If you want to get a credit card for your business with no credit, or poor credit, there are many options to choose from. One of the credit options that you might have heard about is the Revvi Credit Card. Before you apply for this card, there are many facts and essential details you will need to know about this card, the services from Revvi, and how it compares to other similar cards in the financial market.
In this article, you will learn some general details about the Revvi Credit Card and how it works, Here, we will also discuss the essential features that this credit card option offers for businesses. Next up, you will learn about the major advantages of the Revvi Credit Card from which you will benefit. Finally, we will share with you some of the major cons of this credit card for businesses. Hence, to learn more about this card, read on through to the end of the article.
What Is The Revvi Credit Card?
According to BestCards.com,
“The Revvi Card is an unsecured Visa® that provides a great platform for repairing credit – or building a positive history. The card provides an initial credit line of $300, the features of a full-fledged Visa® (including acceptance by nearly all merchants in the United States), and an excellent platform for improving credit.”
Although there are very useful things about the car, it is also important to pay attention to the high rates and fees of the card. This will help you to get the overall picture of the pros and cons of the services.
Essential Features Of The Revvi Credit Card
To start using the Revvi credit card, you will need to have a $300 credit limit. It is an unsecured card with a variable APR of 35.00% on purchases. Apart from that, you will need to have a checking account if you want to apply for this credit card for your business. On payments that are made to your account, you will get 1% cashback on each of them. Apart from that, with some fees, you will also get the opportunity to increase your credit limit after twelve months.
In terms of security as well, the Revvi credit card is good, as it reports the credit transactions and credit scores to all three major credit bureaus. The credit also gets free monitoring with the help of TransUnion. The annual fee that you need to pay for the first year is $75.00, and from the next year, you will need to pay $48.00.
What Are The Benefits Of The Revvi Credit Card?
According to a review by Nerdwallet.com,
“The Revvi Visa® Credit Card, issued by MRV Banks, doesn’t require a security deposit. Your account history will be reported to all three credit bureaus, and as a Visa, the card will be accepted anywhere credit cards are accepted. But if you have poor or no credit, there are other cards that can help improve your FICO score while keeping more money in your pocket.”
The following are some of the major benefits of the Revvi Credit card:
- With the Revvi Credit card, you will receive a credit line without putting your money down. If you lack the financial capacity to deposit a big collateral, then this option can be useful.
- You will not need a perfect credit score to be eligible for the Revvi Credit card. If you have a subprime credit score (between 580 and 620), you can still be eligible.
- Revvi Credit card also reports your credit activity to three of the major credit bureaus, namely TransUnion, Equifax, and Experian. You can thus build your credit score gradually by following the best practices.
- On every purchase that you make through your Revvi credit card, you will get 1% cashback. However, you can only redeem your rewards after your account is open for more than six months.
What Are The Cons Of The Revvi Credit Card?
Many top websites do not recommend the Revvi Credit Card due to high fees and interest rates.
For example, the Forbes Advisor warns –
“The Revvi Credit Card is a subprime credit card that “doesn’t require perfect credit history” to apply. While its low barrier to entry may seem enticing, there’s nothing about this card that “revs” our engines. In fact, Revvi’s excessive fees and exorbitant interest rates make us want to skip this ride altogether. We don’t recommend this card for anyone—even those who want to build their credit.”
The following are a few cons of the Revvi Credit card that you must be aware of:
- One of the biggest down factors of the Revvi credit card is its expensive fees, which can be a bit annoying for many. In the first year, you will need to pay $75. From next year onwards, you will need to pay $48. Apart from that, you will pay a one-time program fee of $95. In addition to that, there are many more fees as well.
- The Revvi credit card charges you 35.99% on variable APR charges. Hence, experts recommend paying your balance in full, as there will be times you will need to carry a balance for a short time.
- The mobile app also does not work properly.
- You can face a hard inquiry on your credit report.
- There are little to no options for an upgrade.
Hope this article was helpful for you to get a better idea of how the Revvi Credit Card works and how it can be helpful for your business. You can see from this article that this card has some good benefits as well as various drawbacks, which need to be resolved by the company. It has a simple credit-building system, which gives the applicant the option to revive the credit report.
However, if you are considering applying for a Revvi Credit Card, go through a few more reviews and get a full idea of whether you can deal with the major cons or not. Do you have any more information to add regarding the Revvi Credit Card? Share them with us in the comments section below.