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Last updated on February 28th, 2022
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- Processing Network Mastercard
- All credit types welcome to apply!
- Monthly reporting to the three major credit bureaus
- Initial Credit Limit of $300.00 to $1,000.00* (subject to available credit)
- Fast and easy application process; results in seconds
- Use your card at locations everywhere that Mastercard® is accepted
- Free online account access 24/7
- Checking Account Required
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- Cash Advance APR: See Terms*
- Cash Advance Transaction Fee: See Terms*
- Annual Fee: See Terms*
- Foreign Transaction Fee: See Terms*
- Late Payment Penalty Fee: See Terms*
- Return Payment Penalty Fee: See Terms*
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At a Glance
The Verve Mastercard® is a no-frills credit card that offers a lifeline to those with bad credit. From Continental Finance and Bank of Missouri, the card features a modest credit limit, the chance at a credit line increase after six months, and more.
Ideal for Those Who:
- Have damaged credit
- Want to establish a good credit history with on-time payments
- Don’t want a secured credit card
- Have a mail offer to apply
Verve Mastercard® Review
The Verve Mastercard is a credit repair credit card that offers a lifeline for those with bad credit. The card provides a decent initial credit limit, the chance of a credit limit increase with responsible use, and monthly reporting to the major credit bureaus for a variable annual fee (subject to mail offer).
Manageable Credit Limits – with the Prospects of a Limit Increase
The Verve Mastercard is like other credit builder products in that it features a modest starting credit limit. Successful applicants enjoy an initial credit line of between $300 and $1,000.
Like other Continental Finance credit cards, the Verve also offers the prospect of a credit line increase in as little as six months from account opening. Continental gives cardholders the chance to request a credit limit increase in as few as six months from account opening – opening up the prospects of lower credit utilization, higher spending limits, and better credit with hard work and financial responsibility.
How to Build Credit
Building a good credit history (and receiving a credit line increase) requires financially responsible credit use. Payment history and credit utilization account for two-thirds of what comprises a person’s FICO credit score – the most popular credit scoring model among lenders. By paying at least the VerveMastercard statement’s minimum amount due every month and keeping credit use below 30% of the overall credit limit, cardholders can build a good credit score over time.
Rates and Fees
Since good credit isn’t needed for the Verve Mastercard, it features higher interest rates than some other credit cards on the market. Additionally, some fees associated with this card may not be present with other similar credit cards. These fees include variable annual and monthly maintenance fees depending on the card offer received and the applicant’s creditworthiness.
Continental Credit Protection
Like other Continental Finance products, the Verve Mastercard provides optional access to the Continental Credit Protection program for an additional surcharge. Verve cardholders can access this feature by paying $0.99 for every $100 in outstanding balances on their Verve card account. If selected, Continental automatically bills this fee each month.
This protection benefit serves as a debt cancellation program if the cardholder loses their job or becomes disabled. The program covers up to 12 consecutive minimum monthly payments for those that meet the qualifications. This program also pays off any balance in full, should the cardholder pass away.
Other Card Features
Other notable features of the Verve Mastercard include:
- Mastercard Zero Fraud Liability coverage against fraudulent charges
- Ability to use anywhere Mastercard is accepted worldwide
- 3% foreign transaction fee
- Free online account access 24/7
- Monthly reporting to the three major credit bureaus (Experian, Equifax, and TransUnion)
- Free credit score access every month
Should You Apply for the Verve Mastercard Credit Card?
The Verve Mastercard® won’t offer lucrative rewards or lounge access. Instead, the card provides a modest credit line and the chance to build a positive credit history with responsible use. And while the Verve won’t offer an automatic credit limit increase with responsible use (like the Merrick Bank Double Your Line Visa), demonstrating good habits and paying on time could open the door to a successful credit limit increase in time.
Overall, the Verve Mastercard® is a decent credit card for bad credit scores. With free credit score access, Continental Finance’s “Knowledgebase,” and Mastercard protections, the card is a great way to build credit without the need for a secured credit card. Those with no credit history at all should consider a merchandise card, like the Merit Platinum, Freedom Gold, Buy on Trust, or Unique Platinum.