Yourvervecard.com pre-approved offers are for a "credit building"-type credit card. It's meant for people who have the worst credit scores for any reason. This makes the Verve card a potentially useful tool, but an expensive one. You'll find fees on top of fees even if you don't use the card. Worse, these fees have increased over time.
What's more, the APR for all transaction types is very high, though not as high as it could legally be. The only factor balancing all of this out is a relatively generous starting credit limit for an unsecured card with approval odds this high for even some of the worst possible credit scores.
Who is the Verve Credit Card For?
Yourvervecard.com is marketed at those who need to build up or rebuild credit. It's the type of expensive credit-building tool that should only be used as a last resort. However, the particulars of why and if this card can help you compared to other last-resort credit cards of this nature will depend on your very specific circumstances.
To help you decide if the Verve card could be useful to you or if it's not worth the hassle, you can find all of the points that need to be highlighted in the review below. This includes a few interesting selections from the fine-print.
The APR for purchases made with the Verve card is a variable rate based on the Prime Rate. At the time of this writing, the variable rate APR is at 29.99% for purchases and cash advances. No APR is noted for balance transfers as balance transfers to the Verve card are not approved. There is no penalty APR with the Verve credit card, though any missed payments or returned payments may lead to immediate default status.
The initial credit limit granted to all www.vervecard.com approved applicants is $750. Credit limit increases may happen as frequently as every six months based on credit approval and payment history. The stated maximum credit limit is $2,000. Attempting to go over this credit limit or succeeding in going over this credit limit could result in immediate default on your credit card agreement.
It is also possible that you will be approved for the Verve card pending a security deposit. The required security deposit may vary but will equal the initial credit limit you are given. This is the only version of the Verve card where the $750 minimum credit line does not apply.
- Annual Fee – The annual fee for the Verve credit card is $125 for the first year and $96 for each year thereafter. This fee is billed once on the anniversary of your account opening.
- Monthly Maintenance Fee – The monthly maintenance fee is the hallmark of a last resort credit-building card and is a fee type not found on other types of credit cards. The monthly maintenance fee for the Verve card is $10 each month for a total of $120 per year. This fee will not be charged in your first year.
- Application Fee – There is no application fee for applying for or being accepted to the Verve credit card program.
- Cash Advance Fee – The cash advance fee for the Verve credit card is the greater of $5 or 5% of the total cash advance transaction.
- Foreign Transaction Fee – There is a foreign transaction fee of 3% of each transaction after each transaction has been converted to USD.
- Late Payment Fee – There is a late payment fee of up to $38 with the Verve credit card.
- Return Payment Fee - There is a returned payment fee of up to $38 with the Verve credit card.
- Authorized User Fees – There is a one time fee of $30 for each additional card or authorized user you request if that request is approved.
- Balance Transfer Fee – As balance transfers to the Verve card are not allowed, there is no balance transfer fee.
There is no rewards program or other incentive that comes with the Verve credit cards through www.yourvervecard.com. There are no welcome offers, introductory offers, bonuses, or promotional rates. No reward or promotional programs are likely to come to this card in the future. It's also unlikely to be able to negotiate fees, APR, or to a better credit score as your credit improves.
Pros – Advantages of the Verve Credit Card
- Lax Credit Score Requirements – The Verve card has low standards for what they consider “acceptable” credit scores, income, and other credit-related factors considered for approval. They even offer a secured variation of the Verve credit card if your particular situation is just outside what they might consider for the unsecured Verve credit card. These requirements are why the fees on this card are so high. Still, there are similar cards with fewer fees and similar requirements.
- No Application Fee – With every other fee they charge, it's nice that the Verve card doesn't have an application fee tacked on.
- Higher Than Average Minimum Starting Credit Limit – For the type of credit card this is, $750 is a fairly high initial credit limit. However, if you consider all credit cards as a whole, this is a very low initial credit limit.
Cons – Disadvantages of the Verve Credit Card
- High APR – The APR for purchases and cash advances made with the Verve credit card is higher than average.
- High Fees – The Verve card comes with a high annual fee as well as a monthly maintenance fee in addition to standard penalties and other optional fees.
- Low Credit Limit Cap – The credit limit cap for the Verve card is $2,000.
www.yourvervecard.com in a Nutshell
The Verve credit card is a last-resort type of credit-building tool. It should not be looked at as a way to maximize your financial security or position. This card is a means to an end and a calculated acquisition. If you are attempting to build up your credit from a very low score, it's always preferable to find a card you can keep around for at least 5 years, if not indefinitely, due to how closed accounts can impact your credit-building efforts.
The Verve card itself is not a recommended option for its high fees, strict and unforgiving fee structure, and abysmal potential for growth. Its single redeeming feature may be a higher-than-average initial credit limit of $750, but this is quickly outgrown as the cap on all credit limits is just $2,000.