Fortiva Mastercard Credit Card Review 2024
Fortiva Mastercard Credit Card offers a unique option for those with subprime credit scores. While it doesn’t require a security deposit, it does come with high fees and interest rates.
Overview of the Fortiva Mastercard Credit Card
Annual Fee: $49 to $175 in the first year, then $0 to $49 annually.
APR: 22.74% to 36%, variable based on your creditworthiness.
Rewards: Up to 3% cash back on qualifying gas, grocery, and utility purchases, and 1% on other purchases.
Welcome Offer: None.
Credit Limit: Up to $1,000.
Annual Maintenance Fee: $60 to $159 after the first year.
Key Benefits
- No security deposit required
- Prequalification option with a soft credit check
- Up to 3% cash back on specific purchases
Key Drawbacks
- High annual and maintenance fees
- Lack of transparency in fee determination
- High APR if you carry a balance
- Limited cash-back redemption options
Detailed Breakdown
Annual Fee
The Fortiva Mastercard’s annual fee ranges significantly, from $49 to $175 in the first year, and $0 to $49 in subsequent years. The specific amount depends on your credit profile, but Fortiva doesn’t clearly disclose how these fees are determined.
APR
With an APR ranging from 22.74% to 36%, the Fortiva Mastercard is on the higher end of the spectrum. This can be particularly costly if you carry a balance, as high interest rates can quickly add up.
Rewards Program
The Fortiva Mastercard offers a rewards program, although details are somewhat vague. Eligible cardholders can earn:
- 3% cash back on qualifying gas, grocery, and utility purchases
- 1% cash back on other eligible purchases
However, these rewards are automatically redeemed as an annual statement credit, limiting flexibility.
How to Earn Rewards
To earn rewards, use your Fortiva Mastercard for eligible purchases. Transactions such as interest charges, fees, balance transfers, and cash advances do not qualify for rewards.
How to Redeem Rewards
Rewards are redeemed automatically once a year as a statement credit. This can be a drawback for those who prefer more frequent redemption options.
Additional Benefits
- No security deposit: Unlike many credit-builder cards, the Fortiva Mastercard doesn’t require a security deposit.
- Prequalification option: You can prequalify with a soft credit check, which won’t affect your credit score until you formally apply.
Comparison with Other Credit Cards
Fortiva vs. Petal® 1 “No Annual Fee” Visa® Credit Card
Petal 1 Visa:
- Annual Fee: None
- Credit Limit: $300 to $5,000
- Rewards: 2% to 10% cash back at select merchants
The Petal 1 Visa is a better option for those with bad credit due to its no annual fee and broader rewards program.
Fortiva vs. Tomo Credit Card
Tomo Credit Card:
- No credit score needed for application
- No annual fee
- Several perks including Mastercard World Elite benefits
The Tomo Credit Card is more user-friendly with no fees and extra perks, making it a superior option for building credit.
Fortiva vs. Discover it® Student Cash Back
Discover it Student Cash Back:
- Annual Fee: None
- Rewards: 5% cash back on rotating categories, 1% on all other purchases
For students, the Discover it Student Cash Back offers significant rewards and no annual fees, making it a better choice than the Fortiva Mastercard.
Frequently Asked Questions (FAQ)
Q: Is the Fortiva Mastercard a good card for building credit?
A: Yes, it can help build credit if used responsibly. However, its high fees and interest rates are significant drawbacks.
Q: What fees should I expect with the Fortiva Mastercard?
A: Expect an annual fee of $49 to $175 in the first year, $0 to $49 thereafter, and an annual maintenance fee of $60 to $159 after the first year.
Q: How does the Fortiva Mastercard compare to other credit-building cards?
A: The Fortiva Mastercard has higher fees and less favorable terms compared to other options like the Petal 1 Visa and the Discover it Student Cash Back.
Q: Can I prequalify for the Fortiva Mastercard without affecting my credit score?
A: Yes, you can prequalify with a soft credit check, which won’t impact your credit score.
Q: What is the APR for the Fortiva Mastercard?
A: The APR ranges from 22.74% to 36%, depending on your creditworthiness.
Q: How are rewards redeemed with the Fortiva Mastercard?
A: Rewards are automatically redeemed as a statement credit once a year.
Q: Are there better alternatives to the Fortiva Mastercard?
A: Yes, there are several better alternatives with lower fees and better rewards programs, such as the Petal 1 Visa and Discover it Student Cash Back.
The Fortiva Mastercard Credit Card offers a pathway to building credit without a security deposit, but it comes with significant costs. High fees, high APR, and limited reward redemption options make it less attractive compared to other credit-building cards. For those determined to improve their credit, exploring alternatives with lower fees and better benefits is advisable.
| Feature | Fortiva Mastercard | Petal 1 Visa | Tomo Credit Card | Discover it Student Cash Back |
|---|---|---|---|---|
| Annual Fee | $49-$175 (first year), $0-$49 (subsequent) | None | None | None |
| APR | 22.74% to 36% | 25.24% to 34.74% | N/A (charge card) | 18.24% – 27.24% |
| Security Deposit | None | None | None | None |
| Rewards | 3% on gas, groceries, utilities; 1% on other purchases | 2% to 10% at select merchants | N/A | 5% on rotating categories, 1% on all other purchases |
| Credit Limit | Up to $1,000 | $300 to $5,000 | N/A (charge card) | Based on creditworthiness |
| Credit-Building Features | Reports to all three major credit bureaus | Reports to all three major credit bureaus | Reports to all three major credit bureaus | Reports to all three major credit bureaus |
| Prequalification | Yes (soft check) | Yes (soft check) | N/A | N/A |
| Additional Benefits | $0 fraud liability, mobile banking, transaction alerts, free credit score | Free financial tools, no foreign transaction fees | Mastercard World Elite benefits | Cashback Match™ for the first year |
Making the right choice: While the Fortiva Mastercard may be a viable option for those with limited alternatives, exploring other cards with lower fees and better rewards can provide more value and support in building credit effectively.
