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The Fortiva® Credit Card is offered by the Bank of Missouri. The bank offers various deposit and lending services to both individuals and businesses, and has over 35 branches and over $2 billion in assets.
The card itself is designed for people looking to build their credit and who want the flexibility of an unsecured card. All of your payments will be reported to the credit bureaus, and there is no minimum credit score requirement. It offers a cash back rewards program on eligible purchases, and cardholders get periodic reviews for credit limit increases. You can view your credit score in your online account. However, this credit score is only for educational purposes and is not to be used to make credit decisions.
This card is best suited for those who are looking to establish their credit history or want to build up poor credit. Every time you make a payment, the company will report it to the three major credit bureaus. This builds a positive payment history and will improve your credit score over time. The card being unsecured means it is a good choice for low-credit individuals who don’t want to provide a security deposit as required by other types of credit-building cards.
The Fortiva® Credit Card APR for purchases ranges 22.74% - 36% (variable), while cash advance and balance transfer APR is 25.74%-36%. The interest rates depend on your creditworthiness. The better your credit, the lower the rate you will be offered.
It has an annual fee of $49-$175 for the first year, and then $0-$49 annually going forward. There is also a monthly fee of $5-$12.50 after the first year. The fees you pay will be outlined in the disclosures once your application is approved, and will depend on your credit and the information you provided in the application.
The card has a 3% foreign transaction fee, a 3% balance transfer fee after the first year, and a cash advance fee of either 5% or $5, whichever is higher. Penalties for late or returned payments are the maximum fee that is legally permitted, which is currently $41. There is no penalty APR charged with this card.
| Annual and monthly fee | $49 to $175 annual fee for the first year, $0 to $49 annually after that After the first year, a monthly fee of $5 to $12.50 |
| APR | 22.74% - 36% (variable) |
| APR for cash advances and balance transfers | 25.74% to 36% |
| Transaction fees | 3% foreign transaction fee 5% or $5 cash advance fee (whichever is higher) 3% balance transfer fee after the first year |
| Penalty fees | $41 fee for late or returned payments No penalty APR |
The card features a rewards program that offers you up to 3% cash back. You get 3% cash back on eligible gas, groceries, and utilities, and 1% on all other eligible purchases. Rewards are earned once the eligible transaction has been posted to your account. The cash back is redeemed in the form of a statement credit.
Fortiva® offers a secure and straightforward online application process. It begins with a prequalification form that asks you for your name, date of birth, and social security number. You also need to provide your contact information, address, monthly rent or mortgage payment, employer information, and income.
This part of the process requires a soft credit inquiry, which won’t hurt your score. If you prequalify, you will be shown an offer based on your provided information. Once you accept an offer, a hard credit inquiry will be carried out before the company makes a final approval.
Fortiva® has a toll-free number that you can call with your questions or concerns. Just call 800-245-7741 and you’ll quickly be connected to an agent. You can also fill out an online form or send physical mail to P.O. Box 105555 Atlanta, GA 30348-5555.
While the site lacks a traditional FAQ section, there is a financial forum section that provides you with resources to help you learn about managing debt, credit scores and reports, building financial stability, and more.
Fortiva® has several measures in place to protect your information. The company uses SSL and Transport Layer Security to keep information confidential and periodically evaluates its security operations and practices. It limits employee access to sensitive information, and trains staff on how to safely use and share this information, if required.
You can get transaction alerts to instantly detect fraudulent activity, as well as the ability to lock your card. The card features an EMV chip to make transactions more secure, as fraudsters cannot easily copy your card with a skimmer. You are also protected by the Mastercard Zero Fraud Liability.
The site features a detailed privacy policy that details what data is collected, how it is used, what information is disclosed to third parties, and how it ensures all transmissions are secure.
How will my interest rate be determined?
Your interest rate offer from Fortiva® is based on your creditworthiness. The better your credit history and score, the more favorable interest rate you will be offered in most cases. This is because a better credit history often means less risk for the lender.
How are my cash back rewards redeemed?
Cash back will be redeemed automatically in the form of an annual statement credit, which lowers your account balance. Rewards will be redeemed in the anniversary month of your account opening.
How will this card improve my credit?
When you make a payment, the company will report the payment to the three major credit bureaus. This establishes a payment history, which is one of the factors that influence your credit score. The more payments you make that are on time and in full, the more your credit will improve.
The Fortiva® Credit Card is designed primarily for people looking to establish or build up their credit, as all payments are reported to credit bureaus. It is an unsecured card that requires no deposit and gives you chances to increase your limit over time. The card can be used anywhere that Mastercard is accepted and the online application is clear. The rewards program is primarily for low-credit individuals and offers up to 3% cash back.
This review was created with information from the Fortiva® website.
