Verve Credit Card Review: Pros and Cons
"If you're looking for a credit card that will help you build your credit, the Verve Credit Card is worth considering. This card is an excellent option for young adults who are just starting to establish their credit history."
Verve has some great benefits, but there are downsides as well. In this article, we'll explore the pros and cons of Verve Credit Card to see if it's right for you!
The Verve card is offered by Continental Finance, a company that specializes in credit cards for consumers with less-than-perfect credit. Their website boasts an impressive customer base of over 3 million. Verve offers a card for both business owners and consumers.
If you plan on paying your entire balance off every month, this card could be a great fit for you. Verve offers an introductory APR of 0% on both purchases and balance transfers for 18 billing cycles. This is one of the longest 0% intro periods in the industry. After that, the APR is 15.24% to 29%.
Verve Card Features With Details
The fair initial credit limit for a new account
The initial credit limit for a new account ranges from $300 to $1,000. The best thing about this verve credit card is that you can regain your credit score by making payments timely while you've to keep the balance within the credit limit. You can use this card at almost every possible place from shopping to travelling.
Increases Limit Just After 6 Months
You can earn your first credit limit increase after only 6 months with Continental! And if you're trying to build up good credit, getting a Credit Limit Increase is one of the most important milestones.
They recognize that and will review your account when it's requested by customers, which could be as soon as six months after opening an account.
When they do so, they'll provide opportunities for higher spending power, lower balances relative to available limits on cards or even raising credit scores.
$0 Fraud Liability
Continental Finance offers $0 Fraud Liability for your Vever Credit Card. This means that you are not liable for any fraudulent charges as long as you report them within 60 days of the incident.
With zero fraud liability, you can shop confidently knowing that each purchase is fully protected, and if there's ever a problem Continental Finance will take care of everything for you.
Your Continental Finance Verve credit card will protect you against unauthorized purchases, so there's no need to worry about the safety of your information.
Monthly Reporting To TransUnion, Experian, Equifax
Continental Finance Verve Credit Card provides monthly reporting to TransUnion, Experian and Equifax which is a great way to monitor your credit score.
Monthly reports are the key method by which you can keep tabs on what bills and purchases have been made, where they were charged, how much was paid in interest rates or other penalties as well as whether or not any additional account fees accrued from late payment.
Monthly studies show that those who maintain monthly records will pay more than double less time with their lenders when it comes time to renegotiate terms.
Free Monthly Credit Score
Continental Verve Credit Card provides a free monthly credit score which is a great way to stay on top of your finances.
By activating a Verve Mastercard, you unlock the perks that come with it. One of those is getting your free monthly credit score when enrolling in e-statements. You can also see how making on-time payments has an impact on your credit each month.
Credit Score Monitoring Service
You'll also receive an updated TransUnion Credit Score for 60 days with Continental Verve's TransUnion TrueTrack™ service! This means that someone will monitor all changes in your Vever's TransUnion credit history including when information was added or deleted and how it affected your score.
Verve Credit Card Fees
- Initial Verve Credit Card fee: $0
- Verve Mastercard annual fee: $59.95 (waived with e-statements)
- Late payment fees are up to 27% of the balance or a minimum charge of $27, whichever is greater. If your account becomes delinquent, Continental Verve may add an additional late fee and will notify you by mail before adding it 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 Comes With Verve Credit Card
Online Account Management
Verve Credit Card web access lets you manage your Vever credit card account anytime, anywhere. You can view detailed information about your Verve purchases and payments as well as any transactions that have been reported on your Verve report to the major credit bureaus
By enrolling in e-statements with Continental Verve, you'll also receive complimentary Vantage Score, a third party service used by lenders to measure creditworthiness. The score is updated every 30 days so it's easy for you to monitor changes over time.
Verve Credit Card customer service is available 24/hrs a day at 1-866-449-4514 to answer any questions you may have.
Verve Credit Card offers credit protection by adding an additional layer of security for your Verve within Continental Verve's loyalty reward program.
Verve Credit Card Mobile app can be downloaded for free From Google Play Store or App Store to manage your account easily.
Verve Credit Card Pros With Details
Credit Building Capabilities of Verve Mastercard
Continental Verve Credit Card is a great card that helps build your credit and can give you access to its rewards program while also helping you manage your account.
The Continental Verve card makes it easy for anyone looking to establish credit, maintain good credit or restore their reputation following financial difficulty.
Verve Mastercard's free monthly credit score monitoring has been found as one of the simplest ways to keep up with changes on your TransUnion credit report which may help improve your likelihood of getting approved in the future.
Continental Verve gives consumers an opportunity to start building a positive payment history. With this card, members can effectively use their available line of credit and make small purchases without needing large amounts of cash or collateral upfront.
Credit Limit of Verve Mastercard
The Verve Card is geared toward individuals with limited credit who are trying to improve their credit score. It can be used anywhere MasterCard is accepted and comes with an available spending limit based on your personal credit history.
Verve's Credit Limit ranges from $300-$3,500 depending on the applicant's income level, ability to repay and other factors but most people usually get approved for between $300-$1000.
$0 Fraud Liability
Continental Verve will not hold you responsible for any unauthorized charges made on your card. If your card is ever lost or stolen, they'll promptly replace it and cover you against fraudulent activity.
Verve Credit Card Cons With Details
Higher Annual Fee
Continental Verve charges an annual fee of $99 which is a bit higher than most credit cards. You will also probably pay a higher interest rate than others as well because Verve is geared toward those with less than stellar credit.
Vere Card Doesn't Earn Rewards
The Verve card does not offer rewards points, cashback, or any other type of bonus incentives that may make it more desirable than other cards with similar rates. The only benefit is the free credit monitoring service which can also be found in free apps online.
Continental Verve charges higher than average interest rates. In fact, their APR of 29.4% is the highest among all available credit cards with variable APRs. So if you have a lot of spendings to do on your card, it would be good to think twice about getting this one.
Alternative Credit Cards to Build Credit Other Than Verve
Here are some other credit cards that we recommend for those with average or poor credit scores:
- PenFed Promise Visa Signature Card, a Credit Builder card from Pentagon Federal Credit Union.
- The Chase Freedom credit card offers cashback on purchases and balance transfers in rotating categories each quarter.
- Discover it Secured comes with an innovative 3-2-1 Account Opening Benefit that provides your first Discover Bank Secured Mastercard.
- Capital One Secured Mastercard:
- If you're looking to build your credit, it can be a bit annoying as there are many options out there. If you just want one card with the goal of building credit, then we suggest the Capital One Secured Mastercard.
- It has no annual fee and allows customers to secure their own line of credit which is great if you have never had a card before. Plus at $29 in funding (deposit), they give more than most secured cards.
- You will need to put down a deposit on this account and pay interest charges but it's better than paying off debt or using a high-interest rate credit card like the Verve Card by Continental Finance.
- The Capital One Secured Mastercard does have a very high APR of 24.9%, so be careful to keep your spending levels low and pay your bill on time every month, otherwise, you will get hit with hefty interest charges. We liked this Card because it has no annual fee, which is rare among low-credit limit cards.
Continental Verve Credit Card is one of the best options for those who are looking for a credit card even if you have bad or average credit. The interest rate on this product can be expensive but by paying your bills on time, you can improve your credit score and qualify for better rates in the future.
Consumers who may benefit from this product include those trying to establish good payment history or those with less than stellar credit who are just starting out and need some financial assistance to get back into good standing.
It's also helpful that Continental Verve maintains a fraud liability policy in case your card ever gets lost or stolen, which happens more often than it should.
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