consumer credit

A Quick Review of the Verve Credit Card for Credit Building

Key Takeaways

The Verve Mastercard® helps rebuild credit by reporting to all three major bureaus.
It is designed for people with less-than-perfect credit.
The card has high fees, including up to $125 annually and monthly fees.
It also has a 35.90% APR and potential monthly fees after the first year.
You need a pre-qualification letter and reservation number to apply.
The card is issued by The Bank of Missouri and serviced by Continental Finance.

Tens of thousands of people search for more info about the Verve credit card each month. And, the readily-available details from the issuing bank aren’t super easy to navigate. So, here, I want to lay it all out to let you know exactly what you could be getting into if you apply for this card.

Find out more about the terms and fees, learn how to apply, and look behind the curtain at the company that offers the card. Then, explore a breakdown of Verve credit card reviews from cardholders, a list of features, and answers to frequently asked questions.

This is what’s in store:

What is Verve Credit Card?
Frequently Asked Questions
Conclusion: Is Verve a Good Credit Card?

Now, let’s dive in!

What is Verve Credit Card?

The Verve Mastercard® is a credit card designed for people with less-than-perfect credit. It offers an initial credit limit of up to $1,000 and includes Mastercard Zero Liability Protection, which helps protect you from unauthorized charges.

This card also reports payment history to all three major credit bureaus:

Experian
Equifax
TransUnion

Regularly-reported on-time payments can help you build or improve your credit over time. So, a Verve card can be an option to consider if you want to establish or rebuild credit. But, as with any financial product, you need to know the terms and fees before you apply.

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Verve Credit Card Requirements

To qualify for the Verve Mastercard®, you must:

Be at least 18 years old (19 in some states).
Provide a valid SSN and government-issued ID.
Show proof of a stable income.
Be a U.S. resident.
Have a credit score of at least 500.

The card is available to individuals with fair, poor, or limited credit. Approval and interest rate depend on your credit history and income.

Verve Credit Card Fees

According to the Verve cardholder agreement, the Verve Mastercard® has specific fees and interest rates based on your credit limit:

$75 annual fee for the first year; $99 annually thereafter for a $300 credit limit.
$125 annual fee for credit limits of $500, $750, or $1,000.
$0 monthly maintenance for the first year; $10 per month thereafter for credit limits of $300 or $500.
No monthly maintenance fee for credit limits of $750 or $1,000.
35.90%+ APR for purchases and cash advances.

So, if you get a $1,000 Verve Mastercard limit and carry a $400 balance for two years without additional charges, it will cost you about $537 in fees and interest. This includes $250 in annual fees ($125 per year) and approximately $287 in interest, assuming the 35.90% APR and no payments beyond the minimum to reduce the balance.

35.90% APR and a $125 annual fee are high compared to average cards, which have APRs of 16%-24% and lower or no annual fees. It’s costly but aimed at those with poor credit.

You might also like: Can an Extra Card Help You Build Credit Without a Credit Card?

How to Apply for a Verve Credit Card

When I first visited the Verve card’s landing page, it took me a minute to figure out how to access the application. The website’s instructions, which start with, “Applying for a Verve card has never been easier,” is extremely misleading.

So, to apply, you need to:

Head over to yourvervecard.com.
If you have your reservation, you can follow the prompts on the page. Otherwise, you need to click “Search Now” at the bottom of the page.
You’ll be taken to a new screen where you can enter your last name, zip code, and the last four digits of your social security number to look-up your “reservation.”

While the advertising says otherwise, the only way to apply for a Verve card online is with a pre-qualification letter and reservation number (I don’t love confusing information from the companies I do business with or recommend.).

You might also like: Is Credit Strong Legit? A Complete Credit Builder Review

Company Overview

The Verve Mastercard is issued by The Bank of Missouri and serviced by Continental Finance Company. Continental Finance specializes in credit cards for individuals who may not qualify for traditional options.

And, the first thing I need to say is that the 5-Star Trustpilot reviews advertised on the Verve website are, again, super deceiving. While the Verve Mastercard reviews—which date back to 2019—are mostly positive, Continental Finance reviews aren’t so shiny.

The Verve card reviews show an overall TrustScore of 4.8 out of 5, which is good. But, the company asks for reviews, pays for extra Trustpilot features, and allegedly uses AI to help with replies.

In the meantime, Continental Finance has almost exclusively poor reviews, several of them related specifically to Verve card services. And Continental Finance hasn’t replied to ANY of these reviews, despite the fact that they did claim the profile.

However, before we burn them at the stake, they are Better Business Bureau (BBB) accredited with an A+ rating. This is despite the fact that they get a couple hundred complaints on the BBB platform each year.

For anonymous reviews and input, I always like to see what Redditors have to say (with the understanding that they can be especially critical over there). As expected, Reddit reviews tend to note the coinciding annual and monthly fees, and say this is “hot garbage.”

Keep in mind that most financial offers get a lot of poor reviews. In most cases, this boils down to people not understanding an offer before they apply.

But, in this case, Continental Finance isn’t known for following the rules. In 2015, the company faced a CFPB order to refund $2.7 million and pay a $250,000 penalty for illegal credit card fees. In 2023, a federal case questioned their arbitration terms, highlighting ongoing legal scrutiny but no recent major penalties reported.

You might also like: A Credit Stacking Breakdown: What it is & How it Works

Frequently Asked Questions

What is the disadvantage of a Verve card?

A key disadvantage is that the Verve card may come with high fees, which can reduce the effective credit limit available to you. And, the card’s interest rates may be higher than those on traditional credit cards, which could make carrying a balance more expensive.

How do I check my Verve credit card balance?

You can check your Verve credit card balance by logging into your online account through the Continental Finance website or mobile app. You can also contact the customer service team using the phone number provided on the back of your card for help.

What bank issues the Verve credit card?

The Verve credit card is issued by The Bank of Missouri, a member of the FDIC, under a license from Mastercard International.

Is Verve credit card for bad credit?

Yes, the Verve credit card is designed for people with less-than-perfect credit. It can be a helpful tool to rebuild or improve your credit, since it reports payment activity to all three major credit bureaus monthly. However, you would need to use it responsibly for a positive impact.

Conclusion: Is Verve a Good Credit Card?

