On a daily basis, we tend to spend using our debit cards and even cash on hand to buy our basic needs and the things we want to buy. Sometimes, we forget to withdraw some money, or we even spend our money in our debit sink to the hilt, and that is where credit cards become helpful to use. Some people view credit cards as an extra expense, while others consider it as a saving grace to buy a high amount of product and pay it on an installment basis.
There are different types of credit cards such as Mastercard, Visa, American Express, and Discover. Each platform offers different incentives and rewards to its cardholders. Some financial companies offer incentives like airline miles, hotel vouchers, gift certificates, and cashback depending on the purchases. There are also two types of credit cards depending on the deposit you make, such as secured and unsecured credit cards.
In Secured credit cards, cardholders must deposit an amount of money to be approved, and the security deposit is usually the credit limit. But, Unsecured credit cards are those that do not need cardholders to have a security deposit. One of the unique types of unsecured credit cards that we will talk about here is the Fortiva Credit Card.
Fortiva Credit Card is one of the most accessible credit cards to get for people who have bad credits or those who do not have a good credit history. The Bank of Missouri issues this credit card, and the bank services are powered by Atlanticus Services Corporation. Fortiva Credit Card is most suitable for people who have a bad credit history and want to apply for an easy credit card without a security deposit.
Most people are attracted to this card since they can get it in a snap of a finger. What people do not know is that it has hidden charges that they will soon figure out once you have received your Statement of Account (SoA). Yet, people still apply for this credit card since it gives them the advantage of using it for emergency purposes or for those things that they need to buy immediately without having to go through the long process of acquiring a credit card in other banks.
So, let us see the reasons why people apply for this Fortiva Credit Card and its underlying features in this Fortiva Credit Card review article.
Why Do People Apply for a Fortiva Credit Card?
People apply for a Fortiva Credit Card for many reasons, and let’s count these here:
- It Does not Need Security Deposit
Applying for a Fortiva Credit Card is easy since you are not required for a security deposit. Most people are attracted by this feature since they don’t need a large sum of money as a security deposit to open an account that is deemed convenient for them. Suppose you need a credit card right away, and your bank account is not ready for the security deposit. In that case, you can apply and be approved since Fortiva does not require you to have an initial deposit.
- It Restores your Credit
While using the credit card, paying the monthly dues on time will make your credit score in good status. Fortiva Credit Card submits the financial activities in major credit bureaus, so if you have a good standing, it will reflect that you are a good payor and will give you a good credit score. By paying on time, it will show that you have a good financial responsibility, thus improving your credit.
- It has a Quick Response in Applications
Most people apply for a Fortiva Credit Card because the customer service responds to their applications. It is necessary for people to know the status of their application to cut the agony of waiting if they will be approved or not. Since Fortiva has a quick customer service to update them about the status of their application, people tend to apply more knowing that they will be informed right away if they got approved or not.
How to Apply for a Fortiva Credit Card?
If you are convinced that you want to apply for Fortiva Credit Card, here are the steps to follow:
- Visit the Fortiva website, which is myfortiva.com.
- Click the “Respond to a Mail Offer” button
- Input the Offer Acceptance Code in the box provided and click “Submit code.”
- Fill out the Online Application form and submit it on the website. Make sure that all information is correct, and customer service will update you about the status of your application.
Fortiva Credit Card is Ideal For People
Since we have enumerated the steps on how to apply for a Fortiva Credit Card, we have to know the people who are best suitable for this card. This car is ideal for people who:
- People who will use credit cards for a short-term.
Fortiva credit card is a good choice if you are a person who is looking for a short-term credit card only, so you only need to pay an annual fee and extra charges for a short period of time for the sake of increasing your credit limit.
- People who are paying their balance every month.
If you are a person who is responsible enough to pay your balance every month, this card is beneficial for you since you do not have to pay extra charges followed by late payment of the outstanding balance.
- People who do not have cash on hand for a security deposit.
Fortiva credit card may seem to be a good option if you lack cash and you want to apply for a credit card since they do not need a security deposit since Fortiva is a type of unsecured credit card.
- People who are not earning disposal of $100.
If you are a person who does not earn more than a disposable income of $100 and you are struggling to keep up with the security deposit, this card might be helpful for you.
- People who have been denied and rejected for secured credit cards.
If you have applied many times to have a secured credit card but have no luck acquiring it from both local and major banks, then this card might be of good use to you. Fortiva is unsecured, so there is no need for a security deposit, unlike other banks. There is a high probability that you will be approved, but you have to take care of your credit score to maintain your credit standing.
What to Know Before Applying?
Fortiva Credit Card is charismatic for those looking for a credit card service that has no security deposit and for those who do not have a quite good credit standing in the past. Although this card might seem appealing and ideal for others like mentioned above, there is also a percentage of the population sharing the negative implications of using this credit card.
Like any other credit card, Fortiva Credit Card has its pros and cons that people have to consider when availing.
Here are the Pros:
Easy access to Credit Score
Within 60 days of opening your account, you can get free access to your credit score through VantageScore 3.0. Most people enjoy this feature since they can get an estimate of their credit spending. Getting a hint of how much you have spent on your card is a good thing since you can be able to budget your remaining balance and can also track your maximum credit card limit.
