What the Atlas Credit Card Is and How It Works
The Atlas Credit Card is a secured credit card issued by Fortiva Bank. You put down a cash deposit, and that deposit becomes your credit limit — so if you deposit $500, you can charge up to $500. You then use the card like any other credit card: make purchases, receive a monthly statement, and pay what you owe. The bank reports your payment activity to the three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments build your credit history.
The card is designed for people rebuilding credit or starting from scratch. Because your deposit secures the card, the bank takes less risk, which is why they will issue it to applicants with no credit history or a damaged one. However, the card comes with an annual fee and a higher interest rate than you would see on cards for people with good credit.
Unlike some secured cards, Atlas does not automatically graduate you to an unsecured card after a set period. You keep the deposit in place as long as you hold the card, though you can request a review of your account after responsible use.
Key Takeaways
- Your cash deposit sets your credit limit, so a $500 deposit gives you a $500 limit.
- The card charges an annual fee (the exact amount depends on your credit limit tier) and a higher interest rate than standard credit cards.
- On-time payments are reported to all three credit bureaus and help you build a credit history or repair a damaged one.
- Your deposit stays in place as long as you hold the card and is not automatically returned after a certain time period.
- You can request a credit limit increase by adding more money to your deposit, or request a review of your account after demonstrating responsible payment history.
Deposit Requirements and Credit Limits
Atlas requires a minimum deposit of $300 to open the card. The deposit is held in a separate account at Fortiva Bank and earns a small amount of interest — currently around 0.01% APY, though this rate can change. Your deposit directly equals your credit limit, so there is no separate underwriting process to determine how much you can borrow.
You can deposit more than the minimum. Many cardholders start with $300 or $500 and add to their deposit later if they want a higher limit. When you add funds, your credit limit increases by the same amount. For example, if you start with a $500 deposit and later add $300, your new limit becomes $800.
The deposit is yours — it is not a fee. If you close the card or convert it to an unsecured card (if that option becomes available), you get the deposit back. However, if you stop paying your bill, the bank can use your deposit to cover what you owe.
Annual Fees and Interest Rates
Atlas charges an annual fee that varies based on your credit limit tier. The exact amounts change, so you should confirm the current fee structure when you review your account terms. The fee is typically charged once per year and appears on your statement.
The card also carries an interest rate (APR) that is higher than standard credit cards — often in the range of 18% to 24% or higher, depending on market conditions and your creditworthiness at the time of process. This rate applies to any balance you carry from month to month. If you pay your full statement balance by the due date each month, you pay no interest.
There are no foreign transaction fees, which can be useful if you travel or make purchases from international merchants. Late payment fees and over-limit fees may explore if you miss a payment or exceed your credit limit.
How Payments and Billing Work
You receive a monthly statement showing your charges, your minimum payment due, and your payment due date. You can pay online through your account portal, by phone, by mail, or through automatic payments set up in advance. The minimum payment is typically 1% to 3% of your balance, though the exact percentage depends on your account terms.
Payments are usually due 21 to 25 days after your statement closes. If you pay the full balance by the due date, you owe no interest. If you pay only the minimum or carry a balance, interest accrues on the unpaid amount at your card's APR.
On-time payments are reported to Equifax, Experian, and TransUnion within 30 to 45 days of your payment date. Late payments are also reported and can damage your credit score. Even one late payment can lower your score, so setting up automatic payments or calendar reminders can help you stay on track.
Building Credit With Atlas
The main purpose of the Atlas card is to build or rebuild your credit history. Each on-time payment shows lenders that you can manage debt responsibly. Over time — typically 6 to 12 months of consistent, on-time payments — you may see your credit score improve.
To maximize the benefit, keep your balance low relative to your limit. If your limit is $500, try to use no more than $100 to $150 per month. This low utilization ratio signals to credit bureaus that you are using credit responsibly, which helps your score more than maxing out the card does.
After 6 to 12 months of on-time payments, you can contact Fortiva Bank to request a review of your account. Some cardholders are offered the chance to convert to an unsecured card, which means your deposit is returned and you keep the card without the security requirement. However, conversion is not may provide, and the bank may decline if your payment history is not strong enough.
Comparing Atlas to Other Secured Cards
Several other banks offer secured credit cards, and the terms vary. Some secured cards have lower annual fees, lower interest rates, or easier paths to conversion to unsecured status. Others require higher minimum deposits or charge additional fees for customer service or account management.
Before opening an Atlas card, compare it to alternatives like the Capital One Secured Mastercard, the Discover Secured Card, or the OpenSky Secured Visa. Look at the annual fee, the APR, the minimum deposit, and whether the issuer offers a clear upgrade path. Read recent cardholder reviews to see whether people report that their accounts were converted to unsecured cards and how long that took.
The right card for you depends on your specific situation. If you have no credit history at all, any secured card will help. If you are rebuilding after a bankruptcy or collection account, you may want a card with a lower annual fee to reduce the cost of rebuilding.
Common Mistakes to Avoid
The most common mistake is carrying a balance and paying interest when you do not have to. Because the APR is high, paying interest costs you money that could go toward building your credit instead. Treat the card as a tool to demonstrate responsibility, not as a way to borrow money.
Another mistake is missing payments or paying late. Even one late payment can lower your score and signal to the bank that you are not ready for an unsecured card. Set up automatic payments for at least the minimum due, or mark your due date on a calendar.
A third mistake is maxing out the card or using most of your limit. High utilization — using $400 of a $500 limit, for example — hurts your credit score even if you pay on time. Keep your balance well below your limit to show lenders you are not dependent on credit.
Finally, do not close the card too soon. Closing it removes the account from your active credit history, which can lower your score. Keep the card open and use it occasionally (a small purchase every few months, paid in full) to maintain the account and continue building history.
Frequently Asked Questions
Can I get my deposit back before closing the card?
No. Your deposit must remain in place as long as you hold the card. It secures your credit limit and is held by the bank. You can get it back only if you close the account or if the bank converts your card to an unsecured card, in which case the deposit is returned automatically.
What happens if I miss a payment?
A missed payment is reported to the credit bureaus and can lower your credit score. The bank may charge a late fee. If you miss a payment by more than 30 days, the bank may use your deposit to cover the debt. Contact the bank when ready if you miss a payment to discuss options.
How long does it take to convert to an unsecured card?
There is no set timeline. Some cardholders report conversion after 6 months of on-time payments; others wait 12 months or longer. Conversion is not may provide and depends on your payment history, credit score, and the bank's internal policies at the time you request a review.
Can I increase my credit limit without adding more money?
No. Your credit limit is tied directly to your deposit. To increase your limit, you must add more money to your deposit account. For example, if you want to raise your limit from $500 to $750, you would deposit an additional $250.
Does Atlas report to all three credit bureaus?
Yes. Atlas reports your payment activity to Equifax, Experian, and TransUnion. This means your on-time payments help build your credit score across all three bureaus, which is important because most lenders check multiple bureaus when making lending decisions.