You Can Use It To Help Rebuild Your Credit
The Fortiva Credit Card reports your monthly payments to the credit bureaus, and making full, on-time payments can help to boost your credit score. You also get a free VantageScore 3.0 when you sign up. This is similar to the score that lenders see when you apply for a new loan or line of credit, and it can give you some idea of where youre at.
What Are The Fortiva Mastercard Fees
Unfortunately, the Fortiva Mastercard comes packed with just about every kind of fee a credit card can have. While some of the fees vary based on your creditworthiness, this can end up being an expensive card if your credit score is very low.
- Annual Fee; The annual fee varies from $49 to $175 for the first year you have the card, then it drops to anywhere between $0 and $49.
- Maintenance Fee; Borrowers will also pay an account maintenance fee ranging between $60 and $159. This fee is billed annually for the first year and then assessed monthly for subsequent years.
- Account Activation Fee; It will cost you $25 just to open an account.;
- ; Fortiva charges $25 for every authorized user you add to your account.;
- Late Payment Fee; The maximum amount allowed under federal law, which is $40 as of January 1, 2020.;
- Returned Payment Fee; The maximum amount allowed under federal law, which is $40 as of January 1, 2020.;
- Balance Transfer Fee; 3% of the amount transferred. ;;
- Cash Advance Fee; $5 or 5% of the amount advanced, whichever is more. Borrowers will also pay interest on cash advances at a variable rate between 25.74% and 36% depending on their creditworthiness.;
- Foreign Transaction Fee; 3% of the purchase amount.;
With such a long list of high fees, you might wonder if the Fortiva card is worth it. Before you apply, its important to shop around to make sure you find the best card for your needs.;
Fortiva Credit Card Fees Explained
Fortiva has a long list of fees they charge to secure their credit card, including:
- 3% balance transfer fee on the amount transferred
- 3% of the amount charged outside of the United States
- Cash advance fee of 5% of the amount taken or $5, whichever is greater
- Annual fee of $49 $175 in the first year, depending on your credit
- Ongoing annual fee of $49
- Late payment fee of $40
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Rebuilding Bad Credit: A Secured Credit Card Alternative
The traditional route for individuals wanting to rebuild credit and fix a bad credit score is usually a secured card.;Secured cards;are a specific type of credit card that require collateral in order to secure a credit line. These collaterals are aptly called security deposits and ranges can start at a few hundred dollars to several thousand. Available credit is then directly correlated with the amount of money used for the security deposit.
Minimum deposits are typically around $300, and it is this upfront cost can be a major deterrent, preventing those with poor credit to begin the credit repair process. For this reason, credit options like the Fortiva® Mastercard® can be a useful alternative to a secured card to those lacking the cash on hand to use for a minimum deposit. For this privilege, however, Fortiva charges many fees and other costs that could be almost as much as what one wouldve spent on a security deposit in the first place.
You Cant Earn Any Rewards
The Fortiva Credit Card doesnt offer cardholders any rewards, special discounts or other perks to help make up for all of the money youre losing in annual fees. The card is strictly meant for rebuilding your credit. If you are interested in earning rewards at the same time, you may have better luck with a secured credit card.
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What Is The Fortiva Credit Card
The Fortiva credit card is for applicants with bad credit who cant get any other credit cards. While its a nice option for applicants with bad credit, it does come with some hefty fees that make it easy to get in over your head in debt before you even use the card.
The Fortiva credit card is unsecured, which means you dont have to put down a deposit to use it, like a secured credit card, but the benefits often end there.
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What is second look financing?What is the consumer application process?How long until the credit decision is made?When will I receive my money?How much does Fortiva Retail Credit cost?I have a lease-purchase / rent-to-own program, why do I need you?How does integration work?Do we use FICO score?Do you offer a reporting portal?What are your credit limits?What is the cost to my customer? Is Fortiva available in all 50 states?How do I become a merchant?just click
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How To Apply For The Fortiva Mastercard
You can apply for the Fortiva Mastercard online, but only if youve received an offer in the mail. If youve received an offer, filling out the online application is easy.;
1.;Go to the Fortiva website; You can find it at;myfortiva.com.;
2.;; Select respond to your mail offer to enter the code from the mailer.;
3.;Enter your offer acceptance code; Enter your acceptance code in the appropriate box to access the online application
4.;Fill out the application; Once you click submit code youll get access to the online application. Youll need to provide some personal information, including your full contact details as well as your income.;
Discover It Secured Card
The;Discover it Secured Card;comes with no annual fee, and its a rare secured credit card that lets borrowers earn rewards on purchases. The minimum security deposit is $200, but cardholders have the option of putting down more if they would like a higher credit limit.;
The card offers users 2% cash back on fuel and dining and 1% on all other purchases. Discover will also match your cash back rewards for the first year you have the card.
