Verve Mastercard: what you need to know (2023)

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If you've built up bad credit, getting a credit card approved can be challenging, especially if it's an unsecured card that doesn't require a security deposit. The Verve Mastercard is an unsecured credit card designed for people without perfect credit. However, the card has some significant drawbacks, and if you want to rebuild your credit, you're better off using one of our recommended cards.bad credit cardsor even onesecure cardwith better benefits. Here's what you need to know about the Verve credit card and why you should stay away.

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We emphasize Verve credit cards

Because it's an unsecured card, you don't have to pay a deposit when you open a Verve card account, but the card isn't free. There are different versions of the Verve card and the annual fee you will be charged varies. In fact, you won't even know what card version you have and what charges will be applied to your account until your application is approved. Here's what you can expect:

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  • annual fees: The annual fee you will be charged ranges from $75 to $175 in the first year, and $49 to $175 per year thereafter. These charges will be deducted from your account once the account has been approved.
  • Monthly maintenance costs: $0 to $150 per year to $0 to $12.50 per month. The monthly maintenance fee is waived for the first 12 months after your account is opened. Hardly any other card has monthly fees like the Verve Mastercard.
  • april: We have seen interest rates for this card as high as 35%. That's high even for cards designed for bad credit. You won't know your exact APR until your card is approved.
  • Starting credit from $300 to $1,000: Like the annual fee and annual interest rate, you won't know your exact credit limit until you've been approved and received a cardholder agreement. Your annual fee is immediately deducted from your available credit, which means that if the card has a limit of $300 and the cost is $175, your limit is actually $125.

Advantages of the Verve Mastercard

The Verve card is marketed to people whose finances are sub-optimal and lenders consider them risky. like youThe credits are less than stellar., usually defined as aFICO-score669 or less, it can be difficult to find a credit card with fair terms if you have bad credit. The Verve card tries to attract people with lower credit scores and has a number of benefits designed to attract potential customers. That includes:

  • Double your credit limit. After six months of on-time payments, Verve doubles your initial credit limit, up to $2,000.
  • Monthly reports for three credit bureaus.. Your timely payment will be reported to everyonethree offices, which helps rebuild credit.
  • Optional 'credit protection' program.. A somewhat unique debt cancellation feature that is deducted from your account on a monthly basis; this is a fee based on your outstanding debt multiplied by $0.99 per $100. In the event of job loss or disability, the Credit Protection Program covers 12 minimum monthly payments for the primary cardholder, a minimum monthly hospital payment, and cancels the entire balance in the event of death (the lesser of the outstanding account balance at the date of death). death or $5,000). Keep in mind that the debt will not be paid in full unless you die, and high interest will still accrue.
  • Mastercard Zero Liability Protection. Protection against fraudulent payments via Mastercard$0 pledgeguarantee.

Who Should Get a Verve Mastercard?

At Forbes Advisor, we've reviewed nearly 300 credit cards, and we can often justify its use for a particular type of consumer by recalling the old adage, "For every jar there's a lid." Not this time.

We do not recommend the Verve Mastercard to anyone, not even people with bad credit who are looking for a card to help them rebuild their credit. Its incredibly high APR, limited benefits, and annual fee make it a poor choice. NASTYcredit construction loanor a secured card would be a better financial option in almost all cases.

For example, if you're approved for a Verve Mastercard with a $125 annual fee for the first year and a $300 line of credit, you're only left with $175 in credit. Moreover, you use almost half of the total available credit. It will have a big impact on yoursuse of credit, which lowers your credit, the exact opposite of what you want. With a secured card, the amount you deposit is equal to your credit limit. You would have more purchasing power by putting $300 on a secured card. AndThe best cards for rebuilding credit.There are typically no annual fees or monthly maintenance fees that drain your available credit.

Alternatives to the Verve Mastercard card

There are many cards on the market that outperform the Verve card. Here are some of the best alternatives:

Secure Visa® Cash+® card for USA Bank*

OpSecure Visa® Cash+® Card for USA Bank*it is unique among the secured cards due to its high win rate. The card gives you 5% quarterly cash back on the first $2,000 in combined qualifying purchases in two categories, 5% cash back on prepaid airline, hotel and car reservations booked directly through Rewards Travel Center, 2% cash back on eligible purchases of your choice of daily categories (such as gas stations, supermarkets and restaurants) and 1% cashback on all other eligible purchases. This puts it way above most of its contemporary secured cards in terms of rewards, all for a $0 annual fee. As a secured card, your credit limit is determined by your first deposit, but the card offers the option to upgrade to an unsecured version of the card with good payment record and reporting to all three major credit bureaus, so you should see improvements in your credit score when used responsibly.

Marine FCU nRewards® secured credit card*

OpMarine FCU nRewards® secured credit card*It also has no annual fee, but requires membership in the Navy Federal Credit Union and a minimum deposit of $200 into a Navy Federal savings account to apply for the card. Marine FCU nRewards® secured credit card*it's a great feature worth having for those rebuilding their credit, as the card earns unlimited 1 point per dollar on qualifying net purchases. Earning rewards with a secured card is rare, but what really makes this card shine is that it offers an upgrade path to an unsecured account in six months.

Capital One Platinum-creditcard

If you are configured with an unsecured card, consider theCapital One Platinum-creditcard. A $0 annual fee card allows you to check for pre-approval before formally applying without affecting your credit score. The card offers automatic credit limit revisions from six months, which gives you the chance of a higher credit limit if you pay well.

For a more complete list of alternatives, seeThe best cards for rebuilding credit..

The point

If your credit is in bad shape, it can be difficult to know how to fix it. But it's safe to say that the Verve card isn't his best game. Weak benefits and excessive costs mean this card is likely to be both a hindrance and a help. Think of a bad credit card or an unsecured card. And take stepsimprove your credit rating. That way you can get approval for a better card that better meets your needs.


The Forbes Advisor considers several criteria when reviewing credit cards. Cards are scored based on a number of factors, including:

  • annual fees
  • Welcome Bonus Offer
  • Continuous win rates
  • The value of individual points for miles traveled.
  • Business or travel loans included
  • Extra benefits for cardholders

Map features that we expect users to use most often carry the most weight in our ratings. Taken together, the factors add up to a star rating for each individual card.

For more information on our review and review methodology and editorial process, please see our guide atHow Forbes Advisers Rate Credit Cards.

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