Verve Mastercard Credit Card June 2018 | finder.com

Verve Mastercard® credit card

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With high approval rates, this card is designed to help you build or rebuild credit.

Designed to help you build or rebuild credit, the Verve Mastercard Credit Card offers instant approval and reports to all three credit bureaus. Depending on your credit score, you could qualify for an unsecured card, or you could be required to pay a security deposit.

Product NameVerve Mastercard® credit card
APR for Purchases ( Purchase Rate )29.99% variable
Annual fee$125 for the first year after that, $96 annually
Cash Advance Rate29.99% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$38
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Credit ScorePoor (Below 660)
Minimum Age18 years of age
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$50
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$500
Annual fee$125 for the first year after that, $96 annually
Returned Payment Fee$38
Late Payment Fee$38
Cash Advance Fee$5.00 or 5% of the amount of each cash advance, whichever is greater
Additional Cardholder Fee$30

The basics

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 $125 and is deducted from credit the first month. Each subsequent year you’ll pay $96, but are charged a $10 monthly maintenance fee. So what you pay annually will actually increase by $91. The Verve Mastercard has a brutal 29.99% variable APR, so you avoid holding a balance at all costs.

What’s great about the Verve Mastercard?

The Verve Mastercard 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 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 29.99% 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 $125 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

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 500, 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, be sure you budget to pay for an initial deposit and the $125 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.

Bottom line

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.

Frequently asked questions about the Verve Mastercard

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