In a word, yeah, the Verve card is a genuine financial tool from an established institution. However, the fees and APR are high, the company offers unclear and deceptive advertising, plus they have a tendency to operate in legally gray areas. So, I’m not comfortable recommending this card as an optimal credit builder…unless you have no other choice and don’t mind paying steep fees.

So, consider all your options and do your research before you commit to any financial offer. With that said, once your credit score is on track, if you’re entrepreneurial, you might be able to get business credit that doesn’t impact your personal credit score.

To learn how to obtain up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.

What is the Best Personal Finance Software? Free and Paid Options

By Joe

So, you’re looking for the best way to manage your finances with the help of an app. Whether you want an option that’s free and fully customizable, or a paid offer with all the bells and whistles, I’m sure you’ll find something you like in this list.

Let’s explore the best personal finance management software for all budgets, skill levels, and needs.

This is what’s in store:

What is Personal Finance Software?
- Is There Something Like Quickbooks for Personal Use?
- How to Choose a New Finance System
What is the Best Personal Finance Software?
Frequently Asked Questions
Final Thoughts

Now, let’s roll!

What is Personal Finance Software?

Personal finance software is a computer or mobile app designed to help individuals manage their personal finances more effectively. These tools provide a range of features to assist with budgeting, tracking expenses, managing investments, and planning for financial goals.

Some features that personal finance software might offer are:

Budgeting
Expense tracking
Investment management
Financial planning
Reporting
Bill payment
Credit monitoring

Overall, personal finance software makes managing your money easier and more organized, and gives you better control over your financial life.

You might also like: Cred AI Review: Are You Really Better Than Your Bank?

Is There Something Like Quickbooks for Personal Use?

There are several personal finance tools that work like QuickBooks but are designed for personal use. For example, Quicken™ is a solid all-rounder, offering budgeting, expense tracking, investment management, and bill payment. In contrast, Mint™ is great for easy budgeting and expense tracking but doesn’t handle investments.

Meanwhile, YNAB™ (You Need A Budget) is all about zero-based budgeting and tracking expenses, without investment features. On the other hand, Personal Capital™ covers budgeting, expense tracking, and investment management, though it doesn’t focus much on bill payment.

Additionally, Moneydance™ offers budgeting, expense tracking, investment management, reporting, and bill payment. However, PocketGuard™ is useful for budgeting and expense tracking but doesn’t dive deeply into investments or bill payment.

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business)

How to Choose a New Finance System

To choose the right personal finance management system, start by identifying your specific needs, such as budgeting, expense tracking, investment management, or bill payment. Consider how comfortable you are with technology; some tools offer advanced features that might require a steeper learning curve.

Next, compare the features of various options to find one that matches your needs while staying within your budget. For example, if you need comprehensive financial management and are willing to invest in a subscription, tools like Quicken™ or Personal Capital™ might be suitable.

If you prefer a free or lower-cost solution, options like Mint™ or PocketGuard™ could be better. Ultimately, select a system that balances functionality with ease of use and affordability to best support your financial goals.

You might also like: Meet the Ava Card: An Uncut Credit Builder Review

What is the Best Personal Finance Software?

We could try to rate the best personal finance software based on how many people use it or how many stars each is rated on G2. But, that’s not the best way to choose. You need software that meets your needs and fits your budget and skillset.

Here, I’ll give you a rundown of my top picks. But, first, here’s a quick overview.

Best personal finance software comparison

✅ = Available
❌ = Not Available

Now, let’s take a closer look at each—Be sure to check the brand websites for up-to-date features and pricing, as these can change.

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1. Google Sheets

Google Sheets is a free tool from Google that lets you create custom spreadsheets for managing your finances. It’s one of the best free personal finance software choices because it’s completely customizable.

You can use it for:

Budgeting
Expense tracking
Setting financial goals
Nearly anything else

Google Sheets is fantastic if you like customizing your financial tracking and are comfortable working with spreadsheets. The more you know about the platform, the more robust your system can be. See Google’s cheat sheets and other resources to get the most from this tool.

However, Google Sheets doesn’t come with built-in financial analysis tools, so you would need to set those up yourself—This can be time-consuming if you’re not familiar with creating formulas and templates.

2. GnuCash

GnuCash is a free, open-source accounting software that’s suitable for both personal and small business finances.

It includes features like:

Double-entry accounting
Budgeting
Financial reporting

This makes it a powerful tool to comprehensively manage your finances. It’s ideal if you need a detailed, customizable tool without the cost of commercial software. If you’re the tech-savvy type, check out GnuCash’s documentation to see what all you can do.

On the downside, GnuCash can be complex and may have a steeper learning curve than more user-friendly paid options, which might be a drawback if you prefer a simpler interface.

3. KMyMoney

KMyMoney is a free, open-source personal finance manager that supports:

Multiple accounts
Budgeting
Investment tracking

It’s a good choice if you prefer a desktop app with advanced features similar to paid software. Use this offline personal finance software with Linux, Windows, or Mac.

KMyMoney offers robust tools to manage finances but can be overwhelming for beginners due to its extensive feature set—Additionally, its user interface might feel less intuitive compared to more modern financial tools.

4. Mint (Now in CreditKarma)

Mint, now part of Credit Karma by Intuit™, is a free tool that consolidates all your financial accounts into one platform.

You can use Mint to:

Track spending
Create budgets
Receive personalized financial tips

Credit Karma adds value with:

Free credit score monitoring
Financial tracking
Personalized recommendations based on your credit profile

It’s awesome if you want to manage your finances and monitor your credit in one place.

However, both platforms generate revenue through targeted financial product offers, which can feel pushy or intrusive.

5. NerdWallet

NerdWallet offers free personal finance tools, including:

Budgeting
Credit score tracking
Cash flow management
Net worth reporting
Financial product comparisons

It’s helpful if you’re looking for advice on financial products like credit cards and loans, as it provides recommendations based on your financial situation. Plus, their educational resources are vast. And, you’ll get the best experience with the software portion of Nerdwallet’s offer through their mobile app.

However, the focus on product recommendations can sometimes overshadow its budgeting features, and you might encounter frequent prompts to apply for financial products, which can be overwhelming.

6. Credit Sesame

What is the best personal finance software mac?

