Credit Cards

Verve Mastercard® Credit Card 2022 Review

3,5 · Rezension von Jessica Norris
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The Verve Mastercard® is an unsecured credit card with an initial credit limit of $300-$1,000. Although it’s designed for people who want to build credit, it doesn’t require a security deposit as many similar cards do. It also doesn’t charge monthly fees or program fees, but it does have an expensive annual fee of $99.

Quick Review

Unlike many credit cards designed for lower credit scores, the Verve Mastercard® credit card is unsecured. This means you don’t have to put down a security deposit to open it, and your credit limit will be based on your creditworthiness rather than on the deposit you pay.

The card gives you an initial credit line of $300-$1,000 (again, depending on your creditworthiness). If you then make six on-time payments, you can double your credit limit. This means that you could have a credit limit of $2,000 after 6 months.

This sounds good, but it might not be worth it. The Verve Mastercard® has a steep annual fee of $99 and a high APR, so you’ll get hit with a lot of interest charges if you don’t pay off your balance at the end of each month.

In its favor, the Verve Mastercard® reports credit activity to all three major credit bureaus, making it a decent option for credit building. There are certainly worse credit cards on the market for applicants with lower credit scores, but the Verve Mastercard® is still an expensive option that offers minimal benefits.

Verve Mastercard® Important Details

Basic Card Details

  • Credit card issuer: Bank of Missouri
  • Credit card servicer: Continental Finance
  • Regular APR: 25.90% (variable)
  • Annual fee: $99
  • Grace period: 25 days
  • Credit limit: $300-$2,000

Additional Information

  • Initial credit limit of $300-$1,000 (with credit limit increases available up to a maximum of $2,000).
  • Double your initial credit limit by making on-time payments for the first 6 months.
  • Cash advances are available.
  • Foreign transactions are available.
  • Balance transfers are unavailable.
  • $30 fee for additional cards.
  • Credit reporting to the major credit bureaus.
  • Free credit scores for account holders.
  • Zero liability protection.
  • Mastercard® benefits (e.g., fraud and ID theft protection, TransUnion credit report monitoring, and emergency assistance for lost or stolen cards).
  • Option to join the Continental Credit Protection program (which cancels some or all of your debt if you lose your job, become disabled, or pass away).

Verve Mastercard® Feature Breakdown

In this section, we’ll look at some of the most important features of the Verve Mastercard® credit card to see how it compares with other cards for less-than-perfect credit holders.

Fees

  • Annual fee: $99
  • 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: 25.90% (variable)
  • Cash advance APR: 25.90% (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”).

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.

Rewards

The Verve Mastercard® credit card doesn’t offer any rewards.

This isn’t particularly surprising, as applicants with poor credit or limited credit histories generally have a hard time qualifying for rewards cards.

However, cards with cash back and rewards points for holders of lower credit scores do exist—they’re just harder to come by. If rewards are important to you, keep researching to see if you can find more suitable cards.

Benefits

In terms of benefits, the Verve Mastercard® credit card gives:

  • Free credit scores: You’ll get free access to your VantageScore 3.0 credit score from Experian when you sign up for e-statements.
  • Zero fraud liability protection: This means that you won’t have to pay for any purchases on your card that you haven’t authorized (e.g., if your card gets lost or stolen).
  • Mastercard® ID Theft Protection: This includes fraud and ID theft protection, TransUnion credit report monitoring, and emergency assistance if your card is lost or stolen.
  • 24-hour assistance for lost or stolen cards: This gives you an emergency phone number to report your card lost or stolen and get emergency card replacements. You can also get emergency cash advances.
  • Discounted Mastercard® airport concierge services: This means you’ll enjoy a 15% saving on Mastercard® airport meet-and-greet services.
  • Continental Credit Protection Program: You can opt into this by paying $0.99 for every $100 you have in debt. The program allows you to cancel some of your debt if you lose your job or become disabled (in which case it will cover up to 12 consecutive minimum monthly payments for you). It’ll also repay in full any outstanding balance you have on your card if you pass away.

Cash Advances

A cash advance is when you use your credit card to withdraw money from an ATM. Cash advances are allowed on the Verve Mastercard® credit card but only after your account has been open for 95 days.

