Verve Mastercard® credit card
With an easy online application and instant approval, The Verve Mastercard® credit card is designed to help you build or rebuild your credit. With reporting to all three credit bureaus, You can get the accountability you need on your path to a positive credit history. Unlike most secured cards, this card offers a cash back rewards program at a rate of 1.5% back per $1 spent when you pay for goods and services.
Depending on your credit score and financial situation, you may be eligible for the unsecured card — requiring no deposit — or secured card with flexible deposits of $50, $100, $150 or $500.
But be wary of its annual fee — the fee for the first year is a steep $99 and is deducted from credit the first month. Each subsequent year you’ll pay $99, but are charged a $10 monthly maintenance fee. So what you pay annually will actually increase by $91. The Verve Mastercard® credit card has a brutal 21.9% variable APR, so you avoid holding a balance at all costs.
What’s great about the Verve Mastercard® credit card?
The Verve Mastercard® credit card offers variable credit limits that depend on your credit history and it reports to all three credit bureaus. This starter card could be good if you’ve had trouble being approved for other secured cards and want to make a minimum security deposit. After 90 days of on-time payments, you can increase your deposit and credit limit up to $2,000. It offers a unsecured card that accepts lower-than-average credit score for approval.
Unlike most secured cards, the Verve Mastercard® credit card offers a meager rewards program. For all purchases of goods and services, you get 1.5% cash back per $1 spent to be paid annually.
How to make this card worth it
With its expensive annual and maintenance fees, and very high APR, it’s hard to make this card worth it. Avoid paying additional fees, pay off your balance each month.
It’s rewards program is limited and give you $1.50 for $100 of spending — far from outweighing its fees.
What to watch out for
If you decide to go with this card, here are a few things you should watch out for:
- High APR. This card has a 21.9% variable APR — much higher than many other secured card options.
- High annual and maintenance fees. This card is unique with its high annual and monthly fee after the first year, with a yearly payment of $245.
- Annual fee charged up front. You’re $99 annual fee is deducted from your credit limit the first month.
- No interest on deposit. Some cards offer interest to grow on your deposit. You won’t see your money grow with the Verve.
How to apply for the Verve Mastercard® credit card
The only way to apply for this card is through the preselected mail offer. If you got one in the mail, follow the instructions on the offer.
How likely is my approval?
Since this card is made for beginners or anyone rebuilding credit, approval rates are very high. The recommended credit score range is 300 to 579, but it isn’t mandatory.
How long will it take to be approved?
Approval is usually very quick, or even immediate. You can expect to receive the card within 10 days.
I got the card. Now what?
Once you get your Verve Mastercard® credit card, be sure you budget to pay for an initial deposit and the $99 annual fee.
- Activate your card. Once it arrives, activate your card by calling their customer service line at 866-449-4514 within 30 days of receiving the card.
- Make timely payments. Mail in your payment or pay through your online account. Avoid interest on your purchases by paying your balance in full.
- Set up autopay. Avoid unnecessary fees and interest by setting up automatic withdrawals for your monthly payments.
- Switch cards after the first year. With such high fees that increase after the first year consider applying for a better card once your credit improves.
What do customers say?
Mid America Bank is not rated on TrustPilot, but they are accredited by the BBB since 2017, boasting an A rating. Customer complaints mention lack of communications and trouble accessing deposits through the online services. Many others complaints cite undisclosed fees and trouble having them removed, so be wary.
True, the Verve doesn’t have a great reputation online. People rant about high fees, delays in communication, rejections after they were already approved and more.
Compare other cards for building credit
This card could be a last resort if you can’t get approved for any other secured card. While approval rates are high, there are plenty of other secured cards with much lower fees and better benefits that are just as easy to qualify for.
Compare your options to see what card has the best option and gets you the positive credit score you’re looking for.