Credit Sesame offers free credit score monitoring and financial tracking with personalized tips. It’s a good option if you want to monitor your credit score and receive financial insights without paying for a service.

The free version provides basic features, but if you need more advanced tools or additional support, the premium version might be more suitable.

The limitations of the free plan can sometimes make it less comprehensive compared to paid services.

7. WalletHub

WalletHub provides free:

Credit score & monitoring
Budgeting tools
Savings monitoring
Credit improvement
Personalized financial advice

It’s useful to get a comprehensive view of your financial health, monitor your credit scores, and get more financially fit.

One downside is that the free version includes ads and frequently promotes credit card offers, which can be distracting and might detract from the overall user experience.

8. Rocket Money

Microsoft personal finance software free download

Rocket Money, formerly known as Truebill, starts at about $3.99 per month (though you can access some features for free). It’s best known for deleting duplicate subscriptions, but does so much more.

This app helps with:

Budgeting
Credit score & monitoring
Subscription management
Expense tracking

This tool is useful if you want to keep track of your subscriptions and manage your spending more effectively (I’m a fan, fyi).

However, some features might be limited to higher-tier plans, and the basic version might not offer all the tools needed for comprehensive financial management.

9. Simplifi

Simplifi by Quicken costs around $3.99 per month.

It offers features like:

Budgeting
Expense management
Financial goal setting

This tool is great if you want a straightforward, user-friendly way to manage your finances.

But, it may lack some of the more advanced features found in higher-priced financial management solutions—This might be a drawback if you need more extensive tools.

10. YNAB (You Need A Budget)

What is the best free personal finance software?

YNAB costs up to $14.99 per month or $99 per year and focuses on zero-based budgeting, where every dollar is allocated to a specific goal. This method helps you actively manage your budget and develop better financial habits.

YNAB is ideal if you want a structured approach to budgeting and are committed to following its principles.

The cost might be a barrier for some, and its budgeting methodology can take some time to get used to.

11. Empower Personal Wealth

Empower Personal Wealth (previously Personal Capital) offers free financial tracking tools along with optional paid advisory services through Empower. The platform is designed for retirement savings and investments.

The free version includes:

Net worth calculation
Investment tracking
Budgeting

It gives you a broad view of your financial health. If you’re interested in professional investment advice, the paid advisory service starts at $100K in investments, with a fee of about 0.89% of assets under management. The fee decreases as your investment balance goes up.

This service is useful for in-depth financial planning, but the cost might be high if you’re looking for lower fees or if you don’t have a significant investment portfolio.

12. Quicken Classic Deluxe

Quicken Classic Deluxe starts at $2.99 per month and offers features like:

Expense tracking
Budgeting
Bill management

It provides a comprehensive set of tools for managing your finances in one place. Quicken Deluxe is a solid option if you need a robust personal finance tool with various features.

However, it requires an annual subscription, which might not be ideal if you’re seeking a free or one-time payment solution.

Frequently Asked Questions

What is the best way to keep track of personal finances?

Use a tool that fits your needs. Mint™ is good for budgeting, Quicken™ and Personal Capital™ offer more features. Pick one that matches your goals and comfort level.

Is there a better financial program than Quicken?

Yes, depending on your needs. Personal Capital™ is strong in investment management, YNAB™ focuses on budgeting, and Mint™ is a solid free option. Choose based on required features.

Can you use accounting software for personal use?

Yes, software like GnuCash and Moneydance can manage personal finances. They offer budgeting and tracking but might be complex.

What is the best tool for financial analysis?

Personal Capital™ and Quicken™ are great for financial analysis due to their robust reporting features. Look for tools with strong reporting capabilities.

Do finance people use Excel?

Yes, finance professionals use Excel, Google Sheets, or similar spreadsheets, often alongside other financial software, based on their needs.

Final Thoughts

Choosing the best personal finance software depends on your needs, budget, and comfort level with technology. From free tools like Google Sheets and Mint to more advanced options like Quicken Deluxe and Personal Capital, there’s something for everyone.

Consider what features are most important to you, whether it’s budgeting, expense tracking, investment management, or credit monitoring. Remember, the right tool will help you stay organized, manage your money more effectively, and achieve your financial goals.

Explore the options, and pick the one that fits best with your personal financial strategy.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Meet the Ava Card: An Uncut Credit Builder Review

By Joe

Key Takeaways

Ava credit builder helps improve your credit by reporting payments to all three major credit bureaus.
They offer a “high-limit” virtual card, capped at $2,500.
Payments and credit usage are tracked to help boost your credit score.
No credit check is required, and approval happens after linking your bank account.
There’s a monthly subscription fee of $6 (annual plan) or $9 (month-to-month).
Ava allows you to pay subscriptions with a virtual card and automate payments.
Account includes a Save & Build account to save money while building credit.

The Ava card is a contemporary offer that promises to help consumers build credit. The promise is that you can use the fee-free card to pay your subscriptions, save money each month, and cash out with a lump sum at the end of the year with a higher credit score. But, is it really all it’s cracked up to be?

Here, we’ll take a look at the full offer from Ava – the card, subscription autopay, credit builder savings account, and the potential implications of taking advantage of it. We’ll even peek behind the curtain at the company behind the product.

This is what’s in store:

What is the Ava Card & Ava Credit Builder?
Ava Card Benefits & Features
Frequently Asked Questions
Conclusion: Does Ava Help Build Credit?

Now, let’s roll.

What is the Ava Card & Ava Credit Builder?

The Ava card is a spending card that can be used with Ava credit builder—a financial tool designed to help people improve their credit scores. It functions as a credit-building program that offers an alternative to traditional credit cards. With Ava, there’s no need for a credit check, and there are supposedly no interest charges or fees associated with the card.

Once you sign up and link the bank account where your paycheck is deposited, you can apparently receive instant approval. You’ll then receive a “high-limit” Ava credit builder card that you can pay your monthly subscriptions with.

How Does Ava Work?

Payments through the Ava card and monthly payments into a Save & Build savings account are reported to credit bureaus to potentially boost your credit score over time. Plus, after 12 months of making payments into the Save & Build account, you’ll get all your money back.

You might also like: Cred AI Review: Are You Really Better Than Your Bank?

