.
- Click the “login” option after entering your information.
- You can view your transaction history, rewards section, payments, credit score, available credit limit and manage your account after logging into your account.
Mobile Banking
- Visit the Apple Store or Google Play Store.
- Search and download the official My Prosper Card free mobile banking app.
- After downloading the application, launch it.
- On the login page, choose the “login” option after entering your username or user ID and password.
- Lastly, use mobile banking to access your account before your actual credit card arrives.
How to increase your credit card limit?
Below you can see the tips for increasing your credit card limit. Do follow and use it for future.
- Every three months, your account will be automatically reviewed to increase your credit limit.
- even when you make an effort to increase your revenue.
- Make frequent transactions with this card and pay for them punctually.
- Contact customer service to request a credit limit increase and submit valid documents related to your account.
- Awaiting acceptance of the credit limit increase request.
- After verification is completed, your credit limit will be raised.
Related FAQS
Is pre-approval available for the Prosper Card?
Yes, pre-approval is available for the Prosper credit card without affecting a person’s credit score. To learn more, visit the official Prosper website.
What is the Prosper Credit Card’s initial credit limit?
$500 is the Prosper credit card’s initial credit limit.
For first-time users, is the Prosper credit card a suitable option?
The Prosper credit card is only offered to those with fair credit or better, so no, it is not a decent first-time credit card.
Conclusion
I hope this post will give you all the information about Prosper credit card. Let us know in the comments if you have any questions. Share this helpful article to people who wish to start a new financial path as well as build or rebuild and improve their credit history.