John Miller, Credit Cards Moderator
@john_miller
The biggest disadvantages of the Verve Credit Card are its high annual and monthly fees, along with a 29.99% - 35.9% interest rate, which is significantly higher than the average for new credit card offers (22.76%). Other drawbacks of the Verve card include foreign transaction fees and a low starting credit limit.
Verve Credit Card Disadvantages
- High Interest Rate: A 29.99% - 35.9% APR is quite high, even for a credit card. This can make carrying a balance from month to month quite expensive.
- Membership Fees: The card charges a $49 - $125 annual fee, and $0 intro 1st yr, up to $12.5 after in monthly fees.
- Low Credit Limit: The starting credit limit for this card is set at a minimum of $300. This is a pretty low limit, especially when you consider that the annual fee will reduce the amount of credit you initially have available.
- Foreign Transaction Fee: If you plan on using your Verve Credit Card for purchases outside of the United States, or at merchants located overseas, you’ll be charged a 3% foreign transaction fee.
To learn more about the card and whether it’s a good fit for you, feel free to check WalletHub’s review of the Verve Credit Card.
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People also ask
What's the starting credit limit for the Verve Credit Card?
The Verve Credit Card credit limit is $300. Everyone who gets approved for Verve Credit Card is guaranteed a credit limit of at least $300, and the most creditworthy applicants could get much higher limits. The higher an applicant’s credit score and income are, the higher the starting credit limit is likely to be.
The Verve Credit Card credit limit that you receive upon approval isn’t necessarily permanent. You can ask to get a credit limit increase by calling the Continental Finance customer service number on...
read full answer by Chip Lupo, Credit Card WriterWhat is the difference between Mastercard and Verve Card?
The difference between Mastercard and the Verve Credit Card is that the Verve Credit Card is a specific card, while Mastercard is a card network supporting hundreds of different cards. The Verve Credit Card is part of the Mastercard network, and it’s issued by The Bank of Missouri. Thanks to its association with Mastercard, the Verve Credit Card is widely accepted, as Mastercard is one of the world’s most widely accepted credit card networks, along with Visa.
The Verve Credit Card is available to people with bad credit. It...
read full answer by Theresa Chalfant, WriterWhat is a Verve card?
The Verve Card is a credit card for people with bad credit. It is an unsecured card, meaning you don’t have to place a refundable security deposit to open an account, and you can use this card wherever Mastercard is accepted.
The Verve Credit Card offers a minimum credit limit of $300, which can be doubled after six months if you make your payments on time. However, the Verve Credit Card is an expensive card with an annual fee of $49 - $125....
read full answer by WalletHub, Financial CompanyDid we answer your question?
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