Fortiva® Mastercard® Credit Card: A Complete Overview

The Fortiva® Mastercard® Credit Card is a financial product specifically designed for individuals with less-than-perfect credit who are looking to rebuild their credit history. Unlike many credit cards that cater to prime borrowers, the Fortiva® card provides access to credit for those who may have been turned down elsewhere. While it comes with certain fees and interest rates that reflect the risk associated with lending to this demographic, the card also offers benefits that make it a viable option for credit-building.

In this guide, we will explore the key features of the Fortiva® Mastercard® Credit Card, its benefits, drawbacks, and how you can apply for it.

Key Features of the Fortiva® Mastercard® Credit Card

1. No Security Deposit Required
   • Unlike secured credit cards, which require an upfront security deposit that acts as your credit limit, the Fortiva® Mastercard® Credit Card is unsecured. This means you don’t need to put down any money to open the account, making it more accessible for individuals who may not have the funds available for a security deposit.
2. Credit Limit
   • The Fortiva® card offers a credit limit that typically ranges from $300 to $1,000, depending on your creditworthiness and financial situation. While this limit may be modest compared to other credit cards, it provides a starting point for those looking to rebuild their credit.
3. Annual Fee
   • One of the most notable aspects of the Fortiva® Mastercard® Credit Card is the annual fee, which can range between $49 and $175 for the first year, depending on your creditworthiness. After the first year, the annual fee can be reduced to between $0 and $49. This fee is relatively high, especially compared to other cards, but it’s important to weigh this against the card’s accessibility for those with poor credit.
4. Monthly Maintenance Fee
   • In addition to the annual fee, the Fortiva® card may also charge a monthly maintenance fee of up to $12.50 (billed at $6.25 per month). This fee is waived during the first year but kicks in after that. This adds to the overall cost of maintaining the card, making it essential to consider whether the benefits outweigh these expenses.
5. Purchase APR
   • The Fortiva® Mastercard® Credit Card has a variable APR that ranges between 29.99% and 36%. This is significantly higher than the APR on many other credit cards, reflecting the risk of lending to individuals with poor credit. To avoid accruing interest, it’s advisable to pay off your balance in full each month.
6. Cash Advance APR
   • For those who need cash advances, the Fortiva® card offers this feature with a cash advance APR of 36%. It’s crucial to be cautious when using this feature, as interest on cash advances starts accruing immediately, and there’s also a cash advance fee of 5% (minimum $5).
7. Foreign Transaction Fee
   • If you travel internationally or make purchases from foreign merchants, the Fortiva® card charges a foreign transaction fee of 3% of each transaction. This is a standard fee for many credit cards, but it’s something to keep in mind if you frequently shop or travel abroad.
8. Credit Reporting
   • One of the significant benefits of the Fortiva® Mastercard® Credit Card is that it reports your payment history to all three major credit bureaus: Equifax, Experian, and TransUnion. This is crucial for building or improving your credit score, as consistent, on-time payments will help raise your credit score over time.
9. Access to Free Credit Score
   • Cardholders have access to a free credit score through the Fortiva® Mastercard® online account portal. This allows you to monitor your credit progress and stay informed about your financial health.
10. Cash Back Rewards
    • Despite being a card designed for individuals with poor credit, the Fortiva® Mastercard® Credit Card offers a cashback rewards program. You can earn 1% cash back on eligible purchases, which can help offset some of the costs associated with the card.
11. Additional Benefits
    • The card also offers standard Mastercard benefits, including fraud protection, identity theft resolution services, and access to Priceless® Experiences. These benefits provide added value and security for cardholders.

Who Should Consider the Fortiva® Mastercard® Credit Card?

The Fortiva® Mastercard® Credit Card is particularly suited for:

• Individuals with Poor Credit: If you have a low credit score or no credit history, the Fortiva® card offers a way to access credit and start rebuilding your credit score. The card’s unsecured nature means you don’t need a security deposit, making it a more accessible option.
• Those Looking to Rebuild Credit: With regular reporting to all three major credit bureaus, the Fortiva® card can help you rebuild your credit score over time. Consistently making on-time payments and keeping your credit utilization low will be key to this process.
• People Who Can Handle Fees: The card does come with several fees, including an annual fee, a monthly maintenance fee after the first year, and a high APR. If you can manage these costs and use the card responsibly, it can be a useful tool for improving your credit.

How to Apply for the Fortiva® Mastercard® Credit Card

Applying for the Fortiva® Mastercard® Credit Card is a straightforward process. Here’s a step-by-step guide:

1. Check Your Pre-Qualification
   • Fortiva® offers a pre-qualification process that allows you to see if you’re likely to be approved for the card without affecting your credit score. This is a soft inquiry and won’t have any impact on your credit report. Pre-qualification doesn’t guarantee approval, but it gives you a good indication of your chances.
2. Gather Required Information
   • During the application process, you’ll need to provide personal information, including your name, address, Social Security number, and income details. It’s essential to have accurate information ready to ensure a smooth application process.
3. Complete the Online Application
   • The application can be completed entirely online. You’ll be asked to fill out the required fields with your personal and financial information. The process is user-friendly and typically takes just a few minutes to complete.
4. Submit the Application
   • Once you’ve completed the application, you can submit it for review. Fortiva® will evaluate your creditworthiness based on the information provided, and you’ll receive a decision within a few minutes in most cases. If additional information is needed, Fortiva® may contact you for further details.
5. Receive Your Card
   • If your application is approved, your Fortiva® Mastercard® Credit Card will be mailed to you within 7 to 10 business days. Once you receive the card, you’ll need to activate it either online or by phone before you can start using it.
6. Start Using Your Card Responsibly
   • After activation, you can begin using your Fortiva® card for everyday purchases. To maximize the benefits of the card and improve your credit score, it’s crucial to make on-time payments and keep your balance low relative to your credit limit.

Tips for Maximizing Your Fortiva® Mastercard® Credit Card

• Pay On Time: Your payment history is the most significant factor in your credit score. Make sure to pay your bill on time every month to avoid late fees and negative marks on your credit report.
• Monitor Your Spending: Keep your credit utilization low by only spending a small portion of your credit limit. Aim to use less than 30% of your available credit to positively impact your credit score.
• Avoid Cash Advances: The high fees and immediate interest on cash advances make them a costly option. Use this feature only in emergencies, and try to pay it off as quickly as possible.
• Take Advantage of Cash Back: Use your Fortiva® card for purchases that qualify for the 1% cash back to help offset some of the card’s costs. Just be sure to pay off these purchases in full to avoid interest charges.

Conclusion

The Fortiva® Mastercard® Credit Card is a valuable option for individuals with poor credit who need access to credit and want to rebuild their credit history. While it comes with higher fees and interest rates than many other credit cards, the card’s unsecured nature and credit-building potential make it a viable choice for those committed to improving their financial health. By using the card responsibly, monitoring your spending, and making on-time payments, you can use the Fortiva® card as a stepping stone to better credit and greater financial opportunities.