Fortiva® Cash Back Rewards Mastercard

Fortiva Cash Back Rewards Mastercard at a Glance

The Fortiva® Cash Back Rewards Mastercard is an unsecured credit card issued by The Bank of Missouri. It is marketed to consumers who may have less-than-perfect credit and want a general-purpose Mastercard without providing a security deposit.

• Card type: Unsecured Mastercard
• Security deposit: None
• Advertised credit limit: Up to $1,000, subject to credit approval
• Cash back: 3% on eligible gas and grocery purchases and utility bill payments
• Other rewards: 1% on other eligible purchases
• Prequalification: Available without affecting your credit score
• Issuer: The Bank of Missouri

Finance Globe's Take

The Fortiva Cash Back Rewards Mastercard offers an unusual combination for consumers with less-than-perfect credit: no security deposit, a prequalification process and cash back on eligible purchases.

The ability to check for prequalification using a soft credit inquiry is valuable because it lets a consumer see whether an offer may be available before proceeding with a full application. The advertised credit limit of up to $1,000 may also be higher than the starting limits offered by some unsecured cards in this market.

The tradeoff is a high cost of borrowing and substantial recurring account fees. The cash back program can provide some value, but rewards should not distract from the 36% fixed APR or the combined fees that can apply after the first year.

Our opinion is that this card is most useful for someone who specifically wants an unsecured account, does not want to fund a security deposit and can pay the balance in full whenever possible. Consumers who qualify for a card with lower ongoing fees should compare that option carefully before applying.

How the Fortiva Card Works

The Fortiva Mastercard can be used for purchases anywhere Mastercard is accepted. It is a revolving credit account, meaning cardholders can make purchases up to the available credit limit, make monthly payments and reuse available credit as payments are credited to the account.

No security deposit or initial deposit is required to open the account. Fortiva also advertises no program fee. However, that does not mean the account has no fees. An annual fee can apply during the first year, followed by annual and monthly account fees in subsequent years.

Account access is available through MyFortiva and the Fortiva mobile app. Cardholders can use the account center to review transactions, monitor balances, make payments and manage account alerts.

Fortiva Cash Back Rewards

Cardholders earn 3% cash back rewards on eligible gas and grocery purchases and utility bill payments. Other eligible purchases of goods, services and bill payments earn 1% cash back.

Rewards are earned after an eligible transaction posts to the account. Interest charges, account fees, balance transfers, cash advances and purchases of cash equivalents do not earn rewards. Rewards can also be reversed when a qualifying purchase is returned or credited.

How Fortiva Rewards Are Redeemed

Fortiva automatically redeems accumulated rewards as a statement credit during the anniversary month of the account opening, provided the account is in good standing.

The rewards cannot be requested as cash. A rewards statement credit lowers the account balance but cannot be used to satisfy the required minimum payment. Cardholders must still make the minimum payment shown on the billing statement.

Credit Limit and Initially Available Credit

The current offer advertises a credit limit of up to $1,000, subject to credit approval. This is a maximum advertised amount rather than a guaranteed starting limit.

The actual credit limit can depend on the issuer's evaluation of the application, credit history, income, existing financial obligations and ability to repay. Approved applicants should review the credit limit included with their final offer.

Account fees charged against the credit line can reduce the amount initially available for purchases. As a result, an approved credit limit and the available credit shown after the account opens may be different.

Fortiva's cardholder agreement states that the issuer does not accept customer-requested credit limit increases. The issuer can independently review and adjust an account's credit limit based on payment history, credit information and other factors.

Prequalification and Application

Fortiva allows prospective applicants to check whether they prequalify using a soft credit inquiry. Checking for prequalification does not affect the applicant's credit score.

If the applicant accepts an offer and continues with the application, Fortiva will make a hard credit inquiry. A hard inquiry can appear on the applicant's credit report and may affect a credit score.

Prequalification does not guarantee final approval. The issuer may require additional information, including verification of income or ability to repay, before making a final decision. The APR, fees and credit limit presented with the applicant's specific offer control.

Fortiva Fees and APR

The offer currently displayed by Finance Globe lists a 36% fixed purchase APR. There is no introductory purchase APR, so the regular rate can apply immediately to balances that are not paid within an applicable grace period.

The current offer lists an annual fee of $85 to $175 during the first year and a combined yearly account cost of $229 after the first year. Fortiva's pricing disclosures separate ongoing costs into an annual fee and monthly account maintenance fees, so the $229 figure should be understood as a combined yearly cost rather than a single annual fee.

