The memivi credit card has been gaining popularity lately as an easy way to build your credit score. With no annual fee and no credit check, it seems like an attractive option for those looking to establish or rebuild their credit. But is the memivi credit card legitimate? Does it actually help improve your credit? In this comprehensive review, we’ll take an in-depth look at how the memivi credit card works, its pros and cons, and whether it’s ultimately worth getting.
What is the Memivi Credit Card?
The memivi credit card is a credit building card aimed at helping people with no credit or poor credit establish and improve their credit score. It is issued by First Progress, the same company behind the Indigo and Aura credit cards.
Here are some key features of the memivi credit card:
- No credit check required to apply
- No annual fee
- Credit limits ranging from $200 – $500 to start
- Must deposit $200 refundable security deposit
- Reports to all three major credit bureaus (Experian, Equifax, TransUnion)
- Access to online account management and monthly statements
- Option to add an authorized user for extra credit building
The way the memivi credit card works is that you have to put down a refundable security deposit, which becomes your initial credit limit. This allows you to start building credit history and shows lenders you have an open credit card in good standing.
Your credit limit may be increased over time as you demonstrate responsible credit behavior. The deposit is fully refundable when you close the account after developing good credit.
Benefits and Features
The memivi credit card offers several benefits for those looking to establish or rebuild their credit:
No Credit Check
One of the biggest advantages is that Memivi does not do a hard credit inquiry when you apply. This makes it easy to qualify for the card even with bad credit or no prior credit history.
Refundable Deposit
The refundable deposit you put down becomes your initial credit limit. This deposit can help show lenders you have the funds to make payments and is returned to you when you close the card in good standing.
Credit Limit Increases
Based on responsible card use, Memivi may grant credit limit increases over time without requiring another deposit. This helps graduate you to an unsecured card.
Online Account Access
You get 24/7 access to your account online and through their mobile app. This allows you to closely monitor activity and make payments from anywhere.
Credit Building for Authorized Users
You can add an authorized user to your Memivi account for extra credit building. Just make sure payments are always on time.
Credit Report to Major Bureaus
Memivi reports your payment history to Experian, Equifax, and TransUnion. Good payment behavior will help establish positive credit.
U.S.-based Customer Service
Memivi has customer service representatives available by phone, email, and chat. This provides extra support when you need questions answered.
How Does the Memivi Credit Card Help Build Credit?
The Memivi credit card helps build your credit in a few key ways:
- Establishes a credit history – One of the most important factors in your credit score is the length of your credit history. The memivi card lets you open an account and start accruing positive payment history.
- Creates a mix of credit – Credit scoring models like to see you able to manage different types of credit, including credit cards. The memivi card adds a revolving credit account.
- Low credit utilization – Since your initial credit limit is only $200, keeping your balance low leads to a lower credit utilization ratio. This metric is very influential on credit scores.
- Provides an open account in good standing – Having an open card in good standing shows lenders you can responsibly manage credit. It’s better than no open accounts at all.
As you demonstrate on-time payments and keep balances low, the positive information gets reported to the credit bureaus and can quickly help raise your credit score.
What Are the Pros of the Memivi Credit Card?
There are several advantages to using the Memivi credit card, especially for credit repair and building credit from scratch:
No credit check – The biggest pro is that anyone can qualify since there is no hard credit inquiry or minimum credit score required. This allows people with bad or no credit to get approved.
Refundable deposit – The deposit eliminates much of the lender’s risk and shows you have some “credit backing” while allowing the chance to build credit.
Fast credit score improvement – Because the starting limit is only $200, responsible use can rapidly increase credit scores. Lower balances mean lower utilization.
Credit limit increases – Without needing additional deposits, your limit may be raised over time as you use the card responsibly and your credit improves.
Easy online account management – You can access your account 24/7 via their website or mobile app to make payments, check balances, see statements, and more.
Reporting to all bureaus – Payment history is reported to Equifax, Experian, and TransUnion, key for establishing a positive credit file.
Great for credit building – Used strategically, the card can be a stepping stone to building or rebuilding credit from the ground up.
For those with challenged credit or no credit, the Memivi card presents an accessible option to open an account and demonstrate responsible usage and payments over time.
What Are the Cons of the Memivi Credit Card?
However, there are some potential drawbacks to the Memivi credit card that should be considered:
Refundable deposit – While the deposit does get refunded, it means having $200 tied up that cannot be used until the account closes. This upfront cost may deter some applicants.
High APR – The Memivi card has a relatively high APR of 29.99%. So carrying a balance month-to-month will result in high interest charges. The card is best used without carrying a balance.
Low initial limit – Starting at only $200, the credit limit is lower than many other cards. It may be tough staying under 30% credit utilization with such a low limit.
May need to graduate to the unsecured card – Even after several months of positive history, an upgrade to an unsecured card may be required to continue building credit.
Account management required – Like any credit card, the Memivi card requires diligent account management including making on-time payments, checking statements, staying under the limit, etc.
