If you need to build credit and don’t have money to put down on a secured credit card, you might consider a Revvi credit card.
This unsecured card promises to build your credit and provide cashback rewards, but is the Revvi credit card worth it?
Revvi Credit Card Highlights
- $95 set-up fee (one-time fee)
- $75 annual fee, then $48 after the first year
- 35.99% APR
- 1% cash back rewards for every dollar paid toward your bill
- Reports to the three credit bureaus
Revvi Credit Card: Main Benefits & Perks
The Revvi credit card is meant for credit building and those with less-than-perfect credit. Many alternatives may be less expensive than the Revvi credit card, but it has some benefits to consider.
Reports to the Credit Bureaus
To build credit, you need a good payment history, but getting approved for a credit card with bad credit is often hard.
Revvi not only doesn’t require good credit, but they will report your account status and payments to all three credit bureaus. If you handle your account right, you could improve your credit score using this credit card.
Less-Than-Perfect Credit Is Okay
You don’t need great credit to get a Revvi credit card. While they don’t disclose the exact credit score required, many people qualify with scores much lower than most credit cards require.
No Security Deposit Required
The Revvi credit card doesn’t require a security deposit. While you need a checking account to get approved, you don’t have to put money down to serve as your credit line. Most people get a $300 credit line to start but with no money down.
Earn Revvi Rewards
Revvi pays one point for every dollar you pay toward your balance. All cardholders are automatically enrolled in the program and can earn rewards.
Fast Approval Process
Applying for a Revvi credit card online takes only a few minutes, and you should receive an answer instantly. If you don’t receive an answer online, they will promptly mail you a letter either asking for more information or providing the reason they couldn’t approve your application.
Revvi Credit Card: Main Drawbacks
Like all credit cards, there are downsides to consider with the Revvi credit card.
High Fees
The Revvi credit card has many fees that are much higher than most credit cards, including:
- $95 set-up fee (one-time fee)
- $75 annual fee (first year, then $48)
- $8.25 monthly service fee after the first year
- Up to $41 late or returned payment fee
- 3% or $10, whichever is greater, for cash advances
- $29 for an additional card for an authorized user
- 25% of any credit limit increase granted
- $35 express card delivery fee
- $3 copy fee for any bill duplicates
Keep Reading: Are Annual Fee Credit Cards Worth It?
High APY
Credit cards aren’t known for low APRs, but the Revvi credit card’s rate is exceptionally high. Cardholders pay 35.99% on any balances not paid within 21 days after the billing cycle closes.
High Set-up Fee
The set-up fee, which is in addition to the annual fee, is $95 and must be paid before you can use the card. You have an option to break it up into three payments, but you must pay it in full before you can use the card.
If you have the entire amount charged to your account, it decreases your credit limit to $205 immediately.
Low Credit Limit
All new applicants get a $300 credit line with the Revvi credit card. It doesn’t matter your credit score or how well you qualify with other factors. You must wait at least 12 months to request a credit line increase, and if approved, it will cost you 25% of the increase.
You Must Wait Six Months To Redeem Rewards
If you earn cashback rewards by paying your Revvi credit card bill, you must wait at least six months to redeem them. In addition, your account must be in good standing, or your rewards are at risk.
Who Is Revvi Credit Card Best For?
The Revvi credit card doesn’t have many perks that would make it a great card for anyone. Its fees and low credit limit negate most benefits, even the 1% rewards.
If you don’t qualify for another unsecured credit card and don’t have money to put down on a secured card, the Revvi credit card can be a temporary solution.
It will cost you a $95 set-up fee plus the $78 annual fee, but if you use it wisely and let it help your credit score increase, you may be eligible for better cards in the future.
Best Alternatives to Revvi Credit Card
Because the Revvi credit card isn’t the best option for most people, here are some great alternatives.
Discover it® Secured Credit Card
The Discover it® credit card is a secured credit card, so you need money to put down on it. However, it has rewards equal to 2% back on combined restaurant and gas station purchases of $1,000 per quarter. You can also earn 1% back on purchases in other categories.
Capital One QuicksilverOne Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards credit card is an excellent option if you have good credit. It pays an unlimited 1.5% cash back on all purchases and has a low cash advance fee of $3 or 3%, whichever is greater. The card also has a $39 annual fee.
Total Visa® Credit Card
The Total Visa® credit card is similar to the Revvi credit card as it’s an unsecured card for people with less-than-perfect credit. Like the Revvi card, it has excessive fees and offers 1% cashback rewards.
Group One Platinum Credit Card
The Group One Platinum credit card is for people with low or no credit. It works much differently than most credit cards. All approved applicants receive a $750 merchandise credit line that you can use only at The Horizon Outlet; it’s not a traditional Visa or Mastercard.
Bank of America® Customized Cash Rewards Secured Credit Card
The Bank of America® Customized Cash Rewards Secured credit card is a secured card but with rewards. You get to choose your highest earning category from everyday spending categories and earn 3% back, plus 2% on groceries and 1% on everything else. The card also has no annual fee.
Frequently Asked Questions
The Revvi credit card has very few benefits, so it’s important to understand how it works. Here are some common questions about it.
Is the Revvi Card Good for Bad Credit?
While the Revvi card allows bad credit, better credit card options are available. The Revvi card is very expensive, and its rewards are minimal, with long waiting periods to receive them. Exploring your other options before applying for the Revvi card is best.
Is the Revvi Card a Good First Time Credit Card?
There are many other better first-time credit cards than Revvi. While it doesn’t require good credit, and you may get approved with no credit, there are other options, even if they are secured credit cards that cost less and provide more rewards.
What’s the Starting Credit Limit for the Revvi Card?
All applicants get a $300 credit line with Revvi. You cannot ask for a credit line increase for 12 months, so that’s your limit for the year, no matter how much money you make.
What Is the Revvi Card Credit Score Requirement?
The Revvi card prefers that you have a credit rating between 550 to 620. They say that the Revvi card is meant for credit-building and is best for those with no or bad credit.
Does the Revvi Credit Card Have a Cash Back or Rewards Program?
Yes, Revvi pays 1% cash back for every payment you make toward your bill. This means you get 1% back for all payments made toward your credit card bill, not when you purchase the items, but when you pay money toward them.
Does the Revvi Credit Card Have a Signup Bonus?
Like most credit cards for bad credit, Revvi doesn’t have a signup bonus. Instead, it costs you money to get the card, starting with the $95 set-up fee and the $78 annual fee.
Does the Revvi Credit Card Have an Intro APR Offer on Balance Transfers?
No, all applicants pay the same high APR of 35.99%. There aren’t promotional APRs or chances to lower your APR.
Can I Use the Revvi Credit Card Immediately?
You can use the Revvi card after you’ve paid your $95 set-up fee. If you charge it to your card, you can use it immediately. But if you choose the 3-payment program, you cannot use the card until you’ve paid the fee in full.
Does the Revvi Credit Card Give Credit Increases?
All applicants must wait one year before they can request a credit increase. To get it, you must call Revvi customer service. However, if approved, they will charge you 25% of the credit line increase.
How Do I Pay My Revvi Credit Card?
The mobile app is the easiest way to make Revvi credit card payments. That’s also how you man
Is the Revvi Credit Card Best for You?
There are many better options than the Revvi credit card, even with bad credit. While it’s an unsecured card, which is nice, there are cheaper options with better rewards that help you build credit and keep more money in your pocket!