Question 1

What is the Prosper Card Mastercard?

Accepted Answer

The Prosper Card Mastercard is a credit card offered by Prosper, originally known as a peer-to-peer lending platform. This card is designed to cater to individuals with a less-than-ideal credit history and those who are new to building credit.

Question 2

How does the Prosper Card differ from other credit cards?

Accepted Answer

The Prosper Card is primarily tailored for customers with bad credit or limited credit history. It has relatively low credit limits, no rewards program, and annual fees (though the first year's fee is waived with auto-pay enrollment). Its unique feature is the promise of a soft inquiry during the application process, which doesn't negatively impact your credit score.

Question 3

What are the key features of the Prosper Card Mastercard?

Accepted Answer

Annual Fee: The card has a $39 annual fee, which is waived for the first year if you sign up for auto-pay. Rewards and Bonuses: It doesn't offer rewards or bonuses. Credit Limits: Credit limits can range from $500 to $3,000. Interest Rates: The card's interest rates range from 23.99% to 29.99%. Foreign Transaction Fees: There's a 1% fee for transactions outside of the United States. Cash Advance: Prosper boasts no cash advance fees. Flexible Payment Date: You can choose your payment date for convenience. Instant Approval and Digital Use: Eligible customers may receive instant approval and can use their credit line digitally while waiting for the physical card.

Question 4

What is a soft pull, and how does it work with the Prosper Card application?

Accepted Answer

A soft pull, also known as a soft inquiry, is a credit check that doesn't impact your credit score. Prosper claims to perform a soft pull during the application process, ensuring that your credit score isn't negatively affected just by applying. However, if you're approved, your credit score may experience a temporary dip due to the new credit account.

Question 5

How does the Prosper Card compare to other credit cards?

Accepted Answer

Prosper positions itself as a card for individuals with bad or limited credit history, comparing itself to the Capital One Platinum Card and the Merrick Bank Secured Card. These comparisons suggest that Prosper targets a similar audience.

Question 6

Is the Prosper Card suitable for individuals new to credit?

Accepted Answer

If you're new to building credit, there are likely better options available. Major credit card issuers often offer starter cards with no annual fees. You may even qualify for one of these cards without a credit history. Consider exploring options with Capital One or Discover.

Question 7

Is the Prosper Card a good choice for rebuilding credit?

Accepted Answer

If you have a troubled credit history, the Prosper Card could be worth considering. While not the best option available, it stands above many bad credit cards with higher fees and interest rates. Timely payments could lead to credit limit increases, but be sure to explore other credit card options first.

Question 8

What credit score is required to get approved for the Prosper Card?

Accepted Answer

While Prosper's website doesn't specify a minimum credit score requirement, the card's comparisons to other cards in the market suggest that it targets individuals with credit scores over 600. Below 550, approval becomes less likely.

Question 9

How can I apply for the Prosper Card Mastercard?

Accepted Answer

You can apply for the Prosper Card on the Prosper website. The application process typically involves providing personal and financial information for evaluation.

Question 10

Can the Prosper Card help improve my credit score?

Accepted Answer

If used responsibly, the Prosper Card can contribute to improving your credit score over time. Making on-time payments and managing your credit utilization are essential steps in this process.