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Revvi Credit Card: Everything You Need to Know

In this article we will talk about the Revvi credit card, how you can apply, its pros and its cons.

One of the ways you can improve your credit score is by responsively using a credit card that’s reported to the major credit bureaus.

Showing responsibility is the key, and you can do that by making regular payments on time and not spending more money you can’t return.

There are numerous credit cards, but not all of them are equal.

Some, like the Revvi credit card, are suitable for people with a bad credit score (600 or below) and come with various benefits.

Keep reading to learn more about this credit card, its potential benefits, fees, and several important things you should know before applying.

What Is the Revvi Credit Card?

The Revvi credit card was launched on July 28th, 2021.

The card is issued by MRV Banks, an independent bank with an excellent reputation for delivering premium products.

Revvi is designed as a full-service credit card program.

Revvi credit card official website
Revvi credit card official website

The main goal of launching a completely new card with its program was to provide credit card services to people with a not-so-stellar credit score.

This credit card comes with various benefits for the user. For starters, the payments are reported to the major credit bureaus monthly, which is crucial for building good credit.

This card offers 1% cash back on every purchase. The user gets 1% on every dollar they spend in the form of points, which can be redeemed for rewards later.

On the other hand, you should also know that the Revvi credit card comes with various fees.

If you want to apply, you should carefully read the terms and the charges to make an informed decision.

What Is Revvi Credit Card Limit?

Regarding card limits, we can say that the Revvi credit card is not suitable for those who want to make large purchases. The card has a $300 limit.

You’ll be able to request credit limit increases after actively using the credit card for one year.

Also, the company may send you its offer for credit limit increases.

Whether you request limit increases or the company sends you an offer, you’ll have to pay a credit limit increase fee, which will be 20% of the increase.

For instance, you’ll be charged $20 if you want to increase your limit by $100.

What Credit Score Do You Need for a Revvi Credit Card?

You can apply for a Revvi credit card with a credit score of at least 300. This credit card is suitable for poor-to-fair credit score applicants.

However, you should remember that the bank will conduct a credit inquiry. Once you apply, you authorize Revvi to search and obtain information about your credit score from a credit-reporting agency.

Although the card is designed to provide services to bad credit applicants, it’s not guaranteed that the bank deems you eligible for approval.

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Pros and Cons of Revvi Credit Card

In this section, we’ll list the overall advantages and disadvantages of using Revvi. Of course, you’ll be able to read more in detail this credit card’s benefits and fees later in the article.

Pros

  • Revvi is accepted at millions of retailers across the country
  • Excellent for building credit history and improving credit
  • Monthly reports to the three major credit bureaus
  • Points on every purchase and cash back reward program
  • Poor-credit applicants may qualify
  • Easy and fast application process

Cons

  • High APRs (34.99%)
  • High activation fee ($89.00)
  • High annual fee ($75.00 for first year – $48.00 from the second year)
  • Multiple high fees
  • Low credit limit of $300
  • Possible hard pull for credit score and history verification

Benefits of using Revvi credit card

Even though this card is not very popular because of its high fees, it certainly comes with various benefits. Let’s check out the most important ones:

Usage

According to the official website, Revvi credit cards are accepted at millions of retailers in the US. Unfortunately, the company doesn’t give an entire list of retailers that accept this card.

However, as we said earlier, Revvi is issued by MRV Banks, which is compliant with Visa USA regulations. Thus, we can assume that every place where Visa cards are accepted may also accept Revvi.

When it comes to simplicity of usage, the company has launched an easy-to-use mobile app. This app allows you to monitor your payments, check due dates, and make arrangements. It certainly is beneficial for managing finances while on the go.

Credit score improvement

As we said repeatedly, Revvi is designed to help you improve your credit score.

The first indicator of this purpose is that bad-credit applicants are free to apply and often are accepted.

While the $300 limit is rather low, we believe you’ll find it easier to manage and monitor a smaller amount. Thus, you’ll increase the chances of paying back before the due date.

Another way Revvi helps with improving credit is by sending reports to the three major credit bureaus, Equifax, Experian, and TransUnion.

The company sends reports each month, meaning on-time payments, and your responsibility will be noted by the bureaus and may help your credit score digits go up.

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Reward program

Your Revvi account comes with access to the Revvi rewards program. After you create an account and pay the program fee, you can start collecting points that you can redeem later for rewards.

With this program, you can earn 1% cash back rewards on payments. With every purchase or payment, you get one point for every dollar you spend.

After six months of collecting points, you’ll be able to exchange them for statement credits toward your account balance.

It’s important to note that you can’t take money for your points. It’s also crucial to remember that your account has to be active and in good standing.

Recommended read: Burlington Credit Card: Pros, Cons and All You Need to Know

Disadvantages of using Revvi credit card

High fees

The biggest reason some people avoid Revvi is the high fees that come with the card.

The company has so many charges that it may confuse some people, especially if they’re new to credit card systems.

Here are some of the fees you’ll have to pay:

Program Fee (one time)$89.00
Annual Maintenance Fee$75.00 for the first year – $48 annually after the first year
Monthly Servicing FeeNone for the first year – $6.25 per month after the first year
Late Payment FeeUp to $41.00
Returned Payment FeeUp to $41.00
Additional Card Fee$29.00 annually for each card
Customized Premium Plastic Card DesignUp to $10.00
Credit Limit Increase Fee20% of the amount of any increases
Express Delivery Fee$35.00

High purchase and cash advance APR

Even though you can try to avoid paying interest on purchases, the purchase APRs are the biggest disadvantage of this credit card.

Revvi charges 34.99% APRs for purchases and 34.99% APRs for cash advances.

Revvi Credit Card Login Page

If Revvi approves your request, you can open an account and download the mobile app for easier managing.

The app is available on App Store and Google Play Store.

After you download, install, and open the app, the Revvi login page will display on your device.

You’ll need your User ID and Password to enter your account.

If you forget your User ID or Password, you should click on the options displayed below the “Log In” button. By verifying your account, you’ll be able to change the username or password.

Recommended read: Prosper Credit Card: Everything You Need to Know

Conclusion

To conclude this article, we can say that the Revvi credit card is suitable for people with bad credit who want to improve their score by making small and regular payments. However, it comes with pretty high fees.

In the end, if you’re thinking of applying, you should always read the company’s terms, especially paying attention to the fees and program charges.

We highly advise you to consult with a finance expert and never accept a deal if you don’t fully understand any of the terms and conditions of the company.

Photo by Blake Wisz on Unsplash