The Verve Mastercard credit 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. 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 starter credit cards 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 credit card issued by the Bank of Missouri. The card is only available via mail offers and it reports to all 3 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, as well as the ARP, there are no application fees or monthly maintenance 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.
- Credit limit $300 – $750
- Possible credit increases
- Credit reporting
- Free score
- No maintenance fee
- $0 Fraud Liability
- Mobile app
- High interest
- High annual fee
- Credit limit depends on score
- No APY
- No rewards or bonuses
What are 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.
- Credit limit $300 – $750. If you’re seeking additional financial support, getting a card with a credit limit of up to $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.
- Possible credit increases. You can apply for a potential limit increase after 6 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.
- Credit reporting. Verve reports your credit activity to all three credit bureaus monthly.
- Free Score. Free access to your Vantage 3.0 score from Experian* (When you sign up for e-statements)
- No maintenance fee. The cardholders are not changed for monthly maintenance fee, although it has an annual fee.
- $0 Fraud Liability. 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.
- Mobile App. Verve offers a nice and well-functioning mobile app for account management and tracking.
What are Verve Credit Card Drawbacks?
Even though using this card provides many benefits, it isn’t without its disadvantages.
- High interest. The APR for the Verve card is variable, and it’s higher than with other similar financial solutions. Then, there are high maintenance and annual fees.
- High annual fee. While there are no monthly fees the annual fee is 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.
- Credit limit depends on score. Your initial prequalified credit limit will depend on your existing score and credit history
- No APY. Keeping deposits don’t bring any interest – the Verve Mastercard doesn’t offer any interest to grow your deposit, which is a downside too.
- No rewards or bonuses. The Verve credit card does not offer any kind of bonuses or rewards for cardholders.
What is Verve Card Competition?
The best Verve Mastercard competing alternatives are as follows:
Should You Use the Verve 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.
Frequently Asked Questions
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 credit card, keep the balance under the credit limit and pay your dues on time every time.