Fortiva Mastercard Preapproved... LOL!

[Bizambish]

Has anyone heard of this outfit? 

I'm not sure why but I recieved a *pre approved offer!* in the mail from Fortiva 

Highlights: 

1000 Dollar limit selected just for me 

175 Dollar Annual Fee in the first year, 49 dollars thereafter 

150 Dollar "Account Maintenance Fee" per year billed at 12.50/Mo 

33.24% APR

Zero card benefits of any kind 

If anyone gets an offer from this predatory outfit please just put it directly in the shredder... Makes Credit One look like a tier 4 prime lender!

PS. Mods please move if in the wrong section, thank you

[pipeguy]

That is an incredibly awful offer - I mean just sick, and to think folks think the big banks are greedy (well yeah they are but not like this offer).

Maybe their motto should be "When Credit One says no, Fortiva will say YES..." *but you'll pay dearly for our yes....

[Pikaboo-icu]

That is disgusting!

Let's take advantage of somebody that's already struggling and see if we can bleed them dry. 

Seriously, that company is a vampire. 

[Bizambish]

100% Agree with you both! 

I did have a credit one card at one time in my rebuilding and it served its purpose until I moved on and closed it but it was NOTHING like these vampires. At least they offer some cash back and don't charge hundreds in arbitrary fees. Unreal 

[AverageJoesCredit]

I dont think even the mods could move this post without contracting fee itus

[Bizambish]

There’s no way this can be a legitimate long term financial model for them. Anyone who would accept that offer has a high chance of defaulting.
I think their sinister plans go even further. They probably plan to not have to put out much cash because most of the tradelines they extend are taken up with bs fees.
Then they get everyone to default on it and then sell big lots of bulk junk debt paper to collection agencies. Brilliant in a sick sort of way

[Anonymous]

Speechless!!!

[arkane]

If the mailer contains a return envelope, what you should do is put a bunch of waste paper in there, slap on a post-it with the words "SUCK IT HAHAHA" scribbled in size 18 CAPS and then mail it out. This way you make them literally pay for mail spam.

@Pikaboo-icu wrote:

That is disgusting!

Let's take advantage of somebody that's already struggling and see if we can bleed them dry. 

Seriously, that company is a vampire. 

 Considering their target demographic, I think it'd be more like beating a dead horse till there's nothing left but an unrecognizable pulp.

[pipeguy]

There was an interesting thread last week where several MF members got a bit indignant over the fact that if a store didn't take their credit card  (AmEx) how they'd never shop there and I added that there are 68 million people in this country that are unbanked or underbanked that don't (or have limited access) use or generally have access to credit cards (not just because of their income level or lack of credit scores). This vulture bloodsucker card preys on those people that need to rent a car or hotel room or buy a train ticket and being credit unsophisticated think that fees, et al, come with cards.

Do I think there should be usury limits to fees and interest rates, yes I do and while some state maintain some form of usury limits, the Supreme court ruled in 1974 (I'd have to double check the year) that interest rates (caps) are based on the state where the business is located not where the borrower is located.

Before you say Congress should fix this issue (no left or right politics please) most of those 68 million people (based on 2015 numbers from the latest FDIC survey results) will lose any access to "credit" even to some extent the money order - payday lending - title loan type services they now utilize. Before you say "won't include me" most if not all of the subprime or marginal credit products, especially credit cards will disappear too so it's not as easy as establishing a federal usury level or standard.

Note that I'm in no way defending these bloodsucking vulture lenders, I'm just adding some "bigger picture" information.   

[Anonymous]

After reading some of the reviews, I am wondering about some of these people.  Here are some of my favorite quotes copied and pasted directly.

So far I have no issues with the card. I do a lot of online ordering and some cards will not let you order online.

I wont be keeping this card. One main reason I do paperless for everything I have to pay. And sadly they will not do paperless.

Not very happy with this service haven't receive my card yet already get a bill that is due on the 24th of June

Im really happy with my card so far, thank you only had one problem didnt wsnt take at gas station

I have several cards but this is the only card that let's me know when the card is used

The Best card I have EVRT used. No hassles, no fuss, for my family it was a must. Thank you

I have a feeling that this is a good card but I am having trouble registering it.

Very happy with the credit card but still havent get my credit card

When I did the application process I told customer my name was wrong. I have the correct name and the application was approved and processed. However the card arrive with still the wrong name

I am still in good standing with this card as far as payments go, yet i checked my credit score the other day and there is a derogitory mark on my credit from this card. I don't understand that. This card is doing more harm than good.