Verve Credit Card Review – Pros and Cons Have you heard of the Verve credit card? If you have not, then you can do well to hear it from us and get all the first-hand information you need.
What is a Verve card? A Verve credit card is a card that helps you build your credit. It is an excellent option for young adults who are just starting to establish their credit history. The Verve credit card has some amazing benefits, but like every other card, it also has some disadvantages.
So in this article, we will be examining the pros and cons of the Verve credit card and also let you know how well this card can benefit you.
About Verve Credit Card
Verve credit card is issued by Continental Finance a company that specializes in credit cards for consumers with less-than-perfect credit. The card’s website boasts of an impressive customer base of over 3 million. Verve offers a card for both business owners and consumers.
For those who are planning on paying their entire balance off every month, this card could be just what you are looking for. The Verve card offers an introductory APR of 0% on both purchases and balance transfers for 18 billing cycles. This stands as one of the longest 0% intro periods in the industry. Thereafter, the APR is 15.24% to 29%.
What Features Does Verve Credit Card Offer
Fair Initial Credit Limit for a New Account
The initial credit limit for a new account ranges from $300 to $1,000. Where the Verve card shines, is that you can regain your credit score by making timely payments. But you have to keep the balance within the credit limit. Another plus is that you can use this card at almost every possible place be it from shopping to traveling.
Increases Limit Just After 6 Months
Do you know that you can earn your first credit limit increase just after 6 months with Continental? And if you are trying to build up good credit, getting a credit limit increase is of the most important achievements in limit increase. Continental recognizes that and will review your account when it is requested by customers. This could be as soon as six months after account opening. After they’ve done this, they’ll provide opportunities for higher spending power, lower balances relative to available limits on cards or even increasing credit scores.
$0 Fraud Liability
With the Verve credit card comes a $0 fraud liability. What this implies is that you are not liable for any fraudulent charges as long as you report them within 60 days of the incident. A card with zero fraud liability, allows you to shop confidently knowing that each purchase is fully protected. If you ever encounter any problem, Continental Finance can take care of everything for you.
With a Continental Finance Verve credit card, you stand protected against unauthorized purchases. So you don’t have to worry about the safety of your information when using your card.
Monthly Reporting to TransUnion, Experian & Equifax
Continental Finance Verve credit card reports monthly to the three credit bureaus – TransUnion, Experian, and Equifax. This offers you a great medium for monitoring your credit score.
With monthly reports, you have the best key to staying updated on what bills and purchases have been made. Also, you get to know where these purchases were charged, and how much was paid in interest rates or other penalties. Additionally, you get to know whether or not any additional account fees accrued from late payment.
Free Monthly Credit Score
With the Continental Finance Verve credit card, there’s a free monthly credit score. This is a great medium for staying on top of your finances. When you activate a Verve Mastercard, you unlock the benefits that come with it. One of the benefits is getting your free monthly credit score when enrolling in e-statements. With this, you’ll be able to see how making on-time payments has an impact on your credit each month.
Credit Score Monitoring Service
As a Verve card user, you’ll receive an updated TransUnion credit score for 60 days with Continental Verve’s TransUnion TrueTrack” service. What does this mean? It means that someone will monitor all changes in your Verve’s TransUnion credit history. This includes when information was added or deleted as well as how it affected your credit score.
Verve Credit Card Fees
Just like with every other card, the Verve credit card comes with fees. But hey relax!! If this card meets your requirements, the fees should not be something you can’t handle.
- Initial Verve Credit Card fee –$0
- Verve Mastercard annual fee –$59.95 (waived with e-statements)
- Late payment fees –up to 27% of the balance or a minimum charge of $27, whichever is greater. Where your account becomes delinquent, Continental Verve may add a late fee. However, you will be notified by mail before the addition is done to your account. The maximum late penalty that can be charged is $38 for each month in which one statement was received at least 30 days after its due date.
- Over limit fee –Up to 29.4% APR on the amount over your credit line. Plus any accrued interest charges.
- Foreign Transaction Fee –Varies up to 3%
- Returned Payment Fee –Varies (usually 12% of the face value).
Other Services That Come With Verve Credit Card
Online Account Management
You can easily manage and stay updated on your account via the Verve credit card web. You can monitor and manage your account at any time and at anywhere. View detailed information about your Verve purchases and payments. You can also view any other transactions which have been reported to your Verve report to the major credit bureaus.
