Prosper® Card Review
In today’s world, people’s financial standards depend heavily on their credit cards. They use credit cards for several activities, and to accommodate this, the government and many other financial institutions have launched a variety of cards that help people satisfy their requirements. So, Prosper is also a type of credit card that mainly focuses on providing affordable financial solutions to all people.
Read this article carefully to learn more about Prosper Card. It contains all the essential information about Prosper Cards.
Everything You Need to Know about Prosper Card:
The Prosper Card is an unsecured credit card issued by Coastal Community Bank. An FDIC member granted permission for this card, and finally, Mastercard International passed its license.
It was suggested that people with a less-than-perfect credit card option can go for this card. The Prosper card issuer charges annual fees of $39 for the first year after signing up.
This card offers a credit limit of $500 to $3000 with the regular credit lines, and in some cases, the card’s limit may be increased beyond $3,000. Also, Prosper charges 1% interest on the transaction amount for foreign transactions.
Advantages and Drawbacks of Prosper Card:
Advantages of Prosper Card:
- Clients do not need to pay any deposits.
- You can freely withdraw cash from an ATM.
- Your annual fees are waived for the first year.
- Theft Protection.
- This card has also been reported to multiple credit bureaus.
Disadvantages of Prosper Card:
- The first annual fee charge is $39.
- It does not offer any signup bonuses.
- It doesn’t even offer rewards and cash-back options.
- It includes the charges on foreign transactions of 1%.
- It does not allow any other credit card benefits.
- The chances of earning rewards are meager.
So, these are the pros and cons of Prosper Cards that all have to consider.
Benefits and Perks of Prosper Card:
There are so many benefits and perks available with this Prosper card, which may help you to get some extra benefits, such as;
- $0 Fraud Liability:
This means that the cardholder is not responsible for the unauthorized transaction.
- Autopay:
The Prosper card user can benefit from automatic bill payments.
- Custom Due Dates:
The customer can select a flexible month for the due date.
- Mobile and Online Banking:
Clients who are unable to come for personal visits can use online banking with a phone or computer.
- First Annual Fees Waived:
If the client selects AutoPay, they don’t have to pay an annual fee for the first year.
- Credit increases:
The client’s account is reviewed regularly for adjustments to the credit scores.
So, these are the benefits and perks of Prosper Cards.
Terms and Conditions of Prosper Card:
The terms and conditions show the overall conditions of the usage of the cards, which is mandatory for all to follow. This includes the following terms and conditions;
- The first terms and conditions are that we know we don’t have to deposit the security amounts.
- If anyone deposits the amount with AutoPay, there will be no charges.
- You can access 50% of your credits when your cards are shipped for you.
- The client received regular credit lines.
- Zero Fraud Chances.
- APR (Annual Percentage Rate) for purchases is 23.24%-34.24% based on prime rates.
- Minimum charges are $1
- Foreign Transaction Fees are $1%
- The Coastal Community Bank issues it
So, all must consider these terms and conditions before taking a Prosper Card.
Prosper Cards Reports to your account activity:
The Prosper credit cards report their client’s activities to their client’sureaus, such as;
- Equifax
- Experian
- Transunion
Ways to Apply for Prosper Cards:
As it is an entirely new process, many people don’t know about the application process for Prosper cards. So, we are presenting the application process for Prosper Cards, which is as follows;
- The first step is to visit the official website of Prosper Credit Card, i.e., www.prosper.com.
- After visiting the site, you need to fill out an application form that includes general financial information, such as your social security number, address, and annual income details.
- After filling in this information, the last step is to verify the details and click the “Submit” button to submit your application.
So,” with these three easy steps, you can submit your application form on the proper website.
How the Prosper Credit Cards Stack Up:
There are mainly three ways Prosper Cards Stacks Ups, that includes;
- Prosper Card* vs. Discover it Secured Credit Card:
- Prosper Card* vs. Petal 1 “No Annual Fee” Visa Credit Card:
- Prosper Card* vs. “ank of Americ” Travel Rewards Credit Card for Students:
Now, let’s discuss all these three ways in detail:
- Prospelet’sd* vs. Discover it Secured Credit Card:
The Discover it Secured Credit Card requires a deposit, whereas the Prosper card doesn’t. But the thing is Discover it Secdoesn’tedit Card is fully refundable and it does not include any types of annual fees, in fact, it also offers several rewards and welcoming bonuses too, for its clients.
With the help of the Discover it Secured Credit Card, you can earn 2% cash back at gas stations and restaurants for up to $1,000 in combined purchases. In addition to that, you can also earn 1% of unlimited cash-back options for all other purchases.
So, the Discover It Secured Credit Card is the best alternative to the Prosper Card, as it offers many benefits, several welcome bonuses, and unlimited cash back options for several limits.
- Prosper Card* vs. Petal 1 “No Annual Fee” Visa Credit Card:
The Petal 1 “No Annual Fee” Visa Credit Card, as the “name suggests, “will not charge any annual fee, offering several limited earning rewards to their selected partners. But the thing is these rewards are not available for everyone, it heavily depends on the geographical areas.
The Petal 1 “No Annual Fee” Visa Credit Card includes several benefits, such as auto rental damage insurance and roadside assistance, which are part of these credit cards, which Prosper Cards do not offer.
- Prosper Card* vs. Bank of America Travel Rewards Credit Card for Students:
The Bank of America Travel Rewards Credit Card for Students is one of the best options for all students who want to build high credit scores by exploring the world. It generally offers rewards that are related to travel.
Also, with the Bank of America Travel Rewards Credit Card for Students, you can earn 1.5 credit score points per dollar on every purchase.
The more interesting thing about this card is that it does not charge annual fees or foreign transaction fees, and your points remain the same until your account is open. So, this card also plays a more critical role than Prosper cards.
Reviews About Prosper Card:
Positive Sides:
- One of its users mentioned that one of the main benefits of using the Prosper Card is that its Mastercard offers zero Liability Protection and Fraud Protection.
Negative Sides:
There are many dissatisfactory reviews about Prosper Credit Cards, such as:
- One of its disappointing customers said it is one of the worst cards they have ever used.
- Some are not satisfied with their security level; they said that opening an account on Prosper Card feels unsafe.
- The cardholder also mentioned that their customer service is inferior.
Conclusion:
The Prosper Card is a type of credit card that usually does not require a credit score to purchase a card. However, it does not offer rewards or other bonus systems to its customers, which is one of its significant drawbacks.
With the help of this article, we have discussed all the essential information regarding Prosper cards, their pros and cons, and their process. We have also seen some of its customer reviews, but many of them are very unsatisfactory.
So, in my opinion, if you want to enjoy the benefits of several other credit cards, you can select any other cards mentioned in this article that are far better than the Prosper Credit Card.