Hello Everyone, Thanks for visiting this site, In this article, you will get complete Verve Credit Card Review, So Let’s get started. A Verve Credit card is offered by the American Bank & amp and comes with a high approval rate, meant to build or rebuild the credit. The unique name, ‘Verve’ itself means young. It is deliberately said that Verve Credit card comes at an expensive budget with a heavy annual and maintenance fee and a high APR. Thus, it often becomes hard for a user to make the card worth its price. An unsecured credit card with a bad credit charges a huge fee of 125 dollars for the very first year and then 216 dollars for the subsequent year. Besides, it requires an amount of $50 in a margin to qualify the guarantee issue. Without a valid advance payment, you shall not be able to get any sending power.
I am pretty sure that you might have already heard about Continental Finance Corporation, the one who brought to us the famous Ceulean and Matrix credit cards, and they are now up with the third release known as the Verve credit card. ‘Verve’, the name itself sounds unique unlike the names that sound to be quite common in the industry. The card doesn’t only have a fashionable and trendy name for itself but it has got a good-to-go look as well. It appears to be black in color with hints of purple and blue. This, too is a bad credit score card, similar to the other two cards it offers. Well, now the question is how much does it actually cost? Even if you have got a bad credit score, you ought to know your eligibility to fetch this card. To know more about the same, you need to read on…
We are preparing this review content after a lot of research where we intend to explore the prospects of the Verve credit card, while at the same time, comparing it with its competitors. To know more about your credit card limit, card strategies and other such details, continue reading till the end of this content piece.
Consequently, it has a limited reward program and yields you a token of $1.50 for 100 dollars of expenditure. You shall receive up to $375 to use an unsecured credit line so as to meet with any emergency charge in terms of spending power. Other important things to note before you commence using this Verve credit card is that the balance you carry each month goes on collecting interest at the rate of less than equal to 30.49%. Therefore, an interest charge of approximately 64 dollars would be levied on the repayment of the 375 dollars over an annual span. Based on your credit score and financial circumstances, you might be eligible for an unsecured credit card that requires absolutely no deposit, but you must beware of its annual fees. You can even opt for a secured credit card with flexible deposits of 50 dollars, 100 dollars, 150 dollars or 500 dollars, based on your preference.
What to look for in the Verve Credit card?
- High annual and maintenance fees: Of course, as the name goes, the Verve credit card is unique but it does come with a high annual and monthly fee.
- High APR: it has a 21.9 % variable APR, which is indeed quite high than most other secured credit card options available in the market.
- Deposit comes without interest: If you are expecting your money to grow with Verve, you definitely need to go elsewhere.
- Annual fee charged upfront: An annual fee of $99 shall be deducted from your credit limit on the very first month.
With Verve credit card, your initial spending power would be raised until the potential of $375. You can receive a short term loan with Verve credit card at an equivalence of that price in the best possible case. Based on your account, this is the initial credit line of 500 $. Definitely, it is a fair amount to go for emergency spending, but it isn’t that well when you have to opt for more essential obligations. In addition to that, you don’t have a possibility of an unsecured credit line, for you would be asked to offer a refundable margin so as to guarantee your credit limit.
- The average annual cost of a Verve credit card is $ 15.88 only
There is no application processing fee, and the unattractive discounts don’t really yield you any value. However, on opening an account, they pay the first year membership fee right on spot. Thus, it will not only minimize your initial spending power but at the same time, it will aggravate your current financial hardships. Well, the first year fee would be of 125 dollars.
- 216 dollars is the subsequent annual fee
The longer the card remains open, the worse the case would be! From the second year, you ought to pay a cumulative cost of 216 dollars.
- 50 dollars margin
Well, there’s nothing negative about it for a refundable margin generally does not ask for a high fee to provide protection to the issuer and serve him or her from the risk of unpaid payments.
- The normal annual interest rate is 30.49%
Most of the credit cards offer a high rate of interest on car loans, borrowed vehicles and on mortgages, yet the fees charged are almost similar. Verve credit card has got a higher annual interest rate as compared to the other credit cards of 22.41 % and security cards of 19.17 % on an average market basis. To keep the calculations set right on your part, you can use the credit card payment calculator to consider the cost and discounts offered by other credit cards and compare the same with that of Verve’s.
- 5% Cash Advance
People who would want to seek unsecured offers will definitely expect their credit lines to get converted into hard currency, while some emergencies might be cleared in cash.
