We’re reposting this because the card is actually worse than before. They now charge a $10 monthly maintenance fee (waived for first year). Previously they charged a $5 monthly maintenance fee.
We’ve talked about bad credit cards before and the First PREMIER Bank Credit Card is the reigning “champion”. Recently a lot of people (especially those with bad credit) have been receiving pre-approval offers for the Verve credit card which is issued by Continental Finance.
Here are the nasties:
- Annual fee of $125 for the first year, $96 annually after that
- Monthly maintenance fee of $10 ($120 annually)
- APR of 29.99%
Now I know what you’re thinking to yourself “But DoC, is it the worst card? Or is First Premier still the champ”? Let’s have a look. In the table below the annual fee rate includes the monthly maintenance fees both of these cards charge.
| Verve | First Premier | |
| Annual Fee 1st Yr | $125 | $150 |
| Annual Fee Yr 2+ | $216 | $120 |
| APR | 29.99% | 36% |
If you’re going to carry a balance (never carry a balance, please. I beg you) then First Premier’s option is worst, the APR is 6% higher and they don’t even offer a grace period. If you’re being a good little boy or girl then Verve’s massive annual fees will be worst. Oh, want another additional card? That’ll be $35 thanks.
In all seriousness, I hate predatory lenders like this. I wouldn’t be able to live with myself if I sold products like this. If you have bad credit, don’t sign up for cards like this thinking it’s your only option. You can view what I think the best secured credit cards are here. You’ll notice that none of them have annual fees, or bullshit monthly servicing fees either. Remember that if you don’t want the card anymore to cancel it as well, otherwise you will still be charged the fees!
Feel free to share your experiences with the Verve card in the comments below.
I’ve been trying for 3 hours to make a payment IN FULL then, I will never use this new card again. They MAKE IT IMPOSSIBLE…LITERALLY IMPOSSIBLE to pay. I will assume that it’s so they can keep charging interest. I’ve tried by phone, by chat, online, carrier pigeon and when you get far enough to confirm this payment, repeatedly says it didn’t understand BEFORE DISCONNECTING! I finally THINK I got through, just to have the “chat” say they’re updating try back some other time. What other card acts this way? 100 %P R E D A T O R Y! Avoid like the PLAGUE!
I just visited the vervecard site in response to an invite and the monthly fee has DOUBLED to $10.00 per month (although now they don’t charge the monthly fee during the first year.) But the decider for me was when I completed the app and they took me to a screen where they demanded three different kinds of Patriot Act proof, including a copy of my original social security card. (I haven’t seen that card since I first applied for a Passport 35 years ago!) And that was in ADDITION to my passport page. Totally redundant documentation. I will not act on the documentation “demands” and let the app expire. This card is awful and the customer service, starting with the application, HORRENDOUS!
OMG. I received the “preapproved offer. Completed the application and quickly received an email stating. ” Thank you for your interest, however “. we can send you . a card with 500 limit, but wanted a 50 dollar deposit first. Following in the email was my credit score @ 713. Now, as much as I would LOVE to think my credit score was that good, (It ISNT) why would they require a deposit? I ALMOST DID IT. But, Based on what I’ve read here, I feel very fortunate to be educated of their ruse. Thanks for all the feedback. I agree with the person stating “we” created our own bad credit, but that doesn’t entitle lenders to take advantage of our poor spending habits. The fees are gauging, and greedy.
Thanks again Chuck and followers. I intend to review some of Chuck s other post. Good info
I read the comments and wished I would of read them first but I just got it today and immediately cancelled it…thankyou for the reviews
Try to get the fees refunded if you can.
well thanks for the comments… got it and in the trash it goes..i never heard of this company and did a google search and landed here. thanks for the heads up!! credit one is way better!!
Glad to be able to help, dude!
I like to thank everyone for the valuable information I received. I received a letter also describing how I have been pre-approved with a 500 dollars limit from Verve. First of all, the letter itself struck me as looking a little odd with all the colors and poorly design looking credit card.
I am shredding this letter as we speak. I am glad I did my homework.
Thanks again!!!
Welcome, glad to help 🙂
This is a terrible card. You are better off to rob somebody and do the time for your crime, then getting any card from Verve.
Haha, bit dramatic but I agree with the point you’re trying to make.
We were approved for $500. We got a statement for $125 before we even received that card. We are calling to cancel immediately.
I’m very glad I read all the of these comments I just got up preaprove letter for $500 and when I got my letter they didn’t even spell my name right on it and I’m thinking what kind of stuff is this I just think is a rinky dink place and when i read these comments l automatically new better to not do it thanks for letting me know
@DOC didn’t realize so many non-churners read these reviews, for most of us, they are entertainment, but I noticed a lot of people saying that when they get the card they will shred it because it’s horrible, but doing that is shooting themselves in the foot because they will continue to be charged monthly maintenance fees. Perhaps add some detail in the body telling customers who got the card and don’t want it anymore how to go about doing so because shreding it is not the way.
I assume they are cancelling and shredding?
I don’t mean to offend anyone’s intelligence but it would not surprise me if people didn’t know they have to cancel it.
Will add a note to the post reminding people :).