If you’re looking for a way to build your credit history, the Revvi Credit Card might be a good option. With no security deposit required and cashback rewards, the Revvi Card is a great way to start repairing your credit score. However, this card has some downsides you should be aware of before applying.
In this Revvi Credit Card Review, we’ll go over the pros and cons of this card so you can decide if it’s the right fit for you.
The Revvi Credit Card is an unsecured credit card that offers several benefits to cardholders. For example, Revvi Active cardholders get exclusive access to free Credit Monitoring powered by TransUnion. In addition, the application process is fast and easy, and cardholders can receive a response in seconds.
The credit limit for the Revvi Credit Card is $300, although this may change depending on the cardholder’s credit score. One of the key features of the Revvi Credit Card is that it allows users to rebuild their credit scores.
This can be done by making on-time payments and keeping the balance below the credit limit. After twelve months, cardholders may also be able to request a credit limit increase, although a fee may apply.
Lastly, the Revvi Credit Card reports monthly to all three major credit bureaus, making it easy for cardholders to keep track of their credit score.
- The Revvi Card is an unsecured credit card that offers rewards to people with bad credit.
- After paying the card’s bill, cardholders earn 1% cash back on all purchases. There is a $300 minimum credit line ,and no deposit is required.
- However, the Revvi Card is very expensive, charging a one-time “Program Fee” of $89, plus an annual fee of $75 1st year and $48 after.
- There is also a monthly fee of $6.25 starting the second year an account is open.
- Any monthly balance will quickly raise interest charges due to the card’s 34.99% APR.
Pros and Cons
Before you decide to apply for the Revvi Credit Card, it’s important to weigh the pros and cons.
- No security deposit is required
- Cashback rewards
- The fast and easy application process
- Reports monthly to all three major credit bureaus
- Qualify with bad credit
- High fees
- High-interest rate
- Low credit limit
- No rewards bonus
- No intro APR on purchases
- No balance transfers are allowed.
“Should I Get A Revvi unsecured credit card?”
Consider your financial needs and goals to decide if the Revvi Credit Card is right. This card may be a good option if you’re looking for a way to build your credit score. However, building your credit score is not only one factor to consider when looking for a new credit card.
You should also check each card’s benefits and drawbacks to ensure it fits your needs best. The Revvi Credit Card has several pros and cons that you should consider before applying.
Let’s understand the benefits of this card a little better.
#1. No security deposit is required.
One of the main benefits of the Revvi Credit Card is that you don’t need to put down a security deposit. This can be helpful if you’re trying to rebuild your credit score and don’t have extra money to put towards a deposit.
Most credit cards designed for people with bad credit will require a deposit, a major perk of the Revvi Credit Card.
#2. Cashback rewards.
If you’re looking for a cashback rewards card, the Revvi unsecured credit card is a good option. With this card, you’ll earn 1% cash back on all your purchases, as long as you pay off your balance in full each month.
There’s no limit to the amount of cash back you can earn, making this a great way to boost your rewards balance. Most Credit cards designed for people with bad credit do not offer any rewards.
Additionally, this card can help you build up your credit score, as long as you make your payments on time and keep your balance low.
#3. Your Credit Limit Is Increased
The Revvi unsecured credit card may be a good option for those looking to improve their credit score. The credit limit is increased as early as 12 months after opening, and cardholders may receive a credit limit increase if their credit score has improved.
There is a 20% fee for any increased credit limit. The Revvi Visa credit card also comes with an initial credit line of $300.
#4. Reports monthly to all three major credit bureaus.
Every month, the Revvi unsecured credit card is reported to all three major credit bureaus: Experian, EquusUnion, and TransUnion. This may be beneficial if you attempt to improve your credit score and keep track of your progress.
Additionally, reporting to all three credit bureaus can help you qualify for a lower interest rate in the future.
#5. Qualify with bad credit.
One of the main benefits of the Revvi unsecured credit card is that you can qualify with bad credit. This card is designed for people with a limited or no credit history and can help you build your credit score.
#6. Full-service mobile app.
The Revvi unsecured credit card offers a full-service mobile app that allows you to check your balance, make payments, view transactions, and more. This can be helpful if you’re trying to manage your finances on the go.
#7. Fast and easy application process.
The Revvi unsecured credit card offers a fast and easy application process. You can apply online in just a few minutes and receive a decision within seconds.
Why should you not get the Revvi unsecured credit card?
Now that we’ve explored the benefits of the Revvi Credit Card let’s consider some drawbacks.
