Prosper® Card review: An unsecured credit-building card with a high APR

Woman using her computer at her desk to read about the Prosper CardImage: Woman using her computer at her desk to read about the Prosper Card
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This offer is no longer available on our site: Petal® 1 Visa® Credit Card


  • No security deposit required
  • No annual fee the first year if you set up automatic payments
  • Applying won’t affect your credit scores
  • Automatic reviews to increase credit limit


  • High purchase APR
  • Potentially low credit limit
  • No rewards or extras
From our partner

Prosper® Card

3.6 out of 5

From cardholders in the last year

See details, rates & fees

What you need to know about the Prosper® Card

The Prosper® Card is the first credit card offering from Prosper, a peer-to-peer lending platform.

This no-frills card is designed for people who want to build or rebuild their credit. Here are some things to consider if you’re thinking about applying for this card.

No security deposit required

While some credit-builder cards are secured cards that require you to deposit cash to get started, the Prosper® Card doesn’t require a security deposit. Getting an unsecured card can be a huge plus if you’re struggling to build some savings as you work on your credit.

Ability to avoid an annual fee in the first year

If you enroll in the card’s autopay feature, Prosper will waive your first year’s annual fee (this may also help you avoid any late fees since it can eliminate the risk of forgetting and missing a payment).

But keep in mind that this perk is only for the first year you have the card. After that you’ll be on the hook for the full annual fee: $0 intro with auto pay, then $39 after first year.

Applying won’t affect your credit score

You can see if you qualify for the Prosper® Card and what your estimated interest rate and credit line might be without affecting your credit scores.

Just keep in mind that if you do proceed with the application, Prosper says it may reach out to a credit-reporting agency to evaluate your application. And if you’re approved, Prosper may report your new account — both of these factors could affect your credit scores.

Automatic credit limit increase reviews

With this card, your credit limit could be as low as $500. But Prosper will automatically check to see if your account qualifies for a credit limit increase.

This could be a great card benefit because increases in your credit limit can lower your credit utilization ratio, which can help improve your credit scores.

And if you qualify, you may be able to get a credit limit as high as $3,000.

High purchase APR and cash advance APR

The Prosper® Card has a variable purchase APR of 24.24% - 35.24%. This is on the high side, so to help keep your debt in check as you build credit, it’s a good idea to pay your balance in full every statement cycle.

While the Prosper® Card advertises no ATM fees when you withdraw cash from ATMs, that doesn’t mean that cash withdrawals are free. It’s important to note that Prosper will charge a variable 35.24% interest rate on any cash advance withdrawals — and you could be charged a fee by a third party associated with the ATM. This interest will begin accruing immediately, unlike interest charges for purchases.

What else you need to know

If you’re still considering the Prosper® Card, here are a few more things to know.

  • Use the card immediately after approval. Once you’re approved you can get immediate access to your new card by adding a digital card to your Apple Pay or Google Pay wallets.
  • Watch out for late fees. The Prosper® Card has a late payment penalty fee of up to $40, which can add up if you don’t stay on top of your due dates.
  • Expect to pay fees overseas. If you use this card while traveling internationally, you’ll have to pay a foreign transaction fee of 1% of transaction amount on all purchases.

Who this card is good for

The Prosper® Card might work for people who have a solid plan to use the card to build credit, and to avoid interest charges by paying any balance on time and in full every month. You can apply for this card without affecting your credit scores, and qualifying doesn’t require any cash deposit like a secured card does.

Assuming your situation checks all those boxes, this card might be an especially good fit for if your credit might not be strong enough to qualify for other unsecured cards.

But, again, the APRs are high — so carrying a balance on this card will hurt. Even if your credit is rough, consider shopping around for other credit-building options.

Not sure this is the card for you? Consider these alternatives.

Here are a few other cards to consider if the Prosper® Card isn’t for you.

About the author: Sean McQuay is a long-time personal finance nerd. He’s passionate about budgets, credit cards, and earning useful rewards with minimal effort. He lives in the San Francisco Bay Area and is a father to three rambunctious kids. Read more.