"Verve NOT The Best Choice"
Verve MasterCard ® Review
Written by: bcarlson64 on 2017-10-10
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bcarlson64's review: 
Although we felt like our choices were slim to none when it came to getting an unsecured card i now wish we had just saved up the money and opened a secured card with our bank, Wells Fargo. First you are charged a $125 fee right off the rip so your actual available credit is $500. So we used up what was available with bills we would have just paid cash for. The thought process was use the available credit then pay a larger than normal payment to show the company that over time we are responsible. Knowing we could use any money we paid made it an easy decision until I looked 2 days after making the payment directly out of my bank account and see that the money is NOT available. I checked my bank account and see that the payment has posted so what could be the problem? Well after speaking with customer service I find out that the money is NOT available until after 7 days. Why is this I ask? To help keep you from using all available credit so you can afford to make timely payments. But....if you want to use your debit card next time and are willing to pay a $10 fee you will have access to your payment amount and any available credit l day after your payment posts. Hummmm, pay you MORE money on top of the 29.9% APR I think NOT. So our plan is to now keep the card for 90 days so we get at least 3 positive reports to the bureaus and find another card company that is willing to take any remaining balance we may have and cut this thing up. So just stay away from this one guys. It is not worth it. For as little as $250 I could have had a secured Visa with Wells Fargo and they report each and every month and after 6 months they check to see how you are doing and if you are using at least 25% of your available credit each month and always make at least the minimum payment on time then you may get an increase of unsecured money. As early as 1 year of positive use and payments you could have your money refunded to you and your card would be switched to an unsecured card. Our friend started off with a $500 deposit and 2 years later he now has $2500 available unsecured credit with Wells Fargo. That is the way to go if you have been like us for years paying everything with cash. Shoulds woulda Coulda.
Although we felt like our choices were slim to none when it came to getting an unsecured card i now wish we had just saved up the money and opened a secured card with our bank, Wells Fargo. First you are charged a $125 fee right off the rip so your actual available credit is $500. So we used up what was available with bills we would have just paid cash for. The thought process was use the available credit then pay a larger than normal payment to show the company that over time we are responsible. Knowing we could use any money we paid made it an easy decision until I looked 2 days after making the payment directly out of my bank account and see that the money is NOT available. I checked my bank account and see that the payment has posted so what could be the problem? Well after speaking with customer service I find out that the money is NOT available until after 7 days. Why is this I ask? To help keep you from using all available credit so you can afford to make timely payments. But....if you want to use your debit card next time and are willing to pay a $10 fee you will have access to your payment amount and any available credit l day after your payment posts. Hummmm, pay you MORE money on top of the 29.9% APR I think NOT. So our plan is to now keep the card for 90 days so we get at least 3 positive reports to the bureaus and find another card company that is willing to take any remaining balance we may have and cut this thing up. So just stay away from this one guys. It is not worth it. For as little as $250 I could have had a secured Visa with Wells Fargo and they report each and every month and after 6 months they check to see how you are doing and if you are using at least 25% of your available credit each month and always make at least the minimum payment on time then you may get an increase of unsecured money. As early as 1 year of positive use and payments you could have your money refunded to you and your card would be switched to an unsecured card. Our friend started off with a $500 deposit and 2 years later he now has $2500 available unsecured credit with Wells Fargo. That is the way to go if you have been like us for years paying everything with cash. Shoulds woulda Coulda.
3 Comments
Comment 1 by wanderer
Re: Verve NOT The Best Choice 
on 2017-10-11
Very informative review! Hope others will take note of your findings. It is sad that when we start out in credit or have to rebuild, lenders take advantage of us!
on 2017-10-11 Very informative review! Hope others will take note of your findings. It is sad that when we start out in credit or have to rebuild, lenders take advantage of us!
Comment 2 by boobie1998
Re: Verve NOT The Best Choice on 2017-10-24
I agree with you...I started out with this card to rebuild. Wow was it expensive...but it did help me. The hold on your available credit will stop after 6 months, and credit will update next day. Had the card for several years now and never a hold for me. Here is one bright note...they do increase your credit line once a year, and that is FREE!!! But YOU must call and ask for it, not automatic, but indeed it is a VERY EXPENSIVE card...
on 2017-10-24 I agree with you...I started out with this card to rebuild. Wow was it expensive...but it did help me. The hold on your available credit will stop after 6 months, and credit will update next day. Had the card for several years now and never a hold for me. Here is one bright note...they do increase your credit line once a year, and that is FREE!!! But YOU must call and ask for it, not automatic, but indeed it is a VERY EXPENSIVE card...
Comment 3 by frankn
Re: Verve NOT The Best Choice on 2018-04-30
This is horrible to hear! That is the most I have ever heard a lender take advantage of people trying to re-build their credit. Absolutely horrible!
on 2018-04-30 This is horrible to hear! That is the most I have ever heard a lender take advantage of people trying to re-build their credit. Absolutely horrible!
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Disclaimer: This content is not provided by Mid America Bank & Trust Company. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Mid America Bank & Trust Company. Review content is powered by Finance Globe.
