Atlas is a credit card designed for people rebuilding credit, and it works like a standard card but requires a cash deposit upfront

Atlas 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, your card limit is $500. You then use the card to make purchases, receive a monthly bill, and pay it back — just like any other credit card. The difference is that your deposit stays in a separate account and acts as collateral if you don't pay your bill.

The card reports your payment activity to the three major credit bureaus (Equifax, Experian, and TransUnion), which means on-time payments build your credit history. After you've used the card responsibly for a period of time — typically 7 to 12 months — you may be able to convert it to an unsecured card, at which point your deposit is returned to you.

Key Takeaways

  • Your cash deposit becomes your spending limit, so a $500 deposit gives you a $500 credit line.
  • Atlas reports to all three credit bureaus, so your payment history affects your credit score.
  • You pay an annual fee (the amount varies), interest on any balance you carry, and potentially other fees depending on your account activity.
  • After consistent on-time payments, you may convert to an unsecured card and get your deposit back.

How the deposit and credit limit work

When you open an Atlas account, you choose how much to deposit. That amount becomes your credit limit immediately. Fortis holds your deposit in a separate savings account while you use the card. Your deposit earns a small amount of interest — the rate varies but is typically very low.

You can spend up to your limit, just as you would with any credit card. If your limit is $500 and you spend $300, you have $200 remaining available credit. Once you pay down your balance, that credit becomes available again. Your deposit itself is not touched unless you stop paying your bill and Fortis uses it to cover what you owe.

Fees and interest charges

Atlas charges an annual fee to hold the card. This fee is deducted from your account once per year. You also pay interest on any balance you carry from month to month — the interest rate (called the APR, or annual percentage rate) is set based on your creditworthiness at the time you open the account.

If you pay your full balance each month, you pay no interest. If you carry a balance, interest accrues daily and is added to your bill. Atlas may also charge late fees if you miss a payment, and some accounts incur fees for going over your limit or for returned payments. Read your cardholder agreement carefully, as fees can vary by account.

Building credit with Atlas

Atlas reports your account activity to Equifax, Experian, and TransUnion every month. This means every on-time payment you make is recorded on your credit report. Over time, a history of on-time payments raises your credit score. Conversely, late or missed payments also appear on your report and can lower your score.

The card is most useful for credit building if you use it regularly but keep your balance low. Using 10 to 30 percent of your available credit and paying on time each month shows lenders you can manage debt responsibly. Maxing out the card or carrying large balances can hurt your score, even if you pay on time.

When and how to convert to an unsecured card

After you've made on-time payments for several months — usually 7 to 12 months, though this varies — you may be offered the chance to convert to an unsecured card. Fortis will review your account and may send you an offer. If you convert, your deposit is returned to you, and you keep the card with a new credit limit that Fortis sets based on your payment history.

You do not have to wait for an offer to ask. After six months of on-time payments, you can contact Fortis and request a review for conversion. Not all accounts convert, and conversion depends on your payment record and current credit profile. If you are not offered conversion, you can continue using the secured card, or you can close the account and retrieve your deposit.

What happens if you miss a payment or close the account

If you miss a payment, Atlas reports it to the credit bureaus, and it stays on your credit report for seven years. Late payments can significantly damage your credit score. If your account goes unpaid for an extended period, Fortis may use your deposit to cover what you owe. Once your deposit is used, you lose the collateral that protects the bank, and your account may be closed.

If you close the account in good standing, your deposit is returned to you within a set timeframe — usually 5 to 10 business days. If you have an outstanding balance, Fortis will deduct it from your deposit before returning the remainder. If you close the account but still owe money, you remain responsible for paying it.

How Atlas compares to other secured cards

Several banks offer secured credit cards, and they work on the same basic principle: deposit, spend, build credit. The differences lie in fees, interest rates, deposit minimums, and how quickly you can convert to unsecured status. Some cards charge higher annual fees; others charge lower interest rates. Some allow deposits as low as $200; others require $500 or more.

Before opening an Atlas card, compare it to other secured cards available in your area. Look at the annual fee, the APR, the minimum deposit, and whether the card reports to all three bureaus. Read reviews from people who have used the card to understand their experience with conversion timelines and customer service. The right card depends on your budget, your credit goals, and how much you plan to spend.

Frequently Asked Questions

Can I use my Atlas card everywhere a regular credit card is accepted?

Yes. Atlas is a Visa card, so it works anywhere Visa is accepted — online, in stores, and over the phone. Merchants cannot tell it is a secured card, and there are no restrictions on where you can use it.

What happens to my deposit if I don't use the card?

Your deposit stays in the account and earns a small amount of interest. You can leave the card unused, though inactivity for an extended period (usually 12 months or more) may result in the account being closed. Check your cardholder agreement for the bank's inactivity policy.

Can I increase my credit limit without adding more money?

Not with a secured card. Your limit is tied to your deposit. To raise your limit, you must deposit more money. Once you convert to an unsecured card, Fortis may increase your limit based on your payment history and creditworthiness.

How long does it take to build credit with Atlas?

You will see activity reported to the credit bureaus within 30 to 45 days of opening the account. Meaningful credit score improvement typically takes several months of on-time payments. Most people see noticeable gains within 6 to 12 months, though the exact timeline depends on your starting credit profile and overall credit history.

What if I want to close my account and get my deposit back?

Contact Fortis and request account closure. Your deposit will be returned to you, minus any outstanding balance or fees owed. The return typically takes 5 to 10 business days. Make sure you pay off any remaining balance first, or it will be deducted from your deposit.