Fortiva Credit Card Reviews – The Fortiva® Mastercard® Credit Card issued by The Bank of Missouri targets consumers who are emerging from a weak credit status, have no access to secured credit cards, or cannot afford a security deposit. Despite this unsecured card providing the opportunity to get credit for many people, its usage among recipients is comparatively low due to the mentioned fees and high interest rates.
Fortiva Credit Card Cash Back Rewards Program
The main feature that sets the Fortiva Credit Card apart is that it has a simple application process and the approval process seems to be relatively fast. Credit limits also vary depending on the cardholders and can be between $350 and $1000. Regarding the rewards, the card provides $0.03 per dollar spent on categories such as gas, groceries, and utility bills, and $0.01 at other stores and restaurants. However, the values earned are redeemed as an annual statement credit which changes the freedom of redemption and has been a source of concern from some of the consumers.
High Fee Structure
Even though the rewards program is formidable, the Card’s fees are possibly some of the most contentious aspects. The loyalty cards have a fee of $49-$175 in the initial year of record and can range between $0-$49 in the subsequent years depending on the credit card users’ profile. Moreover, Fortiva operates an annual account fee that is between $60 to $159, which is charged every month starting from the second year.
Additional charges include a foreign transaction fee of 3% of the transaction value and a late payment fee of up to $40 on the payment due amount. Critics have pointed out that these charges can run up to several hundred dollars in the first year, making it more costly than the normal security deposit charged by most secured credit cards.
Interest Rates and Their Impact
The interest rates associated with the Fortiva Credit Card have also raised eyebrows. An APR of 22.74 up to 36% means that is crucial for customers to clear their balance in full every month to avoid high interest charges. The APR has also been a major concern among users, who pointed out that it is especially detrimental as it can be offset by the rewards collected throughout the usage of the card.
Mixed Customer Feedback
There are also mixed opinions regarding the benefits of availing of the Fortiva Credit Card. Some users enjoy the freedom it provides in creating credit since it does not have a deposit requirement. Some have complained about the fees charged on the card as being high. As one of the reviews for the personal finance site, GOBankingRates has pointed out, it comes with high sign-up fees, and there may be cheaper options that are similar to secured credit cards for credit rebuilding.
Conclusion – Fortiva Credit Card
Thus, the Fortiva Credit Card creates an opportunity for those who do not have a good credit status to build or reclaim a good credit score besides the cash-back rewards. However, legal charges and interest rates are relatively steep, and this affects the convenience factor that the card provides to the users. Potential borrowers should consider all these factors and look for other ways of building credit that can be less expensive and impose fewer restrictions.