#1. Very high APR.
One of the main drawbacks of the Revvi Credit Card is the very high APR. The APR is 29.99% which is one of the highest APRs available. You’ll accrue interest charges quickly if you carry a balance on your card.
This can make paying off your balance difficult and lead to more debt. If you’re looking for a card with a lower APR, the Revvi Credit Card is not the best option.
#2. No introductory APR period.
Another drawback of the Revvi Credit Card is that there is no introductory APR period. This means that you’ll accrue interest charges from day one.
#3. Very High Fees.
The Revvi unsecured credit card is not recommended for several reasons. Firstly, the fees are very high. There is a one-time “Program Fee” of $89, plus an annual fee of $75 1st year and $48 after. There is also a monthly fee of $6.25 starting the second year an account is open.
For these reasons, avoiding the Revvi unsecured credit card is best.
#4. No Balance Transfer Option.
The Revvi Credit Card is not the best option if you’re trying to pay off debt. This card does not offer a balance transfer option, so you’ll have to pay off your debt with another card.
Who is this card ideal for?
The Revvi unsecured credit card is ideal for people who want to improve their credit score. Cardholders can improve their credit scores by making on-time payments and using low credit.
Additionally, the Revvi unsecured credit card offers Visa® protections, like Zero Fraud Liability coverage. This protects cardholders from fraudulent charges.
Moreover, the Revvi unsecured credit card has manageable monthly payments. Cardholders can also earn 1% Cash Back Rewards on payments made to the card.
This makes the Revvi unsecured credit card an excellent choice for people seeking a well-rounded and beneficial credit card.
The alternative of Revvi credit card?
As discussed, the Revvi Credit Card is not the best option for everyone. Many other options are available if you’re looking for a credit card with a lower APR or low annual fee.
Here are some alternative credit cards to consider:
The Reflex Mastercard is marketed as an alternative for people with bad credit looking for a credit card.
However, the high fees and interest rates associated with this card make it a poor choice for consumers. The Reflex Mastercard has an annual fee of $99 and charges a cash advance APR of 24.99%-29.99% Variable.
In addition, there is a foreign transaction fee of 3% and a late or returned payment fee of up to $41. For these reasons, the Reflex Mastercard is not a good option for consumers.
#2. Indigo Mastercard
For consumers looking to build or repair their credit score, the Indigo Mastercard is a great option. The short and easy-to-complete pre-qualification form makes it simple to get started, and the 24/7 mobile account access allows cardholders to manage their account on their schedule.
Additionally, the Indigo Mastercard is accepted worldwide – anywhere Mastercard is accepted – so cardholders can use their card confidently no matter where they are.
Finally, with several card designs, the Indigo Mastercard allows cardholders to show their personality. Whether you’re looking to build your credit from scratch or simply want an alternative to a traditional credit card, the Indigo Mastercard is a great option.
#4. Destiny Mastercard
The Destiny Mastercard is a great alternative for those with less than perfect credit or troubled credit history. This card does not require a security deposit, so it is ideal for those who want a Mastercard but don’t want to pay a security deposit.
Additionally, the Destiny Mastercard has the versatility to make foreign purchases, which is perfect for those who plan to travel or make purchases outside of the United States.
What are the Approval odds for the Revvi credit card?
The approval odds for the Revvi credit card are good. The company reports that people with various credit scores have been approved for the card.
People with bad credit, no credit, and limited credit have all been approved for the Revvi unsecured credit card. This makes the Revvi unsecured credit card a great option for people with various credit scores.
What is the minimum credit score for the Revvi credit card?
The Revvi unsecured credit card is available to people with a wide range of credit scores. No set minimum credit score exists, so anyone interested in the card can apply.
However, applicants with a higher credit score are more likely to be approved for the Revvi unsecured credit card. Additionally, those with a higher credit score will likely receive a lower APR.
Is the Revvi credit card worth it?
The Revvi credit card is one option if you have bad credit and trouble getting approved for other cards. The Revvi card offers greater acceptance odds than many other cards, thanks to its checking account requirement.
Additionally, the Revvi Card reports regularly to the major credit bureaus – many competitors only report to one bureau, while others only report semi-regularly.
However, there are some negatives to bear in mind. The major drawbacks of the Revvi Card are its expensive costs, which include a purchase APR in the mid-30s, making it one of the most costly on the market.
So while the Revvi card may help you build credit, it’s important to be aware of the potential downsides before you apply.
FAQ about the Revvi Credit Card