What the Atlas Credit Card Is and How It Works
The Atlas Credit Card is a secured credit card issued by Fortis Bank. You put down a cash deposit, and that deposit becomes your credit limit. If you deposit $500, you get a $500 credit limit. You use the card like any other credit card — swipe it, pay the bill each month — and your payment history gets reported to all three credit bureaus. After 12 to 18 months of on-time payments, Fortis may convert your account to an unsecured card and return your deposit.
The card charges an annual fee of $98, which is higher than many other secured cards. There is no interest-free period, so any balance you carry from month to month accrues interest at a variable rate that starts around 19.99% APR. The deposit itself earns no interest while it sits in the bank's account.
Atlas is designed for people rebuilding credit after missed payments, collections, or a thin credit file. It reports to the bureaus, so responsible use can move your score upward. It does not require a credit check, though Fortis does verify your identity and run a ChexSystems check (a banking history report).
Key Takeaways
- Your cash deposit becomes your credit limit, and you use the card like a regular credit card while the bank holds your money.
- The $98 annual fee is charged upfront and every year you keep the account open, which is steeper than competing secured cards.
- Every payment you make gets reported to Equifax, Experian, and TransUnion, so on-time payments build your credit history.
- After 12 to 18 months of consistent on-time payments, Fortis may graduate you to an unsecured card and return your deposit.
- Interest rates are high (around 19.99% APR), so carrying a balance costs money — the card works best if you pay in full each month.
How Your Deposit and Credit Limit Work
When you open an Atlas account, you choose your deposit amount. Fortis requires a minimum deposit of $300 and accepts deposits up to $2,500. Your credit limit equals your deposit dollar-for-dollar. A $500 deposit gives you a $500 limit; a $1,000 deposit gives you a $1,000 limit.
The deposit sits in a savings account held by Fortis. You cannot touch it while the account is open. If you close the card or Fortis closes it, you get the deposit back — but only after any outstanding balance is paid and any fees are settled. If you miss payments or default, Fortis can use your deposit to cover what you owe.
Your credit limit does not grow automatically as you make payments. If you want a higher limit later, you must make an additional deposit. Some cardholders deposit $300 initially, then add $200 or $300 more after six months of on-time payments to increase their limit and show more credit activity.
Annual Fees and Interest Charges
The $98 annual fee is charged on your statement every year. It hits your account on your anniversary date — the date you opened the card. This fee is non-refundable, even if you close the account within the first year. For comparison, many other secured cards charge $0 to $50 annually, so Atlas is on the higher end.
Interest accrues on any balance you carry past your due date. The APR is variable and starts around 19.99%, meaning it can change over time. If you carry a $300 balance for a full month, you will pay roughly $5 in interest charges on top of your $98 annual fee. The math works against you if you use the card as a loan rather than a payment tool.
There is no grace period, so interest begins accruing when ready on cash advances. Fortis also charges a cash advance fee of 3% of the amount withdrawn (minimum $10), making cash advances expensive. Avoid them unless you have no other option.
How Atlas Reports to Credit Bureaus
Every month, Fortis reports your account activity to Equifax, Experian, and TransUnion. The report includes your credit limit, your current balance, and whether you paid on time. If you pay your full balance by the due date every month, that on-time payment gets recorded and helps your credit score rise over time.
Missed or late payments also get reported. A payment 30 days late stays on your report for seven years and damages your score significantly. A payment 60 or 90 days late is worse. This is why the card only works for credit building if you treat it as a non-negotiable monthly bill.
Your credit utilization — the percentage of your limit you are using — also affects your score. If your limit is $500 and you carry a $450 balance, you are at 90% utilization, which hurts your score. Keeping your balance below 30% of your limit (so under $150 on a $500 card) helps your score more.
The Path to Graduating to an Unsecured Card
Fortis does not may provide graduation to an unsecured card, but the bank states it may happen after 12 to 18 months of on-time payments. "On-time" means paying at least the minimum due by the due date, every single month. One late payment can reset the clock or disqualify you entirely.
