For anyone dealing with a not-so-great credit history, the Revvi Credit Card might just be what you need.
The founder of this card understood that there is a lack of unsecured credit card options for consumers who have below-average credit scores.
What is typically introduced to the credit card market are unsecured credit cards for users with average or above-average credit, or, secured credit cards for users with below-average credit.
He wanted to finally introduce an option that would make it easier for consumers to gain access to credit, despite their credit history. And he did just that!
So, if you would like to learn the good, the bad, and the ugly of the Revvi card, continue reading below.
What is the Revvi credit card?
Essentially, the Revvi credit card is an unsecured card that gives its users access to credit and a standard rewards points program. And since the card is not secured, account holders are not required to deposit a refundable security deposit prior to using it.
Every new account holder will start off with a standard $300 credit limit, which is subject to periodic increases, subject to healthy account standing and positive payment history.
The Revvi card is in many ways comparable to the Capital One Secured Mastercard, the difference being that Capital One is a secured card. Users are required to deposit $300 prior to using it.
Revvi credit card features
Let’s talk about the good and the bad when it comes to the Revvi credit card. There are certainly quite a few things to go over, so let’s jump right into it.
The Revvi credit card is an unsecured card
The most appealing aspect of this card is that it is an unsecured card. That simply means that there is no deposit required.
Traditionally, unsecured credit cards cater to users with average or above-average credit, not the other way around. The Revvi credit card is certainly unique in this aspect.
It specifically targeted users with below-average credit, and the Revvi credit card became a successful hit with this strategy.
How does the Revvi credit card work?
So the way it works is that users are not required to place a refundable security deposit to activate the account. Instead, they will be given an initial unsecured credit limit of $300, which is the minimum amount and standard for all new accounts.
This is similar to the secured Capital One Mastercard, but the Capital One card requires that $300 be placed on the card prior to activation.
All in all, the Revvi credit card does not differ too much from its competitors. And just like all other standard credit cards, cardholders who are in good standing can apply for a higher credit limit starting at 12 months or more from the activation date.
Does the Revvi credit card have an activation fee?
The Revvi card charges its new users a one-time fee of $89.00 upon activating the card.
Does the Revvi credit card have any annual fees?
The Revvi credit card has an annual fee that has the cost frontloaded on the first year. According to the website, users will be charged $75.00 for the first year, and then $48.00 each year thereafter.
Does the Revvi credit card have a monthly fee?
For the first year, users will be given a grace period where they are not charged any monthly fees. But when year two commences, users will get charged a monthly fee of $6.25.
While monthly fees are not ideal since cardholders are already paying an annual fee, Revvi can get away with it because of its generous unsecured features that attract the majority of its cardholders.
What is the annual APR for the Revvi card?
The Revvi credit card has an annual APR of 34.99%.
This is certainly one of the card’s biggest drawbacks that deter many potential applicants from applying. There is a segment of consumers who opt out of the Revvi Mastercard solely based on the APR.
To offer some insight on how high and unusual a 34.99% APR is, know that the average American credit card carries an APR of 18.3%. Revvi charges its users nearly double that of the average credit card, which is certainly something you need to consider.
Rather than taking advantage of the card’s unsecured feature, which is undoubtedly appealing, cardholders may opt for competing cards that require a deposit but offer a much lower APR. This will be an individual preference based on your confidence and ability to pay off your credit card each month.
At the end of the day, you as a cardholder should always consider which card will save you the most money.
Revvi credit card rewards
Another significant selling point for the Revvi Card, in addition to its unsecured feature, is its reward program. The Revvi Card rewards users with 1% cash back on all eligible purchases.
Here’s the kicker. According to Revvi, any and all purchases will be considered eligible purchases. That means users will receive 1% back on every single purchase they make with the card. But there is a stipulation that is not typical of other cards. Cardholders will only be granted their points once the balance is paid off in full. Personally, I think that’s reasonable and fair enough.