How Much Does Ava Credit Cost?

While Ava advertises that there are “no fees” for using the card, it’s not exactly free. Ava charges a $6 per month subscription fee for those who sign up for an annual plan. If you prefer a month-to-month subscription, the fee is $9 per month.

Ava notes that achieving a credit score of 700 or higher can potentially save you over $3,000 annually—Having a high credit score can help you get lower insurance rates and help you qualify for better terms on financing, but the amount you can actually save is relative to your situation and any financial products you’re interested in.

Still, $9 bucks a month is less expensive than a lot of comparable offers on the market.

You might also like: Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review

Company Overview

Ava Finance Inc. is a San Francisco-based, privately-held, for-profit company that was founded in 2020 by Abed Lawand, Omar Sinno, and Reza Rahman. The company is legally registered, active, and in good standing in the state of California.

Prior to launching Ava credit builder – the current CEO – Sinno was the senior product director at Credit Karma® for nearly 5 years, the senior product manager at LinkedIn® for three years, and co-founder of other various businesses.

Next to his career history, Sinno’s education in software engineering and business make him a natural choice to lead the company.

Plus, Trustpilot reviewers rate the company as excellent with 4.8 stars across the board. Most users cite the fact that their credit scores jumped quite a bit within a short amount of time when they signed up.

However, the Better Business Bureau (BBB) tells a slightly different story. Users rate the company as 3-star with more than a handful of complaints closed within the last year. They have been accredited with BBB since 2022, and have an A- rating. But, they’re only showing 3 out of 5 stars.

This really isn’t that bad, considering lots of financial companies have hundreds of BBB complaints. And, people tend to flock to this particular platform when they have a bad experience.

After a quick search, I found no lawsuits against Ava Finance Inc., open or otherwise.

In all, it seems to be a reputable company and a trustworthy brand to do business with…if the offer is a good fit for your situation, anyway.

You might also like: 14 Best Credit Monitoring Services for Scores, Reports, & ID Theft Protection

Ava Card Benefits & Features

Compared to the other credit builder platforms that I’m familiar with, the Ava card is a relatively simple offer, which I like. There’s nothing that might confuse some people into signing for added products and services that they don’t need.

And, it’s unique in that it helps people build credit by paying their bills/subscriptions – Netflix, Hulu, Verizon, Allstate…

Overall, Ava credit builder targets key credit factors such as on-time payments, credit utilization, and credit age to help improve your credit score. Learn how it works.

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business)

1. Secure Bank Account Connection

When you first log in to your Ava account, you’ll be asked to provide your home address, then connect your bank account. Ava Financial uses Plaid to encrypt the connection and keep your finances secure.

Plaid seems to be a trusted and safe way to share financial data with a company. However, it’s important to be cautious and review the privacy policy and terms of use to understand how your data is handled and protected by both Plaid and the service you’re connecting to.

Ava Finance, Inc. collects and shares personal information based on the product or service you have with them.

This can include sensitive details like:

Social Security numbers
Account information
Credit history
Transaction records
Payment history

They share this information for everyday business purposes like processing transactions, reporting to bureaus, and responding to legal inquiries. However, Ava Finance does not share personal information with affiliates for marketing or non-affiliates for marketing purposes.

For questions or concerns about how Ava Finance handles personal information, you can contact them at legal@meetava.com.

2. The “High-Limit” Ava Card

Ava provides a no interest, so-called, ‘high-limit’ credit card. This card is supposedly designed to lower your credit usage instantly, which should positively impact your credit score.

But, the highest available limit is $2,500. Compared to many starter credit cards that offer $250, $300, or $500, yes, the limit is greater. But, this is not what everyone considers “high,” so it’s worth clarifying.

Ava promptly reports your payments to all three major credit bureaus:

Experian®
TransUnion®
Equifax®

So, your spending will help boost your credit score across all three bureaus. Ava also claims to watch your utilization to be sure you’re not spending more than what credit bureaus consider responsible.

Ava is not a physical card—no Mastercard, no Visa, only a virtual card.

Finally, Ava Financial will report your account within a week of being approved, and will report your payments within 24 hours – most credit cards report on certain dates each month or quarter.

Now, the Ava card can only be used on subscription services in Ava Financial’s partner database. Let’s see who they are.

3. Autopay Subscriptions

Ava Financial partners with 66+ popular subscription services (so far) that allow you to use your Ava credit to pay. And, we’re not just talking about video streaming services—Their ecosystem has a pretty wide range of services.

Partner categories include:

Gaming
Health & Fitness
Kids
Music & Audiobooks
Security & Safety
Shopping
Streaming TV
Utilities & Insurance

Enjoy automated payments and reminders to ensure you never miss a subscription payment. The Ava card can help make sure that you pay on-time, and build credit while doing it.

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4. Save & Build Credit Builder

Ava’s Save & Build account is a pretty typical credit builder savings account:

You make payments up to $30 into an account every month.
Your payments are reported to credit bureaus as a loan payment.
You collect the funds (up to $360) at the end of the 12-month term.

By reporting payments, this should contribute to boosting your credit score…But, if you miss a payment, it will be reported as a negative item. So, be sure you are consistent enough to make the payment every month as agreed before you start the program.

Note: Monthly payments are automated through your bank account.

5. The Ava App

Manage all Ava Credit and Ava Save & Build features conveniently through the Ava mobile app. It’s a centralized platform to access and monitor your credit-building progress from your Android or iPhone.

The app maintains a 4.8-star rating on the Google Play store and 4.9 on the Apple Store. The key complaints with the app seem to relate to the user’s lack of understanding about the offer.

Frequently Asked Questions

Is Ava a real credit card?

Ava is a legitimate account that reports payments to credit bureaus, but it is not a traditional credit card. There is no physical card, and payments from a can only be made within Ava Financial’s partner network.

Does Ava report to Experian?

Yes, Ava reports your payment history and credit activity to all three major credit bureaus, including Experian® — They first report within a week of opening an account, then within 24 hours of you making your payments.

How do I cancel my Ava credit card?

To cancel your account contact Ava Finance directly through their customer support channels—Email support@meetava.com or call (920) 287-0282.

Conclusion: Does Ava Help Build Credit?

