Verve Secured Card

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at issuer’s secured site
bad credit
intro purchase APR no intro offerregular APR29.99 - 29.99% (V)

$125 annual fee

$60 annual maintenance fee

$30 additional annual fee

25 days of grace period

Editors Review

Previously Discover card, but was acquired by Mid America Bank & Trust Company and now serviced by Continental Finance.

Pros

  • You can get either secured card, partly secured or unsecured depending on your credit history and FICO score
  • Grace period of 25 days

Cons

  • Annual fee - $125 the first year, $96 then
  • Additional $30 per year fee
  • $60 annual maintenance fee (billed $5/month) that is waived for the first year
  • Very high APR – 29.9%
  • $500 credit limit that includes $125 annual fee, so only $375 is a real credit limit

Verdict

It is just not worth it. The fees for the card are too high. You need to pay a $125 annual fee right away from the cards credit limit of $500. APR is 29.9% which is too high. You have other options like Discover it Secured credit card or Capital One Secured MasterCard.  

Last updated: 07/24/2016









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