Fortiva Credit Card: Rewards, Fees, Pros and Cons, How to Apply

The Fortiva Credit Card is a retail credit card offered by Atlanticus Services Corporation. It provides financing options for purchases at over 14,000 retail locations across the United States. Some key highlights and features of the Fortiva Credit Card include:

• Credit limits from $350 to $1,000 based on creditworthiness
• No annual fee
• Online account management
• Accepted at major retailers like Best Buy, Rooms To Go, Kay Jewelers, and more
• You will earn a 3% cash back reward on eligible gas, grocery, and utility purchases and payments 
• 1% cash back reward on all other eligible purchases
• Points can be redeemed for gift cards, travel, merchandise, and more

The Fortiva card is best suited for people looking for a credit card that can be used for purchases at popular retail chains. It does not offer the robust rewards or perks of premium travel or cash back credit cards. But it provides easy access to credit with no annual fee.

How the Fortiva Credit Card Works

The Fortiva Credit Card runs on the Mastercard payment network, so it can be used anywhere Mastercard is accepted. However, it offers special financing terms and discounts when used at Fortiva’s retail partners. These partners include major national stores like Walmart, Best Buy, Lowe’s, and more.

When you make a purchase at a Fortiva partner retailer, you have the option to either pay in full or take advantage of special financing offers like no interest if paid in full at the end of the month. The terms vary by retailer. If you don’t pay in full by the promotional period end date, interest will be charged retroactively on the purchase balance.

The Fortiva card has higher than average APRs, ranging from 22.74% and 36% variable. This means it is critical to pay your balance in full each month to avoid interest charges. The card has a 25 day grace period on purchases before interest accrues.

Rewards, Cashbacks, and Sign-Up Bonus

The Fortiva Credit Card offers a simple rewards program:

Rewards Summary

• The Fortiva Card can earn:
  • 3% cash back on gas, groceries, and utility bills
  • 1% cash back on other purchases
• Access to the rewards program is not guaranteed. You must qualify.

Redeeming Rewards

• Cardholders earn rewards when purchases post to their account.
• Rewards are redeemed as statement credits annually on the cardmember’s anniversary date.
• The statement credit lowers the balance but cannot be used for the minimum payment.

Rewards Potential

• Based on average income of $95,450 and estimated annual credit card spend of $30,974:
  • Estimated gas, grocery, and utility spend is $10,020, earning $300.60 at 3%.
  • Estimated other spend is $20,954, earning $209.54 at 1%.
  • Total estimated rewards are $510.14.
• With a $1,000 credit limit used fully for gas, groceries, and utilities, maximum earnings are $300.60.
• But fees could total $175 the first year and $208 thereafter.
• Utility fees may apply for credit card payments.
• Maxing out your limit can lower your credit score.
• Fortiva may deny transactions over your limit. You’d be responsible for any overages allowed.

Interest Rates & Fees of Fortiva Credit Card

Here are the interest rates, fees, and terms to be aware of if you are considering the Fortiva Credit Card:

• APR between 22.74% to 36.00% variable – Your actual APR will depend on your creditworthiness at time of application. This is a relatively high interest rate compared to other credit cards.
• Penalty APR of 36.00% – If you make a late payment, the penalty APR may apply which would increase your interest rate to 36.00%.
• No annual fee – There is no annual fee to have the card.
• Foreign transaction fee – Using the card outside the U.S. will incur a fee of 3% of the transaction amount.
• Late payment fee – Up to $25 for each late payment.
• Balance transfer fee – 3% of the amount transferred.
• Cash advance fee – $5 or 5% of the transaction, whichever is greater.

As with any credit card, it is important to pay your balance in full each month if possible to avoid paying interest charges. The Fortiva card has penalty fees and high variable interest rates that can add significantly to your costs if you carry a balance month-to-month.

How to Apply for a Fortiva Credit Card

Applying for the Fortiva Credit Card is relatively straightforward. Here are the steps to take:

1. Go to the Fortiva website(https://www.myfortiva.com/) and click “Apply Now” on the credit card page. This will take you to their online application form.
2. Provide required information like your name, address, date of birth, Social Security Number, and income source.
3. Read and agree to the terms and conditions of the card.
4. Submit your application and wait for a decision. Applications are usually processed within 60 seconds.
5. If approved, you will receive your new account number and card information immediately via email. The physical card ships within 7-10 business days.