After eight months of responsible use, Discover generally gives borrowers the option to upgrade to an unsecured credit card.;
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Pro: Fortiva Reports To The Three Credit Bureaus
Just like other credit cards, Fortiva reports on how you use your credit to Transunion, Equifax, and Experian. This is why using a Fortiva credit card and paying down your balance consistently can improve your credit score. Bills like laundry, utilities, and rent dont build your credit. If you dont have a mortgage, a car loan, a student loan, personal loans or another credit card, then Fortiva could be a good credit line of last resort.
If you do have any of those kinds of credit accounts, then getting a Fortiva card may not be necessary. Lenders also report to the credit bureaus. You could improve your credit just by focusing on your current accounts and making sure to pay them consistently. Opening a new credit card of any type wont necessarily solve the problem of a low credit score.
Open Sky Secured Visa
With no credit check required, the;Open Sky Secured Visa;is available to just about every borrower. It requires a $200 security deposit, with the option to get a higher credit limit with responsible use.
The Open Sky card does come with a $35 annual fee, but there is no monthly maintenance fee. With an 18.89% variable APR, its interest rate is also lower than that of other cards marketed toward those with bad credit scores.;;;;
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Its Available To Those With Low Credit Scores
The Fortiva Credit Card accepts borrowers with poor credit, and unlike secured cards, it doesnt require you to put down a security deposit in order to get approved. This makes it a viable option for those who are looking to build credit, but are having trouble getting approved for other credit cards because they are short on cash.
Months Special Financing With Approved Credit On Any Purchase Of $1200 Or More
No Interest if Paid in Full within 12 Months. Interest will be charged to your account from the purchase date if the purchase balance is not paid in full within the promotional period.**
- For orders $1200 or over.
- This option is best for those who wish to pay the purchase balance in full within 12 months.
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This Card Is Best For
- Motivated to create positive credit historyCredit Builder
The Fortiva card is designed for people with poor credit. If youre in that category and want a credit card without having to put down hundreds of dollars as a deposit, this could be an option for you. Unlike secured cards, the Fortiva card allows you to get a revolving line of credit without a security deposit.;
Fees To Watch Out For
This card charges an annual fee of up to $175 for the first year and up to $49 a year after that, while some competing cards have no annual fee. It also has a 3% foreign transaction fee, which you can avoid with some other cards. That may not matter, of course, unless you expect to travel outside of the U.S.
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What Are The Fees For The Fortiva Mastercard
Unfortunately, the Fortiva Mastercard has almost every type of fee that a credit card can have. While some of the fees vary depending on your creditworthiness, if your credit score is very low, this can be an expensive card.
Annual Fee For the first year you have the card, the annual fee ranges from $49 to $175, after which it drops to anywhere between $0 and $49.
Borrowers will also be charged a account maintenance fee that ranges from $60 to $159. This fee is charged once a year for the first year, then once a month for the following years.
Account Activation Fee Just to open an account, youll have to pay $25.
Late Payment Fee As of January 1, 2020, the maximum amount allowed under federal law is $40.
Returned Payment Fee As of January 1, 2020, the maximum amount allowed under federal law is $40.
3% of the transferred amount is charged as a balance transfer fee.
Cash Advance Fee $5 or 5% of the advance amount, whichever is greater. Borrowers will also be charged interest on cash advances, which will range from 25.74 percent to 36 percent depending on their creditworthiness.
3% of the purchase price is charged as a foreign transaction fee.
You might wonder if the Fortiva card is worth it with such a long list of high fees. Its crucial to shop around before applying to ensure you get the best card for your needs.
How To Apply For The Fortiva Credit Card
To apply for the Fortiva credit card, you must have received an offer. Youd receive the offer in the mail. On the offer, there is an offer code that you must enter to reach the application. If you received an offer, do the following:
- Visit www.myfortiva.com
- Enter the acceptance code found in your letter
- Complete the application
Fortiva Credit Card Review
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If you have bad credit or dont have an established credit history, secured credit cardswhich require a security depositare a common option. But with the Fortiva credit card, you can potentially qualify for an unsecured card without a security deposit, even if you have less-than-perfect credit. There are annual fees and account maintenance fees, but your payment history is reported to the major credit bureaus, which can help build your credit, and you can review your credit score online.
Get Your Free Consultation
If you applied , your score may not be high enough to get approved. If your credit score is preventing you from qualifying for this card, we strongly recommend signing up for a fast, free consultation. One of our friendly Credit Repair specialists can help you determine if you can boost your score , so you can get approved!
