Fortiva Credit Card Review: Is It Right for You?

Overview of Fortiva Credit Card

The Fortiva Mastercard credit card is an unsecured card that allows you to improve your credit. Since it is a strictly credit-building card, it does not offer any sort of welcome bonus, but you can get an instant credit decision after completing the easy-to-start application.

Read: 3 Easy Tips To Turn Your Credit Woes Into Wows

Key Features

Here are some features of this card you should know about.

Fortiva Credit Card Fees

The Fortiva credit card has extremely high fees, which is one of the reasons you may be put off by this card. Although you do not have to pay a security deposit, many other fees amount to hundreds of dollars.

Even when compared to other unsecured credit cards, Fortiva’s fees are much higher. You have to pay the following fees:

Fortiva’s Expected Fees

• Annual Fee: The annual fee differs for each cardholder, depending on different factors. The annual fee for your first year could be anywhere from $49 to $175. After the initial year, the fee will be $0 to $49.
• Account Maintenance Fee: Cardholders also have to pay a maintenance fee of $60 to $159.
• Balance Transfer Fee: Cardholders have to pay 3% of the amount of each balance transfer after the first year.
• Penalty Fee: The penalty fee is charged for a missed payment. The fee depends on whatever the law permits at the time. You can expect the fee to be up to $40.
• Foreign Transaction Fee: Cardholders pay a 3% transaction fee for every transaction outside the United States.

When you add all these fees, it amounts to a few hundred dollars for your first year of holding the card. Also, all these fees are non-refundable.On the other hand, if you get a secured credit card, especially a low-cost one, you will get a refund on your security deposit.

The security deposit for most cards is around $200, which is lower than what you have to pay for the Fortiva credit card in the first year.

Fortiva may choose to increase your credit limit if you regularly make your payments on time. Fortiva conducts periodic reviews on accounts for eligibility on credit limit increases. However, customers are not able to request an increase in their credit limit.

Customer Service

According to the reviews on Fortiva’s website, users are quite happy with the customer service. Out of the more than 16,000 reviews posted on their site, the company earned 4.7 out of 5 stars. One feature that stands out across the reviews is Fortiva’s app. The app lets you keep track of your credit card, it is much easier to manage transactions and block your card if required.

However, many third-party reviews, such as Yelp, show Fortiva’s customer service has been less than satisfactory. In fact, the company has only earned 1 star out of 95 reviews on Yelp.

Security

The security features of the Fortiva credit card are quite similar to what you would expect to get from any other Mastercard, since it is registered on the network. Cardholders get transaction alerts to notify them every time the card is used.

Plus, Fortiva offers liability protection, which means you will not be liable for the purchases made on your misplaced or stolen card. The Fortiva credit card also has an EMV chip that ensures secure transactions.

Interest Rate

The Fortiva unsecured credit card has a high APR of 22.74% to 36.00% The interest rate you pay will depend on your creditworthiness.

Although the card aims to facilitate credit-building, it can be hard to pay off your debt with such a high APR. If you want to build credit with this credit card, you’ll need to be careful with your spending. If possible, avoid getting into high-interest credit card debt by only buying what you can afford to pay off each month.

How the Fortiva Credit Card Stands Out

Generally speaking, the Fortiva credit card doesn’t stand out in many positive ways. The fees tied to this credit card are high, the interest rates are higher, and you won’t obtain any rewards for your spending on the card. But the saving grace of this credit card is an instant credit limit decision that might help you start building credit immediately. If you are using this credit card to build credit, make paying off your entire balance a priority each month. Otherwise, you could easily slide into credit card debt.

Comparable Credit Card Options

The higher fees associated with Fortiva’s unsecured credit card make it an unattractive option for most people. Here are two other options to consider

Discover it Secured card

A good alternative is Discover it Secured card. Although it requires you to put in a security deposit of at least $200, this is refundable.

The security deposit also lets you request a higher credit limit in the future, which is a feature Fortiva does not offer. Discover it does not charge an annual fee. Plus, you get 2% cash back on your restaurant and gas station purchases.

If you are consistent with your payments, Discover could potentially graduate the card to an unsecured credit card, after some time — anywhere between seven months to several years, depending on your credit factors. Discover it Secured has a , but you can be eligible for a less costly balance transfer APR for the first six months.

Capital One Quicksilver Secured Rewards

The Capital One Quicksilver Secured Rewards card offers another way to build credit. You’ll need to put down a security deposit of at least $200, but this is refundable.

When you use the card, you’ll earn 1.5% cash back on every single purchase. Plus, there’s no annual fee involved. If you can afford the $200 deposit, this is a worthwhile option to consider.

How To Apply

You can apply for the credit card on Fortiva’s website. Since the card helps people build credit, your application will likely be approved even if you have a poor or fair credit score.

If you’ve received an offer in the mail, enter your offer code on the Fortiva website. If you haven’t received an offer yet, you can enter your information to see if you qualify.

Who Is It Best For?

The Fortiva credit card is best for people who want to build their credit score — and that is strictly what they need from their credit card. Fortiva’s credit card does not come with additional perks, unlike other unsecured credit card options.

The card is not ideal for people who intend to use it while traveling since there is a high foreign transaction fee.

Final Take

While it is true that you can build your credit score with Fortiva, the high fees cannot be ignored. On top of that, Fortiva does not offer many incentives, especially compared to other credit card options.

You cannot request to increase your credit limit — though Fortiva will review accounts from time to time. Thus, you should only apply for this card if you are ready to deal with these limitations.

Advice

If you want to build your credit and do not mind paying a refundable security deposit, it is better to opt for a secured card. These cards mostly have no annual fees and also offer cash-back rewards. Plus, you could be considered for an unsecured card if you make your payments on time.

Sarah Sharkey and Cynthia Measom contributed to the reporting for this article.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 27, 2022.

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