Zolve Classic Card Review: Build Credit With Fewer Obstacles
The Bottom Line
4.1
It's an excellent way to build credit in the U.S. when you lack a Social Security number. But if you only fall short of the credit history requirement, other credit cards can offer move value on your credit journey.
Rates, fees and offers
Rates, fees and offers
Annual fee
$0
Rewards rate
1%-10%
Bonus offer
$15 welcome bonus after completion of tasks and milestone activities detailed in the application process.
Intro APR
N/A
Ongoing APR
APR: 19.50%-39.50% Variable APR
Foreign transaction fee
0%
More details from Zolve
More details from Zolve
- $15 Welcome Bonus after completion of tasks and milestone activities detailed in the application process.
- $100+ Overall Annual Benefits.
- 1% Unlimited Cashback on all spends.
- Up to 10% Cashback on 7k+ merchants.
- No SSN or prior credit history required.
- Build credit history from Day 1 in the US.
Pros and Cons
Pros
No annual fee
Can qualify with no Social Security number
Earns rewards
Reports to the three major credit bureaus
Cons
No upgrade path
Limited redemption options
Detailed Review
The Zolve Classic Credit Card can offer a pathway to credit, whether you're a beginner or a newcomer to the U.S. Unlike most credit cards, you can potentially qualify without a Social Security number by providing proof of additional documents such as a passport, visa, an I-20 if you're a student, or offer letters or pay slips for workers.
The Zolve Classic Credit Card also doesn't require a credit history for approval, eliminating two major obstacles on the road to building credit when you're new to this country. It also reports your activity to all three major U.S. credit bureaus, which is essential for building credit.
However, if you do have a Social Security number, better options exist for your credit journey, including secured credit cards. Some of these options may also offer a path to upgrade to a more valuable credit card later.
Zolve Classic Credit Card: Key features
Card type: Credit builder.
Annual fee: $0.
Sign-up bonus: $15 welcome bonus after completion of tasks and milestone activities detailed in the application process.
Rewards: 1% cash back on all purchases and up to 10% cash back with select merchants.
APR: The ongoing APR is 19.50%-39.50% Variable APR.
Foreign transaction fee: 3% of each transaction.
Compare to Other Cards
Benefits and Perks
No annual fee or deposit required
The Zolve Classic Credit Card doesn’t have an annual fee or security deposit requirement. When you’re getting started with building credit, a card with no annual fee is ideal because there's no cost to keeping it open over a long period of time. That can help preserve the length of your credit history, which is a key factor that impacts your credit scores.
No credit history or Social Security number required
A credit history requirement is a roadblock if you’re new to the U.S. because your record doesn't typically transfer over from your home country. Some exceptions exist, but starting over is usually the only option. The Zolve Classic Credit Card makes it easier to get started by skipping that requirement. Zolve looks at your potential for future earning based on information provided during the application process.
Another major obstacle for some U.S. newcomers is the Social Security number requirement that is typically included in many credit card applications. The Zolve Classic Credit Card allows you to apply with a passport, visa or alternative documents to determine eligibility.
Modest rewards
Many credit cards for those with less-than-ideal credit don’t offer rewards, but the Zolve Classic Credit Card is an exception. The 1% rewards rate is modest, but it's in line with the amount offered by cards in its class. Rewards also don't expire.
Comprehensive credit bureau reporting
The Zolve Classic Credit Card reports payments to all three major credit bureaus: TransUnion, Equifax and Experian. These companies collect the information used to calculate your credit scores, so this kind of comprehensive reporting is important when you’re establishing credit in the U.S.
Instant access upon approval
If you're approved for the Zolve Classic Credit Card, you'll be provided instant access to the virtual card in the Zolve app when you activate it. The virtual card's information can be linked to different platforms to be used as a payment method. You can also request a physical card in the app that may be used wherever Mastercard is accepted.
Drawbacks and Considerations
Other cards offer more cash back
Rewards are less important when your goal is to build credit, but they can still deliver value back to you, so it’s important to know how credit-builder cards stack up in that department. And if you have a Social Security number, you might qualify for more rewarding options. For instance, the $0-annual-fee Chase Freedom Rise® earns 1.5% cash back on all purchases. Eventually, you can become eligible for a credit limit increase with a history of on-time payments. You can increase your odds of approval for the card with a Chase checking or savings account that has at least $250 deposited, Chase says. To be eligible, you'll need at least an Individual Taxpayer Identification Number or Social Security number.
Another option to consider is a secured credit card, which requires an upfront cash deposit that becomes your credit limit. The $0-annual-fee Capital One Quicksilver Secured Cash Rewards Credit Card also requires an ITIN or Social Security number, and you’ll pay a minimum deposit of $200 to qualify. But it earns 1.5% cash back on all purchases, and you can eventually get back that deposit when you close the account or upgrade to the unsecured version of the card.
Other cards have clear upgrade paths
The Chase Freedom Rise® provides a straightforward path to potentially upgrade to the Chase Freedom Unlimited® at a later time. The Capital One Quicksilver Secured Cash Rewards Credit Card also offers a potential path to upgrade to an unsecured Capital One Quicksilver Cash Rewards Credit Card when you establish a history of responsible use and on-time payments.
Limited redemptions
With the Zolve Classic Credit Card, redemption options are limited to gift cards or a statement credit. You'll also need a minimum of 1,000 points to redeem them.
The Discover it® Secured Credit Card requires a Social Security number and a minimum $200 deposit. But if you can qualify, it earns 2% cash back on your first $1,000 in combined purchases at gas stations and restaurants each calendar quarter, and 1% on everything else. Rewards never expire and can be redeemed as a statement credit, a deposit into an eligible bank account, payments with select merchants and gift cards.
How To Decide If It's Right For You
The Zolve Classic Credit Card is a ideal credit-building option if you lack a Social Security number. It won’t cost you anything to maintain, and it can start the clock on your credit history in the U.S. But if your only obstacle to credit is the traditional credit history requirement, other credit cards have better features and incentives that go a long way on a credit journey.
If you do have a Social Security number and are able to afford a security deposit, this card can deliver more overall value, including a clearly defined path for eventually 'graduating' to a better product.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
About the author
Melissa Lambarena
Senior Writer & Content Strategist
