Revvi is a new player in the credit card world aiming to make an impact on people who have bad or no credit.
It’s marketed as a starter card for someone with poor credit. So, if you’re struggling with bad or no credit, does the Revvi Credit Card actually help? And does it come close to earning its keep?
The short answer is an emphatic no.
But, if you want to make your own mind up, keep reading.
Is the Revvi Credit Card Worth It?
Bottom line: the fees and charges for this card are highway robbery.
Unless you’re desperate, or are going to be spending a ton of money on it, and can recoup your costs through the 1% rewards, don’t sign up for this card.
What are the Revvi Credit Card Pros and Cons?
Here’s a quick rundown of some pros and cons of the Revvi card compared to some other starter cards on the market.
Pros:
- You receive 1% cash back on purchases.
- There’s no limit on how much cash back you can earn each year, so this card is great if your goal is to maximize rewards and save money while rebuilding your credit.
Cons:
- There’s a pretty hefty enrollment fee of $89 just to open your account.
- The fees are pretty damn high, and there’s fees for things there shouldn’t be fees for — like increasing your credit limit.
What Credit Rating Do You Need to Get Approved?
This card is marketed towards people with damaged credit, so it’s pretty safe to say that even if you have bad credit, you can likely get approved.
Keep in mind, the lowest possible credit limit is only $300 and they make your initial available credit even lower ($225).
What’s the Average Revvi Credit Card Approval Limit?
Your credit limit is determined by your credit score and your income, among other factors, so it’s hard to say what the average limit is or what you can expect.
Know that Revvi has a pretty insane ‘credit limit increase fee’ built into their contracts, where they automatically charge you 20% of the amount of an increase if you accept it — even if you didn’t ask for the increase!
So, they offer to boost your limit by $100, you say yes, and they automatically ding you for $20.
Insanity.
Revvi Credit Card Details
Here’s some of the key details of the Revvi card:
- APR on purchases: 34.99%
- APR on cash advances: 34.99%
- Program fee: $89 (one-time)
- Annual fee: $75 the first year, then $48/year
- Monthly servicing fee: $75 a year, after the first year (insanity!)
- Late payment fee: up to $41
- Returned payment fee: up to $41
Revvi Credit Card Benefits
You pay fees through the nose for the ability to get a card even with crappy credit and the benefit of 1% cash back.
Really, there’s no benefit here. Do yourself a favor and go check out the Self Credit Card or some other card that won’t try to rob you blind.
Revvi Application Process
Revvi’s application process is pretty straight forward. Just go to the Revvi homepage and fill out the online application.
Keep in mind, they’ll want proof of an active checking account, so you’ll need your banking info with you.
Assuming you have that handy, the whole process should only take a few minutes.
A Recap of the Revvi Credit Card
We’re having a hard time thinking of a scenario where this card is your best option.
With only 1% cash back, just to get back your money spent on the recurring fees, you’d have to be charging (and paying off) at least $1,000-$1,500 every single month. And that’s not factoring in the initial fee, or insanely high APR.
And if you have that kind of cash flowing out every month, you can get yourself a better deal than this one.