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About Fortiva Credit Card
However, the Bank of Missouri issues the Fortiva credit cards. Therefore, if you decide to take the MasterCard, youll get the card from the Bank of Missouri, but youll work with Atlanticus to manage it.
The Fortiva credit card is one of the three products you can get from Fortiva. The other two are the personal financing loans and retail credit lines. But were not going to cover those in this Fortiva credit card review.
Anyone Ever Hear Of Fortiva Credit Card
Got a pre-approval from a card company by the name of Fortiva in the mail today, never heard of them before.
Looks like they try to copy Merrick Bank’s double your credit limit after 9 months versus Merrick’s 6 to 7 months of on time payments.
BUT, with Fortiva, the apr is 36%, the annual fee is $175, the account maintenance fee is $150 per year broken down in monthly payments of $12.50.…..INSANE!!!
This would be coming out of a starting limit of $700.
Look out CreditOne, you may no longer be the bad apple in the basket.;
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Is There An Introductory Apr For Balance Transfers With The Fortiva Mastercard
There are no introductory rates available with the Fortiva Mastercard. Balance transfer interest rates range from 25.74 percent to 36 percent, depending on your credit score.
Is there an introductory APR on the Fortiva Mastercard for new purchases?
For new purchases, the Fortiva Mastercard does not offer an introductory APR. Purchase interest rates range from 22.74 percent to 36 percent, depending on your creditworthiness.
What We Didnt Like
One of the downsides of using the Fortiva credit card is that you wont enjoy any rewards. Most credit card offer rewards for purchases made, which you can use to pay off some bills or get more stuff.
Fortiva credit card fees are also quite high compared to other credit cards. For instance, their late payment fee of $38 is very high. Although the Fortiva late fees fall within the maximum range;of $28 to $39, its still on the higher side compared to most credit card providers.
Furthermore, the majority of financial institutions only charge up to $39 when youve been late for two or more months in 6 months.
And this is just the late fees. The annual fees are on a different level. Considering some financial institutions dont charge annual fees for credit cards, this is enough reason to stay away from Fortiva credit card.
We also dont like that there are no card limit increases or upgrades with Fortiva.
Con: No Credit Limit Increase No Card Upgrades
You read that right. Fortivas cardholder agreement explicitly states that youll never get a credit line increase, no matter how much your credit improves. This is a distinct disadvantage over other consumer credit cards, particularly secured credit cards. If you get a secured card from major credit card companies and use it to improve your credit, you might be able to upgrade to a card with a higher limit and get your security deposit back in good time. That option doesnt exist with Fortiva. This service offers exactly one card. If you sign up for a Fortiva Mastercard, you will never get a higher credit limit on that account.
The catch is that Fortiva credit card company gives you a higher credit limit than most secured credit cards. A secured credit card might give you a credit limit of $200 to start. Fortiva gives you $1000. This might be enough for you even after you rebuild your credit, but that doesnt change the fact that it can never change.
A Bad Option For Carrying A Balance
When it comes to actually using this card, potential applicants will want to ensure they can pay their card balance in full each and every month. Some credit cards are specifically designed to help their owners handle large purchases but the Fortiva credit card is not one of them. Having an APR thats more than;double;the;national average, this card is not shopper-friendly and could significantly add to the already steep list of fees.
These rates are also mirrored in the balance transfer and cash advance rates which should not be undertaken lightly.
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The Fortiva Mastercards Advantages And Disadvantages
The Fortiva Mastercard is marketed as a credit card for people who have less-than-perfect credit and want a unsecured card. People who prefer an unsecured card to a secured card that requires an up-front security deposit may find it appealing.
However, the Fortiva card can be costly to keep in your wallet due to a long list of fees. Furthermore, the lower your credit score, the higher your annual fees, maintenance fees, and interest will be.
The Bank of Missouri issues the Fortiva card, but Atlanticus Services Corporation manages the cards services. Atlanticus will appear on cardholders statements and other documentation.
The Fortiva Mastercard, according to reviewers, has both advantages and disadvantages. Keep the following in mind if youre thinking about getting a Fortiva card.
Easy approval Reviewers claim that almost anyone can be approved, with some claiming credit scores as low as 400 when they applied. If youve been denied for other credit cards, you might have a better chance with a Fortiva credit card.
Payments to credit bureaus are reported by Atlanticus to all three credit bureaus. If youre using the card to improve your credit score, this is great news because youll get credit for making on-time payments.
High interest Depending on their credit score, Fortiva cardholders will also pay a variable annual percent rate that ranges from 22.74 percent to 36 percent.