The Fortiva Mastercard Credit Card from the Bank of Missouri is designed to help people with poor credit. It offers free credit score, credit reporting, up to $1,000 unsecured credit limit, and attractive cash back rewards program.
Fortiva Mastercard is the Best for
- People who can’t get a credit card from the most reputable card issuers
- For those who can’t afford to pay a security deposit for a secured credit card
- People who plan to pay their monthly balance in full
- Anyone looking for credit cards that can help increase their credit score
The Advantages of Fortive Mastercard Credit Card
The Fortiva Mastercard offers several benefits to consider. Let’s take a quick look at the most significant advantages.
Cash back rewards
You are eligible for up to 3% cash back on Groceries, Gas, Groceries, and Utilities, and 1% cash back on all other eligible purchases. Also, there are no limits on how many rewards you can earn.
No security deposit is required
This credit card is unsecured, meaning there’s no need to make a security deposit to get a revolving credit. You get a credit limit without breaking your budget, which is helpful for people looking to improve their credit.
Access to a free credit score
If you get approval for this credit card, you can access a free Equifax Vantage Score. Although this score won’t put you in favor with the lenders, it will make it easier to find the best, fastest way to improve your credit. In addition, Fortiva reports to all three major credit bureaus, which also increases your chances of improving your credit utilization ratio and rebuilding your credit.
Credit limit increases
Another excellent advantage of using this credit card is that the company offers you a chance to increase your credit limit by periodically reviewing your account. Responsible spending and financial behavior, including paying your dues on time, make you eligible for credit line increases. Although you can’t increase your credit limit on request by yourself, the company may check your eligibility from time to time and offer you a credit limit increase accordingly.
Google Pay, Samsung Pay, and Apple Pay integrations
If you prefer contactless payments, you can use your tablet, smartwatch, or phone to set up your account and card for instant payments.
Easy preapproval and credit reporting
Applying for this Mastercard is no big deal, and the preapproval process is fast and straightforward. The best thing about this card is that good credit is not required to pre-qualify your application. Fortiva Mastercard approves people with poor credit, which is the biggest reason you should consider this credit card for fixing or establishing your credit. All it takes to build a credit score is to make your payments on time. Since the company reviews your account periodically, it rewards responsible behavior by reporting positive standing to all three credit bureaus.
Like most credit cards, the Fortiva credit card has standard security features, such as EMV chip technology for safer transactions, zero liability protection (Mastercard), and fraud alerts.
What Are the Disadvantages of Fortiva Credit Card
No credit card is perfect, and the Fortiva Mastercard is no exception. Here are several disadvantages that you should keep in mind before applying.
High fees. While the card issuer doesn’t require a security deposit, it exposes you to high fees. There are multiple fees to worry about:
- The varying annual fee for the first and subsequent years (See cards with no annual fee);
- The yearly maintenance fee, which depends on your creditworthiness and comes in the form of account maintenance fees;
- An authorized user fee that you pay for each person you add to your account;
- The penalty fee for returned or missed payments;
- Foreign transaction fees on every transaction you make abroad (See cards with no foreign transaction fee).
No option to carry a balance. This credit card isn’t suitable for people who can’t pay their monthly balance in full. Although some credit cards allow you to carry a balance after handling large purchases, this card isn’t one of them. Since it comes with a high APR, carrying a balance with Fortiva isn’t an option due to significant cash advance and balance transfer rates. In addition, the company doesn’t offer an intro APR on new purchases.
No bonus rewards or intro rates. The card does not offer you introductory rates. There is also no welcome bonus or bonus cash back, too.
No credit limit increase requests. Aside from high annual fees, cardholders should also be aware that they can’t request a credit limit increase on their own. Since Fortiva periodically reviews all accounts, the company assesses eligibility for credit limit increases on its own.
What Makes Fortiva Mastercard Different
Despite having some setbacks, this credit card is still a viable option for people with poor credit. The company reports to all three credit bureaus and helps you fix your credit scores with timely payments.
It provides free access to your credit score, so you always know where you stand. Cardholders have access to top-class customer service and a web and mobile app to manage transactions and keep track of their card usage.
They get notifications for each transaction they make and access to additional security features such as identity theft and zero liability protection. If you can’t make your application for an unsecured card with all the major card issuers, the chances are that you’ll succeed with Fortiva.
You can earn cash back rewards on all purchases and get up to 3% for gas, groceries, and utility payments. This is not a common feature for cards targeting poor and no credit applicants.
If you struggle with poor credit and are looking for an unsecured credit card as a way out, the Fortiva Mastercard might be right up your alley. Although it comes with steep interest rates and quite a few fees, the card could offer you a chance to fix your bad credit and get back on track financially. It’s a viable option for anyone who has received an application denial by major card issuers and can’t afford to pay a secured deposit for a secured credit card. If you choose this card, responsible financial behavior and timely payments will increase your chances of a credit limit increase. However, remember not to miss them or carry a balance to avoid penalty fees and other charges.
Fortiva Mastercard Competition and Alternatives
Frequently Asked Questions