Have you ever come across Verve Credit Card and want to know what it is used for? Don’t, this article gives you all the information you need to know about the Verve Credit Card.
Verve Credit Card is a card that helps you in building credit. For young adult who just started to build their credit history, it is an excellent option of choice. This card has some amazing benefits, but like every other card, it also has some disadvantages.
About Verve Credit Card
Verve credit card is issued by Continental Finance a company that specializes in credit cards for consumers with less-than-perfect credit. The card’s website boasts of an impressive customer base of over 3 million. Verve offers a card for both business owners and consumers.
For those who are planning on paying their entire balance off every month, this card could be just what you are looking for. The Verve card offers an introductory APR of 0% on both purchases and balance transfers for 18 billing cycles. This stands as one of the longest 0% intro periods in the industry. Thereafter, the APR is 15.24% to 29%.
What Features Does Verve Credit Card Offer
Below are some list of features on verve credit card:
Fair Initial Credit Limit for a New Account
When you first get the Verve card, your starting credit limit can be anywhere between $300 and $1,000. The great thing about the Verve card is that it offers a chance to improve your credit score by paying your bills on time.
However, it is important to make sure your balance stays within this credit limit. On top of that, one of the card’s advantages is its widespread usability – you can use it for various purposes like shopping or when you are on a trip.
Increases Limit Just After 6 Months
Did you know that Continental offers the chance to increase your credit limit after just 6 months? If you are working on improving your credit, securing a credit limit increase is a significant accomplishment. Continental understands this importance and will assess your account upon customer request.
This evaluation can occur as early as six months after you have opened the account. Once they have reviewed your account, they will provide options for increased spending capacity, maintaining lower balances compared to your available limits, and potentially boosting your credit score.
$0 Fraud Liability
With the Verve credit card comes a $0 fraud liability. What this means is that you are not liable for any fraudulent charges as long as you report them within 60 days of the incident. A card with zero fraud liability, allows you to shop confidently knowing that each purchase is fully protected. If you ever encounter any problem, Continental Finance can take care of everything for you.
With this card you stand protected against unauthorized purchases. So you don’t have to worry about the safety of your information when using your card.
Monthly Reporting to TransUnion, Experian & Equifax
Continental Finance Verve credit card reports monthly to the three credit bureaus – TransUnion, Experian, and Equifax. This offers you a great medium for monitoring your credit score.
With monthly reports, you have the best key to staying updated on what bills and purchases have been made. Also, you get to know where these purchases were charged, and how much was paid in interest rates or other penalties.
Free Monthly Credit Score
The Continental Finance Verve credit card offers a complimentary monthly credit score, which serves as a valuable tool for managing your financial situation. Upon activating a Verve Mastercard, you gain access to its associated perks. Among these advantages is the provision of a free monthly credit score, accessible by signing up for e-statements.
Credit Score Monitoring Service
When you use the Verve card, you will have access to the “TransUnion True -Track” service from Continental Verve. This service offers you an updated TransUnion credit score for a period of 60 days. But what exactly does this mean? Essentially, it involves continuous monitoring of your Verve card’s TransUnion credit history. This monitoring encompasses any additions or removals of information and their corresponding impacts on your credit score.
Verve Credit Card Fees
Just like with every other card, the Verve credit card comes with fees. But hey relax!! If this card meets your requirements, the fees should not be something you can’t handle.
- Initial Verve Credit Card fee –$0
- Verve Mastercard annual fee –$59.95 (waived with e-statements)
- Late payment fees –up to 27% of the balance or a minimum charge of $27, whichever is greater. Where your account becomes delinquent, Continental Verve may add a late fee. However, you will be notified by mail before the addition is done to your account. The maximum late penalty that can be charged is $38 for each month in which one statement was received at least 30 days after its due date.
- Over limit fee –Up to 29.4% APR on the amount over your credit line. Plus any accrued interest charges.
- Foreign Transaction Fee –Varies up to 3%
- Returned Payment Fee –Varies (usually 12% of the face value).
Other Services That Come With Verve Credit Card
Here are other services that comes with verve card:
Online Account Management
Staying on top of your account through the Verve credit card website is simple and convenient. You have the ability to monitor and manage your account anytime, from anywhere. This includes accessing comprehensive details about your Verve card purchases and payments. Additionally, you can review any other transactions that have been reported to the major credit bureaus and are present in your Verve report.
