While the Revvi Card might seem appealing at first, it is actually a costly and unrewarding option that can help you improve your credit score.

Let’s begin with the good. It won’t take too long. The Revvi Card is issued by MRV Banks and doesn’t require a deposit. All three credit bureaus will report your account history. The card can be accepted wherever Visa cards are accepted as Visa.

If you don’t have good credit or poor credit, there are still options that will help you improve your FICO score and keep more money in your pockets.

These are 5 facts you need to know about the Revvi Card

1. The fees are outrageous

Bad credit cards (FICO scores below 629) are often subject to fees. The Revvi Card is a different kind of card.

  • Annual Fee: $75 the first year and $48 each year thereafter.

  • Program fee: $89. One-time payment. This fee can be paid in three installments but you will not be able use your card until it is fully paid.

  • $6.25 per monthly ($75 annually). The first year’s fee is waived, but credit card users shouldn’t have to pay a monthly fee, even if they are rebuilding their credit.

  • As of February 2023, APR: 35.99% This may be the highest APR ever.

  • Credit limit: $300 at first. After one year, you can apply for credit line increases (but please see the next bullet ).).

  • Credit limit increase fee: Your account may be charged a 20% fee for any increase in credit limit. Example: A $12 fee may be charged to your account if your $300 credit limit increases by $60.

  • Additional card fees: $29 per additional card.

  • A “Premium” plastic card design fee: An additional “premium”, plastic card fee that doesn’t exceed $10.

Your first year fee will be outrageously high at $164 if you don’t choose an additional card or “premium” design. You’ll be paying $123 each year thereafter, assuming that your credit limit does not increase.

Even worse, these fees will count against your $300 credit limit. After the $164 fees have been paid, your credit limit for the initial card will be $136. It is important because high credit utilization can lead to lower credit scores. This will increase as you add charges to your card.

The Chime Credit Builder Visa(r), Credit Card is a great option for building credit and avoiding fees. You must first sign up for and link a Chime Spending account to be eligible. You then transfer money from your spending account into the card account. This becomes your credit limit. You can also adjust your credit line every month based on your spending habits.

2. To qualify, you will need a checking or savings account

The Revvi Card, like many “subprime” credit cards that help you build or rebuild credit, requires a linked checking to be eligible. This is a safety measure for the bank, and it increases the probability that you will receive your statement balance and fees.

3. It reports to all three credit agencies

Equifax, Experian, and TransUnion receive your Revvi Card payment history and other details monthly. Each of the three major credit bureaus generates a credit report that can be accessed by future creditors if you apply for a loan.

Revvi Card information should be reported to all three credit agencies, not just one. A future creditor might only view the credit report from one bureau. Creditors won’t have access to your account history if it isn’t listed on the one credit bureau.

This is one of the few benefits of the Revvi Card. However, other cards that have lower fees report to all three credit bureaus. The Tomo Credit Card is a good choice for those with limited credit. It reports to all three credit agencies without any interest or fees. Simply link your checking account and your card balance will be automatically paid each week. The card will earn you 1% cashback on eligible purchases. There is no credit check.

4. It can offer rewards, but they aren’t as rewarding.

Points can be converted for statement credits and are worth one penny each. Redemptions are possible online, through the Revvi app, or by phone. Redemptions cannot be automated. Rewards are earned by making payments on your card balance, not when you make purchases.

Once you have been a cardholder for six month, rewards cannot be redeemed. Points can only be redeemed in 500 point increments. You’ll probably end up with an odd number points that you don’t use.

Capital One Quicksilver Secured Rewards Cash Rewards Credit Card is an option for those with at least good credit who want to earn rewards. Earn 1.5% cashback on all purchases. There is a $0 annual fees. Cash back earned is available in any amount you choose. An initial $200 deposit is required in order to secure your credit card. However, this can be refunded by making regular payments and eventually switching to an unsecured version of the card.

5. There is no way to get a better card

After a few months of regular, on-time payments, your credit should begin to grow. Your credit score should improve over time and you will be able to get a better card with no fees. You can’t upgrade your Revvi Card. To get rid of these fees, you will have to close your account.

This is a problem for a card that claims to “power up credit,” which is the card’s motto. Your credit utilization could be affected by the card’s credit limit being reduced. Your average account age will stop increasing. If you apply for another credit card, you will be subject to a hard inquiry.

The Discover it(r), Secured Credit Card is a better option. It requires a security deposit. However, you can earn the deposit back by making consistent on-time payments. You will be eligible to upgrade to a nonsecured card within seven months. The Revi Card will not charge you any fees. Even better, you can earn rewards with no hidden terms. This includes 2% back at gas stations, restaurants (up to $1,000 per quarter), and 1% back for all other purchases.

Stride Bank, N.A. Member FDIC issued the Chime Credit Builder Visa(r), Credit Card pursuant to a Visa U.S.A. Inc. license. It can be used wherever Visa credit cards are accepted.

Credit Builder is only available to those who have made a qualifying direct deposit of $200 or greater to their Checking Account. Your employer, your payroll provider, gig economy payor, or benefits payer via Automated Clearing House deposit (ACH) OR Original Credit Transactions (OCT) must make the qualifying direct deposit. Direct deposits are not eligible for bank ACH transfers, Pay Anybody transfers, verification or trial deposit from financial institutions, peer-to-peer transfers from services like PayPal, Cash App, Venmo, and Venmo.