The Fortiva Mastercard is designed for people with bad credit who would otherwise be unable to obtain a credit card.
While it’s relatively simple to get approved, the card comes with high fees that have the potential to push people deeper into debt.
Customers should also be aware of the negative customer reviews for the Fortiva card.
You might be better off with another option, such as a secured credit card with a lower interest rate and no annual fee, if you want to use a credit card to build or repair your credit.
We’ll go over everything you need to know about the Fortiva Mastercard in this review.
The Fortiva Mastercard’s Advantages and Disadvantages
The Fortiva Mastercard is marketed as a credit card for people who have “less-than-perfect credit” and want a “unsecured card.” People who prefer an unsecured card to a secured card that requires an up-front security deposit may find it appealing.
However, the Fortiva card can be costly to keep in your wallet due to a long list of fees. Furthermore, the lower your credit score, the higher your annual fees, maintenance fees, and interest will be.
The Bank of Missouri issues the Fortiva card, but Atlanticus Services Corporation manages the card’s services. Atlanticus will appear on cardholders’ statements and other documentation.
The Fortiva Mastercard, according to reviewers, has both advantages and disadvantages. Keep the following in mind if you’re thinking about getting a Fortiva card.
Advantages:
Easy approval – Reviewers claim that almost anyone can be approved, with some claiming credit scores as low as 400 when they applied. If you’ve been denied for other credit cards, you might have a better chance with a Fortiva credit card.
Payments to credit bureaus are reported by Atlanticus to all three credit bureaus. If you’re using the card to improve your credit score, this is great news because you’ll get credit for making on-time payments.
Free credit score – Fortiva cardholders have free access to their VantageScore credit score, which they can use to track their credit. VantageScore is a competitor to the more widely used FICO score, but there isn’t much of a difference in scores between the two scoring models.
Negative aspects:
High fees – The Fortiva Mastercard has a hefty annual fee that ranges from $49 to $175 for the first year, before dropping to anywhere between $0 and $49 in subsequent years. Account maintenance fees, late fees for missed payments, authorized user fees, and an account activation fee will all be charged to borrowers.
High interest – Depending on their credit score, Fortiva cardholders will also pay a variable annual percent rate (APR) that ranges from 22.74 percent to 36 percent.
While the interest rate of 22.74 percent is comparable to that of many other credit cards, most people with poor credit will end up paying closer to 36 percent, which is quite high.
There are no rewards with the Fortiva Mastercard, which means you won’t get cash back or other perks on your purchases.
Negative customer reviews – Fortiva’s online reviews are overwhelmingly negative. Cardholders frequently complain about the card’s high fees and bad customer service when dealing with the company.
Will not consider credit limit increases – Fortiva explicitly states in its cardholder agreement that “we do not accept credit limit increase requests.”
If you’re thinking about applying for the Fortiva Mastercard, you should read the card’s full terms and conditions first. Then you can compare the Fortiva card to other credit cards for people with bad credit.
Who Is a Good Candidate for a Fortiva Mastercard?
There are a few reasons why applying for the Fortiva Mastercard might be a good idea. Here are two to think about.
1. Improving Your Credit Score
The Fortiva Mastercard is a credit card that reports to all three credit bureaus, which can help you improve your credit score quickly. You might be able to qualify for a better card with lower fees and a more manageable APR if your credit score improves.
It’s important to remember, however, that a credit card can only help you improve your credit score if you pay your bill on time each month. Even one late payment can have a negative impact on your credit score.
If you decide to open a Fortiva Mastercard, make sure you’re aware of the fees and can afford the interest. In fact, if you pay off your entire balance each month, you can avoid paying any interest.
2. Acceptance is simple, even if your credit score is low.
Getting approved for a credit card is often difficult for people with poor credit scores. If you have a low credit score, creditors will see it as a sign that you have likely mismanaged your finances in the past.
The Fortiva Mastercard is a relatively uncommon unsecured credit card that accepts applicants with credit scores on the low end of the scale. There are, however, a number of secured credit cards that accept people with lower credit scores without the high fees associated with the Fortiva card.
How to Obtain a Fortiva Mastercard
Only if you’ve received an offer in the mail can you apply for the Fortiva Mastercard online. Filling out the online application after receiving an offer is simple.
1. Visit the Fortiva website, which is located at myfortiva.com.
2. Select “respond to your mail offer” from the mail offer section to enter the code from the mailer.
3. Enter your offer acceptance code – To access the online application, enter your acceptance code in the appropriate box.
4. Complete the application – After clicking “submit code,” you’ll be taken to the online application. You’ll have to provide some personal information, such as your full name, address, and income.
Fortiva Mastercard Reviews
The Fortiva Mastercard has received some positive feedback on the internet. One Credit Karma reviewer, for example, stated that they were given a $2,500 credit limit and that Atlanticus reported their on-time payments to all three credit bureaus.
Another reviewer stated that they were given a $5,000 credit limit and had “no problems” with the card.
Despite some positive feedback, the Fortiva Mastercard has received a majority of negative feedback.
One WalletHub reviewer, for example, expressed dissatisfaction with the Fortiva card’s high interest rate and maintenance fees.