Easy Approval on Card
Since there is no need for a security deposit, as mentioned above, you can get approved even if you do not have money at hand. If you want to buy and spend using a credit card, this card would be beneficial for you because you can expect that they will approve your applications without asking for a security deposit. For example, you need to buy a product that exceeds the amount of cash you have at hand, applying and getting approved for a Fortiva credit card will allow you to buy that product and pay for it on an installment basis.
Zero Fraud Liability Protection
Cardholders appreciate this feature since there are many frauds and scams that are happening nowadays. Having this feature allows cardholders to receive alerts when their cards are being used in some unauthorized business. Some banks have this feature to prevent their customers from being scammed by people with malicious intentions.
Multiple Credit Bureaus
The Fortiva company reports the status of each cardholder to three major credit bureaus; thus, if you are an excellent payor, your credit standing will be in good status. The agencies are Experian, Equifax, and Transunion, which are considered big bureaus when it comes to credit status. If you are a person who had a credit card before and you were not able to pay on time, or you had a bad standing when it comes to paying your credits, this card might be of good use for you.
Right now that we have heard about the Cons and the positive side of having a Fortiva credit card, let’s now go to the drawbacks of having it as a credit card. Here are the Cons:
Membership Multiple Fees
Since we know that a Fortiva credit card doesn’t need a security deposit, the company has compensated for this by acquiring membership fees while using it. The sad thing about these fees is that you do not get it back nor enjoy its amount through spending, unlike with those cards that need a security deposit. The fees go straight to the company. As a cardholder, you need to pay for the following:
- Annual fee- You need to pay $49 to $175 during the first year and $0 to $49 the succeeding years.
- User Authorization fee- If you add a supplementary member to your account, you need to pay $25 annually for each member
- Account Opening fee- You have to pay $25 as a one-time payment for opening your account
- Annual maintenance fee- You need to pay $60 to $159 per year, depending on your credit standing
- Penalty fee- If you were not able to settle your outstanding balance, you have to pay $40 as a maximum penalty fee
- Foreign Transaction fee- if you use or buy products outside the country, you will be charged 3% for each transaction.
To sum up the associated fees for the first year as a cardholder, you need to pay an estimated amount of $335 while using the card. If you compare it with secured credit cards wherein you need to have a security deposit, cardholders can get the benefits of what they have deposited, unlike in unsecured credit cards that the fees you are going to pay are non-refundable
No Reward System
Unlike with other credit cards, Fortiva credit card does not give its cardholders the rewards and incentives such as airline miles, gift vouchers, and cashback for each transaction completed. Most cardholders will find it disadvantageous since they will be paying a considerable amount for membership and annual maintenance fees and do not get perks of what they are spending.
High Interest Rate
The Annual Percent Rate (ARP) reaches from 22.74% to 36%, depending on the credit score of each cardholder. If you have a low credit score, you have to pay the maximum ARP of 36%, which is high.
Rigid Credit Limit
While some credit cards allow cardholders to request an increase in credit limit, they cannot request for an increase in credit limit after several months even if they have a good standing or are paying responsibly. For other credit cards, if you are paying on time and you have a good status of credit, the bank will allow you to increase your credit limit.
On the other hand, Fortiva states in the agreement contract that they will not allow an increase of limit requests. They have the power to deactivate, increase or decrease your credit limit at any time, and they do not give the cardholders the right for a request of such. This entails that the Fortiva credit card is not flexible when it comes to credit limits, so if you sign the agreement, make sure to read the credit limit assigned to you because you will not have the chance to change it.
Since we have heard about the advantages and drawbacks of Fortiva Credit Card, it is also good and candid to listen to the reviews of people who experienced using the credit card itself.
Fortiva Credit Card Reviews from Customers
Reviews from people who have experienced using the Fortiva credit card are helpful to get the personal perspectives of having it. Some cardholders have positive feedback while using the credit card; however, others are dissatisfied with their experience using the credit card.
Let’s look at some positive feedbacks of cardholders using the Fortiva Credit Card:
Here, one cardholder from myfortiva.com says that he/she has a quick response from the team of Fortiva about the application submitted and that the application was approved right away. They indicated in this review that a credit card is highly recommended.
Another positive review from the same site indicated that the cardholder is highly satisfied with the customer service of the Fortiva team and the application process was super quick and efficient.
We have heard positive reviews from cardholders regarding Fortiva Credit Card. However, the majority of the reviews show the drawbacks and negative sides they have experienced while using the card.
This review came from Card Cruncher, and the cardholder said that Fortiva has high interest rates and annual fees. He/She also added that they have poor customer service and charge a service fee if you have zero balance. Thus they do not recommend this credit card.
Another review from a cardholder that came from the same site as mentioned above says that he was an excellent payor until he lost his job and experienced some kind of discrimination for non-native English people like him. The customer service also showed rudeness and incompetency to some customers.
One more example of a bad review about Fortiva credit cards that also came from CardCruncher indicated that the cardholder was charged a 3% transfer fee because he requested a higher interest card which was not able to do by the company but still charged him an interest fee. He/She does not recommend the credit card as well.
