What is Verve Credit Card? We all look for ease in our life. These days’ people prefer credit cards for all of their important financial matters. It gives them ease and most of all the latest and up to date security as well.
Keeping cash with you everywhere is not an easy thing. It is very difficult to keep with you and you don’t feel comfortable with it.
The best thing about these cards is that they are offering very lucrative benefits to their customers. The customers can enjoy the ease of purchasing and at the same time, they can have many benefits for the company.
These days’ credit cards are issued by many companies and mostly they are made specifically to meet the needs of their customers.
They are targeting some particular brands and helping people achieve their financial goals. Some of the credit cards are quite hectic as well because they will charge you some very heavy fees and other interest rates.
You need to be very careful before selecting a suitable credit card for your financial needs. Read all about the card and then get the views of the people who are using that card and then go for it.
Table of Credit Card Contents
Verve Credit Card
This credit card is the result of the collaboration of two major companies which are Mid-America Bank & Trust and Continental Finance.
These two companies are considered quite good in the market but when we look at this card it has some of the very bad aspects of these two cards in it which is quite odd for the card.
Application for Verve Credit Card
Application for this credit card is quite simple like all other cards in the market. You need to provide all the personal information to the company while submitting the application.
The good thing is that you don’t need to pay any fees at all to the credit card company.
They will respond back to your application immediately and will inform you whether you are eligible for it or not.
You also need to provide them with all of your banking histories. This helps them determine your credit score and how well you pay back your charges to the company.
They will also ask for your mailing address as well. this is very important because it is then used to get in touch with you.
The same address is also used by the credit card company as the payment address to you.
Make sure that all the information provided to the credit card company for the application is true because they are going to verify each and everything and then give you the credit card.
They will also ask your employment address or any other sources of income to determine what type of credit card is more suitable for your needs.
- Bad fee structure
Some of the unsecured credit cards are known in the world for charging heavy fees from their customers but here this duty is performed by Verve Credit Card by charging heavy fees from the customers.
Let me tell you that this credit card is charging $125 from its customers in the first year and then for the coming years it is going to charge you even more, yes they will charge $216 each year which is too much for a card like this.
One of the major problems in the market for this credit is the bad fee structure of this credit card.
- Good news
The good news about this credit card is it lets you deposit some security charges and makes sure that you are secured. The security deposits for the customers of the credit card are at least $50.
In short, you need to have some really good credit receive the spending power from Verve Credit Card otherwise you are not going to get much from this credit card.
In case you are getting access to the unsecured credit line of the credit card for all of your emergency expenses then you are going to get a very less amount for the spending.
They will give you a spending power of just $375 which is way too small for the people who are looking to spend a lot using the Verve Credit Card.
The bad news of the unsecured credit line is that if you are carrying a balance from month to month than it is going to become quite heavy for you.
They are going to charge you the lofty interest rate of 30.49%. This means that you are going to generate very less with an unsecured credit line of the Verve Credit Card.
- Make a decision
If this is the case with you then you should go for some other credit card in the market instead of this one.
If you are looking to get some loan from the credit card and hope very less interest from it or you are signing up for the credit card in order to increase your creditworthiness than this is not the right choice for you at any cost.
All the other major details of Verve Credit Card are discussed below. You can have a look at it thoroughly and then make a decision.
- Main features
They are giving you the potential for the spending power right from the start. You can get a loan amount from the credit card in the very start.
They are offering a short-term loan of $375 to all of their customers which can be used for small purchases but make sure that you are paying that money back on time otherwise be ready for heavy interest charges.
This is all based on the starting credit limit of the account which is around $500 for the customers of the credit card.
This amount is then further reduced to $125 by the verve credit card.
This amount can be very useful for some of the customers of the credit card company. This makes sure that you can buy some of the important things using this money.
However, if you are thinking to complete most of your needs with it then obviously this is not going to happen at all.
Another good thing about this credit card is that it makes sure that customers are not given an unsecured credit line at any cost.
Your full credit line is ensured by the credit card company, they ask for the security deposit for that purpose which you need to pay them at all costs.
- Bad aspects of credit card
They are charging a fee of $125 that too in the very first year. A small benefit which you can get from this credit card is that they are not going to charge any application process fee from the customers.
On the other hand, the annual charges must be submitted to them right after opening the account with them.
Most of the other cards in the market are charging a very less annual fee from its customers but this is not the case with them.