Whether or not an Ava card can help you boost your credit depends on why your credit score is low in the first place, and whether or not you can make the payments on-time as agreed.

If your score is low because you don’t have any items reporting to the credit bureaus, then, yes, you can use a product like this to boost your score over time. If you need to increase your credit utilization or add a new type of tradeline to your credit mix, the Ava card’s optimized reported utilization might actually help. And, the 12-months savings aspect of a builder loan could be very appealing in the right situation.

However, if your credit score is low because you have negative items reporting, a new credit account isn’t going to help much, if at all. In fact, A credit builder card won’t help you clean up your credit or make debt go away. These situations require customized credit repair solutions.

If you need to fix your personal credit, start learning the right steps from reputable sources — The FTC’s credit counseling guide is a trustworthy place to start.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Is the National Debt Relief Program Legit? The Honest Answer

By Joe

If your debt is stressing you out, you’re not alone. According to Forbes, 54% of Americans are stressed about their debt. And, if you’re in this boat, you may have come across National Debt Relief – which sounds almost like a way to eliminate debt altogether.

As with any offer that affects your finances, you need to know whether this is a legitimate offer before you sign up. So, I’m going to share everything I know. We’ll look at what National Debt Relief is, what they can do for you, and the services they offer. By the end, you should know if this is the right offer for you.

This is what’s in store:

What is National Debt Relief?
What Does National Debt Relief Do?
Frequently Asked Questions
Conclusion: Is National Debt Relief Legit?

Now, let’s set sail!

What is National Debt Relief?

National Debt Relief is a company that helps people tackle their debt through various debt relief services.

Depending on your situation, services might include:

Negotiation with creditors
Debt consolidation loans
Credit counseling services
Bankruptcy referrals

They provide a free consultation where you can discuss your financial situation and explore your options…allegedly without any obligation.

While they don’t offer tax debt relief or any government loans, they cover nearly every other type of debt you can think of.

This includes relief from:

Credit card debt
Personal loans
Bad credit debt
Medical debt
Unemployment debt
Retirement debt
Veteran debt
Business debt
Private student loans
Marital debt (wedding or divorce)

Ultimately, National Debt Relief aims to help you become debt-free within a reasonable timeframe, typically within 24-48 months. They emphasize affordability and customization, ensuring that their solutions align with your budget and financial goals.

Where Does National Debt Relief Operate?

As of March, 2024, and despite what the brand’s name implies, National Debt Relief doesn’t operate in all 50 states (I wouldn’t have known this if I didn’t call in to ask a few questions about pricing). When I asked which states they do operate in, the rep advised that I do a search for debt relief specifically in my state so I didn’t get a straight answer…not right away.

So, after the call, I put my research cap back on and checked with the Nationwide Multistate Licensing System. I found that National Debt Relief holds 14 state licenses in 13 states.

I can verify that they do legally operate in:

Arizona
California
Idaho
Illinois
Iowa
Maryland
Minnesota
Nevada
New Hampshire
North Dakota
Pennsylvania
Rhode Island
Tennessee

And, in Illinois, Iowa, Maryland, Minnesota, New Hampshire, Pennsylvania, and Rhode Island, the company actively holds debt-specific licensing.

While you can apply for a consultation regardless of your location, you may be limited in the scope of services offered if you live outside of the states where they maintain licensure.

How Does National Debt Relief Work?

At first glance, it may seem like you’ll sign up to have your debt reduced without any work. But, that is not how these programs work.

So, here’s how national debt relief really works…

…First of all, their approach starts with a personalized debt relief plan tailored to your unique circumstances.

This might include negotiating with creditors to reduce the amount you owe and setting up a dedicated savings account where you make monthly deposits. These funds are then used to pay off your creditors at the negotiated reduced amounts.

Some participants might be offered a debt consolidation loan. The idea is that you would consolidate your high-interest debts into a new loan with a lower interest rate and pay less over time.

While the company boasts that you can be back to financial freedom and living your life within 24-48 months, that doesn’t mean you will be out of debt within 4 years. For example, a consolidation loan might take 7 years to pay off, but your payments or interest would hopefully be lowered.

There’s even a chance you’ll be referred to a bankruptcy attorney. In this case, some or all of your debt may be wiped out, but this could have a negative impact on your credit score for several years.

Keep in mind, debt relief is not the same as credit repair, and may have a negative impact on your credit score (many so-called credit repair programs can have a negative impact on your credit as well). And, you will need at least $7.5K in debt to qualify for their services.

You might also like: Superior Tradelines Review: Is it a Scam or Legit Way to Build Credit?

How Much Does National Debt Relief Get Paid?

National Debt Relief charges a fee for their services, which is typically based on a percentage of the enrolled debt. This fee can vary depending on factors such as the state you reside in and the total amount of debt you owe.

On average, the fee usually falls within the range of 15% to 25% of the total enrolled debt. For example, if you enroll $10,000 in debt and the fee is 20%, then the fee would amount to $2,000.

Now, when I called in and asked specifics about the costs, the rep that I spoke with only disclosed that the fee is “built-in” to the plan and no services are rendered until all fees are agreed to.

So, if you make it to the proposal stage, do your own math before you sign up — Make sure that the amount you pay will in-fact be less than the interest and principal you would otherwise pay on your debts. And, keep in mind that debt settlement often has a negative impact on your credit report, and negative marks can remain for up to seven years.

It’s important to note that National Debt Relief operates on a performance-based fee structure – This means they are only supposed to collect their fee after they successfully negotiate a settlement with your creditors. Again, you will have the chance to approve the cost and the savings.

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Company Overview

National debt relief, 180 maiden ln 30th floor, new york, ny 10038

National Debt Relief LLC is a New York-based company that was founded in 2009 by Alex Kleyner, Daniel Tilipman, Tom Leydiker. Kleyner is the current CEO, where he’s been full-time for the past 15+ years.

Prior to launching the company, Kleyner received a Bachelor’s degree from Pace University

Tilipman remains on National Debt Relief’s executive board, and went on to found Reach Financial — a debt consolidation loan provider — in 2022. This makes me wonder if National Debt Relief offers consolidation loans in partnership with Reach.

Leydiker is also still with the company. Before co-founding the company, he was a branch manager at Citibank and President and CEO of Continental Funding, LLC.

