Fortiva Credit Card Review

Have you got issues with getting a credit card for yourself? Maybe you are in an unfortunate situation where you definitely need a Mastercard or a visa card but wrong decisions of your past preclude you from having one. 

Is it not true that whatever you sow you are bound you reap. Maybe, it is just a matter of time.

But wait, there is still hope for people in your situation. You can try to get yourself a Fortiva credit card. It is true that it is easier for all and sundry to get themselves approved by Fortiva the card does come at a higher cost to the owner in terms of fees that may actually push them deeper into debt. 

Bear in mind that, there may be a few downsides to the high probability of getting yourself approved for a card despite your low credit score. It would be prudent to check the negative reviews from Fortiva card customers before you actually apply for your card.

This credit card is aimed at people who have a poor credit history and their low credit scores may not normally allow them to qualify for a credit card. As I mentioned earlier, it probably is wise to go through the experiences of other card-owners and reading the reviews, noting that there are more negative than positive ones from current users of the Fortiva credit card. Trying to get yourself a secured credit card with zero annual fee and a lower applicable rate of interest is definitely a better deal for you personally, especially if your aim is to repair or build your credit.

Atlanticus Services Corporation manages the Fortiva Mastercard’s services even-though the bank of Missouri issues them to its customers. All customer-related documents and statements have “Atlanticus” clearly showing on them.

The Bank of Missouri markets this “unsecured” card to customers who have a low credit history. A “secured” card necessitates a security deposit up-front and is therefore not preferred by people who have a bad or low credit score. What they do not realize for themselves is that they are expected to pay a long list of card fees for the privilege of using this card. The amounts owed to the bank can get really high when you consider annual, and maintenance fees, as well as the interest rates, charged.

Pros and Cons of the Fortiva Mastercard

According to different people who have offered reviews on the Fortiva credit card there definitely are pros and cons to owning and using one for yourself. It would be wise to study these reviews for yourself.

Pros

There are a few Pros to using a Fortiva Mastercard. Chief among them are almost 100% approval, credit bureau updates, and free access to your credit score.

  • Almost 100% Approval – Reviewers vouch for the fact that most everyone manages to get approved for this card, even if their credit score was as low as 400 when they apply. 
  • Credit Bureau updates – Atlanticus sends in reports on cardholder payments to all the three credit bureaus namely Equifax, Experian, and TransUnion. This means that your credit has a good chance of being repaired, directly relating to regular and timely payments on your card.
  • Free Access – you can manage your credit with free access to your credit score with VantageScore

Cons

The cons of owning a Fortiva Mastercard are:

  • High fees are payable – 
    • Fees levied are quite high including an annual fee between $49 and $175 for year one, dropping to an amount between $0 and $49 onwards from year two. 
    • Account activation fee
    • Account maintenance fee
    • Missed payments attract a late payment fee
    • Authorized user fees are applicable if you are an authorized user on someone else’s Fortiva credit card. An upside is your credit gets a boost upwards when the primary cardholder makes their payments on time
  • High interest charged – 
    • Fortiva cardholders with low credit scores are liable to pay as high as 36% APR (or a variable annual percentage rate). 
    • APR ranges between 22.74% and 36% but most other credit cards charge 22.74%. So Fortiva card customers definitely pay more interest for their credit.
  • No credit limit increase – Fortiva will not entertain any request to increase credit limits, and this is specifically stated in their cardholder agreement.
  • Negative Customer reviews – 
    • A very high percentage of online reviews on this card is definitely negative, which you would be wise to consider in, your decision to apply for one.
    • Cardholders have been complaining about the bad customer service they receive when on the phone with the company. 
    • Many of them invariably mention the issue of high fees that Fortiva charges its cardholders.  
  • Nil rewards – When you use a Fortiva credit card to buy yourself purchases you will not receive any cashback or other relevant perks as sadly, this credit card offers no rewards

It will definitely be helpful for you to read through the Bank of Missouri’s terms and conditions that are relevant to the card if you are planning on applying for one. 

