Fortiva Mastercard Credit Card Review
The Fortiva Mastercard, issued by The Bank of Missouri, provides key benefits for someone focused on rebuilding.
The Fortiva Mastercard is an unsecured credit card issued by The Bank of Missouri. It is marketed toward consumers with less-than-perfect credit who are seeking to establish or rebuild their credit history. As an unsecured product, it does not require a security deposit for account opening, which distinguishes it from secured credit cards. The card’s primary function is to report payment activity to the three major credit bureaus. This review provides a detailed analysis of the card’s features, fee structure, and operational mechanics. It is intended to offer a clear, objective understanding of the product, allowing potential applicants to assess its suitability based on its costs versus its credit-building utility. The card offers a path to credit for some consumers, but it is accompanied by significant fees and a high interest rate that necessitate careful consideration.
Core Features and Cardholder Benefits
- Credit Access for Subprime Borrowers: The card is designed to be accessible to applicants with fair, poor, or limited credit histories, providing an opportunity for approval where traditional cards may not be available.
- Unsecured Line of Credit: Cardholders receive a revolving line of credit without the requirement of a cash security deposit.
- Credit Bureau Reporting: Account information, including payment history and balance, is reported to all three major credit reporting agencies: TransUnion, Experian, and Equifax. This is the primary mechanism by which the card helps build credit.
- Cash Back Rewards Program: The card features a rewards program that provides up to 3% cash back on specific spending categories such as gas, groceries, and utilities, with 1% cash back on all other purchases. Rewards are typically redeemed annually as a statement credit.
- Free Credit Score Access: Cardholders receive free access to their VantageScore®, which allows them to monitor changes to their credit score over time.
- Potential Credit Limit Increases: The account may be reviewed for credit limit increases after a period of consistent on-time payments, offering greater spending flexibility.
- Standard Mastercard Protections: The card includes Mastercard Zero Liability Protection, which protects the cardholder from unauthorized transactions.
Applicant Eligibility Criteria
To apply for the Fortiva Mastercard, an individual must meet these requirements:
- Be at least 18 years of age.
- Possess a valid Social Security Number.
- Have a physical U.S. street address.
- Have an active checking or savings account.
- Meet the servicer’s credit qualification criteria, which is geared toward individuals with subprime credit.
Application Process Steps
- Prequalification: It is recommended to begin with the prequalification form on the Fortiva website. This process uses a soft inquiry that does not affect your credit score and will inform you of the specific fee structure for which you may be eligible.
- Offer Review: If you prequalify, you will be presented with a detailed offer. It is critical to review the specific annual and monthly fees outlined in this offer.
- Full Application: If you choose to accept the offer, you will proceed to the full application, which requires the submission of additional personal and financial information and will result in a hard inquiry on your credit report.
- Final Decision: A final approval decision will be rendered. If approved, the card will be mailed to your address.
Frequently Asked Questions
- What is the initial available credit after fees? Your initial available credit will be your credit limit minus the first year’s annual fee. For example, if you are approved for a $500 credit limit and your annual fee is $175, your starting available credit will be $325.
- How are the cash back rewards redeemed? The cash back rewards earned throughout the year are typically automatically applied to your account as a statement credit once annually.
- Is this card a cost-effective way to build credit? Due to the high fees, it is generally less cost-effective than a secured credit card. A secured card requires a refundable deposit but usually has a much lower or no annual fee. The Fortiva card’s primary advantage is for those who cannot provide a security deposit.
- What is the most effective way to use this card? The most effective usage strategy is to make a small, regular purchase, allow the statement to close, and then pay the entire balance in full before the due date. This builds a positive payment history while completely avoiding the high interest rate.