The leadership seems strong, especially considering that most employees (according to Glassdoor) would recommend the company to a friend in need of a job. What staff thinks of a company speaks volumes, and 75% of National Debt Relief’s Workers approve of the CEO.

With that said, you also have to look at what clients think of a company before you can really judge. Like all financial offers, National Debt Relief gets mixed reviews.

They are A+ rated and accredited with the Better Business Bureau (BBB), but this is despite 124 complaints in the past year. Still, 3,385 customers give them a 4.73-star rating. I do like these numbers.

National Debt Relief is rated nearly as high on Trustpilot (4.7 stars) and platform reviewers are mostly very satisfied with the services they receive.

Plus, even Redditors have generally objective opinions about the company – they are typically the toughest crowd on the internet to impress.

Note that some anonymous commenters do recommend you side-step these guys and go straight to a government agency or attorney for your own protection (which are definitely avenues worth exploring).

Now, there is a new class action lawsuit against National Debt Relief that claims they collect users’ IP addresses without consent – note, this has nothing to do with the way they handle clients’ finances. And, keep in mind, the jury is still out…literally.

National debt relief class action lawsuit

Before you decide if this is the offer for you, find out exactly what National Debt Relief can do to help provide relief from debt.

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What Does National Debt Relief Do?

Some of National Debt Relief’s services are offered in-house and other advertised relief solutions are made by referral. Now, I didn’t see any affiliate links or affiliate disclosures on their site – this could mean that they will refer you out to someone without earning any commission, but I can’t be sure.

Here’s what you might expect if you sign up.

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1. Free Consultation

If you reach out and apply for services from National Debt Relief, the first thing you can expect is a call from a rep who will listen to your situation, ask questions and start to formulate a plan.

At this stage, I only recommend you watch out for high-pressure sales tactics. This is always a bad sign. But, a phone call is a low-risk way to explore whether an offer is going to be a good fit for you. Your mantra for any sales call should be, “I’m in the driver’s seat.”

2. Personalized Debt Relief Plan

National Debt Relief will need to know about all of your debts before they can make a recommendation on how to tackle them.

So, list out all of your debts:

Credit cards
Lines of credit
Personal loans
Medical bills
Collections
Repossessions
Student loans
Business debts

And, be prepared to let the rep take some time to come up with a tailored plan.

3. Credit Counseling & Education

Credit counseling might be beneficial if you are able to make monthly payments, but struggle with debt management. It’s ideal if you’re seeking a structured plan to handle debt effectively, negotiate lower interest rates, and consolidate payments.

Additionally, counseling offers valuable financial education on budgeting and responsible credit use. Credit counseling might be suitable if you want to avoid bankruptcy and are willing to actively participate in the counseling process to achieve financial stability.

In addition to the counseling services they offer, National Debt Relief offers quite a few educational resources – primarily a comprehensive blog that discusses all matters debt, lifestyle, and financial wellness-related. If you want to learn about debt consolidation, or bankruptcy, their blog is full of useful information.

Plus, their articles are laid out in a way that’s simple to navigate and written in an easy-to-understand tone.

Moreover, they have quite a few calculators to help you figure out your situation.

Calculators include accelerated debt payoff, consolidation loan investment, cost of debt, credit card minimum payment, and more.

If you decide to take a DIY approach, or even if you choose another service, I do recommend you peek in at National Debt Relief’s resources. They share most of the basics of debt and finances – And, I think this is a great knowledge base for anyone looking to sharpen their debt and financial wellness chops.

4. Debt Negotiation With Creditors

Debt negotiation, or debt settlement, might be a good fit if you have significant unsecured debt you can’t fully repay – this could be due to financial hardship like job loss or medical emergencies. It’s suitable for those unable to qualify for consolidation loans or facing collections or legal action.

Debt negotiation provides an alternative to bankruptcy, helping stop collection calls and lawsuits by reaching settlements with creditors. However, it’s not ideal for everyone, and careful evaluation of your financial situation is essential before pursuing this option.

5. Debt Consolidation Loans

National debt relief bbb consolidation loans

Debt consolidation can be a suitable option if you have multiple debts, such as credit card balances, personal loans, or medical bills…and are looking for a more manageable way to repay them. It might be beneficial if you want to streamline your debt by combining multiple payments into a single monthly payment (usually at a lower interest rate).

This type of debt relief can help you simplify your finances and potentially save money on interest payments over time. And, it’s a good fit if you have a steady income and can afford to make consistent monthly payments towards your consolidated debt.

6. Bankruptcy Referrals

Bankruptcy might be a viable option if you’re facing overwhelming debt that you cannot repay, even with debt management strategies like credit counseling or debt negotiation. It might also be good if you’re experiencing severe financial hardship, such as job loss, medical expenses, or divorce. Sometimes, these situations can make it impossible to meet debt obligations.

Bankruptcy provides a legal process for individuals to eliminate or restructure debts and obtain a fresh financial start. It may also be appropriate if you’re at risk of foreclosure or wage garnishment. However, bankruptcy has long-term consequences, including a negative impact on your credit score and potential loss of assets. So, it’s essential to carefully consider the decision and seek legal advice before filing.

You might also like: Cred AI Review: Are You Really Better Than Your Bank?

Frequently Asked Questions

Can you cancel National Debt Relief?

Yes, you can cancel your enrollment with National Debt Relief at any time. They understand that circumstances may change, and you have the right to discontinue their services if you wish.

How can you cancel National Debt Relief?

To cancel National Debt Relief, you can contact their customer service team either by phone or email. They will guide you through the cancellation process and provide any necessary documentation or instructions.

Do I get my money back if I cancel National Debt Relief?

If you cancel National Debt Relief, you may be entitled to a refund of funds you’ve deposited into your dedicated savings/escrow account, minus any fees earned for services rendered up to that point. The specific refund policy may vary depending on the terms outlined in your agreement.

Does National Debt Relief hurt your credit?

When you stop making payments to creditors and enter into negotiations for debt settlement, it can be reflected on your credit report. The long-term effects of debt settlement on your credit score can vary depending on your circumstances. Discuss the potential impact with a legal and financial professional and consider all your options before enrolling.

Conclusion: Is National Debt Relief Legit?