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The cash advance fee is either $5 or 5% of the amount of each advance—whichever is greater. The cash advance APR is the same as the purchase APR at 25.90% but will not benefit from the grace period, meaning your cash advance balance will start accruing interest right away.

Balance Transfers

A balance transfer is when you move debt from one credit card to another (which is a common form of debt consolidation). The Verve Mastercard® doesn’t offer balance transfers.

Credit Limit

Initially, the Verve Mastercard® will give you a credit limit of $300-$1,000. However, the card issuer will also take your annual fee from your credit limit. That means that if Verve Mastercard® gives you an initial credit limit of $500, for example, you’ll have just $401 available in your initial credit line (or even less if you get an extra card for someone else) until you’ve paid off your outstanding balance.

Credit Limit Increases

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

Credit Reporting

Credit reporting is an important part of building credit, as your credit score is updated based on the information your lenders send to the credit bureaus.

Lenders aren’t legally required to report your credit history; some report to only one or two of the major credit bureaus, if any. Fortunately, the Verve Mastercard® reports to all three major credit bureaus (Experian, Equifax, and TransUnion), which will help you improve your credit score more efficiently.

Credit Building

Because the Verve Mastercard® reports to all three credit bureaus, it’s great for credit building. 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.

Credit Score Requirements

The Verve Mastercard® is marketed as an option for people with less-than-perfect credit, and the 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 under 580 are considered to be “bad” or “poor,” so even if your score is lower than this, you may still be eligible for the Verve Mastercard®. 1

Application and Approval

You can apply for a Verve Mastercard® credit card:

  • By phone: Call (866) 513-4598 to apply.
  • 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 from your check 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.

In most cases, according to Continental Finance, you should get an instant decision about your application. However, some applicants may have to provide additional information to help with the decision, in which case the application could take up to 30 days.

Once Verve Mastercard® approves your application, your new card should be in the mail within 3 business days.

Managing Your Account

You can log into your Verve Mastercard® credit card account online to:

  • Make a payment
  • View previous statements
  • View recent transactions
  • View payment history
  • View your balance and other important credit info
  • Enroll for online credit card statements

Read more: Goodyear Credit score Card Login, Sign up & Cost Directions

Alternatively, you can use the iOS app or Android app.

You can also call (866) 449-4514 to get information about your account (delivered via an automated message) 24 hours a day, 7 days a week.

As well as making payments online, you can send payments to the address listed on your monthly billing statement.

Customer Service

If you need help with your Verve Mastercard® credit card, you can call customer service on (866) 449-4514. They’re available from 7 am to 10 pm on weekdays and 9 am to 4 pm on weekends.

For general inquiries and correspondence, you can also write to:

Continental Finance

P.O. Box 3220

Buffalo, NY 14240-3220

Lost or Stolen Cards

If your Verve Mastercard® credit card is lost or stolen, or if you notice something that looks like unauthorized use of your card, call (800) 556-5678 to report it.

Alternatively, send notification in writing immediately to the same address as the one for general inquiries and correspondence:

Continental Finance

P.O. Box 3220

Buffalo, NY 14240-3220

Should You Get the Verve Mastercard® Credit Card?

FinanceJar Verdict

Compared with many similar cards for credit building, the Verve Mastercard® offers a reasonably generous maximum initial credit line plus good opportunities for credit limit increases. However, it also has high annual fees, no rewards, and little in the way of benefits.

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You’ll be likely to find cheaper, better cards even if your credit is far from ideal. As such, the Verve Mastercard® is probably only a good idea if you’ve run out of other options. Before you consider it, check out some other credit cards available for your credit score range, including:

  • Credit cards for bad credit
  • Credit cards for no credit
  • Secured credit cards

Be aware that secured cards require a security deposit, and this will often determine your initial credit limit. While secured cards can sometimes be more expensive than the Verve Mastercard® in the short term, if you can find secured cards without annual fees, they’ll probably cost you less in the long term.

Who is this card for?

