Fortiva Credit Card Reviews: Is It Worth It?

How would you describe your financial situation? If it gravitates toward “complicated” or you struggle with less-than-ideal credit rating, chances are great you’ve already heard about Fortiva financing. 

A credit card with no deposit requirement looks lucrative, right? That’s what makes the Fortiva credit card stand out against other similar options. However, think twice before rushing into the application process. As with other financial products, take your time to explore its features and understand its ins and outs. Before using the card, you need to understand what exactly the terms and conditions are, and will the payoff be worth your while. We hope our detailed Fortiva credit card reviews will help you discover all the data you need to make a well-informed decision. 

What Is the Fortiva Credit Card, and How Do You Get It?

The Fortiva Mastercard issued by The Bank of Missouri is a financial tool designed specifically for individuals who can not apply for traditional credit cards due to subpar creditworthiness. If you check Fortiva reviews, you’ll find out that to apply for this card, you should get a mail invitation. Unless you receive it, you can prequalify by filling out an online form on the Fortiva website. This way, you’ll authorize Fortiva to make a soft inquiry into your credit history. If you pass the prequalification, the bank will present you with an offer outlining the fees and rates applicable to your account. If the offer suits you, Fortiva will proceed with the hard inquiry.

Since the program considers applicants with less-than-ideal credit, specific income and employment requirements may apply. Hence, when pre-qualifying online, you’ll be required to provide personal information such as your name, address, date of birth, Social Security number, and income details. Make sure you fill out all the necessary details, as this will increase your chances of getting an approval.

Fortiva Credit Cards: Pluses and Minuses to Consider

Is Fortiva a good credit card? At a glance, it looks pretty enticing. Yet, vague calculations behind charges should push you to closely explore the Fortiva Mastercard reviews and carefully weigh all the pros and cons of this card before making a decision to apply. 

Benefits

• Flexible Approval Criteria: Fortiva doesn’t require a high credit score for approval. Relying solely on an applicant’s credit report, the card has no security deposit rule in place;
• Credit Building Opportunity: Fortiva сredit сards offer a pathway to improving your credit score. By using the card responsibly and making timely payments, cardholders can demonstrate creditworthiness and potentially improve their credit standing over time;
• Reporting to Major Credit Bureaus: Fortiva reports cardholder activity to major credit bureaus, which makes credit rate improvement quicker and easier;
• Online Account Management: Cardholders have access to an online portal where they can review their account balance, make payments, and manage their card settings;
• Credit Limit Increases: With responsible use, Fortiva may offer credit limit increases over time. By actively using your card, you’ll demonstrate your credibility and receive greater purchasing power for your card;
• Cashback Potential: With Fortiva Mastercard, cardholders can earn 3% on gas, grocery, and utility bill payments and 1% on other eligible payments for goods and services.

Drawbacks

• Higher Fees and Payment Costs: The regular APR will fall between 22.74% and 36%. For the first year of use, you’ll be charged from $49 to $175. Balance transfers and foreign transactions will be charged with a 3% fee, and cash advances will entail a $5 or 5% surplus, whichever is greater. Besides, an account maintenance fee of 60$ to $159 will be billed annually and split into monthly installments afterward;
• Limited Rewards and Benefits: While some credit cards offer extended rewards programs, generous cash back incentives, or travel perks, Fortiva сredit сards have fewer rewards and benefits for customer purchases;
• Lower Credit Limits: Initially, Fortiva offers lower credit limits (between $350 and $1000) compared to other cards. This can restrict purchasing power and may require cardholders to carefully manage their credit funds;
• No Welcome Bonus: In contrast to other cards with lower costs and interest rates, Fortiva Mastercard offers no registration bonus or introductory cash award to incentivize new applicants.  

Tips on Fortiva Credit Card Responsible Use

How do you get the most out of your Fortiva credit card while building a positive credit history?

1. Know your credit limits: Keep track of your available credit funds and stay well below your limit to maintain a stable credit utilization ratio;
2. Make sure to pay your bills on time: Late payments can result in fees, increased interest rates, and damage to your credit score. Set up automatic payments or reminders to ensure you never miss a payment deadline;
3. Avoid cash advances: with Fortiva, cash advances come with high fees. Use them only in emergencies and pay off the balance as soon as possible;
4. Steer away from carrying the balance: Maintaining a balance on your Fortiva credit card over successive months may lead to substantial interest fees. Aim to settle your balance in full each month, if feasible;
5. Keep an eye on your account: Stay on top of your Fortiva account by regularly monitoring your transactions and statements to improve your financial habits and track what you’re charged for.

Conclusion

Fortiva сredit сards offer accessibility and rate-building opportunities for individuals with suboptimal credit histories. On the flip side, they come with high fees that can accumulate into a hefty sum every month, not to mention the lack of transparency on how variable charges are calculated. As such, Fortiva is not the option suited for everyone. You should carefully consider your financial situation, needs, and preferences before applying for this offer.

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