The percentage-based pricing model seems higher than what you might expect from a debt relief program. If you paid a separate credit repair company to clean up your report for, say, $170 per month, the cost could add up fast. But, if you save 25% off your debt, and National Debt Relief charges you 20% of your enrolled debt to do it, is it really worth it?

In the case that you’ll save 50%, a 25% fee might make sense. Be sure to read the fine print before you make any commitments. I don’t know whether National Debt Relief charges before or after debt is negotiated, which could vary on a case-by-case basis.

If you’ve got a lot of collections that you want to clear up or negative items you need removed from your report, a credit repair company, an attorney, or a DIY approach might be cheaper alternatives.

In all, though, I like this offer. The company seems to be legit, they’ve been in business long enough to be reputable, and the BBB likes them. Other than the potential expense, I don’t see any glaring red flags that would make me tell you to run for the hills.

My only advice is to do your research. Learn about all of your options before you apply for relief from debt. And, if you don’t have at least $7.5K in debt, you will need to look elsewhere. Good luck on your journey to financial freedom.

Do you want to learn how to obtain up to $100K in business credit that won’t impact your personal credit, in as few as 30 days? If so, join Business Credit Workshop today!

Cred AI Review: Are You Really Better Than Your Bank?

By Joe

One of my students came across Cred.ai when researching business credit cards, and the flashy website stopped us both in our tracks. And, the offer is buzzing right now, so I wanted to write about it…for fun.

In short, Cred.ai is a fintech company that offers a premium, 100% mobile, fee-free credit card with a metal design, along with cutting-edge technology that helps you manage your finances, build credit, and protect against fraud. You can use it to spend like a debit card while building your credit score “like a pro.” With Cred.ai, you can also access your paycheck up to two days early, get cash from ATMs, make instant deposits and mobile check deposits at no fee, and all deposits are FDIC insured.

This all sounds exciting, but it leaves a lot of questions unanswered.

So, let’s find out what this offer is really all about — the company, the card, and more.

Here’s what’s in store:

What is Cred.ai?
The Unicorn Card™ (Metal Credit Card)
The Stealth Card™ (Virtual Card)
- What is High-Security™ Mode?
Is Cred.ai Good for Businesses?
Cred.ai vs Chime
Frequently Asked Questions
Conclusion: Are You Better Than Your Bank?

So, let’s go!

What is Cred.ai?

A couple of years ago, when they revealed their ai-powered credit card, Forbes called Cred.ai “the Tesla of Banking.” But, with all of the chatter, that still doesn’t tell you what the offer can do for you in comparison to other cards on the market.

So basically, Cred.ai is a high-tech and premium everyday spending experience that offers a free metal card — They guarantee that you’ll never pay fees or interest and never overspend. Plus, they offer cutting-edge technology like Check Please™ and Flux Capacitor to help you optimize your credit utilization and even get your paycheck up to two days early.

Cred.ai is touted to be “100% mobile” and offers 24/7 support, real-time control, and virtual Stealth Cards™ that activate instantly upon approval. The company offers exclusive features like High-Security Mode™ and a Friend & Foe List™ to keep users safe and protected.

The metal card (this is why ‘100% mobile’ might not be the right word choice) is free and it’s heavier than those other fancy black cards, but you don’t have to pay a fee to get it. You can use it like a debit card and build your credit (“because it’s a real credit card,” according to their website).

Cred.ai also offers original content through Crednews™ (where they produce documentaries about important topics like UBI and psilocybin…seriously).

With Cred.ai, you can get the spending power of your paycheck and other automatic deposits up to two days before they hit your bank account. And, you can get cash at free ATMs within their network, make instant deposits, and mobile check deposits with no fees. All, as previously mentioned, deposits are FDIC-insured up to $250K.

There are also some really cool features like Flux Capacitor, which gives you early access to future deposits and helps you budget for future charges before they happen. There’s also Stealth Card™ (virtual card), which is helpful for risky transactions like ordering tacos over the phone or signing up for free trials. You can regenerate your Stealth Card when you feel like you’re at risk or use it in High-Security Mode™ for ultimate protection.

So, in summary, Cred.ai is a high-tech, mobile spending experience that offers a free metal card and exclusive features like Check Please™, Flux Capacitor, and Stealth Card™. Cred.ai guarantees you’ll never pay fees or interest and you’ll never overspend.

The Unicorn Card™ (Metal Credit Card)

Cred.ai’s Unicorn Card is not your typical credit card. With a sleek black metal design and a unicorn image, it’s definitely eye-catching. But the real magic happens when you start using it.

Unlike traditional credit cards, you need to deposit cash upfront, similar to a secured card. But don’t worry, your money isn’t just sitting there as a hostage to your good behavior. Instead, cred.ai uses your deposit to pay off your monthly statement balance as you make purchases, effectively extending your credit without requiring cash on hand to cover each transaction.

WSFS Bank — a member of the FDIC — provides the Deposit Account for cred.ai. Additionally, WSFS Bank has issued the Unicorn Card credit card under the license from Visa® U.S.A. Inc. The credit card can be used wherever Visa® credit cards are accepted.

Fee-Free ATM Network

Cred.ai has a cool feature where you can find free ATMs using their mobile app.

When you withdraw cash from an ATM, it’s considered a cash advance against your Unicorn Card credit card. But the good news is, you won’t have to pay any interest on those cash advances as long as you enable the Cred.ai service to manage your Unicorn Card payments automatically in the background.

Plus, they have a huge network of over 55K ATMs, so you’ll have plenty of options to choose from.

Early Access to Paychecks

If you’re a Cred.ai user and have set up direct deposit, there’s a way to access those funds earlier than your scheduled payment date — Cred.ai allows you to access the spending power of your direct deposit funds as soon as they receive the deposit file from your payer!

This could be up to two days before your scheduled payment date, depending on when your payer submits the deposit. Just keep in mind that the timing and schedule of your direct deposit depend on the payer, so it’s always a good idea to check with them first.

Minimum Deposit, Credit Limit, & Fees

So here’s the deal with Cred.ai: it’s kind of like a secured card, so you’ll need to put some cash onto the card to start using it. The smallest amount you can deposit is $100, and unfortunately, you can’t add any authorized users to the account.

