Having a good credit score helps build a good civil score. A good FICO score will help with easy loans and credit cards. Therefore individuals thrive to improve their credit scores. There are different credit cards that are specifically launched for the purpose of helping you grow your credit score from bad to good. Credit cards for bad credit enable you to build a good credit score. One such card is Verve Credit Card.
In this article, we’ll review this card, and then you can make an informed decision about whether or not this credit card is worth it or not.
What is a Verve Credit Card?
Verve Credit Card is an unsecured credit card that is specially designed for individuals with poor or bad credit scores. But what exactly is a bad credit score? According to the three credit bureaus, the bad credit score is anything less than 650. However, mostly a credit score from 300-500 is considered a poor score.
Continental finance offers Verve Platinum Credit Card to an authorized user. In order to become an authorized user of this card, you need to have the mail invite. You can only access the card Login if you get an email or mail from Continental finance. This credit card is not among the secured credit cards. With a user count of more than 3 million, this credit card is very famous among individuals. However, it still has some drawbacks. High APR is one example of setbacks of this card
If you are thinking of getting a Verve card, you must know that unlike capital one, Verve is not secured. This means that you need absolutely no deposit to get it. Along with this, there are several features of the Verve Platinum Credit Card, let’s have a look at them.
The Verve Credit Card is a card with a fair credit limit. The initial credit limit is around $300 to $1000. This limit increases every six months if you maintain the card properly with timely payments. Your account will be reviewed based on how your performance is so far and there you can increase the initial credit limit.
Protection from Fraud
Suppose you face any fraudulent activity or theft or any transaction that took place without your authorization, you will not have to face the consequences. All you have to do is report the issue within 60 days of the original incident and all the loss will be covered. Moreover, the payment is secured and the Verve Credit Card login protects you from unauthorized purchases.
Reporting to Major Credit Bureaus
The three major credit bureaus are TransUnion, Experian, and Equifax. Your entire monthly reports of payments, interest, and different charges are reported to these three major credit bureaus. They help users with credit cards with no credit score to build up a good one.
Monitoring Your Credit Score
This credit card helps in credit rebuilding by providing Continental Verve’s TransUnion TrueTrack service. This means that someone will be monitoring your activities and changes in your credit history. They will keep track of what you do and how it affects your credit score.
Pros and Cons
Every coin has two faces. Similarly, if Verve credit cards for bad credit score have their advantages, it has their disadvantages as well. We’ll look at both aspects of this card.
- You do not need any security deposit to get this card.
- If you maintain your card properly, you can increase your credit limit in six months.
- A cash advance is available along with protected foreign or international transactions.
- All three major credit bureaus are reported.
- You can build a good credit score if you use it wisely.
- Someone continuously tracks your credit score, thus helping you maintain a good one.
- Any fraud or theft is covered by the Verve card, therefore you get zero fraud liability.
- You can use it worldwide.
- Verve Credit Card Reviews also says that you get a mobile app to help you access your online account from anywhere and at all times.
- APR is high compared to other credit cards. Verve charges $100 per annum and $10 per month of interest.
- You cannot transfer your own balance from one account to another.
- Although the Verve card allows foreign payments with every transaction, you’ll have to bear 3% charges.
- Using a Verve Credit Card login will make you realize there are a lot of hidden charges that are not easily visible in their terms and conditions until you do proper digging.
- Although this card states the initial credit limit to be around $750- $1000 depending on your score you’ll mostly get a limit of $300-$750. A $1000 credit limit is very rare.
- Its reviews tell us that the card does not offer reward points or cash back, unlike other credit cards.
- The application process is not straightforward and the time taken to get a credit card is usually longer.
Annual Percentage Rate
Verve Platinum Credit Card does not need any initial deposit to get started. However, apart from that, you’ll face different hidden charges. Keeping those aside, the annual percentage rate of Verve Credit Card payments is quite high. With APR that varies between 24.99% to 29.99%, you’ll have to pay a monthly fee of $10 and annual fees of $99.99.
In case of late payment, you will have to pay a whopping fee of 27% of the entire balance or $27, whichever is the bigger amount. The maximum late payment fee goes up to $38 per month. Foreign transactions will be charged approximately 3%.
Coming onto hidden charges, the cash advance fee varies from 5% to $5 depending on which is higher. You’ll be charged $40 for the returned payment. Additionally, $30 is a one-time charge you’ll have to pay to become an authorized user of the Verve Platinum Credit Card.
One thing to keep in mind is interest is only charged when you do not pay your payment on time. Any payment after the grace period will be charged with interest.
How to Get a Verve Credit Card?
In order to get this credit card, you’ll need to have an invite mail. You do not get an invite until and unless you have a poor or bad credit score. If you are amongst the individuals with poor credit scores, you’ll receive a mail from Continental finance, inviting you to get a Verve Platinum Credit Card.