Also, comparing the benefits and costs in terms of the fees applicable and interest charged with other cards that are specifically for people with a history of bad credit. This will enable you to make an informed decision, before committing yourself.

Should you Apply for the Fortiva Credit Card?

Though we have briefly discussed the pros and cons of owning a Fortiva credit card it would still make sense to apply for one. 

You can reconsider getting yourself a Fortiva credit card (1) to increase your bad credit score and also (2) to take advantage of the easy approval process for this card. Fortiva sends your credit reports to all three major credit bureaus and this may help you improve on your low credit score. You may then qualify for an alternate credit card that has both a lower APR and lower fees, as well.

Remember, one late payment can damage your credit score. So, it is vital that you pay your credit bill, every month, on time. Only then your credit card can help you boost up your score. You can totally avoid paying interest if you pay the full balance on your credit card, every month. Ensure you understand your liability in paying the monthly fees and the interest charged before you do decide to open a Fortiva credit card account.

If your credit score is bad then this raises a red light to would-be creditors. They would shy away from you as they would believe that you have mismanaged your funds in the past. You become a credit risk to them and any credit card application, in all probability, will be rejected. On the other hand, Fortiva Mastercard is an unsecured credit card that is unique and will accept or approve new cardholders even if they are on the lower end of the credit score range.

You might want to consider being accepted by other secured credit card companies that also approve people with lower-end credit scores in the credit score range, without, of course, Fortiva’s high fees.

Lowest Credit Score Needed for a Fortiva Credit Card

If you try searching the Fortiva or the Atlanticus websites for this information, you might not get any relevant information to a credit score number. 

But, in saying so, we are reminded that Fortiva’s marketing strategy is aimed at people with poor credit history and very low credit scores, who would get approved if they apply. 

If you take the time to read the online reviews on this company’s credit card, you will read about reviewers who have been approved with a low credit score of 400.

As per Fortiva’s website you may possibly, only receive an offer in the mail if you quite low on the credit score range.

What are Fortiva Mastercard Fees?

If you have a bad credit history then it is most probable that this card will end up being an expensive card for you as it comes to you with a plethora of liabilities, in terms of fees payable.

Following is a list:

  • Account Activation fee – Just to open an account, you will pay $25.
  • Account Maintenance fee – You will pay an annual maintenance fee between $60 and $159 for the first year and then a monthly maintenance fee ranging between $5 and $12.50 for subsequent years.
  • Annual fee – The annual fee starts from anything between $49 and $175 for the first year, you use the card. This then drops to any amount between $0 and $49 in subsequent years.
  • Authorized User fee – Every authorized user you add to your account attracts an authorized user fee of $25.
  • Late Payment fee – As of January 1, 2020, the maximum amount allowed under federal law is $40. Fortiva charges you $38 as a late payment fee.
  • Returned Payment fee – As of January 1, 2020, the maximum amount allowed under federal law is $40. Fortiva charges you $38 as returned payment fee.
  • Cash Advance fee – The greater of $5 or 5% of the amount advanced to you. You are also liable to pay a variable rate of interest between 25.74% and 36% (based on your credit history) on cash advances made out to you. 
  • Balance Transfer fee- You are charged 3% of the amount you transfer
  • Foreign Transaction fee – 3% of the purchase amount

It is very prudent to shop around and find the best credit card that is most suitable for your needs. Fortiva’s long list of fees will certainly put anyone off their card!

Fortiva Credit Card Application

The application process is totally online. 

You cannot apply for a Fortiva Mastercard without first getting an offer from Fortiva. 

Filling the online application form is a quick and easy task.

  • Navigate to myfortiva.com, after you have received the offer.
  • Click the mail offer section
  • Select “respond to your mail offer”
  • Enter the code from the mailer you received
  • Enter your offer acceptance code now to access the online application
  • Once you click “SUBMIT CODE”, you will get access to an application form. 

That’s all there is to this simple application process. Now, wait for the approval and your card to arrive.

