Fortiva Credit Card Reviews: Is It Worth It?

If your credit score is far from ideal, and you’re seeking a credit card with no deposit requirements, the Fortiva Credit Card may be worth exploring. Designed for individuals in various financial situations, the card offers credit-building opportunities, cashback rewards, and the potential for credit limit increase with responsible use.

Before deciding whether to use this credit card for your daily shopping, let’s take a closer look at its advantages and disadvantages in our Fortiva credit card reviews. Keep reading to discover all the information to help you decide and some tips on how to use it effectively.

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

The Fortiva credit card, issued by The Bank of Missouri, is a financial tool designed specifically for individuals who might not qualify for traditional credit cards due to subpar creditworthiness. If you check reviews of Fortiva, you’ll notice that applying for this card often starts with receiving a mail invitation. If you don’t receive one, 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 a hard inquiry to finalize your application.

Since the card is aimed at individuals with less-than-perfect credit, specific income and employment requirements may apply. Hence, when prequalifying online, you’ll need to provide personal information such as your name, address, date of birth, Social Security number, and income details. Ensuring that your application is complete and accurate increases your chances of getting approval.

Fortiva Credit Card: Pros and Cons

Is Fortiva a good credit card? At a glance, it looks pretty enticing. While it has some attractive features, its fees and charges require careful consideration, pushing you to closely explore the Fortiva card reviews. Below is a breakdown of its benefits and drawbacks:

Benefits

• Flexible Approval Criteria: As for the credit score for Fortiva credit card, it doesn’t need to be high for approval. Relying solely on an applicant’s credit report, the card has no security deposit requirement in place.
• Credit-Building Opportunity: Fortiva 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 the 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.
• Fortiva Credit Limit Increase: With responsible use, the Fortiva credit card limit may be increased over time. By actively using your card, you’ll demonstrate your credibility and receive greater purchasing power for your card.
• Cashback Rewards: With the Fortiva card, cardholders can earn 3% on gas, grocery, and utility bill payments and 1% on other eligible purchases of goods and services.

Drawbacks

• Higher Fees and Payment Costs: The regular APR ranges from 29.99% to 36%. For the first year of use, you’ll be charged from $49 to $175. 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 cashback incentives, or travel perks, Fortiva сredit сards have fewer rewards and benefits for customer purchases.
• Lower Credit Limits: Initially, Fortiva offers lower credit limits (up to $1,000) 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 offers no registration bonus or introductory cash award to incentivize new applicants.

Tips for Using the Fortiva Credit Card Responsibly

Maximizing the benefits of the Fortiva credit card while improving your credit requires disciplined use. Here are some tips:

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. Pay 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 stay on schedule, ensuring 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. Avoid Carrying a Balance: Maintaining a balance on your Fortiva credit card over successive months may lead to substantial interest charges. Aim to settle your balance in full each month.
5. Monitor Your Account Regularly: Stay on top of your Fortiva account by regularly monitoring your transactions and statements to improve your financial habits and track your spending habits.

Conclusion

The Fortiva сredit сard provides a pathway to credit improvement for individuals with less-than-perfect credit histories. It offers flexible approval criteria, credit-building opportunities, and cashback rewards, making it accessible to a broader audience. On the flip side, it comes 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 may not be the best option for everyone, especially if you’re sensitive to recurring fees or require higher credit limits. Before applying, consider your financial situation, spending habits, and long-term goals carefully. If you decide to proceed, using the card responsibly can help you rebuild your credit and improve your financial standing over time.