Verve Mastercard® Review: Not Worth the Cost

Is the Verve Mastercard® Worth It?

No, the Verve Mastercard® isn’t worth it. Borrowers with bad credit may think this is their only option, but there are better cards on the market that even no-credit and low-credit applicants can get. Here’s why the Verve Mastercard® isn’t worth it:

• It’s more expensive than you think: The Verve Mastercard® charges an annual fee of $99.99 and monthly fees of $10 starting in the second year. That means you’ll pay $219.99 every year just for owning this card. If you’re new to borrowing, you want to keep your credit cards open for a long time because doing so will improve your credit score. Leaving this account open year after year will cost you thousands of dollars, with no rewards to compensate for the cost.
• Your initial credit limit may not be very high: While the Verve website suggests your initial credit limit may be as high as $1,000, the Continental Finance customer service team told us that new borrowers are offered credit limits of $300, $500, or $750. In other words, getting a $1,000 credit limit is nowhere near guaranteed on this card, and might not be possible at all. While the card does offer credit limit increases after 6 months, a credit limit that’s this low could make it more difficult to build credit (more on that later).
• Interest rates are outrageous: The Verve Mastercard® charges an APR between 24.99% – 29.99% (variable). These rates, especially if you get an offer near the high end, will quickly translate to massive interest charges if you don’t pay your full balance every month.
• There are better unsecured cards for bad credit: Many borrowers turn to the Verve Mastercard® because it doesn’t require a security deposit, as many credit cards for bad credit do. However, there are still unsecured credit cards for poor credit out there that don’t charge any annual fee, or charge a lower annual fee than the Verve Mastercard®.

Who Is the Verve Mastercard® Best For?

The Verve Mastercard® wouldn’t be our first recommendation for anyone, but if there’s an audience for this card, it consists of the following types of borrowers:

• Someone who’s gotten an offer and is out of options: If you’ve been struggling to qualify for other credit cards but got an offer in the mail for the Verve Mastercard®, this may be an acceptable last resort. You can confirm the details of your offer online before accepting.
• Credit builders set against a security deposit: Similarly, if you’re dead-set against putting down a security deposit to open a credit card but your credit history disqualifies you from most borrowing options, the Verve Mastercard® can serve as a fallback option.

Alternative Cards

What the Crowd Says

The Verve Mastercard® is no stranger to controversy. Its online reputation leaves a lot to be desired, and it raises questions with its highly inconsistent ratings and reviews. Let’s look at how professionals rate the card, as well as what actual cardholders have to say.

What Major Publications Say

Professional reviews of the Verve Mastercard® aren’t exactly glowing, and some are positively scathing. One even describes government action taken against the card servicer, Continental Finance, who had to pay large fines for inappropriately charging their customers.

Many reviewers also remark on the Verve Mastercard®’s high interest rates and annual fees. Most agree that you should look for a cheaper card or a secured option with similarly low credit requirements.

Several reviews reference a guaranteed credit limit of $750. However, the card does not guarantee this credit limit, a fact that we’ve confirmed with the customer service team. This kind of misinformation is rampant across the Verve Mastercard®’s reviews, with varying reports regarding its credit limit, fee structure, and APR.

What Cardholders Say

The online sentiment towards the Verve Mastercard® leans toward not recommending the card.

Here are some points for and against the Verve Mastercard® that users have raised:

Some of the most common complaints about the Verve Mastercard® include:

• Long waits for bill payments to process: There are many complaints about how long Continental Finance takes to process payments toward Verve Mastercard® bills. Many cardholders say that their funds were held for almost two weeks.
• Bad customer service: Cardholders describe difficulties getting through to customer service, unhelpful representatives, and problems closing their accounts.
• Bad online services: Some people also complain that the website is unreliable and that they don’t like the app.

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Rates & Fees

Fees

• Annual fee: $99.99
• Monthly fee: $10
• Cash advance fee: $5 or 5% (whichever is greater)
• Foreign transaction fee: 3%
• Late fee: Up to $40
• Returned payment fee: Up to $40
• Additional card fee: $30 (one-time fee for adding an authorized user to your account)

Interest Rates

• Regular APR: 24.99% – 29.99% (variable)
• Cash advance APR: 24.99% – 29.99% (variable)
• Minimum interest charge: None

If you don’t pay your credit card balance in full each month, you’ll be charged interest. The interest you’ll pay each year depends on your APR (“annual percentage rate”). You can avoid interest altogether if you only charge what you can pay off each month.

