Pros Explained

No Security Deposit Required: If you have poor credit, qualifying for a credit card can be difficult. Often, you’re limited to secured credit cards, which can require you to put down hundreds of dollars as a security deposit. The money you deposit serves as your credit line. The Fortiva credit card, by contrast, is an unsecured credit credit—meaning you don’t need to make a security deposit—even if you have less-than-perfect credit. You’ll have a revolving line of credit that you can use for regular transactions, as needed. 

Access to Credit Score: Once approved for the Fortiva credit card, you can create an online account. After your account has been open for 60 days, you can view your VantageScore 3.0 at no charge. The VantageScore 3.0 is slightly different from the FICO score. It's frequently used by companies to determine your credit, but variables are weighed slightly differently when calculating your score. Your score will be between 300 and 850 with the VantageScore 3.0; anything over 700 is generally considered good credit. Being able to view your credit score is a common feature for a credit card. However, for a card for people with bad credit, it’s an especially useful tool. You can monitor your progress over time and see how your credit score is improving. 

Cons Explained

Extremely High Fees: While the Fortiva card doesn’t require a security deposit, you’ll still need to pay hundreds of dollars—it’s just in the form of fees, which you’ll never get back. Even for a card for people with less-than-stellar credit, the fees of the Fortiva credit card are quite high. With this card, you’ll pay the following: 

Annual fee: Your annual fee depends on various qualification factors. During your first year as a cardholder, it could be $49 to $175. After that, it could be $0 to $49. 

Annual maintenance fee: Depending on your creditworthiness, you’ll be charged $60 to $159 per year in account maintenance fees. 

Authorized user fee: If you add someone to your account, such as a partner or child, you’ll have to pay a $25 annual fee for each person. 

Penalty fees: If you miss a payment or a payment is returned to you, Fortiva will charge you the maximum fee permitted by law. As of May 1, 2020, that is $40. 

Foreign transaction fees: If you use your card outside of the United States, you’ll be charged 3% of each transaction amount. 

Our Verdict

If you have poor credit and want access to an unsecured line of credit, you can potentially qualify for the Fortiva credit card without making a security deposit. Because Fortiva will report your payment history to the three major credit bureaus, using your card responsibly can help establish a good credit history and improve your credit score. 

However, the card has very costly fees, and it doesn’t have a rewards program. If you want a cheaper option and don’t mind paying a security deposit, the Discover it Secured card is a smart alternative. It has no annual fee, and you can earn rewards on your routine purchases. And, if you keep up with payments and maintain a low balance, Discover may refund your security deposit once they begin to review your account after eight months of on-time payments and approve you for an unsecured card.