Another bad thing about them is that the initial annual deposit is going to limit your spending power as well and you won’t be able to spend much right after giving them an amount like this.
- Subsequent fees
Beside annual charges, there are some other things which are going to hurt the customers of this credit card. They will charge you $216 after the first year an annual fee which is also too much for the customers of the credit card.
Actually, the annual fee is decreased the very next year and comes down to $96 but then it has an additional monthly fee of $10 with it which is going to take the total to $216.
It is fine to pay the fee but these additional monthly charges are going to create some serious problems for the people.
APR Rates of Verve Credit Card
The APR rates of the credit card are also quite high and create a lot of problems for the people using the loan services of the credit card.
It can become very difficult to pay back to the company if you are having some dues with them.
They are charging an APR rate of 30.49% for all of their customers.
Most credit cards are known in the world for charging quite high rates from the customers but this credit card is changing the trends altogether and charging some very high rates from the customers.
The average rates in the market for the APR are quite low and most of the cards are just charging from 19% to 22% of their customers.
You can compare the rates of their interest by using their calculators and then compare it with other companies as well, you are going to see a large difference between this APR and the APR rates of other companies.
- Security deposit
Security deposit of the credit card is also a big headache for the customers. They will ask you for a security deposit of more than $50 which is not negative at all but when you see the high fees and other charges it seems quite odd.
This also needs to make sure that you have spent 90 days using the credit card of the company.
This is going to increase your credit limit to $2,000.
- Fees for cash advance
They are also going to charge you a fee for the cash advance. The cash advance fee of the credit card is 5% right at the start.
There are some things which can only be paid using the cash services of the company and for them, you need to pay the 5% fee as well to the credit card.
The fee for the cash advance is either 5$ or 5%, the amount which is greater will be deducted from your credit card.
The high APR charges of the company are also going to accrue the account right at that time.
When you combine all these charges together it becomes a quite hefty amount for the consumers.
These are some of the normal charges by the verve credit card.
There is one more interesting thing about this credit card that it is not going to assess the cash advance fee for the first 12 months but then later you need to pay them.
One more thing about the verve credit card that they don’t allow cash advances at all for the first 95 days after opening an account with the verve credit card.
You can plan according and see how you can save some money from this credit card.
- Fee for the foreign transaction
Here again, you don’t need to worry about the foreign transaction fee for the first 12 months. However, after that, you need to pay 3% to the credit card for all the transactions which are outside the United States.
- Without smart chip
This card is not having a smart chip at all. On the other, the credit card industry is coming with new innovations in their credit cards.
They are replacing the credit cards with the modern chips instead of old magnetic stripe cards but this is not the case with this credit card.
The smart chip cards are better equipped to prevent any kind of fraud and other such things however this card is not that much secured when we compare it with those other cards.
This won’t be a big issue for you because they are also providing 0% liability to their customers and many other such offers which make sure that no security of the card is breached ever.
Just a small addition in their card of the chip can relax the people and make them think that this credit card is also modernized and more secured like all the other credit cards.
- No rewards
Another thing which attracts people these days is the reward system by the credit cards. This card, on the other hand, no such benefit for the customers.
They are not giving any sign-up bonus or any other point system for the credit card holders to earn some reward from them.
They need to introduce such things to attract more people toward them and increase the popularity of their credit card in the market.
Most people these days first look for the rewards by the credit card and then sign up for them.
In this aspect, this card will be the last choice of many people looking at other heavy fees, and no major benefit of the credit card.
Introduction of some rewards or cash back will have a very positive impact on the credit card.
Now that you have read enough about the verve credit card and must have got a general idea about it. There are mostly bad points of the credit card.
The card is not the first choice of people at all. Only people who are not getting other cards due to any reason can go for this credit card.
They are having very high annual charges, then monthly charges from the very next year and above all the high APR rates of the credit card.
Some of the other things which people look in these cards are the rewards and they are lacking back in this aspect as well and have no reward program at all for the customers.
Foreign transaction fee and the cash advance fee are normal when we look at all the other cards in the market and it also provides some leverage to the people in this aspect.
The customers don’t need to pay these two things for the first 12 months which sounds quite good.
As a whole, this is not a very good choice for the people who are looking to spend a lot using their credit card and want some reward or cash back as well from the credit card.
You should go for some other better card instead of this card with verve.
Do share your views with us. Which other cards would to recommend to people for getting food rewards and low charges?