If you’re a regular shopper at Verve bike shops, the Verve credit card deserves a close look at financing cycling purchases and maximizing rewards.
This article explains if the retail card is worth getting in easy-to-understand language. We will answer key questions like:
- What rewards and perks does it offer?
- Who should get the card?
- How easy is it to apply and get approved?
Whether you’re buying a high-end road, mountain or electric bicycle, the Verve card’s special financing and loyalty rewards can maximize savings if you frequently shop at Verve stores.
An Introduction to the Verve Credit Card
The Verve card is a credit card that can only be used to finance purchases at Verve’s network of specialty bicycle shops located across the country. It offers cardholders special financing offers, discounts, and loyalty rewards.
Key introductory questions when weighing applying include:
- What kind of rewards and perks does it offer?
- What are the eligibility requirements?
- How does it compare to other credit cards?
We will answer these key questions and more exploring all the details about the Verve credit card below.
How the Verve Credit Card Works
The Verve Credit Card is issued by Synchrony Bank. It functions similarly to any other retail credit card in that it:
- Can only be used in Verve’s retail stores and websites
- Offers special financing options on purchases
- Rewards frequent Verve customers
When you use the card, you’ll get 5% back in Verve rewards to redeem for products and services. There are also frequently 0% APR promos available for bigger ticket bike buys allowing you to finance large purchases interest-free for 6, 12 or even 24 months depending on current offers.
It’s a “closed-loop” credit card specifically for Verve’s bike shops. Now let’s look at some of the top benefits and perks.
What to Know About Fees and Rates
The Verve card does not require an upfront security deposit. But there are important fees and costs:
First Year Annual Fee – Between $75 to $175 charged when approved
Ongoing Annual Fee – $49 to $175 per year billed to account
Monthly Maintenance Fee – $0 to $12.50 monthly after first year
APR Interest Rate – Up to 35% depending on applicant’s credit profile
Initial Credit Limits – $300 to $1,000 to start. Annual fee immediately reduces available balance.
Carefully review the cardholder agreement after approval for full details on all the rates, fees and policies that are applicable to your Verve credit card.
The Verve card markets specifically to customers with low credit scores. But it does offer a few advantages like:
Potential Credit Limit Increase – Limits may double to $2,000 after 6 on-time monthly payments
Credit Bureau Reporting – Responsible card usage is reported to help rebuild your credit profile
Optional Protection Programs – Covers minimum payments or balances in qualifying cases for a monthly fee
Zero Fraud Liability – Protection from unauthorized charges through the Mastercard network
So while aimed at subprime borrowers, careful Verve card usage over time combined with on-time payments can assist with improving credit health long-term.
Verve Credit Card Eligibility and Approval Odds
Since the Verve Card is a retail store credit card, the eligibility requirements are more flexible than premium rewards cards from banks.
FICO Scores Needed for Approval
Most applicants should get approved with:
- Fair credit – FICO scores between 630 and 689
- Good credit – FICOs of 690-719
- Excellent credit – Scores 720+
Those with no credit history or scores below 600 will likely need to build credit first before applying.
No minimum income is published but obviously higher incomes improve your approval chances, especially if carrying debt balances on other cards. Ideally keep utilization below 30%.
Other Eligibility Considerations
Project confidence by:
- Having a few open trades reporting regularly
- Keeping income taxes and bills current
- No recent bankruptcies or foreclosures
Managing credit well leads to fast approvals with high initial credit limits awarded.
Checking Application Status
You can check application status usually within 60 seconds after submitting. If approved, expect your new card to arrive within 7-10 business days via postal mail. Activate it upon arrival to enjoy the perks.
Now let’s compare the Verve card to other popular retail cards before applying.
Is the Verve Credit Card Worth Getting?
Whether the Verve credit card is worth getting depends entirely on how often you shop at Verve’s stores.
- Frequent Verve customers spending $1000+ yearly on bikes/gear
- Riders who always finance large bike purchases
- Anyone wanting access to cardmember-only prices and promos
May not be best for:
- Riders who only occasionally buy parts or accessories
- Bargain hunters who avoid paying retail prices
- Families with limited cycling budgets
Calculate your annual Verve expenditures. Regular customers spending thousands will maximize 5% rewards and low intro APR financing offers. But more casual shoppers may prefer a general 2% cash back card with better bonus categories elsewhere.
How to Apply for the Verve Credit Card
Ready to apply? Submitting an application is fast and easy either online or in-store:
Visit Verve’s credit card website and complete the secure application in minutes. Check approval status immediately after submitting.
Apply In Store
Next time visiting any Verve retailer, ask an associate for a credit card application. Complete the form and turn it back in to get a decision quickly while still shopping.
Once approved, your new Verve credit card arrives by mail within 5-7 business days. Call an activate it, then break it in on your next bike upgrade purchase!
The Verve Credit Card offers an easy way for cycling enthusiasts to finance expensive bike purchases combined with rewards redemption on future accessories, parts or service needs.
Regular Verve shoppers spending thousands will maximize the 5% back perks and intro 0% APR financing periods. But those who only occasionally visit may prefer using general cash back cards instead.