Our Verdict
With high fees and APRs, the Fortiva® Credit Card* doesn’t require a security deposit and is marketed toward those with subprime credit. You must receive an invitation or pre-qualify to apply for this card. Its lack of immediate transparency regarding its fees concern us, and we do not recommend applying for this card, even if you’ve received an offer.
Pros
- Unique utilities category rewards
- No deposit required
- Pre-qualifying lets you check if you’re approved without damaging your credit
Cons
- $39, waived for the first year after signing up for autopay before the first statement is issued
- Account maintenance fee of $60 to $159 annually applied to all accounts after the first year
- No low introductory APR period
- APR range is above average
Highlights
- Earn 3% cash back rewards on eligible gas, grocery, and utility bill payments and 1% on all other eligible purchases
- Reports payment history to all three major credit bureaus
- Free credit score, registration required
- Zero Fraud Liability
- EMV chip
Introduction
The definition of the word “opaque” could be updated to include a reference to the Fortiva® Credit Card*. The card charges a variable first-year and subsequent-year annual fee, but does not disclose how these fees are calculated. It also charges variable account maintenance fees, as well as an additional card fee if you have an authorized user on the account. These fees add up quickly and could take a serious chunk out of your available credit.
Fortiva® Credit Card* Variable Fees
| First Year | Subsequent Years | |
|---|---|---|
|
Annual Fee
|
$49 to $175
|
$0 to $49
|
|
Account Maintenance Fee
|
N/A
|
$60 to $159 annually billed
|
|
Additional Card Fee
|
$19 (one time, if applicable, for authorized users)
|
N/A
|
If you didn’t receive an offer in the mail, Fortiva allows you to pre-qualify through a soft credit inquiry. Your pre-qualification offer should include the specifics of the fees applied to your account. Final approval will include a hard credit inquiry (which will have a small impact on your credit) and proof of your ability to repay any credit, which may require income verification through a linked bank account.
The Fortiva® Credit Card*’s regular APR is 22.74% to 36.00% variable APR on purchases and 25.74% to 36.00% variable APR on balance transfers. A balance transfer fee of 3% of the amount of each transfer applies. The low end of this range is close to the national average, but if you are offered 36% APR, be aware this is significantly higher than even most high-risk credit cards. If you need to carry a balance, this high interest on this card will make paying off your debt extremely challenging.
Your credit score will be available in your online account within 60 days when you register. The account’s free credit score will be your VantageScore 4.0, but note this is not the score that Fortiva used for card approval. Most lenders rely on your FICO Score, but this is still a good gauge if you’re working to build your credit. This card also includes mobile and online banking, $0 fraud liability and transaction alerts.
Featured Partner Offers
Quick Facts
- $49-$175 for the first year, $0-$49 annually thereafter annual fee
- This card does not offer a welcome bonus
- Earn 3% cash back rewards on eligible gas, grocery, and utility bill payments and 1% on all other eligible purchases
- No deposit required
- Pre-qualify for up to a $1,000 credit limit
Rewards
Earning Rewards
The Fortiva® Credit Card* may earn 3% cash back rewards on eligible gas, grocery, and utility bill payments and 1% on all other eligible purchases. Access to the rewards program is not guaranteed.
Redeeming Rewards
Cardholders with accounts eligible for rewards will earn them for all eligible purchases once they post to the user’s account. However, rewards can only be redeemed as statement credits, which is automatically applied to the user’s account once each year.
Rewards are applied to your account in the anniversary month of your account opening. That means you won’t have access to your rewards until your account has been opened for a full year. This likely means you will need to pay an annual fee (if applicable) in order to receive your rewards points.
Your statement credit will lower your account balance, but cannot be used toward the minimum payment due that month.
Rewards Potential
Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. We base our sample household income on $95,450 and estimate $30,974 can be charged to a credit card. While you won’t be able to charge this amount due to the strict credit limits, the category information can help calculate the maximum rewards.
