Its guardrails can help establish a good track record in terms of the Atlas credit card, but similar cards are offered without the charge.
The Patriot Bank Atlas Card is a way that people without credit can establish their credit. You can’t borrow money with this card. Instead, your purchasing limit is set to what Atlas has determined you have enough to pay for based on the amount of money in your account.
The Atlas Card offers cash back in certain shopping categories and offers other features that you don’t normally find with introductory credit cards. But it also has a monthly membership fee (payable also on an annual basis), which renders other credit-building cards without these fees more appealing.
How Does the Atlas Credit Card Work?
The Atlas Card features over 95% approval rates with no credit history required. For contrast, the company’s website cites data from the Consumer Financial Protection Bureau’s 2023 Consumer Credit Card Market Report that show acceptance levels are around 20% for consumers in the subprime or deep subprime credit categories.
There are geographical restrictions; for example, the Atlas Card is only available to applicants who are living in Alabama, Alaska, Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Iowa, or Kansas.
There’s also Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin, and Washington, D.C.
If you live outside of those states, consider a card from a major player who will accept applicants from all 50 states, such as the Capital One Quicksilver Secured Cash Rewards Credit Card. Residents of D.C., Puerto Rico, and an American military base are also eligible.
Is there a Limit on the Atlas Credit Card?
The Atlas Card does not provide you with a credit limit in the same way as more traditional cards. Instead, it uses a deposited account at Evolve Bank & Trust that your own bank account supplies via Plaid, an account connector to other companies.
Your spending limit is determined by the money you have deposited in your Atlas account, as well as income. You can’t spend more than you can pay back, and autopay can ensure bills are paid on time. Atlas reports payment history to the three major credit bureaus at the end of each month.
The Atlas Credit Card Rewards
The Atlas Card provides cash back rewards that will fluctuate on three levels (Gold, Blue, and Platinum) you qualify for by virtue of your active spending and deposits made into your Atlas account. You’ll earn:
- Up to 3% cash back on gas, food delivery, coffee shops, and other merchants (no idea what “and more” entails).
- 5% cash back on subscriptions such as Netflix and Hulu.
- Up to 10% cash back on purchases in 50,000+ stores (stores not specified).
- Up to 100% cash back on “Lucky Swipes,” which are essentially sweepstakes whereby you may randomly receive additional points on a purchase.
The cardholder must pay $8.99 a month (you can save $18.88 in charges by paying $89 a year). At first glance, this provides you with access to the deposit account and some of the benefits of the Atlas Card, described below.
Other deposit-linked credit-building cards offering choose-your-own spending limits do not have an annual charge. Secured credit cards require an initial deposit, though most of them also do not come with an annual fee.
In Conclusion
Atlas is a 4x higher-approval-rate rewards credit card than other credit cards. It’s easy to get even without a credit score. 4x higher approval rates than other credit cards. Instant approval without having to step out of the app.
It only takes a few minutes to get approved and apply for an Atlas credit card. Just connect your primary bank account to your Atlas customer account to be approved and establish your credit limit. To raise the limit, confirm your income or deposit into your Atlas account.
So long as you go through our identity verification process and link your primary banking account, you will qualify for the Atlas Mastercard. The Atlas Card offers a bill negotiation facility to help keep you money-wise on phone, internet, and insurance bills.
You also get virtual cards against which you can make payments for subscriptions such that it is easier to cancel them once they are no longer required or when free trial time is over.
