Verve MasterCard ® Review

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boobie1998's review: I have had this card since July 2014. It was a pre-approved offer I received in the mail for unsecured $500 limit. They also have a partially-secured version, as my husband has that one. The same limit, $500, but he had to put up a $50 security deposit first, which we did, but my card is totally unsecured. There was no processing fee, but the first year annual fee is $125, so you start with $375 available. Year 2 the annual fee is $96, and a $10 monthly participation fee kicks in as well. I am not sure I will keep the card a second year. It is just so expensive. APR is 29.99%, so you can never carry a balance. No cash advances for the first 90 days, after that you can request a PIN. They have real-time internet access to check balance and available credit, and make online payments. The thing I absolutely HATE is the 7 day hold on my payments. I could see it if you were a new customer, but I've had the card a while now, and that has not changed. The payment does post the next day, but you will not have access to those funds for 7 days. I called customer service and asked about it, and they said you can make a debit card payment thru them, and funds will be available next day, for an extra fee of $10. Not even my First Premier card charges me a fee for a debit card payment, and they charge for everything. The only reason I was enticed to this card was the $500 starting credit line, most bad credit cards only start you at $300. Not sure about getting a CLI either. My original terms that came with the card stated after one year I could request an increase, but they day I called customer service asking about payments, I inquired on that just to see if anything changed, and was told they aren't accepting increases at this time. I wouldn't of been eligible for one until July 2015 anyway, which would be my one year mark. I believe I will just keep it until then, since I paid the annual fee already for the first year. But with little potential for growth, I can't seem to justify keeping the card. I've never had any problems using it, I just hate waiting for my payments to clear. I've never had one returned, and always pay my statement balance every month, so I thought by now the holds would stop, but they haven't. When I did call customer service, the rep did tell me they were trying to work on something to reward excellent cardholders so as myself, but they are running out of time to save me...as i am almost certain I will not renew the card after July 2015. Thanks, I hope my posting helps someone out there...

Re: Not A Good Card...on 2015-03-17
Understand your frustrations. In credit building and rebuilding it is fairly common to start out with cards that have less than ideal terms and conditions. Options for you could include pursuing secured cards through the major lenders (banks) and straight out unsecured applications with regular card issuers. As an assist you can use this website to examine various cards and what there FICO Score requirements look like. Credit Scores are only part of the equation and your credit file would weigh in on the total picture along with age of the file and lender payment performance. Oh and some card issuers will consider debt to income and number inquiries. Happy hunting as you look for better credit products.

Re: Updateon 2015-10-02
Well, I did decide to keep this one another year. No issues, but now I pay a monthly participation fee of $5...but they did award me a CLI of $125...New credit line is $625, it was instant. Had to call in and ask for it, was not automatic...they are not holding my payments anymore either since I am established with them now...available credit updates next day.

Re: CLIon 2016-10-15
Yearly increase on 9/17/16...another $125. Limit now $750. No fee

Re: Not A Good Card...on 2016-12-23
I just got one of these in the mail recently and just opened it. I appreciate you coming back update this information. I am worried about applying for it because of income. I wold like to be able to have a couple of low interest rate cards, but if nothing else, none of these fees for the use of the cards and yearly dues. i think it is ridiculous. But thanks for such a thorough review. Ty

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