| Last updated on March 5th, 2024
Fortiva® Mastercard® Credit Card
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
In-Depth Review: Fortiva® Mastercard® Credit Card
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.
Who Can Benefit from the Fortiva Mastercard?
The Fortiva® Mastercard® Credit Card is designed for individuals looking to build or rebuild their credit. Therefore, it may be a suitable option if you have limited credit history or have previously encountered financial challenges.
How to Get Fortiva
Eligibility
To be eligible for the Fortiva® Mastercard® Credit Card, you must meet a few requirements:
- Be at least 18 years old
- Valid Social Security Number
- Physical U.S. postal address (not a PO Box)
Application Process
Applying for the Fortiva® Mastercard® Credit Card is a straightforward process that can be completed online. You must also provide details about your employment status, income, and monthly housing payment during the application process. This information helps Fortiva® assess your financial situation and determine your creditworthiness.
Once you have submitted your application, Fortiva® will review your information and decide your eligibility for the Fortiva® Mastercard® Credit Card. You will receive your card in the mail within a few business days if approved. Upon receiving your card, activate it by following the instructions provided. Activation is a simple process that can be done online or over the phone.
Credit Building Benefits
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. 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 free access to their VantageScore 3.0, thanks to Experian. And even better – Fortiva actively monitors your account for periodic reviews for credit limit increases.
Other Card Benefits
A great feature of the Fortiva Card is that applicants can expect an instant credit decision. You don’t have to wait 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.
Mastercard Benefits
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 |
Comparison
| Fortiva® Mastercard® | Surge® Platinum Mastercard® | Aspire® Cashback Rewards | Total Visa® Card | |
|---|---|---|---|---|
| Credit needed | Bad – Fair | Bad – Fair | Bad – Fair | Bad – Fair |
| Pre-qualify | Yes | Yes | Yes | Yes |
| Initial credit limit | $350 | $300 | $350 | $300 |
| 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 | $75 1st year, $48 after* |
| Rewards | N/A | N/A | 3% back on gas, groceries and utilities; 1% back on all other eligible purchases | 1% cash back |
What We Like About Fortiva
The Fortiva® Mastercard® Credit Card boasts many features that make it an attractive option for those seeking to improve their credit.
Complimentary Credit Score Access
One of the standout features is accessing your VantageScore 3.0 credit score for free. This feature allows you to monitor your credit health and track your progress over time. By understanding your credit score, you can make informed financial decisions and work towards achieving your long-term goals.
Credit Increase Opportunities
Another notable feature of the Fortiva® Mastercard® Credit Card is the opportunity for credit line increases. With responsible usage and timely payments, you may be eligible for a credit limit increase, providing greater spending power and financial flexibility. This feature allows you to gradually build your creditworthiness and potentially qualify for better credit card offers in the future.
Credit Tools
Finally, the Fortiva® Mastercard® Credit Card offers a range of tools and resources to help you manage your credit effectively. From educational materials to budgeting tools, these resources can empower you to make smart financial decisions and take control of your credit journey.
Things to Consider
While the Fortiva® Mastercard® Credit Card offers numerous benefits and features, it’s important to consider a few factors before applying.
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 to $5 or $12.50 every billing cycle. Fortunately, this fee is waived during the first year of card ownership.
No Rewards
It’s important to note that the Fortiva® Mastercard® Credit Card is designed for individuals who are looking to build or rebuild their credit. As such, it may not offer the same rewards or benefits as other credit cards on the market. Suppose you are primarily interested in earning rewards or cash back on your purchases. In that case, you may want to explore alternative credit card options that align with your specific needs and preferences.
Fortiva Ratings
Here’s how the Fortiva credit card program rates according to expert and consumer opinions:
| BestCards | Better Business Bureau | TrustPilot |
|
4/5 |
2/5 |
4.5/5 |
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 Fortiva 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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