Posted by William Charles on January 8, 2015
Credit Cards

Published on January 8th, 2015 | by William Charles

51

Verve Credit Card Review – Now Even Worse

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.

VerveFirst Premier
Annual Fee 1st Yr$125$150
Annual Fee Yr 2+$216$120
APR29.99%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.



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projectx
projectx

Gotta love the first bullet on their features list: “No applications fees.” Well hot damn, sign me up!

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[…] and notes from around the interweb: The absolute worst credit card has a new contender, although I think that First Premier still holds on to the title. Ways that passengers are cheating […]

augias
augias

3-4 years ago I couldn’t get approved for credit cards (no credit history). I got a secured card from Orchard Bank which was enough to establish a credit history, so after 6 months I was able to get several regular credit cards.

Robert Harris
Robert Harris

The Verve Card is by far the worst at they way they process payments, or hold your money, even if your bank has processed the transaction, they still hold it for 8 days before they allow access to your credit. So, it is either pay their processing fee with your debit card because they use Western Union to process payments, or pay with your bank account and wait 8 days to access your credit. As much as you try to do good and make your payments on time, they still have not figured out a way to satisfy THIS customer..

Acquine
Acquine

Verve card is by far the worst card ever. You pay for credit protection, and if you loose your job, and you can’t pay your bill , THEY WILL CUT YOU OFF CREDIT PROTECTION! I am extremely pissed off behind this foolishness! ! Something have to be done. .I will call the BBB SOON AS POSSIBLE. .

Glenn Cunningham
Glenn Cunningham

VERVE MASTER CARD this is a rip off they make more money off of you then you’re limited is designed for them to benefit. This card will have a bad impact on your credit report if you purchase this card beware is best not to use the card just pay all your fees that they’re charging you if enough to keep you spending without using the card.

luis viveros
luis viveros

totally reap off they are thieves an abusers, companies like this should not be allow to operate by law use a secure credit card is your best option

Damon
Damon

Got the card as a way to improve credit. Was my intention to make a few small purchases then payoff. Got the card payed the 125 (yes you read that right 125 dollars) start up fee. Tried to use the card, kept getting declined. I called couldn’t get through to Noone but the automated machine insisted I had 500 in credit. Tried using it again declined. I tried 5 times all declined. The last time the lady looked and felt the card. She said it might be a fake. I felt the card, looked at the back there’s no Cirrus symbol or star symbol. I wonder how legit this whole Verve thing is. I cut up the card and everyday I call trying to get through to someone to cancel my card. I guess I should be thankful only lost 125.

Karen
Karen

How can I cancel my verve card?

Chuck

You should be able to cancel by calling up the number on the back of the card.

Karen
Karen

Oh, ok. I shall do that. Do you know if I’ll get charged for this and or will it hurt my credit score?

Paulette R Harley
Paulette R Harley

I ordered this card two days ago and after reading this feed back I call and counsel tus is scary she said the card will come in 5 to 10 business days I said yes I know please counsel

Cynthia Raye
Cynthia Raye

I was injured and lost my income. I have been trying to get approved to use my credit protection for 5 months and today I get an email saying I was denied. I paid monthly for credit protection yet I can’t use it? On top of all that, they call daily wanting a payment. Now I have a black eye on my credit report because of them. I am definitely contacting BBB.

Vicky
Vicky

After reading these reviews im so scared just applied for this card and i dont even want it…anybody have any advice!

Mayo
Mayo

Don’t get it they ruined my sons birthday I made on time payment 2 of which one was 125 and the other was 300 they declined my payment and tried to blame meoor my bank I used to pay them then revoked and fries my account which I had no idea all because of the two payments they didn’t accept they lied and told me my bank stopped the payment. That was a verified lie and they took the funds and then returned it and then charged me fees . I went to use that 300 for my son fourth birthday party I had 317 availed funds so that’s what was said but my card was declined they froze my money . And ruined my sons birthday party that I had invited sonny people. Itjis is the worst credit card to have ever and I will be c. Be paying it off and sue them if I can and contact every one possible to ruin them in the ground

Lisa
Lisa

I don’t think you guys realize that the Verve is by a government finance to audit your credit giving you a chance. If you are charging on unnecessary expenses and they will eat you but if you are willing trying to rebuild credit, it’s a start, and if you guys are complaining about delays, then you should pay your payment in advance before the end of the month giving yourself 14 days for the credit to recharge whilst the Verve makes their interest for allowing you to do business with them. That simple!

TJ
TJ

I pay my bill in advance… why is it my available credit always on hold? My balance is zero, you took the payment, the funds should be available all I’m sayin’.

Mayo
Mayo

Worst card ever! I make my payment on the couple cards that I do on time And make large payments if not paid in full! I got this verve cad they charged me $125 to start up. I had the card for about 2 weeks did not use put I paid the $125 in full. But even though I had the funds in my bank account the payment was sent back. Verve told me maybe I gave them the wrong account number , but I know I didn’t. I made sure of that. So I gave them my banking info again. Finally the payment of $125 went through. I went online at some point and set up paperless mail. I don’t like my information like that being mailed around and then piles of papers in my house. Then I spent the full five hundred, but before I spent all $500 I spent some and made another $40 dollar payment. That went through ok. Now I made a third payment and this third payment was all within 30 days. I was making more payment then I needed to and before I had to. Any way June 24th I made a $100 payment , but I look on my bank account that I made that payment from plus like five others that night; except verses. Verve had the nerve to tell me when I told them I have had nothing but problems with my payments with them that we don’t even have record of your $125 being paid online . Well of course not u guess denied it & then made it so I could not pay online and charge me for paying over the phone and using customer service for something they were responsible. This is not even what pissed me the f–k off! They told me that there was a stop payment from the bank I made my payment from. Lies all lies. I called and verified that they did not stop the payment and it was took out and returned from verve!!!wtf are u serious. Well they once again froze my online service and charged me $15 that they waived at least. They were not apologetic. They did not take any responsibility . Well once this matter was some what resolved I decided to make a payment for $300 . Guess wh they did they didn’t email me .… Read more »

Mayo
Mayo

It’s not over I will pay this card off very soon & close this account. but I will be contacting lawyer so you guys can pay for the time, and stress, and financial problems you guys put me through!!!!!!!!

Mae
Mae

Wow i didnt know this card would be a problem. I just got approved for one and its coming in the mail, so when it come I should just throw it away.

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