Complimentary VantageScore
When you register in e-statements with Continental Verve, you also get a complimentary Vantage Score. This is a third-party service utilized by lenders to measure creditworthiness. The score is updated every 30 days. With this, you can easily monitor changes over time in your report.
Customer Service
Get access to the Verve credit card customer service 24/7. You can call 1-866-449-4514 to get answers to any questions you may have.
Credit Protection
A verve credit card comes with credit protection. This it done, by adding a layer of security for your Verve within Continental Verve’s loyalty reward program.
Mobile App
Download and enjoy the Verve credit card mobile app for free from the Google Play Store for Android users. The iOS users can download and enjoy theirs from the App Store to manage their accounts daily.
Verve Credit Card Pros With Details
Credit Building Capabilities of Verve Mastercard
Is your credit score in a bad shape? If yes, the Continental Verve credit card can help you build your credit. This card also gives you access to its rewards program while also helping you manage your account with ease.
A verve credit card makes it easy for anyone who is looking to establish credit, maintain good credit, or restore their reputation following financial difficulty.
The Verve Mastercard free monthly credit score monitoring is unarguably one of the simplest ways of keeping up with changes on your TransUnion credit report. This can help improve your likelihood of getting approved in the future. Now consumers have the opportunity to start building a positive payment history with the Verve card. Members can now effectively use their available line of credit and make small purchases without requiring large amounts of cash or collateral upfront.
Credit Limit of Verve Mastercard
This great card from Continental Finance is designed for individuals with limited credit trying to improve their scores. This card can be used anywhere Mastercard is accepted. It also comes with an available spending limit depending on your personal credit history.
Verve’s credit limit ranges from $300-$3,500 depending on the applicant’s income level. It also depends on the ability to repay and other factors. However, most people usually get approved for between $300-and $1000.
$0 Fraud Liability
For any unauthorized charges made on your card, Continental Verve will not hold you responsible. In a situation where your card is lost or stolen, Continental Finance will promptly have it replaced and cover you against fraudulent activity.
Verve Credit Card Cons With Details
Higher Annual Fee
With the Continental Verve card comes an annual fee of $99. Now, this is a bit higher than most credit cards offer. You may also have to pay a higher interest rate than others. This is because this card is targeted toward those with less than stellar credit.
No Rewards
You have to know early enough that you don’t earn rewards with the Verve credit card. So no rewards, points, cashback, or any other type of bonus incentive that may make it more desirable than other cards with similar rates. The only plus to this is the free credit monitoring service. But this free credit monitoring you can find in free apps online. So you decide!
High APR
The Verve credit card from Continental charges higher than average interest rates. Their APR of 29.4% is even the highest among all available credit cards with variable APRs. So if are someone who uses your card for a lot of spending, you may want to reconsider applying for this card.
Alternative Credit Cards to Build Credit Other Than Verve
If you think the Continental Verve credit card is not the best fit for you, there are other cards you can consider. So if you have an average or poor credit score, you can consider these cards:
PenFed Promise Visa Signature Card
A great credit builder card issued by the Pentagon Federal Credit Union.
Chase Freedom Credit Card
Issued by Chase bank, this card offers cashback on purchases and balance transfers in rotating categories each quarter.
Discover it Secured
Offers an innovative 3-2-1 Account Opening Benefit. This provides your first Discover Bank Secured Mastercard.
Capital One Secured
Capital One Secured Mastercard is the one card to help you build credit. It has no annual fee, and consumers can secure their line of credit. Additionally, it offers $29 in funding (deposit) which is more than what most secured cards offer. However, this does have a very high APR of 24.9%. Thus you have to be careful to keep your spending levels low. Also, pay your bills on time every month. If not, you will get hit with heavy interest charges. Where this card shines, is that it has no annual fee. This is quite rare among low-credit limit cards.
Who Benefits From This Card?
- Those trying to establish a good payment history
- Those with less than stellar credit are just starting and need some financial assistance to get back into good standing.
Final Words
Do you have a bad credit score and want to improve it? Then the Continental Verve credit card would be a great option for you. Although expensive, you can still stay afloat if you pay your bills on time. With this card, you can improve your credit score and qualify for better rates in the future. With this card’s fraud liability policy, you can rest assured that you are protected on all fronts.