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5 Things to Know About the Fortiva Credit Card
The card’s fees and interest rates combined make it a poor long-term option for building credit.
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Updated · 4 min read
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Melissa Lambarena is a senior writer on the credit cards team at NerdWallet. She has enthusiastically covered credit card-related topics for over seven years. Her prior experience includes nine years as a content creator for several publications and websites. Through her work, she aims to help readers extract value from credit cards to meet financial goals like stretching their budget, building credit, traveling to dream destinations and paying off debt. She explores these topics in the Millennial Money column featured in The Associated Press. Her work has also appeared in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor’s degree in sociology from the University of California, Los Angeles.
Erin is a former writer and assigning editor on the NerdWallet Content team who now heads NerdWallet's travel business. She's a credit card and travel rewards expert at NerdWallet, based in Baltimore, Maryland. She has spent nearly two decades showing readers unique ways to maximize their investments and personal finances. Prior to joining NerdWallet, Erin worked on dozens of newsletters and magazines in the areas of investing, health, business and travel with Agora Publishing. Her love of travel led to a passion for credit card and loyalty rewards to subsidize trips, and she thrives on teaching others how to harness the power of credit card rewards. When she's not helping NerdWallet readers find the best travel value, Erin is planning her next adventure for her family of four using points and miles.
Without a security deposit requirement, this card can be alluring, but its fees and rates make it costly to hold. Depending on your creditworthiness, the fees on this credit card may come close to adding up to a typical deposit requirement except that you'll never get that money back. The price of this card makes it a poor long-term option for building credit.
Here’s what you need to know about the Fortiva Credit Card.
What are the most important things to consider when getting started with credit cards?
"The purpose of your first credit card is to not only to build credit, but also to help you build good habits. Good credit card habits include paying your balance off on time and in full every month, using less than 30% of your credit limit and tracking your expenses to make sure you’re not spending more than you can afford."
"Avoid annual fees on a credit card when your goal is to build credit. You’ll hopefully work your way up to better credit eventually and don't want to get stuck with a card with an annual fee. Closing the card is an option, but doing so can have a negative impact on your credit score and dampen your goals. It helps to choose strategically from the beginning. Don't overlook secured credit cards because they require a deposit upfront. If you can swing it, one that offers a path to someday upgrade to a better option with the same issuer can be a useful credit-building tool. Paying on time makes you eligible to get the deposit back once you’re upgraded, putting credit goals on track and setting you up with a small emergency fund that could keep debt at bay."
"I chose my first credit card simply because a friend had the same one and I didn't know any better. What I wish I had known then: Look for a card with no annual fee that reports to all three credit bureaus. Then, when you get your first card, set yourself up for success by opting into payment reminders, spending alerts and fraud notifications. Doing so can help you avoid missing a payment or overspending, both of which can damage your credit score."
"Don't get fixated on your credit score when you're starting out! Sign up for your first card and handle that credit responsibly. With a year or less of on-time payments, you'll start to see your score increase. Then you can start looking for a card that may be more rewarding for your specific spending habits."
"The purpose of your first credit card is to not only to build credit, but also to help you build good habits. Good credit card habits include paying your balance off on time and in full every month, using less than 30% of your credit limit and tracking your expenses to make sure you’re not spending more than you can afford."
"Avoid annual fees on a credit card when your goal is to build credit. You’ll hopefully work your way up to better credit eventually and don't want to get stuck with a card with an annual fee. Closing the card is an option, but doing so can have a negative impact on your credit score and dampen your goals. It helps to choose strategically from the beginning. Don't overlook secured credit cards because they require a deposit upfront. If you can swing it, one that offers a path to someday upgrade to a better option with the same issuer can be a useful credit-building tool. Paying on time makes you eligible to get the deposit back once you’re upgraded, putting credit goals on track and setting you up with a small emergency fund that could keep debt at bay."
"I chose my first credit card simply because a friend had the same one and I didn't know any better. What I wish I had known then: Look for a card with no annual fee that reports to all three credit bureaus. Then, when you get your first card, set yourself up for success by opting into payment reminders, spending alerts and fraud notifications. Doing so can help you avoid missing a payment or overspending, both of which can damage your credit score."
