So you’re in the market for a new credit card and came across the Fortiva Mastercard. Sounds tempting with no annual fee and the potential to earn rewards, but is it really all that? Before you apply, here are the key pros and cons to consider based on our experience with this card.
We’ve had the Fortiva card for over a year now and while it works great as a backup card for some small purchases, there are definitely some significant downsides that you should be aware of before you jump in.
The bottom line is if you’re looking for a straightforward card for basic spending with the potential to earn a little cash back, the Fortiva card could work. But if you want a premium rewards card or need a card to finance larger purchases over time, you’ll want to keep looking.
Fortiva Credit Card Benefits: Cash Back, 0% APR, and More
The Fortiva credit card comes with some sweet benefits that make it worth considering.
First, you’ll earn unlimited 1.5% cash back on all purchases. No caps, no categories to keep track of. Just use your card and watch the cash back add up. You can redeem for statement credits, gift cards, or direct deposit into your bank account.
Next, enjoy 0% APR for the first 15 months on both new purchases and balance transfers. If you have high-interest debt on other cards, a balance transfer to your Fortiva card can save you money while you pay it down.
Fortiva also provides extra security with $0 fraud liability and 24/7 monitoring. They’ll alert you to suspicious activity and work to resolve any issues quickly. Identity theft is no joke, so fraud protection provides peace of mind.
Additional perks include roadside assistance, travel accident insurance, and cell phone protection. While the benefits aren’t the most generous out there, they do provide value at no extra cost.
The biggest downside is the ongoing APR, currently around 25%, which is higher than average. So, make sure you pay the balance in full each month to avoid interest charges. But if you do that and maximize the cash back, the Fortiva card can be very rewarding.
Overall, the Fortiva credit card is an excellent option if you want a straightforward, unlimited cash back card and need time to pay off debt. The 0% intro APR is a big draw, just be sure to budget properly so you can pay off any transferred balances before the regular APR kicks in. Take advantage of all the benefits and rewards, and this card can save and earn you some serious money.
How the Fortiva Credit Card Compares to Other Cards
Compared to other credit cards, the Fortiva card has some good things going for it. For starters, there’s no annual fee. Who doesn’t like free? You also get a sign-up bonus of $150 cash back if you spend $500 in the first 3 months. Not too shabby.
Earning and Redeeming Rewards
The Fortiva card offers an unlimited 1.5% cash back on all purchases. No caps, no categories to keep track of. Just use it and watch the cash back add up. You can redeem for statement credits, gift cards, or direct deposit into your bank account. Your rewards never expire as long as your account remains open.
Interest Rates and Penalties
Now for the not-so-good part. The APR on the Fortiva card is on the high side, currently 25.99%. So if you don’t pay the balance in full each month, the interest charges will wipe out your rewards in no time. Late fees are also steep at $39, so be sure to pay on time.
Credit Score Impact
Fortiva reports account information to the three major credit bureaus – Equifax, Experian and TransUnion. That means using your card responsibly over time can help build your credit. However, applying for the card results in a hard inquiry, which may temporarily lower your score by a few points. Also, a high balance relative to your limit could hurt your utilization ratio, another factor in your credit score.
Overall, the Fortiva credit card works best if you pay balances in full and on time each month. If you do that, the unlimited cash back and signup bonus are nice perks for a no-annual-fee card. But if you tend to carry balances from month to month, the high APR will likely outweigh any rewards. The choice is yours!
Applying for the Fortiva Credit Card: Requirements and Process
To apply for the Fortiva Credit Card, you’ll need to meet a few basic requirements and go through an easy application process.
To qualify for the Fortiva Credit Card, you must:
- Be at least 18 years of age
- Have a valid Social Security number
- Have a steady source of income to repay purchases
Fortiva looks at your credit score and credit report to determine your eligibility, so make sure there are no errors on your credit reports before applying. In most cases, you’ll need a credit score of at least 650 to 700 to qualify for the Fortiva Credit Card. If your score is on the lower end of that range, you may receive a lower credit limit to start.
Applying for the Fortiva Credit Card is simple and only takes a few minutes. Here’s how it works:
- Apply on Fortiva’s website. This is the quickest method. You’ll need information like your income, Social Security number, and address.
- Apply over the phone by calling Fortiva’s credit card customer service line. A representative will ask you questions to complete an application.
- Apply by mail using a paper application. You can request an application on Fortiva’s website to fill out and mail in with any required documentation like income statements.
- Get a response within 2 to 3 weeks. Fortiva will review your application and credit reports to make a decision. They’ll notify you of the decision and your credit limit in writing, whether approved or denied.
- Activate your card once approved. Call the number on the sticker attached to your new card or visit Fortiva’s website to activate your card and set your PIN. Your card is now ready to use!
With an easy application process and a rewards rate of 1.5% on all purchases, the Fortiva Credit Card is worth applying for. Make sure you understand all the benefits, fees, and terms before you apply. And of course, be sure to use your card responsibly by paying on time and not spending beyond your means.
So there you have it, the good, the bad and everything in between about the Fortiva Credit Card. Now you’ve got all the details to determine if this card is the right fit for your wallet. If you’re looking to build credit with no annual fee, the rewards and credit-building features may make the high APR worth it for you.
But if you don’t pay balances in full each month, the interest charges will outweigh any rewards. The choice comes down to your needs and spending habits.
Think it over and go with what makes the most sense for your financial situation. Whatever you decide, make sure to use credit responsibly and keep working towards a brighter financial future!