Another reviewer described the fees as “extremely high,” with “too many hidden fees.”
Fortiva Credit Card Alternatives
If the high fees on the Fortiva Mastercard make you nervous, the good news is that you probably have other options — even if your credit score is bad.
One of the Fortiva card’s disadvantages is that it targets people with bad credit and then charges high fees, making it difficult to use the card without going deeper into debt. Exorbitant fees can make it difficult for people who are already struggling financially to get much value out of the card.
Here are three options to consider if you want to improve your credit and avoid paying high fees and interest.
Capital One Secured MasterCard
The Capital One Secured Mastercard is a secured credit card that allows borrowers to choose how much of a security deposit they want to put down. If you apply, you can put down $49, $99, or $200 as a deposit.
The Capital One Secured Mastercard, unlike the Fortiva Mastercard, has no annual fee. After five months of responsible use, borrowers are also eligible for a credit limit increase.
Discover it Secured Card
The Discover it Secured Card is a unique secured credit card that allows borrowers to earn rewards on purchases and has no annual fee. The minimum security deposit is $200, but cardholders can put down more money if they want a higher credit limit.
The card gives users 2% cash back on gas and dining, and 1% cash back on everything else. For the first year you have the card, Discover will match your cash back rewards.
Discover typically allows borrowers to upgrade to an unsecured credit card after eight months of responsible use.
Open Sky Secured Visa
The Open Sky Secured Visa is available to almost everyone because it does not require a credit check. It requires a $200 security deposit, with the possibility of increasing your credit limit if you use it responsibly.
There is a $35 annual fee for the Open Sky card, but no monthly maintenance fee. Its interest rate is also lower than that of other cards marketed to people with bad credit, with an 18.89 percent variable APR.
Frequently Asked Questions about Fortiva Mastercard
The following are some of the most frequently asked questions about the Fortiva Mastercard, along with their answers.
Can I Use My Fortiva Credit Card Anywhere?
The Fortiva Mastercard can be used anywhere that accepts the Mastercard brand. This shouldn’t be an issue because Mastercard is accepted in the United States as well as over 200 other countries and territories around the world.
Is it possible to earn points with the Fortiva Mastercard?
No, the Fortiva Mastercard does not offer any rewards, so you won’t be able to get cash back or other benefits on your purchases.
For a Fortiva credit card, what credit score is required?
Neither Atlanticus nor the website for the Fortiva card specify a minimum credit score to be eligible for the card. The card, however, is aimed at people with extremely low credit scores, so even those with bad credit should be able to get it.
Despite having credit scores as low as 400, some online reviewers claim they were offered a Fortiva card. In fact, because Fortiva promotes itself as a card for people with bad credit, you might only get an offer letter if your score is extremely low.
What Are the Fees for the Fortiva Mastercard?
Unfortunately, the Fortiva Mastercard has almost every type of fee that a credit card can have. While some of the fees vary depending on your creditworthiness, if your credit score is very low, this can be an expensive card.
Annual Fee – For the first year you have the card, the annual fee ranges from $49 to $175, after which it drops to anywhere between $0 and $49.
Borrowers will also be charged a “account maintenance fee” that ranges from $60 to $159. This fee is charged once a year for the first year, then once a month (between $5 and $12.50) for the following years.
Account Activation Fee – Just to open an account, you’ll have to pay $25.
Authorized User Fee – For each authorized user you add to your account, Fortiva charges $25.
Late Payment Fee – As of January 1, 2020, the maximum amount allowed under federal law is $40.
Returned Payment Fee – As of January 1, 2020, the maximum amount allowed under federal law is $40.
3% of the transferred amount is charged as a balance transfer fee.
Cash Advance Fee – $5 or 5% of the advance amount, whichever is greater. Borrowers will also be charged interest on cash advances, which will range from 25.74 percent to 36 percent depending on their creditworthiness.
3% of the purchase price is charged as a foreign transaction fee.
You might wonder if the Fortiva card is worth it with such a long list of high fees. It’s crucial to shop around before applying to ensure you get the best card for your needs.
What is the APR for the Fortiva Mastercard?
The APR on the Fortiva Mastercard ranges from 22.74 percent to 36 percent, depending on your creditworthiness.
Is there an introductory APR for balance transfers with the Fortiva Mastercard?
There are no introductory rates available with the Fortiva Mastercard. Balance transfer interest rates range from 25.74 percent to 36 percent, depending on your credit score.
Is there an introductory APR on the Fortiva Mastercard for new purchases?
For new purchases, the Fortiva Mastercard does not offer an introductory APR. Purchase interest rates range from 22.74 percent to 36 percent, depending on your creditworthiness.
final thoughts Fortiva Mastercard Reviews
The Fortiva Mastercard may be able to assist you in repairing your credit because it reports to all three major credit bureaus. However, you’ll almost certainly rack up a lot of fees in the process.
Some borrowers who prefer an unsecured credit card may find the Fortiva Mastercard appealing.
When you consider the fees, which can quickly add up to hundreds of dollars, you’ll probably save money by choosing a secured credit card with the option to upgrade to an unsecured card later.