Here’s the cool part though — Cred.ai reports to credit bureaus each cycle with a $1.5K credit limit and a 2-3% credit utilization rate (0% if you have a $0 balance), which can help boost your credit score. Plus, they have an auto-reload function to make sure you have enough funds to cover your transactions.

Now, while they say they have “no fees,” there is an APR and interest rate of 17.76% on spending and 24.99% on cash advances. But don’t worry, they won’t charge you unless you turn off their automated system.

Some folks suggest using the card more as an emergency fund, and instead using a secured credit card from a credit union for regular spending. But hey, everyone’s financial situation is different, so it’s up to you to figure out what’s best for you!

How Does Cred.ai Help You Build Credit?

First of all, Cred.ai reports to the three main credit reporting agencies, showing a $1500 revolving line of credit and your utilization every month. The best part? It doesn’t require a hard credit pull or an initial credit score, making it accessible to a wide range of consumers.

Let’s say you have one credit card with an $800 limit and you’re using 80% of that limit ($640). That’s not so great for your credit score because it looks like you’re relying too much on credit. But if you get the cred.ai card and deposit, say, $1.5K onto it — now you have a total credit limit of $2.3K and only use 27% of it. That’s a big improvement!

When you apply for credit in the future, having a higher credit limit and lower usage percentage looks really good to lenders. It shows them that you’re responsible with credit and can handle having more available to you. Plus, since the cred.ai card doesn’t require a hard credit check, applying for it won’t hurt your credit score.

Furthermore, the AI technology behind the card also learns your spending patterns and helps prevent you from overspending. If you try to make a purchase that would leave you overdrawn, the card will decline the transaction, acting like a protective parent.

Think of the cred.ai card as a helpful friend who gives you some money to use, but keeps an eye on you so you don’t overspend and get into trouble. You can only use the money that you deposit onto the card, but it still helps your credit score because it looks like a regular credit card to the credit bureaus.

On the contrary, if you turn off this feature, you can charge up to your cash limit and even beyond, though there’s a somewhat high APR for unpaid balances (17.76%+ on cash purchases).

So, what if your deposits are unpredictable?

If you get paid in cash, or you don’t use Cred.ai’s deposit account as your main cash flow account, the system will still attempt to predict your income, likely unsuccessfully — in which case you will essentially be able to use it like a debit card and spend your deposits, dollar-for-dollar. You would still be able to use it as a credit card, though (you won’t have to walk inside to pay for gas at stations where only credit cards are accepted at the pump).

The bottom line is that it always reports to credit bureaus as a $1,500 line of credit.

The Stealth Card™ (Virtual Card)

One neat feature of the Unicorn Card is the virtual card number for risk mitigation — Cred.ai just calls theirs a Stealth Card™. If you’re hesitant to make a purchase on a sketchy website, or you don’t want to commit to recurring monthly charges, you can use a virtual card number that won’t work for anything else, minimizing the risk of fraud.

In general terms, a virtual card is a digital version of a physical credit or debit card that is used for a single transaction or for a limited period of time. It typically consists of a randomly generated number, expiration date, and security code, which can be used for online or phone purchases where the actual card is not present.

The idea behind virtual cards is to provide an additional layer of security for online transactions, as the virtual number is typically different from the actual card number and can be easily deactivated if compromised. This makes it less risky to use your credit or debit card for online shopping or on unfamiliar websites, as your actual card number is not shared and the virtual card can be easily canceled if there is any suspicious activity.

Several banks and credit card issuers also offer virtual cards as a separate feature that can be generated and managed through their mobile apps or online banking portals.

What is High-Security™ Mode?

Cred.ai’s High-Security mode is a feature that adds an extra layer of security to your transactions. By enabling High-Security mode, the authorization window for each transaction becomes very small, usually only a few seconds, and expires automatically — This means that even if someone were to gain access to your card information, they would not be able to use it for fraudulent transactions because the authorization window would have expired by the time they tried to make a purchase.

Essentially, this feature is controlled by you and minimizes the risk of unauthorized transactions on your Cred.ai card. It is available for both physical and virtual Stealth cards.

Is Cred.ai Good for Businesses?

Cred.ai’s features are mainly geared towards individual consumers, such as access to early direct deposit, free ATM network, and virtual card capabilities. While businesses may be able to use the service, there are no specific features or benefits designed for business use.

Additionally, Cred.ai is not currently set up to handle business accounts or multiple authorized users, so it may not be the most practical option for businesses. Therefore, it may be better for businesses to look into alternative banking solutions that offer features specifically tailored to their needs.

Business owners who are curious about Cred.ai might want to look into a (more relevant) corporate offer like Brex or Divvy.

Cred.ai vs Chime

Cred.ai is most often compared to Chime, but these are two very different offers — let’s see how they stack up side by side:

*Please note that this information is subject to change, and you should always refer to the official websites of Cred.ai and Chime for the latest and most accurate information.

Frequently Asked Questions

What credit score is required for Cred.ai?

According to the information available on the Cred.ai website, there is no minimum credit score required to apply for an account. However, they may perform a soft credit check during the application process to verify your identity and determine your initial credit limit.

Does Cred.ai do a hard pull?

No. Cred.ai does not do a hard pull to approve your account.

Is Cred.ai a secured credit card?

Sort of… you do have to deposit money to use a Cred.ai card, but your money isn’t subject to the same terms as traditional secured credit card accounts.

How does Cred.ai affect your credit score?

The cred.ai card requires you to deposit money before you can use it. Your spending on the card is reported to credit agencies as a credit card with a $1500 limit and 3% usage. This increases your available credit and decreases your overall credit usage, which can improve your credit score.

For example, if you previously had one credit card with high usage, adding the cred.ai card would increase your available credit to $1800 with a 30% usage rate, which looks better to lenders.

Conclusion: Are You Better Than Your Bank?

Yeah, you are better than your bank, but that doesn’t mean you need to apply for a Cred.ai card. The tech is certainly cool for a certain demographic. If you need to improve your consumer credit utilization ratio, this might do the trick — The offer is fun and users seem to like it.

If you’re a business owner, however, you might want to look into a credit card designed specifically for business operations.

If you want to learn how to get up to $100K in business credit in as few as 30 days, join Business Credit Workshop today.