What the Fortiva Credit Card Is

The Fortiva Credit Card is a secured credit card issued by Fortiva Bank, designed for people rebuilding credit or establishing a credit history. You put down a cash deposit, and that deposit becomes your credit limit. You then use the card like a regular credit card, and your payment history gets reported to the three major credit bureaus—Equifax, Experian, and TransUnion.

The card charges an annual fee and a relatively high interest rate. The main trade-off is that Fortiva reports your activity to credit bureaus, which means on-time payments can help raise your credit score over time. This is different from a prepaid card, which does not report to bureaus and does not build credit.

Fortiva also offers other credit-building products, including personal loans and credit-builder loans. This article focuses on the credit card itself.

Key Takeaways

  • The Fortiva card requires a cash deposit that becomes your credit limit, ranging from $200 to $2,500 depending on the deposit you choose.
  • You pay an annual fee and interest charges on any balance you carry, making it more expensive than unsecured cards.
  • Your payment activity reports to all three credit bureaus, so consistent on-time payments can improve your credit score.
  • After a period of responsible use—typically 7 to 12 months—you may be able to graduate to an unsecured card or have your deposit returned.
  • You can open an account online, and the card typically arrives within 7 to 10 business days after approval.

Deposit Requirements and Credit Limits

With the Fortiva card, your deposit is your credit limit. Fortiva typically allows deposits between $200 and $2,500. You choose the amount when you open the account, and that money sits in a reserve account held by the bank. You do not lose access to it permanently—it secures the card while you use it.

Your credit limit does not increase automatically as you make payments. However, after you demonstrate responsible use over several months, you can request a credit limit increase. When you do, Fortiva may ask for an additional deposit to raise your limit, or in some cases may increase it without requiring more money.

The deposit is separate from the annual fee. You pay the annual fee out of pocket each year, in addition to any interest charges on balances you carry.

Fees and Interest Rates

The Fortiva card charges an annual fee that varies depending on the card version and current terms. This fee is typically charged to your account shortly after approval. You should confirm the exact annual fee before opening the account, as Fortiva's terms can change.

The card also carries a variable interest rate (APR) that applies to any balance you carry from month to month. Because this is a credit-building card for people with limited or damaged credit, the APR is higher than what people with good credit typically pay—often in the range of 24% to 29.99%, though the exact rate depends on your creditworthiness at the time of approval.

If you pay your full statement balance by the due date each month, you avoid interest charges. This is the most cost-effective way to use the card. Carrying a balance month to month becomes expensive quickly.

How to Open an Account

You can open a Fortiva card account online through their website. The process typically takes 10 to 15 minutes. You will need to provide your Social Security number, date of birth, current address, and income information. Fortiva performs a soft credit pull to verify your identity, which does not affect your credit score.

After you submit your process, you receive a decision within minutes to a few hours in most cases. If approved, you choose your deposit amount and provide banking information so Fortiva can withdraw the deposit from your account. The deposit usually posts within one to three business days.

Once your deposit clears, your card is activated and ships to you. Most cardholders receive their physical card within 7 to 10 business days. You can begin using the card as soon as it arrives.

Building Credit with the Fortiva Card

The primary benefit of the Fortiva card is that it reports your payment history to Equifax, Experian, and TransUnion. This means every on-time payment you make gets recorded and can help raise your credit score. If you have no credit history or a damaged one, consistent on-time payments over several months can show lenders that you are managing credit responsibly.

To maximize the credit-building benefit, pay at least your minimum payment by the due date every month. Paying the full balance is better, because it keeps your credit utilization low—the percentage of your available credit that you are using. Credit bureaus favor lower utilization, so if your limit is $500 and you carry a $100 balance, your utilization is 20%, which is better than carrying a $400 balance (80% utilization).

Late payments, missed payments, and high balances all get reported to the bureaus and can hurt your score. If you miss a payment, contact Fortiva when ready to bring your account current, because even one late payment can damage credit you are trying to rebuild.

Graduating to an Unsecured Card or Getting Your Deposit Back

After you use the Fortiva card responsibly for a period of time—usually 7 to 12 months of on-time payments—you may become may be able to access to graduate to an unsecured card. This means Fortiva converts your account to a regular credit card and returns your deposit to you. The terms of the unsecured card may be different, including a different annual fee and APR.

Fortiva does not automatically convert your account. You typically need to request the conversion, and Fortiva will review your payment history to decide whether to approve it. There is no may provide of conversion, even if you have made all payments on time. The decision depends on your overall creditworthiness and Fortiva's current policies.

If your account is not converted to unsecured, you can continue using the secured card indefinitely. Your deposit remains in place as long as the account is open. If you close the account in good standing, Fortiva returns your deposit to you within a few weeks.

Comparing Fortiva to Other Secured Cards

Other banks offer secured credit cards with different terms. Some have lower annual fees, lower interest rates, or higher deposit limits. Before opening a Fortiva account, it is worth comparing it to cards from banks like Capital One, Discover, or Credit One to see which terms work best for your situation.

The main factors to compare are annual fee, APR, deposit range, and the likelihood of graduating to an unsecured card. A card with a lower annual fee but a higher APR might be cheaper overall if you plan to pay your balance in full each month. A card with a higher annual fee but a lower APR might be better if you expect to carry a balance.

All secured cards report to the credit bureaus, so the credit-building benefit is similar across products. The difference is in cost and terms. Read the terms and conditions carefully before choosing.

Frequently Asked Questions

Can I use my Fortiva card right away after I open the account?

No. You must first make your deposit, which takes one to three business days to clear. Once it clears, your card is activated and ships to you. You can use the card once it arrives, typically within 7 to 10 business days of approval. Some cardholders can use a temporary card number online before the physical card arrives, depending on Fortiva's current policies.

What happens if I miss a payment on my Fortiva card?

A missed payment gets reported to the credit bureaus and damages your credit score. Fortiva may also charge a late fee. If you miss a payment, contact Fortiva as soon as possible to bring your account current. The longer you wait, the more damage it does to your credit. One missed payment can set back months of credit-building progress.

Can I increase my credit limit without adding more money?

Possibly, but it depends on Fortiva's policies and your account history. After several months of on-time payments, you can request a credit limit increase. Fortiva may grant it without requiring an additional deposit, or they may ask you to deposit more money. There is no may provide either way. Contact Fortiva to ask about your options.

Is the Fortiva card the same as a prepaid card?

No. A prepaid card is not a credit card and does not report to credit bureaus, so it does not build credit. The Fortiva card is a secured credit card that reports your payment history to the bureaus. This is the key difference—prepaid cards are convenient but do not help you rebuild credit.

What should I do if I want to close my Fortiva account?

Contact Fortiva and request to close the account. Pay off any remaining balance first. Once the account is closed in good standing, Fortiva returns your deposit to you within a few weeks. Closing the account does not hurt your credit, but it does stop the account from reporting positive payment history going forward, so only close it if you no longer need it.