Other charges may include:

• Cash advance fee: Either $10 or 5% of the advance, whichever is greater
• Foreign transaction fee: 3% of each applicable transaction in U.S. dollars
• Balance transfer fee: 3% of each applicable transfer after the first year
• Additional card fee: $19 for an authorized user, if applicable
• Paper statement fee: $2 for each applicable paper billing statement
• Late and returned payment fees: Up to the amounts disclosed in the applicant's final terms

Applicants should review the complete pricing disclosure before accepting an offer because the available terms can depend on the applicant and may change.

Does the Fortiva Credit Card Report to the Credit Bureaus?

The Bank of Missouri's privacy disclosure confirms that Fortiva account information may be reported to consumer credit bureaus. Current offer information provided to Finance Globe describes reporting to all three major consumer credit bureaus.

Credit bureau reporting gives cardholders an opportunity to establish payment history, but simply opening the account does not guarantee that a credit score will improve. Paying on time and keeping the reported balance low relative to the credit limit can be particularly important. Late payments and high utilization can negatively affect credit.

Free Credit Score Access

Fortiva provides registered cardholders with access to a free VantageScore 3.0 credit score supplied by Equifax. The score becomes available through the online account approximately 60 days after the account is opened.

This is an educational credit score. It may differ from the score used by The Bank of Missouri or another lender when making a credit decision.

Who the Fortiva Cash Back Rewards Mastercard May Be Useful For

This offer may be useful for someone who:

• Wants an unsecured Mastercard without paying a security deposit
• Has less-than-perfect credit and wants to check for prequalification first
• Frequently makes eligible gas, grocery or utility payments
• Can pay the balance in full or keep it low to control interest charges
• Understands the first-year and ongoing account fees
• Wants online and mobile access for payments and account management

Important Things to Consider

• The APR is high. Carrying a balance can quickly cost more than the cash back earned.
• The account has significant recurring fees. Consider both the first-year fee and the combined annual and monthly costs after the first year.
• The advertised $1,000 limit is a maximum. An applicant may receive a lower limit.
• Fees may reduce available credit. The full approved credit limit may not be available for purchases after account fees post.
• Rewards are issued annually. They are not immediately redeemable after each purchase.
• Rewards cannot replace a payment. A statement credit does not satisfy the minimum payment due.
• Prequalification is not approval. Accepting an offer results in a hard inquiry and additional issuer review.

Frequently Asked Questions

Is the Fortiva Cash Back Rewards Mastercard a secured card?

No. This is an unsecured credit card and does not require a security deposit.

What credit limit does the Fortiva card offer?

The current offer advertises a credit limit of up to $1,000, subject to approval. The issuer determines the actual limit offered to each approved applicant.

Does Fortiva prequalification hurt your credit score?

No. Fortiva uses a soft inquiry for prequalification. A hard inquiry is made if you accept an offer and continue with the application.

What credit score is needed for the Fortiva Mastercard?

Fortiva does not guarantee approval based on a particular credit score. The issuer can consider credit history, income, existing obligations, ability to repay and other information. Finance Globe does not have sufficient approval data to recommend a specific FICO score.

How much cash back does the Fortiva card earn?

The card earns 3% cash back on eligible gas and grocery purchases and utility bill payments. Other eligible purchases earn 1% cash back.

How do I redeem Fortiva cash back rewards?

Rewards are automatically applied as an annual statement credit during the account's anniversary month, provided the account is in good standing. Rewards cannot be requested as cash or used as the required minimum payment.

Does the Fortiva Mastercard have an annual fee?

Yes. The current offer lists a first-year annual fee of $85 to $175. The combined yearly cost after the first year is listed as $229 and can include both an annual fee and monthly account maintenance fees.

Can I request a Fortiva credit limit increase?

Fortiva's cardholder agreement states that customer-requested credit limit increases are not accepted. The issuer may independently review and adjust an account's limit.

Where do existing Fortiva cardholders make payments?

Existing cardholders should use the official MyFortiva account center or Fortiva mobile app to make payments and manage their accounts. Finance Globe does not issue the card, service Fortiva accounts or accept account payments.

Is Fortiva Retail Credit the same as the Fortiva Mastercard?

No. Fortiva Retail Credit is a separate financing program offered through participating retailers. This page concerns the general-purpose Fortiva Mastercard issued by The Bank of Missouri.

Who issues the Fortiva Cash Back Rewards Mastercard?

The card is issued by The Bank of Missouri pursuant to a license from Mastercard. The Fortiva program and MyFortiva account services are administered for the bank through Atlanticus Services Corporation.

Finance Globe's Bottom Line

The Fortiva Cash Back Rewards Mastercard provides an unsecured credit line, prequalification and potentially useful cash back rewards without requiring a security deposit. Those features can make it appealing to consumers whose card options are limited.

The high APR and ongoing fees are the central disadvantages. The card is best approached as a possible credit-building account with rewards, not as an inexpensive way to finance purchases. Applicants should review their exact offer and compare the total cost with other credit card options available through Finance Globe before applying.