Fortiva Credit Card Overview
The Fortiva credit card is designed for people who are trying to rehabilitate their credit or who have low credit scores that prevent them from getting secured credit cards. However, because you must pay a slew of fees, it is a costly credit card for credit-building.
The Fortiva Mastercard is an unsecured credit card that can help you improve your credit score. It does not give a welcome bonus, cashback, or other sorts of rewards because it is solely a credit-building card. You should be aware of the following features of this card.
Credit Card Fees at Fortiva
One of the reasons you might be put off by the Fortiva credit card is the extraordinarily high fees. Although a security deposit is not required, numerous extra costs might add up to hundreds of dollars.
Fortiva’s costs are significantly greater than those charged by other unsecured credit cards. The following fees must be paid:
- Annual Fee: The annual fee differs for each cardholder, depending on different factors. The annual fee for your first year could be anywhere from $49 to $175. After the initial year, the fee will be around $49.
- Balance Transfer APR: Cardholders have to pay 22.74% to 36% variable APR on balance transfers.
- Penalty Fee: The penalty fee is charged for a missed payment. The fee depends on whatever the law permits at the time. You can expect the fee to be up to $40.
- Foreign Transaction Fee: Cardholders pay a 3% transaction fee for every transaction outside the United States.
When you total up all of these fees, you’re looking at a few hundred bucks for your first year of card ownership. Furthermore, none of these costs are refundable. On the other hand, if you get a secured credit card, especially one that is low-cost, you will get your security deposit back.
The security deposit for most cards is roughly $200, which is significantly less than the annual fee for the Fortiva credit card. Plus, like with other credit cards, if you complete your initial monthly payments on time, you can request a greater credit limit.
Fortiva reviews accounts on a regular basis to see if they are eligible for credit limit increases. Customers, on the other hand, would not be allowed to request a credit limit increase.
Service to Customers
Users are pleased with the customer service, according to evaluations on Fortiva’s website. It’s much easier to manage transactions and ban your card with Fortiva’s app because it keeps track of your credit card.
However, numerous third-party evaluations, such as those on Yelp, indicate that Fortiva’s customer service is subpar.
Security
Because the Fortiva credit card is registered on the Mastercard network, its security measures are quite similar to those of any other Mastercard. Cardholders receive transaction alerts whenever their card is used.
Furthermore, Fortiva provides liability protection, which means you won’t be held accountable for purchases made with your lost or stolen card.
The EMV chip on the Fortiva credit card provides secure transactions.
Rates of Interest
The Fortiva unsecured credit card offers a high variable APR of up to 36%. Your interest rate will be determined by your creditworthiness. Although the card is designed to help you develop credit, paying off your debt with such a high APR can be difficult.
How to Get Started
On Fortiva’s website, you can apply for a credit card. Even if you have a bad or acceptable credit score, your application will most likely be granted because the card helps people build credit.