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Rewards

Rewards aren’t common among credit cards for bad credit. However, some secured credit cards do offer rewards programs, so consider looking at cards with deposits if earning money back through rewards is important to you.

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Credit Limit

The Verve Mastercard® will theoretically give you an initial credit limit of $300–$1,000 based on your creditworthiness. We’ve gotten conflicting information about how high the credit limits actually go, as customer service told us limits only go up to $750, while the website advertises limits as high as $1,000.

Credit Limit Increases

The Verve Mastercard® website says that you can increase your credit limit after 6 months by making the first 6 monthly minimum payments on time. Increases can as much as double your limit.

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Benefits

The Verve Mastercard® offers a basic benefits package that includes the following:

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How to Get the Verve Mastercard®

Credit Score Required

The Verve Mastercard® servicer, Continental Finance, describes itself as “a servicer of credit cards for consumers with less-than-perfect credit.”

Continental Finance recommends many of its cards for holders of “bad” credit. FICO scores between 300–580 are considered “bad” or “poor,” so even if your score is in this range, you may still be eligible for the Verve Mastercard®.

How to Apply

You can apply for a Verve Mastercard® credit card:

• By accepting a mail offer online: Go to the Verve Mastercard® website and enter the reservation number included with your mail offer.
• By mail: If you’ve received a preselected offer by mail, it should include an acceptance certificate. To accept the offer, simply complete the certificate and mail it to Continental Finance.

When you apply for the Verve Mastercard®, you’ll have to give the following information:

• Your full name
• Your Social Security number
• Your date of birth
• Your address (no P.O. boxes)

The credit card issuer needs this data to check your credit. They’ll then use the information they find along with other details (e.g., your monthly income) to decide whether they’ll approve your application and, if so, which borrowing terms they’ll offer you.

According to Continental Finance, you’ll usually receive an instant decision about your application. However, the timeline could reach up to 30 days if you need to provide additional information.

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Building Credit

Credit Reporting

Because your use of the Verve Mastercard® will be reported to the bureaus, it’s an adequate option for building credit. However, you must keep up with your monthly payments to benefit your credit score; your credit will suffer if you miss payments or pay late.

Keeping up with your payments might not be as easy as you think when you consider the cost of the card. Annual and monthly fees will be taken out of your available balance, so you’ll need to pay off a debt every single month. If you forget to pay on time, you’ll end up hurting your credit score, not helping it.

Tips for Building Credit

To make building your credit easier, follow these tips:

• Pay on time: The single most important part of building a good credit history is making all your payments on time. Late payments will lead to fees, interest charges, and potential black marks on your credit report.
• Borrow less: As mentioned, your credit score is partly based on how much of your credit you use. Some experts recommend using under 30% of your total credit, and others say you should use 10% or less. Either way, you have to keep a low balance on the Verve card to keep a good utilization rate.
• Track your score: One of the benefits that come with the Verve Mastercard® is free access to your credit score. This allows you to keep track of your progress and target areas of your credit report that need help.

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FAQs

Who issues the Verve Mastercard®?

The Verve Mastercard® is issued by the Bank of Missouri and serviced by Continental Finance.

Does the Verve Mastercard® have a grace period?

The Verve Mastercard® credit card gives you a 25-day grace period (beginning on the first day of the new billing cycle). The grace period gives you time to pay your bills in full without racking up any interest charges.

If you pay off your balance in full by the due date, your purchases during the grace period won’t accumulate interest. However, if you carry a balance from previous billing cycles, you’ll have to pay interest on any charges you make on your card during the grace period.

Can I use the Verve Mastercard® for a cash advance?

You can use the Verve Mastercard® for a cash advance, which is when you use your credit card to withdraw money from an ATM or make another cash-equivalent transaction. Cash advances are allowed on the Verve Mastercard® credit card only after your account has been open for 95 days.

The cash advance fee is either $10 or 3% of the amount of each advance—whichever is greater. The cash advance APR is the same as the purchase APR but will not benefit from the grace period, meaning your cash advance balance will start accruing interest right away.

Can I use the Verve Mastercard® for a balance transfer?

The Verve Mastercard® does not allow balance transfers. If you need to consolidate credit card debt, look for a card that allows balance transfers and has a lower APR than your current credit card.

What’s the customer service number for the Verve Mastercard®?

If you have questions about the Verve Mastercard®, you can contact customer service at: (866) 449-4514

You can also write to them at:

Continental Finance

P.O. Box 3220

Buffalo, NY 14240-3220