| Last updated on October 19th, 2023
Fortiva® Mastercard® Credit Card
Fortiva® Mastercard® Credit Card
- *See Terms Regular Purchase APR
- *See Terms Balance Transfer APR
- *See Terms Cash Advance APR
At a Glance
The Fortiva® Mastercard® Credit Card fees and APR are very high, but for those who cannot afford the upfront cost of a security deposit, this card can serve as a short-term solution for beginning the journey of rebuilding credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Free VantageScore 3.0 (provided by Equifax)
- Reports to all three major credit bureaus
- Mobile app available in Apple Store and Google Play
- $0 fraud liability
- Must receive mail offer in order to apply
- Regular Purchase APR: *See Terms
- Balance Transfer APR: *See Terms
- Balance Transfer Transaction Fee: 3% of the amount of each transfer after the first year
- Cash Advance APR: *See Terms
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $49 to $175 the first year; up to $49 thereafter
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars.
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You have been denied for secured cards from both major and local card issuers
- You have less than $100 disposable income
- You cannot spare cash to use as a secured card security deposit
- You will pay your balance in full every month
- You're looking for a short-term credit card to use to increase your overall credit limit
Fortiva® Mastercard® Credit Card Review
The Fortiva® Mastercard® is an unsecured credit card for bad credit from the Bank of Missouri. Thanks to a generous initial credit limit, monthly credit reporting, and Mastercard protections, the card provides a solid platform for building a positive credit history.
Building Credit Without a Security Deposit
Fortiva designed its popular Mastercard as a strictly credit-building card. Because of this approach, Fortiva and the Bank of Missouri can provide unsecured access to credit to a broader selection of financial profiles. And as such, you won’t find welcome bonuses or rewards points – but you can expect a near-instant credit decision when applying.
Building credit is a process that takes time, as continuous practice at some time-tested principles is essential to establishing greater credit understanding – and a higher credit score. This process includes paying your credit card bill on time each month, keeping credit use low, and keeping a close eye on your credit.
Fortiva makes this process more straightforward thanks to monthly reporting and your monthly credit score access. Fortiva reports to all three major credit agencies: Equifax, Experian, and TransUnion. Additionally, the bank gives users access to their VantageScore 3.0 free, thanks to Experian. And even better – Fortiva actively monitors your account for periodic reviews for credit limit increases.
Keep An Eye on Fees
One drawback with the Fortiva Mastercard is the fees associated with it. First and foremost, the annual fee differs for each account, so it requires a close inspection when applying. The annual fee for the first year ranges from $49 to $175. After the first year, the cost ranges from $49 to no annual fee. Fortiva also charges an account maintenance fee which starts at $60 and goes up to $159. These charges are billed monthly and come out to either $5 or $12.50 every billing cycle. Fortunately, this fee is waived during the first year of card ownership.
Credit Repair Comparison
How does the Fortiva Mastercard stack up with other bad credit and credit repair card options?
|Credit needed||Bad – Fair||Bad – Fair||Bad – Fair||None – Fair|
|Initial credit limit||$350||$300||$350||Min. deposit of $200|
|Annual fee||$49 to $175 the first year; up to $49 thereafter||$75 to $99||$49 to $175 the first year; up to $49 thereafter||$35|
|Rewards||N/A||N/A||3% back on gas, groceries and utilities; 1% back on all other eligible purchases||N/A|
Other Card Features
A great feature of the Fortiva Card is that applicants can expect an instant credit decision. This means you don’t have to worry about waiting in limbo as the bank slowly mulls over your pending application. As a cardholder, you’ll also enjoy account access via the Fortiva mobile app and contactless payments with Apple Pay, Samsung Pay, and Google Pay.
Finally, as a full-fledged Mastercard product, you’ll also enjoy a suite of Mastercard purchase protections and security features, including:
|Zero Liability Protection||Mastercard Global Services||ID Theft Protection|
Here’s how the Fortiva credit card program rates according to expert and consumer opinions:
Should You Apply for the Fortiva® Mastercard® Credit Card?
There are scores of credit repair credit cards on the market, so is the Fortiva worth considering? If you are looking to boost credit and struggling to find offers, it might be a lifeline you didn’t anticipate.
Improving one’s credit score comes at a price—that’s to be expected—but the Fortiva credit card probably brings a higher price than most would expect. There are annual and account maintenance fees, but the latter is waived for the first year.
The regular credit reporting, credit monitoring, periodic account reviews, and other features make the Firtiva Mastercard an appealing option. Using the card correctly – keeping your balances low, and paying on time – can significantly boost your flagging score and open the door to more options in the future.
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