Looking for a credit card that helps you build credit without a security deposit? The Prosper credit card is marketed as an unsecured option for people with fair credit, which sounds appealing if you do not want to lock up cash. The catch is a high APR and an annual fee that kicks in after the first year. This review breaks down what the Prosper card actually costs, with the fees and APR verified against the Prosper Cardholder Agreement, then compares it with lower-cost ways to build credit.
| Issuer | Coastal Community Bank |
| Network | Mastercard (open-loop, usable anywhere Mastercard is accepted) |
| Annual fee | $59 (waived year one with autopay enrollment) |
| Purchase APR | 22.49% to 33.99% variable, capped at 36% |
| Cash advance APR | 33.99% variable (no cash advance fee) |
| Penalty APR | A penalty APR can apply |
| Foreign transaction fee | 1% of each transaction |
| Late fee | Up to $40 |
| Minimum interest charge | $1.00 ($0.50 max for Maine residents) |
| Rewards | None (built for credit building) |
| Welcome bonus | None |
| Security deposit | None (unsecured) |
| Typical credit limit | Reported $500 to $3,000 |
| Credit score | Typically 640+ (fair) |
| Reports to | Experian, TransUnion, Equifax |
What Is the Prosper Credit Card?
The Prosper credit card is an unsecured credit-building card issued by Coastal Community Bank on the Mastercard network, so you can use it anywhere Mastercard is accepted. It is aimed at people with fair credit. Unlike a secured card, it does not require a refundable deposit, which is its main selling point.
It is built to help you establish or rebuild a positive payment history by reporting your activity to all three credit bureaus. It does not offer rewards, so the focus here is squarely on credit building rather than earning points.
Prosper Credit Card Fees and APR
As of June 2026, the Prosper card charges a $59 annual fee, waived the first year if you enroll in autopay before your first billing period ends. After that first year, the $59 applies.
The APR is high. The Prosper Cardholder Agreement (January 2026) lists a variable purchase APR of 22.49% to 33.99%, which by law will not exceed 36%, set with the Prime Rate (Prime was 6.75% as of the agreement's January 2026 disclosure). The cash advance APR is the same 33.99% variable, and a penalty APR can apply if you fall behind. Because the card offers no rewards, any balance you carry simply costs you interest with nothing earned back. APRs vary by creditworthiness.
Other fees to know: a foreign transaction fee of 1% of each transaction, a late payment fee of up to $40, and a minimum interest charge of $1.00 (no more than $0.50 for Maine residents). There is no cash advance fee. To see how the rate compares, check our guide on the average credit card interest rate. Terms and conditions apply.
Approval and Credit Limit
Prosper is generally aimed at fair credit, with reported approvals around a 640 or higher score. Approved cardholders report starting credit limits from $500 to $3,000, with automatic limit reviews based on your payment behavior; the more creditworthy applicants tend to start higher. These are community-reported figures, so your offer depends on your full credit profile and income. The card has no security deposit and reports to Experian, TransUnion, and Equifax, so on-time payments build positive history across all three.
Who Should Consider It?
The Prosper credit card can make sense for someone with fair credit who wants an unsecured card, sets up autopay to waive the first-year fee, and pays the balance in full each month. Used that way, you build credit without a deposit and without triggering the high APR.
If your credit is lower than fair, or you want to avoid annual fees entirely, other options may serve you better. The key is matching the card to your credit profile so you are not paying for features you do not need. One widely used no-deposit starting point is Perpay is powered by your paycheck — no security deposit, shop and pay over time while it reports to all three bureaus, members see an average 32-point increase.
Perpay Credit Card
Perpay Credit Card
Meet the only card powered by your paycheck. With automatic transfers from your paycheck, you can manage payments stress-free and build credit with ease.
Fee
$9/month plus $9 account opening fee
APR
Marketplace: 0% / Credit Card: 27.74% to 29.99% depending on your creditworthiness.
Minimum Deposit Amount
$0
Credit Check
No
Cashback
2% reward on purchases made in Perpay Marketplace
Benefit
2% rewards, no security deposit
If you would rather build credit through everyday spending and skip annual fees entirely, the Arro Card takes a different approach: it is an unsecured starter card with no deposit and no hard credit check; start with a limit up to $300 that grows toward $2,500 via in-app tasks, reports to all three bureaus.
Arro Card
Arro Card
No deposit. No hard credit check. Start with up to $300 and grow your credit line to $2,500 by completing in-app tasks. Earn 1% cash back on gas and groceries — including Walmart and Target.
Standout feature
Unsecured — no deposit required
Fees
up to $60/ year
Pros
1% cash back on gas & groceries
Cons
Starting credit limit: $50–$300
If an unsecured, no-deposit card is what drew you to Prosper but you want cash back too, the Aspire Cash Back Rewards Mastercard is an unsecured card with no security deposit, prequalification up to a $1,000 limit, up to 3% cash back, and reports to all three bureaus. It gives you a real Mastercard you can use anywhere as you build a positive payment history.
Aspire® Cash Back Rewards Mastercard
Aspire® Cash Back Rewards Mastercard
Aspire® Cash Back Rewards Mastercard. Prequalify* For Up To $1000 Credit Limit. No security deposit. Packed with great benefits, it’s designed to give you more flexibility—and purchasing power—along with up to 3% cash back rewards!** Good anywhere Mastercard is accepted, it’s the go-to card for any lifestyle.
Standout feature
Up to 3% cashback rewards
Fees
$49 to $175; after that $0 to $49 annually; - $60 to $159 annually billed at $5 to $12.50 per month after the first year.
Pros
No Deposit Required. Prequalify for up to $1000 credit limit
Cons
High APR. 25.74% to 36%, based on your creditworthiness.
How These Compare
The Prosper credit card and the alternatives above all share one goal: helping you build credit. The difference is cost and structure. Prosper skips the deposit but adds a $59 annual fee after year one, while other no-deposit credit-builder cards may keep ongoing costs lower or charge no annual fee at all. Setting up autopay also waives Prosper's first-year fee.
If avoiding a deposit matters most, an unsecured credit card like Prosper fits. If you would rather understand the lower-cost route, see how a secured credit card works. You can track your progress for free with Creditship.ai as your score improves.
Is the Prosper Credit Card Worth It?
For someone with fair credit who uses autopay and pays in full, the Prosper credit card can be a workable way to build credit without a deposit. The high APR, the 1% foreign transaction fee, and the $59 fee after year one, though, mean it is not the cheapest path for everyone. Weigh it against other credit-builder cards before you decide.
Frequently Asked Questions
What credit score and limit do you need for the Prosper credit card?
The Prosper card is generally aimed at fair credit, with reported approvals around a 640 or higher score. Reported starting limits run from $500 to $3,000, with automatic reviews afterward. These are community-reported figures, and approval is never guaranteed.
Does the Prosper credit card have an annual fee?
Yes, a $59 annual fee, waived the first year if you enroll in autopay before your first billing period ends. After the first year, the $59 applies.
What is the APR on the Prosper credit card?
The Prosper Cardholder Agreement (January 2026) lists a variable purchase and cash advance APR of 22.49% to 33.99%, which will not exceed 36%, set with the Prime Rate. There is also a 1% foreign transaction fee and a $1 minimum interest charge. APRs vary by creditworthiness.
What is a good alternative to the Prosper credit card?
No-deposit credit-builder options like Perpay, the Arro Card, and the Aspire Cash Back Rewards Mastercard can help you raise your score, sometimes at a lower ongoing cost, and several charge no annual fee. All report to all three bureaus.