Fortiva credit card Alternatives

The irony of Fortiva’s credit cards is that it aims its business at people with bad credit scores but charges very high fees which defeat the very purpose of the card. These cardholders are driven further into debt because of high fees, high APR, and interest charged thereby incurring more debt, as a result of using this card. It is well nigh impossible to get much value from this card.

Even if your credit score is at the lower end of the credit score range close to or equal to 300 both on VantageScore and Fico all hope is not lost for you! You have some very good alternates to the Fortiva credit card. 

If you really want to improve your credit and avoid paying high interest and fees, here are three secured options as well as two unsecured ones for you to consider. 

Secured 

Open Sky Secured Visa Card

The best thing about this card is that they require no credit check. This implies that anyone can get this card. 

Other features include a compulsory security deposit of $200.  If you use this card responsibly you will have an option to increase the credit limit on the card.

There is no monthly maintenance fee for this card but in saying that, you are required to pay an annual fee of $35. Of all the cards aimed at people with bad credit scores, this card charges a comparably low-interest rate at a variable APR of 18.89%. Truly amazing!

Capital One Secured Mastercard

Another secured card giving the cardholder the flexibility to choose the amount they can put down as a security deposit. Once you apply you can choose to pay either $49, or $99, or $200. 

If you use your card for 5 months responsibly, then you have an option to apply and receive a credit limit increase on your card. There is no annual fee applicable on the Capital One Secured Mastercard, unlike that from Fortiva.

Discover it Secured Card

You are not liable for an annual fee with the Discover it secured card which allows cardholders to earn rewards on purchases, which is very rare among secured cards. 

For all the fuel you purchase using this card, you receive a 2% cashback as well as a 1%, for all other purchases, which is awesome! As an added incentive, throughout the first year, you own the card, Discover promises to match your cashback rewards for you. Discover also gives you an option to upgrade your secured credit card for an unsecured one after 8 months of responsible use. 

Cardholders can avail of higher credit limits by paying an increased amount towards their security deposit, which is $200 at its minimum. 

Unsecured 

Surge Mastercard

This card is a good unsecured alternative to consider as there is no security deposit involved. 

The feature of the Surge Mastercard include:

  • Regular variable APR of 25.90% to 29.99% applicable for all cash advances and purchases on the card
  • No balance transfer fee
  • Cash advance fee. The greater of $5.00 or 5% of the amount of each cash advance, will be applicable.
  • Annual fee between $75 and $99 is applicable
  • Foreign transaction fee – 3% of each transaction, in U.S. dollars
  • Late payment fee up to US$ 40
  • You can check to see if you are pre-qualified for this card without any impact on your credit score
  • Your credit reports are sent to all three major credit bureaus, on a monthly frequency

Reflex Mastercard

The best thing about this card is that they require no credit check. This card has very similar features to the Surge Mastercard except that it offers you a high credit limit initially.

The Takeaway from Fortiva Card Review 

This credit card no doubt is aimed at people with a poor credit history who may find it extremely difficult to qualify for a credit card. And, yes, the approval is easy for anyone who applies for this credit card. Again, no issues! Even the application process is very easy! Great.

But once you get into the nitty-gritty of the fees you are liable to pay, that’s when you realize that this is one expensive credit card to have.

As we read above, it would be wise to read all the reviews from everyday people just like you and me, who use a Fortiva credit card. Their experiences are bound to help you make a decision on whether you should or should not apply for this card. Maybe after you do study those online reviews, you may make a decision to actively shop around for other cards that may be more suitable for your needs. 

It would be great to get a card with the minimal fees built into the usage of the card but this takes time and effort to search out. But, this will never be a wasted time or a futile effort as you will reap the benefits of owning a good card with minimum fees payable and also repairing your bad credit. 

The pros of applying for this card are far outnumbered by the numerous cons of owning a Fortiva Mastercard. 

The high fees payable, extremely high interest charged on cash advances, no chances of credit-limit increase ever, no rewards or cashback on purchases, and bad online reviews are some of the issues we have discussed.

Consequently, owning a Fortiva credit card is definitely not an attractive proposition for the common man on the street, struggling with their finances and bad credit history.