The memivi card is certainly not perfect. But keep in mind it is designed for credit building and not for robust everyday spending or credit line. As such, the pros generally outweigh the cons if used strategically.
How Do I Apply for the Memivi Credit Card?
Applying for the Memivi credit card is a quick and easy process that can be completed online:
- Go to the memivi credit card application page and click “Apply Now”
- Provide some basic personal information including your name, birthdate, Social Security Number, and address.
- There is no hard credit check, but they will verify your identity and screen for any fraudulent application attempts.
- Once approved, you will need to provide your $200 minimum security deposit to establish your initial credit limit. This can be paid by debit card, bank transfer, etc.
- Be sure to thoroughly review the electronic cardholder agreement and terms before accepting the card.
- Activate your card when it arrives in 7-10 business days and log in online to manage your new account.
The entire application and approval process can be completed in around 5-10 minutes. As long as the personal details check out, approval is nearly guaranteed since there is no credit check. Just make sure to have the refundable deposit ready to go.
How Much Does the Memivi Credit Card Cost?
One of the best features of the Memivi credit card is that it has absolutely no annual fee and no application fee. The only cost is the fully refundable security deposit that ranges from $200 to $500 depending on your initial credit limit approval.
Here is a breakdown of the costs:
- Annual fee: $0
- Application fee: $0
- Account opening deposit: $200 (minimum)
- Monthly fee: $0
- Authorized user fee: $0
- Balance transfer fee: N/A (balance transfers not allowed)
- Cash advance fee: N/A (cash advances not allowed)
- Foreign transaction fee: N/A (card can only be used domestically)
You don’t have to worry about paying an annual or monthly fee just to have the account open. And the required deposit functions as your available credit line while the card is open. Just focus on avoiding interest charges by paying the bill in full.
How Do I Use the Memivi Credit Card?
Using the Memivi credit card responsibly is important to build your credit effectively. Here are some tips for maximizing your Memivi credit card:
- Only use up to 30% of your credit limit monthly. Even lower is better.
- Pay your full statement balance by the due date each month to avoid interest charges.
- Review statements closely and report any unauthorized charges promptly.
- Set up autopay if you can to ensure no late payments.
- Once approved, use your card at least a few times monthly for small purchases.
- You can setup account alerts for factors like approaching your limit.
- Avoid large purchases that get close to your limit.
- Contact Memivi if you will be late on a payment to see if arrangements can be made.
- Keep the card open for 6 months minimum before closing the account.
Proper memivi credit card management will help ensure your credit limit gets raised over time. Keep utilization low and payments on time and you’ll be on the path to credit improvement.
Can the Memivi Credit Card Graduate to an Unsecured Card?
Yes, with responsible long-term use of the memivi credit card, it is possible to graduate to an unsecured credit card. After making on-time monthly payments and keeping credit utilization low for around 7-12 months, you may become eligible for an unsecured card offer from the issuer.
They will periodically review your account and payment history and may decide you have now established sufficient credit to transition to an unsecured card. If approved, your security deposit will be refunded and you will have an unsecured line of credit.
This unsecured card will generally come with a higher credit limit and more card benefits compared to the secured memivi card. If you don’t receive an unsecured upgrade offer directly, you can contact Memivi after a year of positive history and request a product change.
The ability to graduate demonstrates that secured cards like the memivi can serve as a stepping stone in the credit-building process if used properly.
Does the Memivi Credit Card Have Any Fees?
The memivi credit card is one of the few secured credit cards that does not charge an annual fee. You get the ability to build your credit history without having to pay high annual fees for the privilege. Here are the key details on fees:
- Annual Fee:$0
- Monthly Fee:$0
- Application Fee:$0
- Balance Transfer Fee: N/A (balance transfers not allowed)
- Cash Advance Fee: N/A (cash advances not allowed)
- Foreign Transaction Fee: None (card can only be used domestically)
- Late Payment Fee: Up to $30
- Returned Payment Fee: Up to $30
So you don’t have to worry about annual, monthly, or application fees. Just focus on avoiding any late payments and return payment fees by paying on time. As long as you pay your bill by the due date each month, you can avoid paying penalty fees.
What Credit Score Is Needed for Approval?
Unlike most credit cards, the memory card does not require a credit check or a minimum credit score for approval. The card is designed specifically for those with no credit or very poor credit.
The card uses a $200 – $500 refundable security deposit instead of a credit check to reduce the issuer’s lending risk and establish your initial credit limit.
So whether you have bad credit, limited credit history, slow credit, or even no credit at all, your application still has a high chance of approval with the Memivi card. They don’t care what your credit score or history might be.
Just keep in mind the deposit and high APR. But for building credit for the first time or rebuilding credit, it can be a useful option regardless of your credit score.
How Long Does It Take to Improve Your Credit with the Memivi Card?
