Deserve Credit Cards Review and Features

0
62

Building Credit and Earning Rewards With Deserve

Deserve is a credit card start-up which focuses on providing credit for consumers who may not be qualified for other options. Their primary focus is students and young professionals.

It was announced today that Deserve has raised $50 million dollars in their latest round of funding. These impressive numbers are largely driven by investors who see their unique approach to credit cards as an a winner.

Deserve began with a focus on providing credit for consumers who did not have a social security number. This market was primarily focused on international students. Today, they have expanded their applicant base to include consumers who may have very little credit history.

Three credit cards are offered. The Deserve Pro, The Deserve Classic, and The Deserve EDU. Let’s take a look at these three credit cards and the features they provide.

The Deserve PRO Credit Card

  • Cell phone protection and extended warranty
  • 3% back on travel, 2% back on dining, 1% back on all other purchases
  • Interest rates (APR) begins at 17.74%
  • One year complimentary Priority Pass Membership
  • MasterCard Platinum Member benefits
  • No Annual Fee

The Deserve PRO card is available for new professionals (employed) who may not have extensive credit history. This card provides great rewards in the form of cash back for purchases. The credit limit for the card is up to $10,000.

Deserve is designed so that cardholders can eventually become eligible for the Deserve PRO Card. If you have one of the other Deserve Cards you can inquire about upgrading to PRO. Given the reward benefits of this card, Deserve cardholders should attempt to upgrade their account as quickly as possible.

To qualify for the Priority Pass membership customers will need to complete $1,000 in spending on their new account within the first 90 days of opening your card.

The Deserve EDU Credit Card

  • Cell phone protection and extended warranty
  • 1% back on all other purchases
  • Interest rates (APR) begins at 20.49%
  • Free year of Amazon Prime Membership
  • MasterCard Platinum Member benefits
  • No Annual Fee

The Deserve EDU Card is specifically designed for students. A social security number is not required to be approved for this card. This makes it a great choice for international students who may not be eligible for other cards due to social security requirements.

Customers will be required to make a purchase on their new account to activate the Amazon Prime membership access. This is valued at $59.

The Deserve CLASSIC Credit Card

  • Cell phone protection and extended warranty
  • 3% back on travel, 2% back on dining, 1% back on all other purchases
  • Interest rates (APR) begins at 24.74%
  • MasterCard Platinum Member benefits
  • No Annual Fee

The Deserve CLASSIC is a “catch-all” card for customers who are new to credit. There are no rewards with this credit card but you will build credit as you use your card. Some cardholders may be eligible to upgrade to the PRO as they responsibly use their card.

What Makes Deserve Different Than Others?

Deserve is one of several popular start-ups which use unique underwriting to determine credit card approval. Traditional credit cards are issued after reviewing you credit history. Your eligibility will be based on your overall credit worthiness.

Companies like Deserve and Petal are changing this system. They use their own algorithms to determine whether or not you are eligible for their products. This allows them to provide credit to customers who may not be otherwise eligible.

Another popular feature about Deserve credit cards is that they do not require a security deposit. Many of the major companies offer cards for consumers with poor or not credit. These cards are often “secured”, meaning you need to deposit money upfront to receive a credit limit. Deserve does not require any security deposit for all three of their credit cards.

Reviews For Deserve

Deserve has a 4.5 of 5 star rating on the popular review platform, Trust Pilot.

Some of the most common reviews are from international students who are not able to apply for other cards due to the lack of a social security number.

Many reviewers also mention how they were able to get approved for the card despite being turned down for other products.

Bottom Line – Does Deserve Deserve a Spot In Your Wallet?

If you have limited credit history you may have found how difficult it is to get approved for a credit card. Deserve is a credit no fee option for customers looking to build their credit. Your payments are reported to TransUnion and Experian which will help you build your credit history.

Deserve appears to be a great option for consumers looking to build their credit with a no fee card.

Have you applied for the Deserve Card? Tell us about your experience in the comments below!

LEAVE A REPLY

Please enter your comment!
Please enter your name here