Fortiva® Credit Card* Rewards Potential
| Category | Earning Rate | Estimated Annual Spend | Estimated Annual Earnings |
|---|---|---|---|
|
Gas, grocery and utility bills
|
3%
|
$10,020
|
$300.60
|
|
All other purchases
|
1%
|
$20,954
|
$209.54
|
|
Total: $510.14
|
If you prioritized using your card for only the high-value categories of gas, grocery and utilities, and you were authorized for a $1,000 credit limit, your maximum rewards potential would be $300.60 if you paid off your account in full each month. That said, you could pay as much as $175 in fees your first year and up to $208 thereafter. There are also few important things to consider:
- Fortiva may deny transactions that will put you over your credit limit, so it is unlikely you could ever spend the full credit limit in a given month. If they do authorize a charge that puts you over your limit, you are immediately responsible for any overage.
- Maxing out your credit limit will likely lower your credit score and should be avoided. Most financial experts encourage consumers to use less than 30% of their credit line or below $300 if you are authorized for the full $1,000 credit limit.
- Utility companies may charge a convenience fee to pay with a credit card.
Other Card Benefits
- $0 fraud liability. No cardholder responsibility for unauthorized transactions.
- Digital wallet. Cardholders can add the card to mobile wallets for contactless pay.
- Transaction alerts. Be notified of purchases made via your mobile device.
- Monthly credit score. Free access to your VantageScore 4.0 available on your online account.
Fine Print
Interest Rates
- Regular APR: 22.74% to 36.00% variable
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $49-$175 for the first year, $0-$49 annually thereafter
- Balance transfer fee: 3% of the amount of each transfer
- Foreign purchase transaction fee: 3% of each transaction amount in U.S. dollars
How the Fortiva® Credit Card Stacks Up
Fortiva® Credit Card* vs. Petal® 1 “No Annual Fee” Visa® Credit Card*
The Petal® 1 “No Annual Fee” Visa® Credit Card* offers credit limits ranging from $300 to $5,000 and doesn’t require a deposit. The company boasts a unique approach to evaluating creditworthiness that relies on banking history instead of credit. The card also earns 2%-10% cash back at select merchants.
Unlike the Fortiva® Credit Card*, the Petal® 1 “No Annual Fee” Visa® Credit Card* doesn’t charge an annual fee or foreign transaction fees. Though its regular 25.24% - 34.74% variable APR remains rather high, Petal 1 is a far better option based on the fees alone.
Fortiva® Credit Card* vs. Tomo Credit Card*
The Tomo Credit Card* offers a no-credit-score-needed application and several extra perks including Mastercard World Elite benefits such as cellphone protection and zero liability fraud protection. The Tomo Card is not a credit card, but rather a charge card that reports payment activity to the three major credit bureaus. The card includes a seven-day payment feature that both automatically clears your balance from connected bank accounts. This can keep credit utilization low and improve your credit score.
Compared to the Fortiva card’s approach—which appears to mostly involve exorbitant fees—the Tomo Card allows you to only spend what you have in your bank account while unlocking access to useful benefits and helping build your credit. It’s not ideal for those who actually need to borrow, but as a product for building credit, it’s a more palatable option.
Fortiva® Credit Card* vs. Discover it® Student Cash Back
For students, it doesn’t get much better than the Discover it® Student Cash Back, which tops our list of the best student credit cards. The card offers solid rewards, doesn’t require a credit score to apply and doesn’t charge any annual fees, unlike the Fortiva® Credit Card*. The Discover it® Student Cash Back earns 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations and more, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases.
Discover also offers a welcome bonus: Unlimited Cashback Match™ - Discover will match all the cash back you’ve earned at the end of your first year. There's no minimum spending or maximum rewards. The card’s convenience benefits largely match those of the Fortiva card, with free FICO Score access, mobile and online banking, notifications and more.
Is the Fortiva® Credit Card For You?
No, we don’t recommend this card. Better alternatives exist even if you have bad credit, but if you feel this product is your only option, read the terms and conditions carefully. Understand what you’re signing up for including the fees for opening and maintaining the account, plus the interest that will apply if you carry a balance.
Find the Best Credit Cards for 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
*The information for the following card(s) has been collected independently by Forbes Advisor: Fortiva® Credit Card, Petal® 1 “No Annual Fee” Visa® Credit Card, Tomo Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
