The listings featured on this site are from companies from which this site receives compensation. This may influence where, how and in what order such listings appear on this site
BestMoney logo

Prosper® Card Review

Prosper Card
Visit Site
Prosper Card
Prosper Card
Katy Ward
May. 17, 2023
3 min read
Katy Ward
Prosper Card Summary
Founded in 2005, Prosper began as the first peer-to-peer lending marketplace in the US. Its recently launched Prosper® Card is an unsecured product aimed at borrowers with a less-than-ideal credit history. The card, which allows you to borrow up to $3,000, doesn’t require a security deposit and offers no cost¹ ATM withdrawals.


  • No security deposit required
  • Automatic reviews for credit line increases


  • APRs of 23.99% - 34.99% may be higher than other cards
  • Doesn’t offer rewards

Prosper Card at a glance

Editorial score


Multiple fees


Accepts all credit types


FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication

Customer service

Multiple communication options, wide range of hours

Online experience

Excellent site and app with detailed FAQs, help center, and transparency of rates and features

Prosper Card Prosper Card Apply Now


Headquartered in San Francisco, Prosper has offered more than $20 billion in loans to over 1,1 million people since it entered the lending market. In December of 2021, it launched its credit card, which is issued by Coastal Community Bank, member FDIC and aimed towards borrowers with a less-than-ideal credit history.

Although the card carries a $39 annual fee, Prosper will waive this for the first year if you sign up to its AutoPay system before you receive your first statement. AutoPay deducts monthly payments from your bank account on a set due date.²

Suitable for?

Designed to help borrowers establish credit, the card is suitable for individuals who have never borrowed money before and therefore have been unable to establish a history of on-time repayments.

Prosper could also be a good choice for those who prefer to manage their finances on the go. Its app, which is available to download from Google Play and the App Store, allows you to review payments, see your available balances, and dispute transactions.

Interest Rates and Fees

If you take out a card, the following rates and fees will apply.

Annual fee$39 (waived for first year if you sign up for autopay before your first statement)
APR for purchases23.99% - 34.99% (variable)†*
Foreign transaction fee1% of transaction amount
Late payment feeUp to $40 per late payment

*APR will vary with the market and is based on the Prime Rate (the interest rate banks charge their most creditworthy borrowers)

Rewards & Cash back

This card doesn’t offer rewards or cash back.

The Application Process

To apply for a card, you’ll need to be at least 18 years old and a US resident of any state other than Iowa or West Virginia.

If you decide to apply, the first step is to receive an estimated offer through Prosper’s pre-approval process by entering details such as those listed below.

  • Name
  • Date of birth
  • Home address
  • Social Security Number
  • Income details
  • Contact details

You’ll then see whether you're likely to be accepted, the amount of credit you could receive, and an estimated interest rate for your repayments. 

You can then decide whether you’d like to continue with your application. If so, you’ll need to connect to your bank account to confirm the details you provided in your application. You’ll receive instructions on how to do this.

Unlike many cards available to those with a less than perfect credit history, Prosper doesn’t require you to provide a security deposit when you take out a card.

The pre-application process won’t affect your credit score, although completing the application process may have a small impact.

Overall, it typically takes less than 5 minutes to apply for a card and receive a decision.

Help & Support

You can contact Prosper via phone or email. When we emailed the company for more information on the application process, we received a reply within minutes.

There is also an extremely detailed knowledge base on the company’s website, which provided almost all the information we needed about the card.

Phone support: Monday to Friday, 8am-8pm (EST)


If you’re the victim of fraud, Prosper's zero-liability guarantee means you won’t pay for any unauthorized transactions on your account. To help you spot unusual activity, you can also set up transaction alerts via the dashboard on your mobile app.

All data you enter into the website is transmitted via a secure encrypted channel, and, once inside Prosper's system, it can only be read at secured access points. Other security features include firewalls, malware detection software, and data-loss-prevention systems.


How much can I borrow?

You can apply for a credit line of between $500 and $3000. If accepted, Prosper will automatically review your account every 3 months to check whether you’re eligible for a credit line increase.³

Can I use my card immediately if I’m approved?

Once your application is approved, you’ll typically receive your physical card within 7 to 10 days. Before it arrives, you can access a portion of your line of credit through your digital card. You can see the amount of your temporary line of credit via the Prosper app.

How can I make payments on my card?

You can make payments through the app, online, by phone, or check.


If you have a slim credit history, Prosper is an attractive credit card option. As well as providing you with a decision within minutes, the company will waive your annual fee for the first year if you sign up for automatic payments. Likewise, it doesn’t require you to put down a security deposit when you open an account. Although the card doesn’t offer rewards or cash back, you may find the ability to establish a strong credit history by making regular payments on the card is the most important benefit.

Prosper Card Prosper Card Apply Now


This review was compiled using information on Prosper’s website and social media platforms as well as emailing its customer support team.


¹ Third party fees may apply. See details for additional information about rates, fees, and other terms. See cardholder agreement.

² The annual fee for this credit card is $39, which will be waived for your first year if you are approved and sign up for AutoPay before we issue your first statement. See details for additional information about rates, fees, and other terms.

³ Automatic reviews for credit line increases: Your account will be reviewed automatically for credit line adjustments. Your credit line can increase or decrease, or not change at all, depending on your payment history and eligibility.

Katy Ward
Written by
Katy Ward
Oxford graduate Katy Ward is a seasoned journalist and editor covering personal finance for Eleven Writing and Top10. Over a 15-year career, Katy has worked with several finance titans, including Barclays, Tandem Bank, and Yahoo! Finance. She enjoys identifying complex financial trends that make for interesting article topics.
Top Credit Cards
Chase Sapphire Preferred
Chase Sapphire Preferred
Read Review|Visit Site
Read all reviews

Must Reads

How to Get Approved for a Credit Card
Feb. 27, 2024
The Ultimate Travel Credit Card Guide
Feb. 27, 2024
What is a Credit Builder Credit Card?
Feb. 27, 2024
Read all articles