If you are searching for a credit card, you will find many options, including Revvi. But what should you know about Revvi?
Revvi is an unsecured credit card for those with bad credit. It stands out from other similar cards by offering cash back, but it also has high fees and a high APR. This means that it can be useful but requires caution and responsible use.
Explore the Revvi card in more detail before deciding whether to apply for this card or to keep your options open.
The Revvi credit card is one of many offerings available specifically for people with bad credit. It is a Visa card, so you can use it anywhere Visa cards are accepted. Take a closer look at what to expect from the Revvi card, including what to keep in mind as you decide whether to apply for it.
The Revvi credit card is an unsecured Visa for people with bad credit scores. As such, it is a good choice if you have a low credit score but don’t want to have to make a security deposit to get the card.
The Revvi credit card stands out from other cards for people with bad credit by offering rewards like cash back. But it has some of the expected flaws from this category, including high fees and a high APR.
One of the best things about the Revvi card is that it offers cash back. While this is common among credit cards for people with good credit, it is rare for those dedicated to people with poor credit.
Specifically, you earn 1% cash back from Revvi. This 1% cash back is on the payments that you make, so you automatically earn it by paying on time. That gives you yet another incentive to pay on time (in addition to preventing interest and building your credit score). The cashback comes in the form of statement credits, and you earn one point for every dollar you pay to your account.
Just keep in mind that you have to use the mobile app to redeem the 1% cash back rewards. However, doing so is incredibly easy. New Revvi cardholders are automatically enrolled in the program, so you start earning right away. The only caveat is that you have to wait until your account has been open and active for six months before you can redeem the rewards. You redeem rewards in 500-point increments, with each set of 500 points giving you a $5 statement credit.
Additionally, your reward points will not expire. They do disappear, however, if you close your account.
As is common among credit cards for people with bad credit, one of the selling points of Revvi is that it helps you build your credit. It does so by reporting to all three of the major credit bureaus. This is important, as some similar cards only report to one or two of them.
Remember that to maximize the improvement of your credit score, you should always pay your balance on time and try to keep your credit utilization low. Ideally, you want to use 30% or less of your credit limit.
Additionally, you get Credit Monitoring from TransUnion for free as an active Revvi cardholder.
Revvi has a convenient mobile application available for Apple or Android. You can use it to manage all aspects of your credit card. As mentioned, you use the application to redeem your rewards, turning your cashback points into statement credits.
You can also use the app to do everything you would expect, including:
Some of the biggest disadvantages of the Revvi card come from its fees and high APR.
There is a Program Fee of $89 for using the Revvi card. This is unique, as most other credit cards just charge an annual or monthly fee. As such, be sure to consider the Program Fee when comparing fees for this and other credit cards. That said, you only have to pay the Program Fee once.
While you only have to pay the Program Fee at account opening, there are monthly Participation Fees after you have had the card for a year. This is slightly lower than the Program Fee, at just $75.00 annually, billed $6.25 per month.
In addition to the Program and Participation Fees, you will also have to pay an annual fee. This is $75 the first year and $48 after.
Because most credit cards charge just an annual fee instead of separate participation or monthly fee, we’ve done some simple math to make it easier to understand what you will pay per year for your Revvi card.
Be sure to use those figures when comparing rates.
The APR from Revvi is the same for purchases and cash advances at 34.99%. This is a high rate, even among credit cards, for people with bad credit. As such, you want to be careful not to carry a balance.
The following are some other fees to be aware of:
In addition to these features, including the pros and cons of the Revvi card, there are a few other things worth mentioning in this review.
You can add an authorized user to your account. If you prefer, you can do so when applying. Or you can add one after you open your account via the website, mobile app, or by calling customer support.
You will need a checking account to be eligible for the Revvi card.
The initial credit limit is $300. But you should keep in mind that your first annual fee will be charged to your Revvi card, making the first month’s limit just $225.
If you want to increase your credit limit, you can apply for an increase after being a cardholder for at least a year. To do so, visit the Revvi website, call customer service, or use the mobile app. Just note that there may be a fee to increase the credit limit. This would be 20% of the increase.
You can only use the Revvi card in the United States and only make charges in U.S. dollars. You also can’t use the card at automated fuel pumps or for online gambling transactions.
You are protected against unauthorized use of your credit card, but you have to notify Revvi as soon as possible. You can reach customer support 24/7 to notify the card issuer.
Applying for the Revvi card is incredibly easy, as you simply fill out an online application. Most applicants will get a decision in a matter of minutes. If Revvi needs more information, they will email you or send you a pending application letter with the instructions.
After your application is approved, Revvi will send your card within three to seven business days. However, they encourage you to wait 14 days before reaching out about a card, as mail delays can occur. Once you receive your card, you can activate your card by calling customer support or visiting the website.
Reviews for the Revvi card aren’t overwhelmingly positive or negative. They tend to point out the positives, such as:
They also point out the downsides, such as:
If you have poor credit, your options for an unsecured credit card will be minimal. Revvi is a reasonable choice, but its interest rate and annual fees are higher than many competitors. It makes up for this somewhat with the 1% cash back, but you should still be sure to evaluate all your options before applying.