The Fortiva Credit Card is specifically for people who try to repair their bad credit. What credit card publishers have never told you that you will pay hundreds of dollars just to get this card. You also often don’t realize it. If you still have other options, you should avoid the Fortiva Credit Card and be safer using a secured credit card.
Benefits of Fortiva Credit Card
You must consider carefully before making a decision to make a Fortiva credit card. Here are some things you can consider to apply for a Fortiva Credit Card. Two benefits of Fortiva credit cards can be considered.
Provided for those who have a low credit score. You can get a Fortiva Credit Card even though you have a bad credit record. Unlike guaranteed cards, the Fortiva Credit Card does not require you to place a deposit as a condition of agreement. This card is the first choice for those who have bad credit. Because generally those who have a bad credit record have difficulty getting other credit card approvals because they lack cash.
Use Fortiva credit cards to help rebuild your credit. Fortiva Credit Cards will usually report your monthly payments to the credit bureau. You are advised to make payments in full and on time to help increase your credit score. This situation is similar to the score that lenders see when you apply for a new loan or credit line.
Drawbacks of Fortiva Credit Card
In addition to benefits, Fortiva credit cards also have a number of drawbacks that you also need to consider.
Expensive card. You must consider carefully because this includes expensive cards. Why is it expensive, because you have to pay the privilege of having a Fortiva credit card. According to Kailey Fralick, as quoted by cardcruncher.com, you have to spend at least $ 200 for the first year, when you add an annual fee and a one-time program fee.
After the first year, you have to pay an annual fee and an account maintenance fee of $ 208. Besides that, the APR of the card is also very high, a maximum of 36%. If you carry a balance or take a down payment, the interest rate becomes very high, which makes it difficult for you to repay your debt.
Without any reward. Fortiva credit cards are only designed to rebuild your credit – which originally had a bad credit score. For this reason, this card does not offer prizes, special discounts, or other facilities to help redeem all the money you use for annual fees. If you are interested in getting a gift you are advised to use a secured credit card.
There is no increase in credit limit. You as a Fortiva credit card holder cannot submit a credit limit increase. In the letter of agreement clearly written that the card issuer did not receive a request to increase the limit of the Fortiva Credit Card. If you are not satisfied with the credit limit you received when you registered, your only choice is to wait until your credit score improves to re-submit a different card or simultaneously avoid the Fortiva Credit Card.
Try the Alternative Cards
If you are not impressed or not satisfied with the offer of the Fortiva Credit Card, try one of these cards as an alternative option.
Capital One Guaranteed MasterCard
You deserve to have this card because it doesn’t need an annual fee and the deposit is low. Capital One Secured MasterCard is another option for those who have bad credit. Unlike the Fortiva Credit Card, this card is not subject to annual fees.
Fralick Kailey reported that you must deposit a security deposit of $ 49, $ 99 or under $ 200 to get an initial credit of $ 200. If in the future, because there is something, you must close the account, this money will be returned to you. After five months you can pay, you can pay on time, You will automatically be considered for a credit limit increase without the need for additional deposits.
The Discover it Secured Card
You need to get this card because you get rewards when you build credit. The Discover it Secured Card requires a minimum deposit of $ 200, but you can guarantee more money if you want a higher credit limit.
Another advantage, there is no annual fee and you will even get 2% cash back at gas stations and restaurants, up to $ 1,000 every quarter. In addition, Discover will match all the cash back you get in your first year.
If you make all your payments in full and on time, Discover will start considering you to upgrade to an unsecured card after eight months. Card APR is set at 24.74%. This is fairly unusual for cards designed for bad credit.
In short, this card can help you rebuild your credit, and it’s the only unsecured card that you might get even if you have a bad credit history. However, that does not mean having this card without risk. If there are other options, you are advised to choose a secured card at a lower cost at the same time in order to build your credit score. If you have a good history of having this card, you will be considered to have an unsecured card with requirements that are easier, of course.