Many cardholders start to see their credit score go up after just a couple of months of responsible memivi card use. By demonstrating on-time payments and low credit utilization, your credit scores can increase quickly.
Here is a general timeline for how long it may take to start improving your credit with proper use of the Memivi secured card:
- 1 month– Your account will be reported to the credit bureaus and appear on your credit reports.
- 2 months– You may see your score start increasing as you establish a history of on-time payments.
- 6 months– With continued responsible use, your score can increase 50 points or more during this time.
- 12 months– You may qualify for credit limit increases or graduation to an unsecured card after a year.
- 18 months– Your credit score may improve by over 100 points from when you opened the card.
Focus on keeping utilization under 30%, making at least the minimum payment on time each month, and not missing any payments. This will help ensure your score continues increasing month after month on the path to credit recovery and approval for better credit products.
Does Memivi Report to All 3 Credit Bureaus?
Yes, Memivi reports your payment history to all three major credit bureaus – Experian, Equifax, and TransUnion. This is extremely valuable for credit building.
When you make on-time payments each month and demonstrate responsible credit card usage, this positive history gets reported to the bureaus. This helps establish your credit profile. Many credit cards only report to one or two bureaus.
With reporting to all three bureaus, the Memivi card can help generate a solid foundation of positive credit history across your credit reports. Just make sure to check your credit reports a few months after getting the card to ensure proper reporting.
Quick credit bureau reporting is one of the key ways that secured cards like Memivi can help build credit for those needing to establish or rebuild their credit score. Your good financial habits are reflected in your file.
How Does the Memivi Compare to Other Secured Cards?
The Memivi credit card has very competitive features compared to other popular secured cards aimed at building credit:
Memivi
- No annual fee
- No application fee
- Refundable deposit
- Credit limits from $200 to $500
- No foreign transaction fee
- Online account access
- Reports to all 3 bureaus
Secured Capital One Card
- $49 annual fee (waived first year)
- No application fee
- Refundable deposit from $49 to $200
- Credit limits from $200 to $3000
- No foreign transaction fee
- Online account access
- Reports to all 3 bureaus
Discover Secured Card
- No annual fee
- No application fee
- Refundable deposit from $200 to $2500
- 2% cashback rewards
- Credit limits up to $2500
- Online account access
- Reports to all 3 bureaus
As you can see, the memivi card compares very favorably to leading options from issuers like Capital One and Discover. The lack of annual fees is a big differentiator. Just check the APR rates between cards and other terms for differences. Overall, memivi makes for a solid secured card pick.
Does Closing the Memivi Card Hurt Your Credit?
Closing the Memivi credit card will not directly hurt your credit scores as long as the account is left open for a reasonable period first (at least 6 months) and has an on-time payment history. However, closing the account could impact your credit indirectly in a couple of ways:
Credit History Length – Closing the account will stop the card from further aging on your credit reports. This can lower your average “age of accounts” metric used in credit scoring.
Credit Utilization – Eliminating the card’s available credit from your utilization ratio may increase your overall credit usage percentage depending on your other limits. Higher utilization can lower scores.
To minimize the impact of closing the memivi card, be sure to have at least 6 months of positive history reported. Try to open another credit card first so your total available credit remains stable after closure.
As long as you established a solid history of payments over many months, closing the secured account will not erase the positive history and FICO impact already achieved. Just maintain other credit cards with on-time payments.
Can the Memivi Card Help Me Build Credit from Scratch?
Yes, the memivi secured credit card can be an effective way to build credit if you are starting from no credit history at all. Some key benefits for credit newbies include:
- Easy qualification since no prior credit history is required
- Can be used to establish your first positive credit account
- Lets you demonstrate responsible usage and payments from the beginning
- Low credit limit makes it easy to maintain excellent credit utilization
- Reports to all three major credit bureaus to create your credit reports
As your very first credit account, the memivi card allows the chance to generate an on-time payment record and gain scoring advantages like lowered utilization. Paying diligently, keeping balances low, and avoiding mistakes will set you up for robust credit building.
Just make sure to also open a checking/savings account to show financial stability. Having the combo of a secured card and bank account is a great start to building a credit portfolio from nothing.
Who Should Get the Memivi Credit Card?
Based on its characteristics and benefits, the Memivi credit card may be a good fit for:
- Those with very poor credit trying to rebuild and improve their credit score
- People with no prior credit history looking to establish credit for the first time
- Students needing to build an early credit history with their first card
Faizan Ahmad is a financial analyst and writer who specializes in investments, banking, and corporate finance. He has over 7 years of experience working in the finance industry in various roles.
He leverages his strong financial modeling and data analysis skills to provide insightful commentary on business, markets, and economic trends.
At Ventures Money, Faizan covers topics including Credit Card Reviews, Loans, Insurance, and Mutual Funds in the banking sector. He provides in-depth analysis of the latest news and trends to help readers make smart investment decisions.
Outside of writing, Faizan enjoys following the stock market, rooting for his favorite sports teams, and spending time with his family.