"Don't get fixated on your credit score when you're starting out! Sign up for your first card and handle that credit responsibly. With a year or less of on-time payments, you'll start to see your score increase. Then you can start looking for a card that may be more rewarding for your specific spending habits."
"The purpose of your first credit card is to not only to build credit, but also to help you build good habits. Good credit card habits include paying your balance off on time and in full every month, using less than 30% of your credit limit and tracking your expenses to make sure you’re not spending more than you can afford."
"Avoid annual fees on a credit card when your goal is to build credit. You’ll hopefully work your way up to better credit eventually and don't want to get stuck with a card with an annual fee. Closing the card is an option, but doing so can have a negative impact on your credit score and dampen your goals. It helps to choose strategically from the beginning. Don't overlook secured credit cards because they require a deposit upfront. If you can swing it, one that offers a path to someday upgrade to a better option with the same issuer can be a useful credit-building tool. Paying on time makes you eligible to get the deposit back once you’re upgraded, putting credit goals on track and setting you up with a small emergency fund that could keep debt at bay."
"I chose my first credit card simply because a friend had the same one and I didn't know any better. What I wish I had known then: Look for a card with no annual fee that reports to all three credit bureaus. Then, when you get your first card, set yourself up for success by opting into payment reminders, spending alerts and fraud notifications. Doing so can help you avoid missing a payment or overspending, both of which can damage your credit score."
"Don't get fixated on your credit score when you're starting out! Sign up for your first card and handle that credit responsibly. With a year or less of on-time payments, you'll start to see your score increase. Then you can start looking for a card that may be more rewarding for your specific spending habits."
"The purpose of your first credit card is to not only to build credit, but also to help you build good habits. Good credit card habits include paying your balance off on time and in full every month, using less than 30% of your credit limit and tracking your expenses to make sure you’re not spending more than you can afford."
"Avoid annual fees on a credit card when your goal is to build credit. You’ll hopefully work your way up to better credit eventually and don't want to get stuck with a card with an annual fee. Closing the card is an option, but doing so can have a negative impact on your credit score and dampen your goals. It helps to choose strategically from the beginning. Don't overlook secured credit cards because they require a deposit upfront. If you can swing it, one that offers a path to someday upgrade to a better option with the same issuer can be a useful credit-building tool. Paying on time makes you eligible to get the deposit back once you’re upgraded, putting credit goals on track and setting you up with a small emergency fund that could keep debt at bay."
"I chose my first credit card simply because a friend had the same one and I didn't know any better. What I wish I had known then: Look for a card with no annual fee that reports to all three credit bureaus. Then, when you get your first card, set yourself up for success by opting into payment reminders, spending alerts and fraud notifications. Doing so can help you avoid missing a payment or overspending, both of which can damage your credit score."
"Don't get fixated on your credit score when you're starting out! Sign up for your first card and handle that credit responsibly. With a year or less of on-time payments, you'll start to see your score increase. Then you can start looking for a card that may be more rewarding for your specific spending habits."
1. You are preapproved with a mail offer
You can use the acceptance code from a mailed offer to explore the terms on the card’s website. One benefit of this card is that you’ll get to see the odds of approval without any impact to your credit scores, but other credit cards can also offer that option in addition to lower costs. Preapproval does not guarantee that you'll get the card; it's more of a soft "yes" based on the information in your credit report.
If you make it beyond that step and officially apply, you'll then get a firm approval or rejection based on eligibility. At this point in the process, there is a hard inquiry that can temporarily affect credit scores, but that’s typical with most credit card issuers.
🤓Nerdy Tip
Depending on eligibility, you might qualify for the Fortiva Credit Card or the Fortiva Cash Back Rewards Card. With the cash-back option, you can earn up to 3% cash back in qualifying categories and 1% on everything else. The Fortiva Cash Back Rewards Card is also heavy on fees and has a high annual percentage rate, or APR, to consider, so it's critical to not give much weight to incentives. The ongoing costs will easily eclipse the value of rewards.
2. Weighty fees can dip into your budget
Depending on your terms, the Fortiva Credit Card can pile on the fees. Whether you’re on the low end or the high end of the fee spectrum, the price isn’t sustainable or ideal over a long term.
The card’s fees include:
An annual fee: From $49 to $175 the first year, and after that it’s $0 to $49 annually.
