Prosper® Card Review

Prosper® Card Review

In today’s world, people’s financial standards have much relied on their credit cards. They are using credit cards for several activities and seeing this thing, the government, and many other financial institutions, have launched a variety of cards, that help people to satisfy their requirements. So, Prosper is also a type of credit card which is mainly focusing on providing affordable financial solutions to all people.

To know more about  Prosper Card, read this article carefully, as it has mentioned all the essential information about Prosper Cards.

Everything You Need to Know about Prosper Card:

The Prosper Card is a type of unsecured credit card that was issued by the Coastal Community Bank, and the member of FDIC granted permission for this card, and finally, its license was passed by Mastercard International.

It was suggested that people who have a less-than-perfect credit card option, then they 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 limit of the card may be increased beyond $3,000. And, also Prosper charges 1% interest on the transaction amount for foreign transactions. 

Advantages and Drawbacks of Prosper Card:

Advantages of Prosper Card:

  1. Clients do need not to pay any deposits.
  2. You can freely withdraw cash from an ATM.
  3. Your annual fees are waived for the first year.
  4. Theft Protection.
  5. This card is also reported to multiple credit bureaus.

Disadvantages of Prosper Card:

  1. The first annual fee charges are $39.
  2. It does not offer any signup bonuses.
  3. It does even don’t offer rewards and cash-back options.
  4. It includes the charges on foreign transactions of 1%.
  5. It does not allow any other credit card benefits.
  6. The chances of earning rewards are very less.

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:

It means the cardholder is not at all responsible for the unauthorized transaction.

  • Autopay:

The Prosper card user can get the benefit of automatic bill payments.

  • Custom Due Dates:

The customer has a right to select their flexible month for the due date.

  • Mobile and Online Banking:

Clients who are not able to come to personal visits can use online banking with the help of a phone or computer.

  • First Annual Fees Waived:

If the client is selecting AutoPay, then they don’t have to pay an annual fee for the first year.

  • Credit increases:

The client’s accounts are reviewed on the regular basis for adjustments of 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 very first terms and condition is we are already aware of the fact that we don’t have to deposit any of the security amounts.
  • If anyone deposited the amount by taking the help of AutoPay, then there will not be any charges.
  • You can access get 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%
  • It is issued by the Coastal Community Bank 

So, these are terms, and conditions that all must consider before taking Prosper Card.

Prosper Cards Reports to your account activity:

The Prosper credit cards report their client’s activities to their credit bureaus, such as;

  • Equifax
  • Experian 
  • Transunion

Ways to Apply for Prosper Cards:

As it is a completely new process, there are many people, who don’t have any awareness regarding the application process for Prosper cards. So, we are presenting the application process for Prosper Cards, which is as follows;

  • The very first step is to visit the official website of Prosper Credit Card, i.e. www.prosper.com.
  • Now, after visiting the site, you need to fill out one application form, that includes several general financial information, like the social security number, address, and annual income details.
  • After filling in this detail, the last step is to verify the details and click on the “Submit” button to submit your application.

So, with these three easy steps, you can easily go for submitting 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;

  1. Prosper Card* vs. Discover it Secured Credit Card:
  2. Prosper Card* vs. Petal 1 “No Annual Fee” Visa Credit Card:
  3. Prosper Card* vs. Bank of America Travel Rewards Credit Card for Students:

Now, let’s discuss all these three ways in detail:

  • Prosper Card* vs. Discover it Secured Credit Card:

The Discover it Secured Credit Card requires a deposit, whereas the Prosper card doesn’t requires it. But the thing is Discover it Secured Credit 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 in 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 option to the Prosper Card, as it involves many benefits as well as it also offers 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 type of annual fee, and also offers 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 like auto rental damages insurance, roadside assistance, etc are a part of these credit cards, which are not offered by Prosper Cards.

  • 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 their high credit scores, by exploring the world. It generally offers rewards that are related to travel. 

Not only that, but with the help of the Bank of America Travel Rewards Credit Card for Students, you can also earn 1.5 credit score points per dollar on every purchase. 

The more interesting thing about this card is that it will not charges any annual fees, no foreign transaction fees, and even your points also remain the same until your account is open. So, this card also plays a more important role compared to Prosper cards.

Reviews About Prosper Card:

Positive Sides:

  1. One of its users mentioned that one of the main benefits of using the Prosper Card is that it has Mastercard that offers zero Liability Protection and Fraud Protection.

Negative Sides:

There are many dissatisfactory reviews about Prosper Credit Cards, such as:

  1. One of its disappointing customers said that it is one of the worst cards ever, they have used.
  2. Some are not satisfied with their security level, they said that they feel a lack of security to open an account on Prosper Card.
  3. The cardholder, also mentioned, that their customer services are very poor.

Conclusion:

The Prosper Card is a type of credit card, which usually does not require any type of credit score, to purchase this card. But they are also not offering any rewards systems, or any other bonus system to their customer, which is one of the major drawbacks of this card.

With the help of this article, we have discussed all the essential information regarding Prosper cards, their pros and cons, and their process, and even also seen some of its customer reviews too, but many of their customer reviews are very unsatisfactory.

So, in my opinion, if you want to enjoy the benefits of several other credit cards, then you can select any other cards, that are also mentioned in this article, which is far better than the Prosper Credit Card. 

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