Well, so the Continental Finance Corporation, the people who brought you Matrix and Ceulean credit cards, have already released a third card called Verve (which, if you ask me, is a pretty fashionable name). The design of the card is black with hints of blue and purple. Just like their other cards, this is a bad credit score credit card. The question is, how much is the cost? Even if your credit is bad, should you get this card? The purpose of this review is to explore this and compare it with peers. At the end of the audit, we will also recommend some card strategies, depending on the content of your report and your credit limit.
Fees and rates
When you get the approval of this card, you will receive an annual fee of $125 immediately. This means that your credit limit will be deducted immediately. From the second year, the annual fee dropped to $96, less than the first year’s fee (why do they have to charge a higher first year fee? I don’t know? I think this is for more early cancellation after a year.
If all these cards are annual fees, I really don’t mind. But this is not the case. In addition, they charge a monthly maintenance fee of $5, which costs US $60 a year.
APR surged 29.9%. Ironically, it is not as high as the first prime minister (now is 36%!). The bottom is like this: do not balance anything.
If you need extra cards for your spouse, you must cough up an extra $30 per year. I suggest that if you get this card, do it yourself.
After approval, your credit limit is likely to be $500. But because the annual fee of the first year is reduced by 125 dollars, you will get 375 dollars.
You may get the approval of the Security version.
According to your credit file, you may be granted the use of a security credit card rather than an unsecured version. After checking terms and conditions, even if you need to pay the deposit, you still have to pay the same fee. You will notify you in your letter of approval.
You can increase your deposit to $2000 in 90 days. Once you pay three times in time, your credit limit will be full deposit. Please keep in mind that this deposit may be shelved for up to 10 days. Payment will only be processed on weekdays. Your deposit will not be cancelled unless your card is closed and you have paid all the money. After you return the card or have it officially closed, they have up to 90 days to return the deposit to you.
Verve is actually a card from Continental Finance, and they also have two very similar cards (Matrix an Cerulean). In the market of annual fee card, there are actually three cards that can be compared with them.
The first is the first senior bank card. Applicants who apply for FP will be charged a one-time fee of $95. The annual fee for the first year is $75. From the second year, the annual fee drops to $45, but you also have to pay a monthly processing fee of $6.25 or $75. From second years, you will have to pay an annual fee of US $110. The interest rate of FP is 36%, higher than that of Verve. FP also has a separate security card, which charges us $35 a year.
The next card to compare with is Genesis’s Milestone Gold MasterCard. Unlike Verve, Milestone only charges annual fees. You can get a $35 or $59 annual fee card. Or you can get an annual fee of $75 in the first year (second to 99 dollars). The annual interest rate is 23.9%, far below 29.9% of Verve.
Another uncomparable unsecured card is Credit One. Credit One only charges annual fees (from $35 to $99). The annual interest rate is 23.9% (less than Verve). In addition, you can actually get bonus points for natural gas purchases, and you can get free credit scoring monitoring.
Do you have this card? What options do you have?
I will not recommend this card after checking the cost of the card to other users. The annual fee you pay is ridiculous. If you do get a security card approval, you still have to pay the equivalent of a sub-unsecured card.
So, if we ask you to avoid using this card, what should you consider? Well, this actually depends on your specific credit status.
If you’ve just exited bankruptcy, or if you’ve recently had outstanding charges and receipts, an unsecured subcard (even a high-cost card) is not dunked. In fact, many people were rejected.
Security cards like First Progress will be a good starting point.
If you have most of the settled charges and receipts, you may be photographing unsafe cards. It is worth mentioning that Credit One or Milestone Gold MasterCard. These two cards will let you pass the prequalification first (with soft pull). To get the best chance of approval, it’s best if your score is higher than 550, you have a checking account (people are rejected for that) and existing credit lines, such as security cards and car loans. If you have a history of the CHEX system, you should consider checking the account for a second time before getting any cards.
If you don’t have any fees or charges, or if they have been settled a long time ago, you should try not to charge an annual fee for an unsecured card. It is worth checking Barclays’ cards, such as reward MasterCard and NFL card. You should see what scores and limits cardholders get for them (see here and here).