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Prosper Platinum Card

Why should I upgrade to the new Prosper Platinum Card?

Upgrading to the Prosper Platinum Card is our way of rewarding your great account history by giving you a more powerful card with premium features. It is a completely free upgrade designed to put more cash back in your pocket.

Here are the key benefits of unlocking your Platinum upgrade:

  • Automatic 2% Cash Back on Eligible Purchases - With the Prosper Platinum Card, you automatically earn 2% cash back through our Prosper Rewards program on all eligible purchases, redeemable as a statement credit.

  • Higher Credit Line - Give your budget more breathing room.

  • $0 Annual Fee - We are completely removing your annual fee. The Prosper Platinum Card has a $0 annual fee, meaning you get premium cash back rewards and a higher credit limit completely free.

  • Upgrade with No Impact to Your Credit Score - Accepting the upgrade offer requires no credit check and has absolutely zero impact on your credit score. Your account line simply transitions on your credit history, meaning you keep your existing account age, open date, and payment history completely intact.

  • Stackable Bonus Cash Back - Want to earn even more? You can browse and add special merchant deals. When you shop at those retailers, you’ll earn 2% plus the bonus merchant offer!

     

Upgrading & Eligibility

1. How do I apply for the Prosper Platinum Card?

  • At this time, the Prosper Platinum Card is an exclusive, invitation-only upgrade program for existing, eligible cardholders. There is no public application page. If your account is selected for an upgrade, you will receive a push notification in your app, an email invitation, or see a "Limited Time Offer" banner directly on your online dashboard.

2. Will accepting the Platinum Card upgrade trigger a credit check?

  • No. Eligible cardholders can instantly accept the upgrade offer with no credit check and zero impact to your credit score. Your credit history carries right over to your new card, preserving your existing account age, open date, and payment history.

3. I accepted my upgrade. Can I use my new credit line right away?

  • Yes! The moment you electronically sign your new Cardholder Agreement, your upgraded credit line is unlocked. While your physical card is in the mail, you can add your digital card to your Apple Wallet or Google Pay to begin making purchases right away. If your Prosper Card was already in your digital wallet, it will update to the Platinum Card automatically. 

 

Earning Rewards & Stacking

1. How do I earn rewards with the Prosper Platinum Card?

  • Through Prosper Rewards, you automatically earn 2% cash back on all eligible purchases. There are no rotating categories to monitor or spending caps to worry about. Cash back eligibility rules may exclude certain transaction categories that are not considered purchases, including cash advances, money orders, betting and lottery, rent and mortgage payments, among others. See a full list of exclusions in the Prosper Rewards Program Agreement.

2. Can I earn 2% cash back on top of merchant offers?

  • Yes! Your 2% cash back is calculated on the final settled purchase amount charged to your Card. You can still use merchant cash-back offers, and the Prosper Rewards you earn will simply apply to the final net purchase price after all merchant discounts have been applied. 

 

Redemption Rules & Statement Mechanics

1. Why is my cash back balance showing as "Pending"?

  • Cash back shows as pending from the date of purchase until the end of your billing cycle. Once your billing cycle ends and your minimum monthly card payment posts and clears, that cash back automatically shifts into your available balance.

2. How do I redeem my available cash back?

  • You can redeem your cash back as a statement credit at any time via the Cash Back section of your Prosper online account. Tap Redeem, input your desired amount, and confirm. Please note that you can redeem any amount up to your total available Cash Back balance, but the redemption amount cannot exceed your card's current outstanding balance.

3. Does a cash back redemption count as my monthly payment?

  • While redeeming cash back reduces your current balance, you may still have a minimum payment due. To prevent late fees and maintain your history, you must still make your minimum payment by your due date unless the applied statement credits reduce your total outstanding Account balance to zero ($0).

4. Why do I have a negative cash back balance?

  • A negative cash back balance (e.g., -$10.00) typically occurs if you return a retail item, successfully dispute a transaction, or if a card payment is returned/reversed (such as for insufficient funds) after you have already redeemed the rewards associated with that billing period. Your subsequent card purchases will automatically rebuild your cash back balance into positive figures. 

 

Account Transitions

1. What happens to my old card, account balance, and payment settings?

  • Everything carries over seamlessly. Your existing balance, your monthly payment due date, and your saved payment methods automatically migrate to your new Prosper Platinum Card. Once your physical Prosper Platinum card arrives, safely destroy your old card.

2. What happens to my cash back balance if I close my card account?

  • What happens to your rewards depends on your account status at the time of closure:
    • Accounts in Good Standing: You won't lose your Available Cash Back! First, any Available Cash Back will automatically apply toward any remaining balance on your card. If a positive rewards balance remains after your card balance reaches $0, we will distribute that remaining cash value to you via a physical check mailed to your last known address on file within ninety (90) days following the date of Account closure. Any pending Cash Back that has not yet transitioned to Available status will be forfeited. 
    • Accounts Not in Good Standing: If your account is closed while past due, frozen, or under specific statuses (such as bankruptcy, fraud, or hardship), any pending and available Cash Back is automatically forfeited.
  • Tip: We recommend redeeming your available Cash Back prior to requesting an account closure.

 

Prosper Rewards are provided and administered by Prosper Marketplace, Inc. Cash back rewards are accumulated as Pending Rewards and become Available Rewards for redemption as a statement credit once required monthly payments are cleared. Rewards have no cash value and are subject to the full terms of the Prosper Rewards Program Agreement.