When Fortis decides to graduate your account, they will convert it to an unsecured card, return your deposit to you, and remove the annual fee going forward. Your credit limit may stay the same or increase. The new card will have a different APR, which may be lower or higher depending on your credit score at that time.
Graduation is not automatic. Fortis reviews accounts periodically, but you can also contact them to ask about your status after 12 months. If you are denied, ask what specific behavior would make you may be able to access. Sometimes a higher credit score or a longer history is needed.
When Atlas Makes Sense and When It Does Not
Atlas works if you have a very thin credit file or recent damage and need a card that reports to the bureaus. It works if you can commit to paying the full balance every month and treating the $98 annual fee as a cost of rebuilding. It works if you have $300 to $2,500 sitting in savings that you can lock away for a year or more.
Atlas does not work if you plan to carry a balance. The 19.99% APR plus the $98 annual fee makes it an expensive way to borrow. It does not work if you cannot afford to pay on time every month — one missed payment can undo months of progress. It does not work if you have other secured card options with lower annual fees, like the Capital One Secured Mastercard ($0 annual fee) or the Discover Secured Card ($0 annual fee).
Before opening Atlas, compare it to other secured cards. Many have no annual fee and report to the bureaus just as reliably. The only advantage Atlas has is that it does not require a credit check, which matters if you have been denied elsewhere. If you can open a card with no annual fee, that is usually the better choice.
How to Use Atlas Responsibly for Credit Building
Set up automatic payments. Log into your Fortis account and arrange for the full balance to be paid automatically on the due date each month. This removes the risk of forgetting and missing a payment. Even one late payment can damage your score and delay graduation.
Keep your balance low. Use the card for small, predictable expenses — a gas fill-up, a grocery trip, a subscription — and pay it off in full when the bill arrives. Do not use it as a loan or carry a balance to build credit faster. That is a myth. On-time payments build credit; high balances hurt it.
Check your credit report. Every 12 months, pull your free credit report from annualcreditreport.com and verify that Fortis is reporting your account correctly. Look for errors like missed payments you actually made or a wrong credit limit. If you find an error, dispute it with the bureau and notify Fortis.
Do not close the card after graduation. Once Fortis converts your account to unsecured and returns your deposit, keep the card open and use it occasionally. Closing it removes a line of credit from your report and can lower your score. Older accounts help your score, so letting it sit with occasional small charges is better than closing it.
Frequently Asked Questions
Do I need good credit to open an Atlas card?
No. Fortis does not run a traditional credit check, so you can open an account even with bad credit, no credit history, or recent collections. The bank does verify your identity and checks ChexSystems, a banking history database. If you have been flagged for fraud or banking abuse, you may be denied.
What happens if I miss a payment?
A missed payment gets reported to the credit bureaus and stays on your report for seven years. Your interest rate may increase, and Fortis may close your account. If you miss a payment, contact Fortis when ready to explain and ask about catching up. Some banks offer a one-time courtesy, but do not count on it.
Can I use my deposit as a payment?
No. Your deposit is held separately and cannot be used to pay your bill. You must pay your statement balance from your bank account or another source. The deposit is only released when your account is closed or graduated.
How long does it take to graduate to an unsecured card?
Fortis states 12 to 18 months, but there is no fixed timeline. Some accounts graduate in 12 months; others take longer or never graduate. The bank reviews accounts periodically and considers your payment history, credit score, and account age. Contacting Fortis after 12 months to ask about your status can sometimes speed the process.
Is there a better secured card option?
Several secured cards have no annual fee and report to the bureaus the same way Atlas does. The Capital One Secured Mastercard and Discover Secured Card are common alternatives. Compare the annual fee, APR, and any other charges before deciding. If you can open a card with no annual fee, that usually saves you money over time.