Complimentary Vantage Score
By enrolling in e-statements with Continental Verve, you also receive a free Vantage Score. This score, provided by a third-party service, is commonly used by lenders to assess your creditworthiness. It is updated on a monthly basis, giving you the opportunity to track changes in your report over time conveniently.
Get access to the Verve credit card customer service 24/7. You can call 1-866-449-4514 to get answers to any questions you may have.
This card comes with credit protection. This it done, by adding a layer of security for your Verve within Continental Verve’s loyalty reward program.
Download and enjoy the Verve credit card mobile app for free from the Google Play Store for Android users. The iOS users can download and enjoy theirs from the App Store to manage their accounts daily.
Verve Credit Card Pros With Details
Credit Building Capabilities of Verve Mastercard
Is your credit score in a bad shape? If yes, the Continental Verve credit card can help you build your credit. This card also gives you access to its rewards program while also helping you manage your account with ease.
A verve credit card makes it easy for anyone who is looking to establish credit, maintain good credit, or restore their reputation following financial difficulty.
Undoubtedly, the Verve Mastercard’s free monthly credit score monitoring is among the easiest methods to stay informed about alterations in your TransUnion credit report. This practice can enhance your prospects of obtaining approvals in the times ahead.
Presently, individuals have the chance to initiate the establishment of a favorable payment record using the Verve card. Cardholders can effectively leverage their available credit line to make minor purchases without necessitating significant upfront cash or collateral.
Credit Limit of Verve Mastercard
Continental Finance’s impressive card is specifically crafted for individuals with restricted credit seeking to enhance their credit scores. This card is universally accepted wherever Mastercard is acknowledged. Moreover, it offers a spending limit that aligns with your personal credit history.
Verve’s credit limit ranges from $300-$3,500 depending on the applicant’s income level. It also depends on the ability to repay and other factors. However, most people usually get approved for between $300-and $1000.
$0 Fraud Liability
For any unauthorized charges made on your card, Continental Verve will not hold you responsible. In a situation where your card is lost or stolen, Continental Finance will promptly have it replaced and cover you against fraudulent activity.
Verve Credit Card Cons With Details
Higher Annual Fee
With the Continental Verve card comes an annual fee of $99. Now, this is a bit higher than most credit cards offer. You may also have to pay a higher interest rate than others. This is because this card is target toward those with less than stellar credit.
It is important to be aware from the start that the Verve credit card does not offer any rewards. This means no perks like points, cashback, or other bonuses that might make it more appealing compared to similar-rate cards. The sole advantage lies in its free credit monitoring service. However, it is worth noting that you can find similar free credit monitoring services in various online apps. The decision is yours to make!
High Annual Percentage Rate (APR)
The Verve credit card from Continental charges higher than average interest rates. Their APR of 29.4% is even the highest among all available credit cards with variable APRs. So if are someone who uses your card for a lot of spending, you may want to reconsider applying for this card.
Alternative Credit Cards to Build Credit Other Than Verve
If you think the Continental Verve credit card is not the best fit for you, there are other cards you can consider. So if you have an average or poor credit score, you can consider these cards:
PenFed Promise Visa Signature Card
A great credit builder card issued by the Pentagon Federal Credit Union.
Chase Freedom Credit Card
Issued by Chase bank, this card offers cashback on purchases and balance transfers in rotating categories each quarter.
Discover it Secured
Offers an innovative 3-2-1 Account Opening Benefit. This provides your first Discover Bank Secured Mastercard.
Capital One Secured
The Capital One Secured Mastercard is your go-to option for building credit. It doesn’t burden you with an annual fee, and it allows you to secure your credit line. What sets it apart is that it provides $29 in funding (deposit), which is more generous compare to most secured cards. However, bear in mind that it does carry a high APR of 24.9%. To navigate this, it is important to maintain low spending levels and ensure timely bill payments. Otherwise, you might incur substantial interest charges. The card’s standout feature is its absence of an annual fee, a rarity among cards with modest credit limits.
Who Benefits From This Card?
- Those trying to establish a good payment history
- Those with less than stellar credit are just starting and need some financial assistance to get back into good standing.
If you are dealing with a poor credit score and looking to enhance it, the Continental Verve credit card could be a valuable choice. Even though it comes with costs, you can manage well if you consistently meet your payment deadlines. Using this card can lead to credit score improvement and pave the way for more favorable rates down the line. Plus, the card’s fraud liability policy ensures comprehensive protection, giving you peace of mind in various outlines.