Verve Mastercard® Credit Card
Consumer Reviews, Fees, Credit Score, Application & Best Alternatives
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The Verve Mastercard credit card is designed to help all those who are looking for sound financial solutions to rebuild or build their credit. Instant approval and a secure online application make it even more attractive and accessible.
So, you're thinking about getting your Verve Mastercard card, so you can start using it. Before you do, it's important to learn how to manage your finances in the most responsible way. Before you apply for the Verve card, it would be most recommended to ensure a budget to pay for the annual fee and initial deposit at once. Making your payments on time is an excellent way to improve your credit score and history. The moment your card arrives, get in touch with customer service to activate it. Failing to do so might cause additional troubles. You have 30 days to activate it once you receive it. Aside from activating, you can find out all you need to know about the benefits of the Verve card by contacting customer support.
It would be best if you can pay your balance in full as making partial payments includes interest on your purchases. You can make your payments in two different ways - either by paying through an online account or by mailing in your payments. We recommend that you set up automatic withdrawals for all your monthly payments. Making payments on time looks great in your credit report, and it helps you avoid unnecessary interests, penalties, and fees.
Read on to find out all you need to know about the benefits, advantages, and disadvantages of the Verve Mastercard card. If you already have one or recently applied - don't hesitate to share your experience with other visitors - write the Verve Mastercard user review!
- Initial credit limit of $750 with potential credit limit increase after 6 months
- Monthly reporting to all 3 major Credit Bureaus
- Free Monthly Credit Score*
- Free mobile app
- $0 Fraud Liability
The Verve Mastercard card is an excellent card choice for those who are on the path toward building a positive credit history. One of the most significant advantages that this card has over any other is the fact that it reports to all three credit bureaus (Explained). This gives you a level of accountability for a wide range of different financial actions.
The reason why the Verve card is so acceptable is that it isn't like other secured cards. Users can expect a range of attractive benefits.
Who Is The Verve Mastercard For?
This is one of the very few credit cards issued by Bank of Missouri and managed by Continental Finance and is available through mail offers only. This means that the only way to apply for this card is by making a mail offer online. Depending on your financial situation and credit score, you may be eligible for 2 main options:
- Unsecured card with no deposit
- Secured card with flexible deposits
Let's take a closer look at the key details of the Verve card. The card is only available via mail offers and it reports to all three major credit bureaus.
It comes with a mobile app that provides additional convenience of managing your credit while on the go. While the annual fee is a bit steep (See no annual fee offers), as well as the ARP, there are no application fees or monthly fees.
The user gets to choose from a range of secured card flexible deposits of $50, $100, $150, or $500 and there's also a limited rewards program to think about. A continental credit protection program and $0 Fraud Liability provide additional security and stability while the possibility of increasing your credit limit after 6 months of use sounds like a great reward for showcasing responsible financial behavior.
Related: BAD Credit Offers, FAIR Credit Offers
Verve Mastercard Benefits
Using the Verve Mastercard brings you several great advantages that can greatly help you establish or build credit that will improve your wellbeing and financial situation. Let's review those advantages.
If you're seeking additional financial support, getting a card with an initial limit of $750 might be just what you need. You can use this card everywhere Mastercard is accepted. The more you use it, the more it helps you improve and rebuild your credit score.
You can apply for a potential limit increase after six months of using the Verve Mastercard. This can greatly help you build up your credit as nothing speaks better about your financial situation than getting your credit limit increase approved.
Make a request and obtain a limit increase. This gives you the potential to improve your credit score, lower the credit utilization ratio, etc.
PRO TIP: An increased limit gives you more spending power, but it also increases your overall debt. Keep that in mind. If you want to get the most out of your Verve Mastercard, keep the balance under the credit limit and pay your dues on time.
In case any unauthorized charges occur on your Verve credit card, you won't be held responsible. Shop with confidence and enjoy additional financial flexibility without being afraid of any fraud or liability.
Verve Mastercard Drawbacks
Even though using this card provides many benefits, it isn't without its disadvantages. First of all, there is a high APR to think about. The APR is variable, and it's much higher than with other similar financial solutions. Then, there are high maintenance and annual fees.
While there's a fixed yearly payment, both monthly and annual fees are pretty high, so keep this in mind before you decide to apply. Annual fee charged upfront - the annual fee is directly deducted from your credit limit the first month.
Keeping deposits don't bring any interest - the Verve card doesn't offer any interest to grow your deposit, which is a big downside.
Should You Use This Card
In case your plan on getting approved for some secured card goes sour, the Verve Mastercard could be the next best thing. However, we have to point out that this card is the best option for those who are looking to establish credit.
The approval rates are quite high, which is also something to think about. If a bit higher fees aren't a problem, the Verve card might be an excellent solution, especially if you need a card with instant approval.
- No application free
- No monthly fee
- Mobile app
- Secured card flexible deposits of $50, $100, $150 or $500
- $0 Fraud Liability
- Initial credit limit of $750
- High approval rates
- High fees
- Limited rewards program
|Issuer:||Bank of Missouri|
Rates & Fees
|Introductory APR (%):||N/A|
|Regular APR:||See Terms|
|Regular APR Type:||N/A|
|Annual Fee:||See Terms*|
|APR on Cash Advances:||See Terms*|
|Grace Period:||See T&C*|
|Late Payment Fee:||See Terms*|