A 5% or a $5, whichever results to be higher will be charged with a 30.49% of the accumulated cash will be charged immediately after a withdrawal by the APR. On the contrary, a charge of just 21.02% is levied on the regular credit cards, which is certainly quite higher than the usual.
Now, that you know the usual cash advance terms, it is important to note that you cannot assess any of the cash advances within the first 1 year since the opening of your account. Consequently, cash advances are not permitted for the first 95 days. Though there are expensive interests and competitors larking around, strategic planning can still help you save money.
- Permission to increase your deposit
You can increase your deposit as well as raise your credit limit up to 2000 dollars post paying for at least 90 days, and thrice a month on a timely basis. However, when you want to pay the expected emergency credit line, you need to make the deposit.
- The absence of smart chips
Old magnetic stripe cards are consequently getting replaced with new chip-based models to resist fraudulent activities. Though the entire credit card industry is rushing to adapt to the changes, Verve does not seem to bother about that till date
- A foreign exchange fee of 3%
For the first year since you have opened the account, you need not take stress about it. Well, for a purchase made beyond the United States, you shall get a 3% surcharge.
As soon as you receive the approval of the Verve credit card, you will instantly be fetching a credit of an annual fee worth 125 dollars. This is basically the credit limit that is deducted just after the approval of the credit card. However, the annual fee drops to 96 dollars from the second year.
The annual fee deduction does not end just here. They charge a monthly maintenance fee of 5 dollars, which comes out to be of 60 dollars annually. In case you need an extra card for your spouse, you ought to pay an extra bid of 30 dollars per year.
Besides, your credit limit is more likely to be of 500 dollars post-approval. Since the annual fee is reduced by $125 for the first year, you shall be receiving a bid of 375 dollars. Try to opt for the approval of your credit card’s security version. In that context, you shall be granted with a secure credit card depending on your credit file instead of the unsecured version. You need to pay exactly the same dee if you want to make the deposit after going through the terms and conditions, all of which are to be notified in your approval letter. It is absolutely up to you if you want to increase your deposit till 2000 dollars in a span of 90 days. Your credit limit shall be noted as a full deposit just as you pay thrice in that time span, which will remain shelved for another period of 10 days. The payment cancellation shall be made only if the credit card is closed and all your payments are cleared. Last but not least, your payments would be processed only on the weekdays. Your money will be returned to you within a period of 90 days, provided you return the credit card or get it closed officially
History of the credit cards from Continental Finance
Matrix credit card is regarded as the first senior bank card with an annual fee of 75 dollars for the first year. Applicants for FP are levied with a fee of 95 dollars, which is meant to be of single time payment. The annual fee drops to 45 dollars from the second year. There shall be a $6.25 charge as a monthly processing fee. A user would have to pay $110 from the second year as an annual fee. There is a separate security card for FP charging 35 dollars in a year. The interest rate is 36 %, considered to be higher than the Verve credit card.
Cerulean is compared to that of Genesis’s Milestone gold MasterCard. It levies an annual fee of either 59 dollars or 35 dollars. It has an annual interest rate of 23.9 % which is much lower than the 29.9 % of Verve credit card.
Credit One is another unsecured credit card that levies an annual fee of 35 dollars or 99 dollars. It has got the same interest rate, as in the former, that is, 23.9 %. Also, you get bonus points for natural gas purchases along with free monitoring of your credit score.
Options you have with Verve credit card
Well, getting this card for yourself won’t at all be a recommendation from my end. This is certainly because of the cost of the card and the bulk of the money you would need to pay in the form of an annual fee. Depending on your specific credit status, you should decide about opting for this card or avoiding its utility.
First Progress (Security card) – A good starting point!
Milestone Gold MasterCard and Credit One are food cards to start with as they pass the soft pull or prequalification segment. It would be the best to have a credit score above 550 so as to fetch a better chance of approval. Also, you need to have existing credit lines and a checking account. Check the history of CHEX system before applying for any of the cards.
Here are a few connotations prepared based on the review:
Pros of Verve Credit card
- It gets approved even if you own a bad credit
- 325 dollars in initial spending power
Cons of Verve credit card
- A charge of 125 dollars levied on the very first time
- 216 dollars since the second year
- Regular APR would estimate to be of 30.49 dollars.
Hope you like the Verve Credit Card Review. Feel free to reach us through comment box or contact us page.