To qualify for the card, you will need:

• Good to excellent credit (FICO scores above 700 recommended).
• Valid Social Security Number.
• Regular income source of at least $20,000/year.

Managing Your Fortiva Credit Card Account

If approved, you can manage your Fortiva Credit Card account through the following features:

• Online Account Access – View statements, make payments, set up autopay, update personal info.
• Mobile App – Manage your account on-the-go with the Fortiva mobile app for iOS and Android.
• Account Alerts – Set up transaction alerts, payment reminders, and other notifications via email or text.
• Paper Statements – You’ll receive monthly paper statements in the mail to review your account activity, balances, etc.
• Payments – You can make payments by check, on the mobile app, online, over the phone, or by setting up autopay. There are various payment options.
• Customer Service – Contact Fortiva’s customer service department by phone or email if you need account assistance.

Properly managing your Fortiva card means paying your balance on time and sticking within your approved credit limit. Review statements carefully and report any unauthorized activity.

Where the Fortiva Credit Card Can Be Used

The Fortiva Credit Card can be used anywhere that accepts Mastercard. This includes millions of retailers, restaurants, service providers, and more online and worldwide.

However, the card’s primary benefit is providing financing offers at Fortiva’s thousands of retail partners across the United States. These major partners include:

• Walmart
• Sam’s Club
• Lowe’s
• Best Buy
• Big Lots
• Rooms to Go
• Kay Jewelers
• DentRite
• And more

When shopping at these retailers, look for the Fortiva financing promotions to make purchases now and pay later with no interest during the promo period. Just make sure to pay the full balance before interest kicks in.

Pros of the Fortiva Credit Card

There are some advantages to using the Fortiva Credit Card, including:

• Easy to obtain – Average credit scores get approved
• Special financing offers at major retailers
• No annual fee
• Online account management
• Fraud protection
• Credit limits up to $5,000
• Can help build credit history

For those unable to qualify for premium rewards cards, the Fortiva card provides a starter credit line and bonus financing deals to save money on bigger purchases. Use responsibly, and it can help build your credit score over time.

Cons of the Fortiva Credit Card

The drawbacks of the Fortiva card include:

• Very high APR (22.74% to 36.00% variable)
• Low initial credit limits ($350 – $1,000)
• No rewards program
• Numerous fees for late/returned payments
• Must pay off promo balances in full to avoid deferred interest
• High utilization can hurt credit scores
• Pre-qualification tool gives a soft credit check

The card is also heavily pushed for in-store credit applications at retailers, so clerks may pressure you to apply without fully explaining the downsides. Make sure to read the fine print and terms before signing up.

Fortiva Credit Card vs Other Credit Cards

How does the Fortiva Credit Card compare to other credit cards? Here is a brief overview:

Vs Retail Cards – Fortiva has wider acceptance than cards for single retailers like Target or Amazon. And it offers better rewards than most no-fee retail cards.

Vs Cash Back Cards – The 1 point per $1 spent rewards rate is lower than 2%+ cash back offered by leading cash back cards. Those cards also have more redemption flexibility.

Vs Travel Rewards Cards – Cards like Chase Sapphire Preferred offer superior travel perks, sign-up bonuses, redemption values, and Cardholder benefits compared to the basic Fortiva card.

Vs Balance Transfer Cards – If your main need is to transfer a balance from a high APR card, a dedicated balance transfer card will offer a 0% intro APR for longer than Fortiva’s promotions.

Vs Secured Cards – Fortiva is easier to qualify for than secured cards requiring a deposit. But secured cards can help build credit from no credit history.

For single retailer financing or credit building from fair credit, Fortiva can compete with alternatives. But premium cash back and travel cards provide greater overall value for versatile spending.

Conclusion

The Fortiva Credit Card can serve a purpose for those looking to finance major retail purchases interest-free over a 6-12 month timeframe. It is also relatively easy to qualify for compared to premium rewards credit cards. However, the very high interest rates make this card risky for long-term balances.

Carefully consider your spending habits and finances before applying. Use promo financing responsibly at Fortiva’s retail partners. Pay balances off in full each month. Check your credit limits and utilization. With prudent use, the card can help establish a credit history and creditworthiness for other cards down the road.

Frequently Asked Questions