Once you receive the email and you made up your mind to get the card, you’ll have to go to their official website or you can make a call at their customer number. You’ll have to provide governmental documents, social security code, your date of birth along with a permanent physical address.
Once you have provided all the required documents and data, your application will be filed. Now according to the reviews, it will take two to four weeks (around 30 days) to get your application accepted. Once accepted, you’ll get your card along with other important details within three days of approval.
Once received the card, next you’ll have to activate it. How exactly do you activate your card?
You can activate your new card either online or through a call. To activate it online, go to the website mentioned on the back of your card and hit the activate now button. In order to activate it via phone, call the toll-free number provided to you on the sticker of your new card. Make sure you activate your brand-new Verve Card within 30 days of receiving it.
How to Manage Verve Credit Card?
Managing its login is crucial if you want to improve your credit and increase your credit limit. Or else, the entire purpose of the card failed. Make sure you meet the following requirements to manage your card:
- Always make complete payments
- Register to get online Card reviews/statements
- View recent and previous transactions regularly
- Keep track of your payment history
- See your balance and other crucial Verve card information
Alternatives to Verve Credit Card
Most individuals with a bad credit score must be thinking that a Verve card is their only option. It is completely untrue, there are so many different options for you to select the most suitable one.
1. Tomo Credit Card
Tomo credit card is an unsecured card that helps people to build up a good credit score. The credit limit varies from $100 to $10000, which is quite high. The best thing about this card is there is absolutely no annual fee or interest charges, which makes Tomo among the best options for improving your credit score.
Without looking and reviewing your past credits, you get a Tomo credit card with a unique feature that you can pay the payments off weekly rather than monthly. However there are no interest charges but if you fail to completely pay off your dues, your card will be frozen. To help you build and improve your credit score, all your reporting is done to major bureaus.
- No interest charges or fees.
- You get cashback and rewards.
- You do not need a social security number.
- Reporting to all three major credit bureaus.
- Covers your cell phone insurance.
- Does not check past credit scores.
- You cannot transfer or carry a balance.
- You must link a bank account.
- The payment schedules are not flexible.
- Cash advances are not allowed.
- Account freezes when payments are not made in time.
2. Prosper Credit Card
An unsecured credit card that does not require any credit limit. Prosper credit card offers a credit limit between $500 to $3000. The annual fee is as low as $39, in comparison to other credit cards. More or less, your first annual fees will be waived if you opt for automatic payments.
Another attractive thing about this credit card is that there is absolutely no cash advance fee. Also, you can increase your credit limits in three months.
- The application process is faster.
- You do not need any security deposit.
- You can increase the credit limit every three months.
- You can make foreign and international transactions.
- There are no cash backs and rewards.
- The annual fee is high.
- APR is high.
3. Capital One Credit Card
The capital one credit card is secured, i.e. you need to put down at least $49 in order to get access to this card. However, in the long run, a capital one credit card will cost much less as compared to others as there are no monthly or annual fees.
You can put down any amount of security deposit to get a credit limit between $200 to $1000. Along with the card, you will get several capital one benefits like credit reporting and tracking to help you build up a good credit score.
- There is absolutely no annual fee.
- The security deposit is refundable and flexible.
- There is a high chance of getting approval for your application.
- You get free credit scores.
- Getting a capital one credit card opens ways to get an unsecured credit card in the future.
- Linking a bank account is a must.
- To get a capital one credit card, you’ll have to put down a security deposit.
- There are no cash backs or rewards.
- APR is high.
Frequently Asked Questions
Q: What credit score do you need for a Verve card?
You need at least a 300 credit score to get a Verve credit card.
Q: What bank owns a Verve credit card?
Verve is owned by Interswitch group and it is issued by Continental finance.
Q: Is Verve a real credit card?
Verve is a credit card issued by Continental finance that helps you build a good credit score.
Q: How do I apply for a Verve credit card?
You can apply by calling the customer service number of Verve. Or you can go to their official website and apply from there. All you need is a government document, permanent physical address, social security number, your D.O.B., and your name.
Keeping in mind the high annual fees and APR, hidden charges, and low benefits getting a Verve Credit Card might not be a good option. However, if you still want to increase your credit score, we have listed a few good alternatives to this card. Read the article, and maybe you can find a Verve Card suitable for you because, in the end, it serves its purpose, i.e. improves your credit score.
Verve reports to the three major credit bureaus allow foreign transactions and provide zero fraud liability. However it has its disadvantages too,i.e. APR is quite high, the annual fee is high and it does not allow balance transfers. These disadvantages make this Verve card a bad choice for anyone. However, it is completely your choice whether or not you want to get this card payment. We have presented you with all the facts, features, pros, and cons of this credit card. Our work here is done!
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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