Credit card users who need to repair their credit or whose credit ratings are too poor to qualify for a secured card might choose the Fortiva credit card. However, it’s a costly credit card to use for developing credit because of the many fees you’ll have to pay.
This was arrived at using a series of calculations.
The Fortiva Credit Card: A Quick Overview
The Fortiva Mastercard credit card is an unsecured credit card that might help you build credit. It does not provide any welcome bonuses, cash back, or other sorts of perks since it is solely a card for establishing credit. The following are a few things to keep in mind while using this credit card:
Credit Card Fees
One of the drawbacks of the Fortiva credit card is that it charges a lot of fees. But even if there is no security deposit, you will still be charged hundreds of dollars in additional costs.
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Fortiva’s costs are much greater than those of other unsecured credit cards. The following fees must be paid:
Estimated Costs for Fortiva
- Annual Fees
Each cardholder’s yearly fee is unique and is determined by a variety of criteria. From $49 to $175, you may expect to pay for your first year of service. After the first year, the charge is expected to be roughly $49.
Interest Rate On The Transfer Of A Balance
Balance transfers are subject to a variable APR of 22.74 percent to 36 percent for cardholders.
If you skip a payment, you’ll be assessed a penalty fee. The amount of the charge is determined by the current state of the legislation. There is a possibility of a cost of $40 or more.
Fee For International Transactions
A 3% foreign transaction fee is charged to cardholders when using their cards outside of the United States.
When you total up all of these fees, you’re looking at a few hundred bucks for your first year of card ownership. Furthermore, none of these costs are refundable. On the other hand, if you acquire a secured credit card, particularly one that is low-cost, you will receive your security deposit back.
The security deposit for most cards is roughly $200, which is much less than the annual fee for the Fortiva credit card. Plus, like with other credit cards, if you complete your first monthly payments on time, you may request a greater credit limit.
Methods for Applying
On Fortiva’s website, you may apply for a credit card. Even if you have a low or acceptable credit score, your application will likely be accepted since the card helps individuals develop credit.
Credit score building is the primary goal of the Fortiva credit card, thus it’s ideal for such customers. Fortiva’s unsecured credit card does not have extra benefits or reward choices, thus it cannot be used for other reasons like most other unsecured credit cards are capable of.
Because of the hefty international transaction cost, the card is not suited for customers who plan to use it while abroad.
User feedback on Fortiva’s website indicates that customers are satisfied with the service. It’s much simpler to control transactions and ban your card if necessary using Fortiva’s app since you can keep track of your credit card.
Fortiva’s customer support, however, has been criticized in several third-party evaluations, such as Yelp.
Fortiva’s security features are identical to those of any other Mastercard since it is registered with the network. Transaction notifications are sent to cardholders whenever their card is used.
In addition, Fortiva provides liability protection, which means that if your card is lost or stolen, you will not be responsible for the transactions made on it.
Secure transactions are further ensured by the inclusion of an EMV chip in the Fortiva credit card.
Rate of Interest
The APR on the Fortiva unsecured credit card may vary from 36% to 38%. Your creditworthiness will affect the interest rate you pay. Even while the card’s goal is to make it easier to develop credit, the high APR makes it difficult to repay your debt.
Compare Fortiva’s Credit Card to the Competition.
For most consumers, Fortiva’s unsecured credit card is an unappealing alternative because of its hefty costs. Discover it Secured Card is a fantastic substitute for regular credit cards. Although a $200 security deposit is required, it is fully refundable.
You may also seek a greater credit limit in the future by depositing a security deposit, something Fortiva does not do. Discover that it doesn’t charge a yearly subscription price. In addition, you earn 2% back in restaurants and petrol stations when you use your card.
If you make your payments on time, Discover may “upgrade” the card to an unsecured credit card over a period of time ranging from a few months to many years. Discover’s Annual Percentage Rate (APR) With a variable APR of 22.99 percent, you may get a 10.99 percent APR on balance transfers for the first six months.
The Last Word
However, despite the fact that Fortiva might help you increase your credit rating, the large costs must be overlooked. There are no cash back rewards or welcome bonuses to be obtained from Fortiva.
You can’t ask for an increase in your credit limit, but Fortiva will periodically examine your account. In light of these restrictions, this card should only be used by those who can handle them.
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