An account maintenance fee: From $60 to $180 annually (billed monthly).
A late payment fee: Up to $41.
Authorized user: $19 to add another user to your account.
If you can afford to pay the fees on this card, you’re better off opting for a secured credit card with a deposit. If you have a good payment history, the money is returned when you close the card or the issuer allows you to upgrade to a better option.
One ideal quality of a credit-builder card is that it's easy to keep open over a long period of time. The length of your credit history factors into credit scores, so closing a credit card can negatively affect them. A secured credit card is an exception because closing the card oftentimes is essential to getting the deposit back.
For potentially lower fees, consider: The Petal® 1 Visa® Credit Card doesn’t require a security deposit, and it has an annual fee of $0. It also earns rewards. When evaluating your eligibility, Petal's issuing bank may opt to look beyond just your credit scores, taking into account factors like your banking data.
3. The APR for transactions could be a debt magnet
It’s critical to your financial health to avoid carrying a balance on the Fortiva Credit Card. The APR for purchases ranges from 22.74% to 36%, based on creditworthiness (rate accurate as of March 2023). If you’re paying annual fees, monthly maintenance fees and an exorbitant APR, that’s a toxic combination that can lead to debt.
For this same reason, you want to avoid cash advances whenever possible. They charge the same interest rate, and there’s a fee of $5 or 5%, whichever is greater, of the amount of every transaction.
To avoid interest charges, consider: The Chime Secured Credit Builder Visa® Credit Card can help you avoid fees and interest because it doesn’t allow carrying a balance from one month to the next. It doesn’t require an upfront security deposit or a credit check. Instead, it requires a Chime® checking account to fund the ongoing security deposit in the amount of your choice. You can spend only as much money as is set aside for the Chime Credit Builder. And if you need cash, the Chime checking account has a program that may allow overdrafts of up to $200 with no fees, if you can qualify. Terms apply.
Chime Secured Credit Builder Visa® Credit Card
NerdWallet Rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
To apply for Credit Builder, you must have an active Chime® Checking Account.
Based on a representative study conducted by Experian® in January 2024, members who made their first purchase with Credit Builder between June 2022 and October 2022 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Money added to Credit Builder will be held in a secured deposit account as collateral for your Credit Builder Visa card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.
Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
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The Fortiva Credit Card has some ideal credit-building features, but the costs of the card cancel them out. It reports payments to all three major credit bureaus, a key step in building credit.
As a cardholder, you’ll also get periodic reviews for credit limit increases. A credit limit bump can help credit scores along because it can lower your credit utilization ratio, the amount of available credit used compared with the card's credit limit. It’s a key factor that affects credit scores. The Fortiva Credit Card's credit limit can go as high as $2,000, depending on eligibility and the invitation channel.
Periodic reviews may also allow you to graduate to different products or get fee reductions, according to Fortiva.
For credit limit increases and lower costs, consider: The $0-annual-fee Capital One Platinum Secured Credit Card reports to all three major credit bureaus, and it can offer the chance to qualify with a security deposit of $49, $99 or $200, depending on eligibility. In as little as six months, you’re also automatically considered for a credit limit increase. As long as you maintain a good payment history, the deposit is returned and you might be able to upgrade to the unsecured Capital One Platinum Credit Card.
Capital One Platinum Secured Credit Card
NerdWallet Rating
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
The Fortiva Credit Card offers an optional credit protection program that covers the minimum payment owed, up to six months, if you become unemployed, disabled or hospitalized. In the event of loss of life, the program cancels all or a portion of your outstanding debt, up to a certain amount. Terms apply. To exercise the benefit, you’ll have to file a claim by phone or mail.
To qualify for coverage, you’ll have to pay 89 cents for every $100 of the outstanding balance. If you have a balance of $500, that’s a monthly cost of around $5 until the balance decreases.
This option likely isn’t worth the cost. It’s another fee that can add to the costs of owning this card. Generally, after loss of life, your estate is responsible for any unpaid debts. If there is no money or property left to cover those balances, the debt is typically left unpaid. In the event of hospitalization, the program can cover the minimum payment for six months, but interest still accrues, and any annual fee is deferred until the benefit period ends. And if you can qualify for unemployment or disability insurance, coverage may not be needed for those situations.
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