  • Low credit score holders who can’t afford a deposit: If you need a credit card as a way to get a short-term loan, the Verve Mastercard® is one solution (albeit probably not the best one). Your annual fee will come from your credit line, so you won’t have to pay anything until your first monthly bill. If you’re having cash flow problems now but anticipate having more funds in the near future, you might consider this card.
  • Holders of lower credit scores who want a credit boost: One advantage of the Verve Mastercard® is that people with credit problems are often eligible for it. If you have bad credit and you’ve been rejected for other cards, it doesn’t rule you out for this card. If your Verve Mastercard® application is successful, you can use it to start building your credit score by paying your monthly bills in a timely manner. Once you boost your credit score, you’ll be able to upgrade to cheaper, better cards with more favorable terms.

Comparable Cards

To decide whether the Verve Mastercard® credit card is right for you, take a look at how it measures up against other similar cards on the market.

Verve Mastercard® vs. Indigo® Platinum Mastercard®

Like the Verve Mastercard®, the Indigo® Platinum Mastercard® credit card is designed for building credit. However, unlike with the Verve Mastercard®—which has just one offer featuring one set of terms for everyone—the Indigo® Platinum Mastercard® has different offers you could receive when you apply.

The Indigo® Platinum Mastercard® offers different annual fees and interest rates (APRs). The offer you’ll get depends on your creditworthiness.

The Indigo® Platinum Mastercard® annual fees range from $0 to $125: some offers have annual fees that are cheaper than the ones you get with the Verve Mastercard®, and others have annual fees that are the same as or more expensive than the ones you get with the Verve Mastercard®.

The Indigo® Platinum Mastercard® has a couple of advantages over the Verve Mastercard®, including lower foreign transaction fees at 1% (vs 3% for the Verve Mastercard®) and some offers with waived cash advance fees in the first year (whereas the Verve Mastercard® always has cash advance fees). Many of the Indigo® Platinum Mastercard® offers also have lower APRs than the rate you get with the Verve Mastercard®; however, some have even higher APRs of 24.90%.

One point against the Indigo® Platinum Mastercard® is that it initially gives you a much lower maximum credit limit compared with the Verve Mastercard® ($500 vs. $1,000). So if you want a higher credit limit, the Verve Mastercard® wins out. However, if you’re looking to minimize fees and other charges, the Indigo® Platinum Mastercard® is probably a better bet.

Verve Mastercard® vs. Surge Mastercard®

The Verve Mastercard® and the Surge Mastercard® offer similar deals. Both have initial credit limits of $300-$1,000 and offer credit limit increases upon 6 months of on-time payments.

The Surge card gives you potentially cheaper annual fees in the first year compared with the Verve Mastercard®. However, in the second year, monthly fees of $0-$10 kick in, so you’ll probably end up paying more in fees for the Surge Mastercard®. You also may get a higher APR, as the APRs for the Surge Mastercard® are between 24.99%-29.99% (variable).

Otherwise, the two cards are mostly the same. They share the following features:

  • No rewards, welcome bonuses, or intro offers.
  • No cash advances for the first 95 days after you open an account.
  • The same cash advance fee (5% or $5, whichever is larger)
  • The same foreign transaction fee (3%)
  • The same late fee ($40)
  • The same grace period

Of these two cards, the Verve Mastercard® will likely give you slightly better terms overall. If you can prequalify for the Verve Mastercard®, we recommend applying for this card before you consider the Surge Mastercard®.

Verve Mastercard® vs. Discover it® Secured Credit Card

If you’re trying to build credit and can afford a security deposit, we strongly recommend the Discover it® Secured credit card as an alternative to the Verve Mastercard®. Both cards are suitable for imperfect credit and report to the three major credit bureaus.

In addition to the deposit requirement, there are some more important differences between these two credit cards:

  • The initial credit limit for the Discover it® Secured card depends on how much you pay for your security deposit (with a minimum deposit of $200).
  • The Discover it® Secured card has a slightly lower variable APR of 24.49% (variable).
  • The Discover it® Secured card has no annual fees.
  • The Discover it® Secured card offers cashback rewards.

The seeming appeal of the Verve Mastercard® credit card is that, compared with the Discover it® Secured credit card, you’ll pay less money upfront. However, in the long term, the Discover it® Secured card is much less expensive and more lucrative (you can even get your security deposit refunded eventually).

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