Suppose the card has a limit of $300 and it is maxed out, the accumulated points will only be released when the $300 balance is paid. Despite being a slight inconvenience, this ensures balances are paid off on time and regularly. For some, this could be a good motivator and thus truly a good thing.
The drawback to their rewards system is that any points not claimed will expire after six months, which is something that is not commonly seen on many other credit cards.
The Revvi credit card has a lenient approval process
Since the goal of the card is to approve almost every application that goes through the underwriting system, the Revvi Card does not have a minimum credit score requirement. This is probably the most appealing aspect of the card, and certainly a feature that helps to draw in a good majority of its applicants.
And since the card reports to the credit bureau, cardholders who keep their account in good standing can use the card to build their credit. With that, they can then eventually move on to a more sophisticated card down the road.
The fact that Revvi reports to the American credit bureaus is a huge upside considering the fact that many competing credit card companies that target consumers with below-average credit don’t. This is one of Revvi’s most distinct advantages.
Revvi requires a bank account
This is one of the biggest drawbacks of the card. If applicants don’t have an open and active checking account with a participating bank, they will automatically be denied the card. According to the Revvi website, they don’t have a list of preferred banks, so it’s safe to assume that as long as the checking account is from a traditional bank, the cardholder should not face any issues.
Other Revvi credit card features
We already went over some of the key features and the most compelling aspects of the card, but we will dive a little deeper below into some additional important details.
Revvi credit card cash advance fee
$0 the 1st yr, 3% (min $10) for the following years. Some credit cards do charge a cash advance fee, so this fee isn’t a huge downside to the Revvi card compared to the ridiculously high interest rate.
Revvi credit card cash advance APR
The cash advance APR is 34.99%.
While cash advances typically carry much greater APRs than the standard APR for the card, this is still relatively high when compared to the average cash advance APR.
Revvi credit card foreign transaction fee
Revvi unfortunately does not go into detail about foreign transaction fees, and they don’t state whether the users can use the card outside of the USA. It’s best to call in and speak with a representative to obtain further details.
Does the Revvi credit card have a smart chip?
As of now, the card does not have a smart chip, but that could change over time.
Does the Revvi credit card have a max late fee?
There is no tiered late fee structure with the Revvi card. Rather, cardholders who pay their balance past the due date will be subject to a standard late fee of $41.
Does the Revvi credit card have a grace period?
The Revvi credit card has a grace period of 21 days.
This is standard across the board, so it comes as no surprise for most cardholders.
What this means is that cardholders have a period of 21 days from the date charges are posted until interest is applied. Therefore, if the card balance is paid in full before it’s due, the cardholder will not pay any interest.
Is the Revvi credit card worth it?
When you consider all the features and benefits that come with the card, it makes sense that it attracts a lot of potential users.
On the contrary, it also has many unattractive features that reduce the potential for Revvi to build a reputation similar to that of its competitor, Capital One.
If they simply made a change to the APR, for example, we believe it could make a significant difference in its popularity and help revamp its brand.
As of now, the company is thought to have outdated features that do more damage than good.
If some of its beneficial features are utilized properly, the card could be worth applying for. Otherwise, it doesn’t hold more weight than its competitors and is just another basic credit card.
We hope this honest Revvi credit card review helps you make a decision that’s tailored to yourself. All in all, this card is certainly a great option for anyone who is looking for an unsecured card but struggling to get approved by other banks. To summarize:
- The fact that it is an unsecured card for users with below-average credit is great
- Revvi has a lenient approval process for this credit card
- It can be used to build credit and/or help repair damaged credit
- The 34.99% interest rate is extremely high
- There is an activation fee of $89 and a monthly fee of $6.25
- There is an annual fee of $75 for the first year and $48 thereafter
- All purchases are eligible for 1% cashback
Do we recommend it? Not if you can avoid it, because there are similar cards that offer far better features and benefits.
And that concludes all the important features of the Revvi card. Let us know if you agree or disagree. We’d love to hear your thoughts!