Verve Mastercard Credit Card review | finder.com

Verve Mastercard® credit card

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Verve Mastercard® credit card

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
Card TypeMastercard
Annual Fee$99
APR (Annual Percentage Rate) for Purchases21.9% variable
Cash Advance Rate21.9% variable
Foreign Transaction Fee3% of the transaction value
Cash Advance Fee$5 or 5% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Returned Payment FeeUp to $38
Additional Cardholder Fee$30
Minimum Age18 years of age

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 $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.

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® credit card

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8 Responses

  1. Default Gravatar
    TraceeSeptember 10, 2018

    I didn’t receive a mail offer. Can I still apply for a verve card?

    • finder Customer Care
      JhezelynSeptember 11, 2018Staff

      Hello Tracee,

      Thank you for your comment.

      Upon checking, the timeframe for the “Pre-selected Offer” of Verve Mastercard has expired already, hence, they are no longer accepting an application for this offer. The Verve Mastercard is offered only to those who received preselected mail offer.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  2. Default Gravatar
    DwayneAugust 30, 2018

    How do I get approved for this card

    • Default Gravatar
      joelmarceloAugust 31, 2018

      Hi Dwayne,

      Thanks for leaving a question on finder.

      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. 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. Approval is usually very quick, or even immediate. You can expect to receive the card within 10 days.

      Cheers,
      Joel

  3. Default Gravatar
    BrianBAugust 6, 2018

    How can I apply for this card? It sounds perfect for me.

    • finder Customer Care
      johnbasanesAugust 6, 2018Staff

      Hi Brian,

      Thanks for leaving a question on our page.

      Before applying for a Verve Mastercard, it would be fitting to check your credit score as this will influence your chances of 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.

      To apply for this card, you should be 18 and above. For a complete list of the requirements, you can see this on the provider’s website.

      Approval is usually very quick, or even immediate. You can expect to receive the card within 10 days.

      Thanks,
      Reggie

  4. Default Gravatar
    RosaJune 26, 2018

    Estoy interesada en aplicar para tarjeta de crédito Verve

    • finder Customer Care
      nikkiangcoJune 26, 2018Staff

      Hi Rosa!

      Thanks for leaving a question on our page.

      Before you apply for a Verve Mastercard, it would be fitting to check your credit score as this will influence your chances of 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.

      To apply for this card, you should be 18 and above. For a complete list of the requirements, you can see this on the provider’s website.

      Approval is usually very quick, or even immediate. You can expect to receive the card within 10 days.

      Hope this helps.

      Cheers,
      Nikki

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