How does Atlas credit card work?

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How does Atlas credit card work?

Atlas credit card is a unique option for those looking to build or rebuild their credit history. Unlike traditional credit cards, Atlas utilizes a cash deposit system to provide users with a secured line of credit. This means that in order to open an account and receive a credit card, users must first make a cash deposit that will act as their credit limit.

The amount of the deposit will determine the initial credit limit on the card. For example, if a user makes a $500 deposit, their credit limit will also be $500. As users make purchases and payments on the card, their available credit will decrease. When the user pays off the balance, their available credit will increase again.

One of the key benefits of the Atlas credit card is that it reports to all three major credit bureaus, allowing users to build or improve their credit score with responsible card usage. Over time, consistent and on-time payments can help users establish a positive credit history and potentially qualify for unsecured credit cards in the future.

Additionally, Atlas offers tools and resources to help users manage their credit responsibly, such as credit monitoring services and access to credit education materials. By using the Atlas credit card responsibly, users can take control of their financial future and work towards achieving their credit goals.

FAQs:

1. How much do I need to deposit to open an Atlas credit card account?

You can open an Atlas credit card account with a minimum deposit of $300.

2. Can I increase my credit limit on the Atlas credit card?

Yes, you can increase your credit limit by making additional cash deposits to your account.

3. Is there an annual fee for the Atlas credit card?

Yes, there is an annual fee of $75 for the Atlas credit card.

4. Can I use the Atlas credit card for cash advances?

No, the Atlas credit card does not allow for cash advances.

5. Will using the Atlas credit card help me build credit?

Yes, using the Atlas credit card responsibly and making on-time payments can help you build or improve your credit history.

6. What happens if I miss a payment on my Atlas credit card?

Missing a payment can result in late fees and could negatively impact your credit score.

7. Can I upgrade to an unsecured credit card with Atlas?

While Atlas does not offer unsecured credit cards, responsible use of the Atlas credit card can help you qualify for unsecured credit cards in the future.

8. Can I use the Atlas credit card for online purchases?

Yes, the Atlas credit card can be used for online purchases anywhere that accepts Visa.

9. Is there a penalty for canceling my Atlas credit card?

There is no penalty for canceling your Atlas credit card, but you will lose your security deposit.

10. How long does it take for payments to post to my Atlas credit card account?

Payments typically post to your account within 2-3 business days.

11. Can I add an authorized user to my Atlas credit card account?

Yes, you can add an authorized user to your Atlas credit card account.

12. Can I withdraw my security deposit from my Atlas credit card account?

You can request to have your security deposit refunded to you once you close your account and pay off any outstanding balance.

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