An unsecured credit-building card with a $99 annual fee and a $750 credit limit.
- Get this card if you’re looking for an unsecured card for building credit.
- Pick a secured card if you don’t want to pay an annual fee.
- Apply with a poor to fair credit score best chances of approval.
Purchase APR (variable)
Recommended credit score
|Product Name||Verve Mastercard®|
|Purchase APR||21.9% variable|
|Balance transfer APR||N/A|
|Cash advance rate||21.9% variable|
|Cash advance fee||$5 or 5% of the cash advance amount, whichever is greater|
|Foreign transaction fee||3% of the transaction value|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $38|
|Returned payment fee||Up to $38|
|Additional cardholder fee||$30|
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
The Verve Mastercard® is an unsecured card for building credit. Unlike secured cards where you have to make a deposit to act as your credit limit, with the Verve Mastercard® you get a $750 credit limit without a guarantee. It’s rare to get this high of a credit limit with this type of card. Often you get either a $300 or $500 credit limit with competitor cards, plus they cost more.
The Verve Mastercard® costs $99 annually. This isn’t bad for an unsecured card for building credit because competitor cards often cost up to $299. Also, the card reports your activity to the three major credit bureaus — TransUnion, Experian and Equifax. Combined with the high credit limit and responsible card use, you can easily build your credit.
All this makes the Verve Mastercard® useful for anyone looking to build their credit but cannot afford $200 or $300 right away for a secured credit card. But if you can afford this amount, a secured card can help you build credit, while saving you $99 each year.
How to apply for the Verve Mastercard®
There are three ways to apply for the Verve Mastercard®: online, by getting a preselected mail or by phone. The online application is complicated and you may end up applying for the wrong card. If you didn’t get the preselected offer in your mail, the only remaining option is to apply for the card by phone. Here’s how:
- Call 866-513-4598.
- Provide all the required information
- Wait for a decision.
What credit score do I need?
For best chances of approval apply with a poor to fair credit. Though, you may also get approved with no credit score at all since this is a credit-building card.
Verve Mastercard® benefits
- Unsecured credit limit. You get an unsecured credit limit of $750 to use for your purchases. This is relatively high, considering most competitors offer a credit limit of between $300 and $500.
- Potential credit limit increase. After six months, you could become eligible for a credit limit increase.
- Credit reporting. Your card activity is reported to Equifax, Experian and TransUnion. With responsible card use, you can easily build your credit score.
- Credit monitoring. You get free monthly access to your credit score. This can help you keep track of your credit-building progress.
What to watch out for
- Annual fee. The card costs $99 annually. This isn’t cheap, but most unsecured cards for building credit can cost up to $299.
- Foreign transaction fees. Every transaction made abroad or online with foreign merchants will cost you 3% of the amount.
- Hidden fee structure. Most credit cards make it easy to find all their fees online before you apply for the card. But not the Verve Mastercard®. To find the terms and conditions, you need to do some real digging on their website. Not a good trust signal.
Compare other cards for building credit
What do customers say?
As of January 2021, the Verve Mastercard® has more than 1,000 reviews on Trustpilot and a high rating of 4.8. While most reviewers praise the card’s customer service, the complaints mostly revolve around hidden fees. Some cardholders even complain that they didn’t get the $750 credit limit as advertised, but they got either $300 or $500.
For a $99 annual fee, the Verve Mastercard® can help you build your credit. Your card activity is reported to all three major credit bureaus, plus you get free access to your credit score each month. What’s more, you get a $750 credit limit, which is way above what competitor cards offer.
But if you don’t want to pay an annual fee for a credit-building card, consider a secured card. With this type of card, you have to make a secured deposit that will act as your credit limit. But should you decide to close your account, the bank will return your deposit if you don’t have any debts toward the bank.