Reveal Credit Card: Benefits and Drawbacks
Do you know you will be able to enroll in online account management to make a reveal credit card payment, receive online statements for your reveal card, view payment history, view your balance, and access other important reveal credit information? You should be keen on discovering the full benefits of this credit card as well as the drawbacks.
The Reveal Credit Card is designed for simple consumers who do not require complex offerings.
It remains attractive to users with barely average or even poor credit lines who need an efficient tool to manage their credit records.
Reveal Credit Card Features and Benefits
You are bound to enjoy the following benefits with the Revel Credit Card:
1. Initial Credit Limit ranges from $300 to $1,000
A Reveal Mastercard has an initial credit limit that ranges from $300 to $1,000. Use your Reveal card at locations everywhere Mastercard is accepted.
Shopping, dining, and even travel are all in your future with your new Reveal credit card.
Your Reveal credit card account can help you rebuild or improve your credit score when you make your payments on time and keep your balance under your credit limit.
2. Potential Credit Limit Increase After Just 6 Months
Your initial credit limit will be doubled when you make at least your minimum monthly payment by the payment due date each month for the first six (6) billing cycles.
3. Enjoy Peace of Mind With Mastercard Zero Liability Protection
With Mastercard Zero Liability Protection, you will not be held responsible for unauthorized charges on your Reveal credit card.
With zero fraud liability, you are only responsible for purchases that you make, so you can shop with confidence and know that your card activity is fully safeguarded.
Whether you’re shopping in a store, traveling abroad, or making online purchases, you can be confident that your Reveal credit card account is protected.
4. Monthly Reporting to All Three Major Credit Bureaus
The Reveal credit card can be used as an effective tool to rebuild credit. The Bank of Missouri, the issuer of the Reveal credit card, accepts applicants with less-than-perfect credit.
As the servicer for the Reveal credit card, Continental Finance will report your payments to the three major credit bureaus: TransUnion, Experian, and Equifax.
5. Free Monthly Credit Score
When you activate a Reveal Mastercard, you have to create an account. One of the top features of that account is that you get a free monthly credit score when you enroll in e-statements.
6. Approval for Poor Credit
This Reveal Credit Card has another strong point, which is its openness and being most suitable for bad credit users.
Therefore, it’s best for anyone who intends to fix their credit status to have healthy credit scores.
7. No Annual Fee
The card doesn’t attract any fees annually, which makes cardholders incur extra costs.
Since most credit cards designed for subprime consumers are normally accompanied by a host of expensive charges, such as high annual fees, this factor will be particularly beneficial.
8. Reporting to Credit Bureaus
For credit rebuilding purposes, the card makes account reports to three credit bureaus: Experian, Equifax, and TransUnion.
Adequate and punctual payments for the amounts owed and the appropriate use of a credit card result in better credit scores in the long run.
9. Security Deposit
There is often a warrant deposit that has to be made to get the card.
It is common practice for the deposit amount to be fixed at the credit limit so that the issuer can be cushioned when people default.
This is normally the case with secured credit cards, and it assists in avoiding risk.
10. Interest Rate
The rate of interest on the Reveal Credit Card is higher than typical for the same reason: it is risky to lend to those with poor credit.
Cardholders should be aware of this so as not to accumulate high-interest charges every time they do not pay the balance in full each month.
11. Limited Rewards
The Reveal Credit Card, however, unlike many other credit cards, does not extend rewards program incentives or cash back.
While the technology on the card and the rewards offered are good, this card was created for its utility and creditworthiness.
12. Customer Service
As for the advantages of the Reveal Credit Card, customers usually emphasize friendly customer service, which can be rather significant for beginners in credit card usage or people who have encountered some problems with their accounts.
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Drawbacks of the Reveal Credit Card
While the Reveal Credit Card offers several benefits, there are some drawbacks to consider:
1. High APR
This card features an incredibly high cash advance APR, meaning that if balances are not paid in full every month, interest fees are going to be very steep.
2. Security Deposit Requirement
This, especially the security deposit, can be a hindrance to some people because they might not be able to part with the deposit from their pocket.
3. No Rewards
The Reveal Credit Card is therefore not ideal for anyone interested in loyalty points or getting cash back on their spending.
Hence, it is not as appealing to clients as other cards in the market due to the absence of a rewards program.
How to Apply for a Credit Card
The Reveal Credit Card can be applied for easily.
1. Visit the Website
Applying for a Reveal Credit Card is very simple; simply click on the credit card link for the Reveal Credit Card application.
2. Fill Out the Application
Give your details, like name and address, with reference to the social security number.
3. Submit Documentation
It is also important to upload working papers and identity confirmation, if any.
4. Review and Submit
Always, be sure and cross-check all the details that may have been entered. When you are done entering all the information, click on the submit button on your application.
After submission, expect an e-mail to be sent to you with other instructions on how to wait for approval.
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Alternatives to the Reveal Credit Card
If the Reveal Credit Card doesn’t seem like the best fit, here are four direct alternatives that also cater to individuals with poor or limited credit history:
1. Capital One Platinum Secured Credit Card
This card is designed for those with poor credit and requires a security deposit. It offers the chance to increase your credit limit with responsible use.
Capital One Platinum Secured credit card also provides access to credit monitoring tools to help you track your progress.
2. Discover It Secured Credit Card
Known for its rewards program, this Discover It secured card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, plus 1% on all other purchases.
It also has no annual fee and reports to all three major credit bureaus.
3. OpenSky Secured Visa Credit Card
Unlike many credit cards, the OpenSky Secured Visa does not require a credit check for approval, making it accessible to those with very poor credit.
It does require a security deposit and charges an annual fee, but it reports to all three credit bureaus.
4. Citi Secured Mastercard
This card requires a security deposit but has no annual fee. It also reports to all three major credit bureaus, helping you build your credit over time.
Citi offers flexible payment options and access to your FICO credit score to monitor your progress.
Our Thoughts
The Reveal Credit Card is a solid option for those looking to rebuild their credit without incurring annual fees.
While it lacks rewards and comes with a high APR, its accessibility and credit-building features make it a worthwhile consideration.
For those seeking alternatives, the Capital One Platinum Secured Credit Card, Discover it Secured Credit Card, OpenSky Secured Visa Credit Card, and Citi Secured Mastercard offer varied benefits that might better suit individual needs and preferences.
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