Since there are many negative reviews from cardholders, people have also given their suggestions of possible alternative credit cards to acquire if you are looking for a better credit service.
Substitute Credit Card To Have Other Than Fortiva Card
If you think that Fortiva credit card is a catch and the negative reviews, as well as the drawbacks presented above, make you worried, the good news is that there are also some substitutes to choose from.
As mentioned above in the Cons of the Fortiva Credit Card review, it has high multiple membership fees, which is very disadvantageous for those people who are already struggling financially. If you are a person who wants to save money but also wants to utilize a credit card, you might choose credit cards that will give you the same benefits that you are looking for.
If you are looking for good credit cards that will make your life easier but do not bombard you with high fees and charges, here are the substitute credit cards to consider:
Discover It Secured Credit Card vs. Fortiva Credit Card
Discover It Secured Credit Card is one type of secured credit card. It means that you need to have a secured deposit of $200 before you are approved. But this secured deposit is refundable, which means that it will be given back to you. Also, you can request to increase your credit limit if you are a responsible payor. If you have a good credit status after eight months, they will upgrade you to an unsecured type of credit card.
This credit card does not have an annual fee, and it also gives you good credit since it also reports to three credit bureaus like Experian, Equifax, and Transunion.
During your first year, it will give you the cashback bonuses you have earned and also give you additional cashback bonuses. Using this credit card also gives you 2% cash back on restaurant and gas station purchases and another 1% for other purchases.
Open Sky Secured Visa vs. Fortiva Credit Card
Another type of secured credit card, OpenSky® Secured Credit Card, gives you a credit line of $200 – $3,000, which is equal to the security deposit.
The annual fee associated with this credit card is $35, but there are no other fees like the maintenance fee that Fortiva has. However, they will charge you $10 if your card is inactive for a year, so you have to deactivate your account if you do not use it anymore.
The APR of this card is 18.89% which is considered lower, unlike any other card. They don’t also offer rewards like Fortiva but still better if you compare the two.
Capital One Secured Mastercard vs. Fortiva Credit Card
Another type of secured credit card that offers no annual fee and is so affordable is the Capital One Secured Mastercard. This card gives cardholders some kind of freedom to choose how much security deposit they want to start and credit line starting from $200 but may increase accordingly.
There is no annual fee and other fees associated with this card, and the APR is 26.99% which is relatively high.
Capital One Secured Mastercard has no reward system, just like Fortiva, but you have the choice to increase your credit limit in a span of months.
Nowadays, we tend to purchase different goods and services, be it tangibly and online. It is good to always keep cash on hand, debit cards, and also credit cards in order to pay for the purchases we have made. Although cash and debit cards may be deemed so necessary in our lives, the existence of credit cards cannot be set aside in today’s generation, where the digital market is so on fire.
We use credit cards to purchase the things we need and want, even if we have the spare cash to afford it, just so we can redeem the points and incentives it will give to us. Sometimes, we tend to use credit cards in order to buy the things we need right away without the presence of our cash through our credit cards, and others utilize their credit cards in order to pay for their purchases on an installment basis.
When it comes to credit cards, there are two types such as the Secured and Unsecured credit cards. The Secured requires one to have a security deposit, while the Unsecured does not require a security deposit, and the application is rather quick. One of the popular unsecured credit cards is the Fortiva Credit Card issued by The Bank of Missouri. This credit card has no security deposit needed, but after a while, it charges so much. Ideally, this credit card is suitable for people with bad credit in the past and having difficulty applying for a new credit card.
In addition, this credit card is also ideal for those people who do not have cash on hand to afford the security deposit. People apply for this credit card for three reasons such as it does not require a security deposit, it restores the credit of the cardholder, and it has a quick response from the customer service regarding applications.
In applying for a Fortiva Credit Card, you need to visit their website, respond to a mail offer, and fill out the online application form. People who apply on this site are those who will use a credit card for the short-term, paying their balance every month, those who do not have a disposable income of $100, and those who have been denied numerously by other banks. These people consider the advantages of credit cards, such as their easy access to credit scores, easy approval, zero fraud liability protection, and many credit bureaus.
But, there are also drawbacks, such as the many fees they charge. Also, there is no reward system. And there is a high interest rate. Moreover, the rigidity of credit limit that cardholders cannot request for an upgrade. To understand the usage of Fortiva credit cards, personal reviews from cardholders are also important. This will give us an insight into their experiences. With regards to many negative reviews about this card, there are also alternatives that people can consider, such as the Capital One Secured Mastercard, Discover It Secured Credit Card and Open Sky Secured Visa.
In choosing the right credit card, it is essential to screen the type you will choose. This is because it will also affect your financial perspective. Based on the information gathered above, Fortiva Credit Card is good initially. But with the extra fees, it will charge you have to think if you saved money or it will backfire to you at the end. It is better to choose a credit card that has a security deposit. This is because it is refundable, and you will enjoy the benefits of what you have put in there initially. If we put it in a metaphor, it is like saving in a piggy bank, that if you put coins initially, just know that later on, you will enjoy the coins that you have secured there for long-term.