Finding a credit card can be difficult with bad credit. Many traditional cards require good or excellent credit for approval. However, the Revvi Credit Card aims to change that by focusing on helping those with imperfect credit.
The Revvi Visa Credit Card aims to help consumers with poor or limited credit build their scores. However, extremely high fees and serious drawbacks make it a lacklustre option compared to starter credit cards.
In this blog post, we will explore the Revvi Credit Card’s key features, benefits, and fees to see if it is a good fit for your wallet.
Overview of the Revvi Visa Credit Card
The Revvi Visa Credit Card is a prepaid credit card designed for those with poor credit. Key attributes include:
- No security deposit required
- Credit limits starting at $300
- 1% cash back rewards on payments
- Reports to all 3 major credit bureaus
- $75 first year annual fee, $48 after that
- Numerous other fees including monthly, program, and more
While it can help build credit through on-time payments, the card comes with an extensive fee schedule that vastly minimizes any potential value for consumers.
The Biggest Pros of the Revvi Card
While the Revvi card comes with numerous drawbacks, here are some of the most positive features:
No Security Deposit – Unlike secured cards, no upfront deposit is required to open an account. This saves cash upfront.
Reports to All Bureaus – Payment history is reported to Equifax, Experian, and TransUnion to help build credit.
1% Cash Back – Earn rewards on monthly payments made to your account.
Nationwide Acceptance – Can be used anywhere Visa cards are accepted for purchases.
Mobile App – Manage your account via the Revvi smartphone app.
For those unable to afford a security deposit, the Revvi card removes that barrier to credit building. Just make sure the fees make sense for your situation.
The Major Cons of the Revvi Visa Card
While it can help build credit, here are some glaring drawbacks to the Revvi card:
Numerous Fees – Annual, monthly, program, and other fees substantially minimize value.
Low $300 Credit Limit – Easy to max out the small $300 starting limit.
36% APR Interest – Extremely high interest rates make carrying a balance costly.
No Graduate Path – No option to upgrade to an unsecured card over time.
Redemption Limits – Cash back only redeemable in 500 point increments.
Rewards on Payments – Cash back earned on monthly payments rather than purchases.
The limited credit access and extensive fees severely reduce the attractiveness of the card for most consumers.
How the Revvi Visa Credit Card Works
Here is an overview of how the Revvi card operates and earns rewards:
- Submit an online application with basic personal information.
- If approved, pay $170 in fees to activate the card and account.
- Get a starting credit limit of $300 minus fee amounts.
- Make purchases using the Revvi card wherever Visa is accepted.
- Earn 1% cash back on monthly payments made to your balance.
- Cash back accrues and can be redeemed in 500 point increments.
- Manage account via online portal or mobile app.
- Make at least minimum payments by the due date each month.
- Build credit through on-time payments reported to credit bureaus.
Focus on paying your balance on time and in full each month to build credit without incurring interest fees.
Should You Apply for the Revvi Credit Card?
The Revvi card makes the most sense for consumers in certain situations:
Have Very Poor Credit – The easy approval requirements accommodate low credit scores.
Need to Start Building Credit – Can establish positive payment history with the card.
Desire a Non-Secured Card – No upfront deposit required to open account.
Receive Regular Income – Needed to manage the card’s fees and required payments.
Plan to Use Sparingly – Minimize high interest charges by using only for small purchases.
However, there are some other alternatives that provide more value:
- The Petal 2 “Cash Back, No Fees” Visa has no annual fee, earns 1-1.5% cash back on purchases, and has transparent qualification criteria.
- The Capital One Platinum Secured requires a refundable security deposit but has no annual fee and reports to all three credit bureaus.
- The OpenSky® Secured Visa® Credit Card also requires an upfront security deposit but has no annual fee and rewards options.
Unless you cannot afford a security deposit, other starter cards are likely better options compared to the Revvi card.
How to Apply for the Revvi Credit Card
If you decide the Revvi Credit Card is a good match, here are the steps to apply:
- Gather required information – Social Security Number, income source, bank account info.
- Begin application online at RevviCard.com or call toll-free number.
- Provide required personal and financial information.
- Accept cardholder agreement terms electronically.
- Submit deposit of $200 or set up $50 monthly payments.
- Wait for a decision in minutes and receive card within 7-10 days.
- Activate card and set up online account access.
The application can be completed online or over the phone. Be sure to have all required documentation handy. Accessing the online member center is crucial for managing payments and tracking your credit building progress.
Hidden Fees and Fine Print to Watch For
The Revvi card promoters easy approvals and credit building, but make sure you understand these key fees and fine print:
- Paying the $95 program fee activates your account – avoid until ready.
- Monthly service fees kick in after year one.
- You only earn rewards when making payments, not purchases.
- Cash back rewards have limited 500 point redemption increments.
- Credit limit increases incur a 25% fee based on the additional amount.
- No option to graduate to an unsecured card – you’ll have to apply elsewhere.
- Closing the account can hurt your credit utilization and length of credit history.
Read the terms carefully and have a plan to either pay off the balance monthly or transition to a better card in the future.
Alternatives to the Revvi Card for Bad Credit
While the Revvi Visa aims to help those with bad credit build scores, there are some other excellent options to consider with fewer drawbacks:
Petal 2 “Cash Back, No Fees” Visa – No annual fee, rewards on purchases, flexible cash back redemptions
Capital One Platinum Secured – Refundable deposit, no fee, rewards potential
Discover it Secured – Cash back rewards, deposit refundable with good history
Mission Lane Visa – Low annual fee, rewards categories, transparent approval
FNBO Evergreen – No fees, rewards spending categories, straight-forward terms
Do your research to find the best starter card that matches your credit situation. Avoiding high fees should be priority number one.
Is the Revvi Credit Card Worth Getting?
The Revvi Visa Credit Card aims to help those with bad credit build their scores through responsible use and on-time payments. However, the card comes with an extensive fee schedule that severely minimizes the value it provides most consumers.
Between high annual fees, monthly fees, program fees, and charges for additional cardholders, your total first year costs may exceed $170. The starting $300 credit limit also makes it easy to quickly utilize a high percentage of your available credit.
While you can start establishing positive payment history, there are no rewards for purchases made and no option to graduate to an unsecured card. The 36% APR interest rate is also exceptionally high.
Ultimately, the Revvi card’s fees and limitations make it a lackluster option compared to other credit building cards. Unless you have absolutely no other options, you can likely find a starter card that better matches your situation and saves you money.
The Revvi Visa Credit Card allows consumers with poor credit the chance to start establishing positive payment history. Earning rewards on on-time payments provides additional incentive to pay your bill each month.
However, the card falls short in providing true value due to extensive fees, limited credit access, and no graduate path to an unsecured card. The lack of rewards on purchases also reduces motivation to use it.
Unless you absolutely cannot afford a security deposit, other starter credit cards provide better value overall through transparent terms, rewards on spending, and annual fee-free options.