What the Atlas Credit Card Is and How It Works

Atlas is a secured credit card issued by Fortis Bank. You put down a cash deposit — typically between $300 and $2,500 — and that deposit becomes your credit limit. You use the card like any other credit card: make purchases, receive a monthly bill, and pay it back. The difference is that your deposit sits in a savings account as collateral while you build a credit history.

The card reports to all three credit bureaus (Equifax, Experian, and TransUnion), which means your payment history starts showing up on your credit report. If you pay on time every month, your credit score can improve over time. After 12 to 18 months of consistent payments, you may be able to move to an unsecured card or request that Atlas convert your account — though conversion is not automatic and depends on Fortis's review of your account.

Atlas charges an annual fee of $48, which is higher than some competitors but lower than others in the secured card market. There is no grace period on purchases, meaning interest starts accruing when ready if you carry a balance. The card also charges a late fee and a returned-payment fee, both of which vary but typically run $25 to $35.

Key Takeaways

  • Your deposit becomes your credit limit, so a $500 deposit gives you a $500 limit — you do not get extra spending power.
  • The $48 annual fee is charged to your account, not your deposit, so it reduces the money available to spend each month.
  • Interest accrues when ready on any balance you carry, with no grace period, making it expensive to revolve debt month to month.
  • Payment history reports to all three bureaus, so on-time payments help your credit score, but late payments hurt it the same way they would with any card.
  • Conversion to an unsecured card is possible but not may provide and depends on Fortis's internal review after 12 to 18 months.

Annual Fees and Interest Rates

The $48 annual fee is charged once per year and is deducted from your account balance. If your credit limit is $300, that fee takes up 16 percent of your available credit when ready. This matters because credit utilization — the percentage of your limit you use — affects your credit score. A high annual fee on a low deposit means less room to spend without pushing your utilization up.

The interest rate (APR) on Atlas ranges from 19.99 percent to 24.99 percent depending on your creditworthiness at the time of approval. That is at the high end of the credit card market. Combined with the lack of a grace period, carrying a balance on Atlas becomes expensive quickly. If you charge $300 and pay it off over three months, you will pay roughly $15 to $20 in interest alone — on top of the annual fee.

Some secured cards charge lower annual fees or offer a grace period. Discover it Secured, for example, charges no annual fee and does offer a grace period. Capital One Secured charges $39 annually. If you plan to carry a balance while rebuilding, the higher interest rate and missing grace period make Atlas more costly than alternatives.

Deposit Requirements and Credit Limits

Atlas requires a minimum deposit of $300 and a maximum of $2,500. Your deposit equals your credit limit — there is no way to get a higher limit without depositing more money. If you deposit $500, your limit is $500. If you later deposit an additional $300, your limit becomes $800.

The deposit sits in a savings account at Fortis Bank and earns no interest. You cannot withdraw it while the account is open, though you can request closure and retrieve your deposit once the card is paid off or converted to an unsecured product. Some banks offer interest-bearing deposits on secured cards; Atlas does not.

The deposit is not a fee — it is your own money held as collateral. If you stop paying the card, Fortis can use the deposit to cover the debt. This is why secured cards are easier to get approved for than unsecured cards: the bank's risk is lower because they already hold your money.

How Atlas Compares to Other Secured Cards

The secured card market includes several options, each with different trade-offs. Capital One Secured charges $39 annually and offers a grace period on purchases, making it cheaper to use if you pay in full each month. Discover it Secured charges no annual fee and also offers a grace period, though it has stricter approval requirements and may not accept applicants with very recent negative marks.

OpenSky does not require a credit check or a Social Security number, which makes it useful if you have no credit history or cannot provide a Social Security number. However, OpenSky charges a $35 annual fee and has a 19.99 percent APR floor, similar to Atlas.

Chime SpotMe (if you have a Chime account) offers overdraft protection rather than a traditional secured card structure. U.S. Bank Altitude Go charges no annual fee but requires a higher deposit and is harder to get approved for if your credit is very poor.

Atlas sits in the middle: higher annual fee than Capital One or Discover, but no credit check requirement like OpenSky. The lack of a grace period is the biggest drawback compared to Capital One and Discover. If you can get approved for Discover it Secured, it is usually the better choice. If Discover rejects you, Atlas is a reasonable fallback.

Building Credit With Atlas

The card reports to all three bureaus, so every on-time payment helps your credit score. The impact depends on your starting point. If you have no credit history, the first six months of on-time payments can move your score up 50 to 100 points. If you have recent late payments or collections, the improvement is slower because negative marks stay on your report for seven years.

Credit score improvement comes from five factors: payment history (35 percent of your score), amounts owed (30 percent), length of credit history (15 percent), credit mix (10 percent), and new inquiries (10 percent). With Atlas, you are building payment history and reducing amounts owed if you pay down your balance. You are also adding a new account, which can temporarily lower your score by a few points but helps your credit mix over time.

To maximize the benefit, keep your balance low relative to your limit. Using 10 to 30 percent of your limit is ideal — so if your limit is $500, keep your balance under $150. Pay on time every single month, even if it is just the minimum. After 12 to 18 months, you will have enough history to move to an unsecured card or request conversion from Fortis.

When Atlas Makes Sense and When It Does Not

Atlas works well if you have no credit history or recent serious damage (late payments, collections, charge-offs) and you can afford to deposit $300 to $2,500 upfront. It also works if you plan to pay your balance in full each month, because then the high APR and missing grace period do not cost you anything.

Atlas is a poor choice if you need to carry a balance while rebuilding. The 19.99 to 24.99 percent APR with no grace period makes it one of the most expensive ways to borrow. If you can get approved for Capital One Secured or Discover it Secured instead, those cards are cheaper and offer more flexibility.

Atlas is also not the right tool if you are trying to rebuild after a recent bankruptcy or foreclosure. Those events stay on your report for seven to ten years, and a secured card alone will not erase them. You need time, on-time payments, and ideally a mix of credit types (card, installment loan, mortgage). A secured card is one piece of that puzzle, not the whole solution.

Frequently Asked Questions

Can I get my deposit back if I close the card?

Yes. Once you close the account and pay off any remaining balance, Fortis will return your deposit. If you convert to an unsecured card, the deposit is released at that time. The process usually takes 5 to 10 business days after closure.

Does Atlas offer a path to an unsecured card?

Fortis may convert your account to an unsecured card after 12 to 18 months of on-time payments, but conversion is not may provide. You can also request a review, though approval depends on your payment history and credit score at the time. Some customers report conversion happening automatically; others have been denied and had to move to a different card issuer.

What happens if I miss a payment?

A missed payment is reported to all three credit bureaus and stays on your report for seven years. You will also be charged a late fee (typically $25 to $35) and your APR may increase. If you miss multiple payments, Fortis can use your deposit to cover the debt, though they usually contact you first to arrange payment.

Is the $48 annual fee worth it?

It depends on your alternatives. If you cannot get approved for Discover it Secured (which has no annual fee), Atlas is a reasonable option. If you can get approved for Capital One Secured ($39 annual fee with a grace period), that is usually the better choice. The fee is worth paying if it is the only card you can get approved for and you plan to use it to build credit over 12 to 18 months.

Can I increase my credit limit without depositing more money?

No. Your credit limit is always equal to your deposit. To raise your limit, you must deposit additional money. Some issuers allow you to request a higher limit after a period of on-time payments, but Atlas ties the limit directly to the deposit amount.