The Aventium credit card is a financial product that has gained attention due to its target market of consumers with bad credit. This card has been known to carry high fees and interest rates in comparison to other credit cards on the market. Designed for those seeking to repair their credit, it is essential to examine the card’s features and costs to determine if this is a suitable option for individuals facing credit challenges.
Years ago, First Premier Bank offered the Aventium credit card alongside the Centennial card, both of which garnered a reputation for their exorbitant interest rates – upwards of 79.9%, 59.9%, and 49.9%. Consequently, these rates were seen as excessively high compared to industry standards, raising concerns for prospective cardholders with poor credit.
With credit limits as low as $300, the Aventium credit card can be an expensive option for those looking to rebuild their credit. As a result, it is essential to carefully assess its fees and other card details to ensure an educated decision is made when considering this credit card as a solution for improving one’s financial reputation.
Aventium Credit Card Overview
Card Features
The Aventium credit card is designed for people with bad credit and is issued by First Premier Bank. This card aims to help individuals rebuild their credit as long as they keep their balances below their credit limits and make their monthly payments on time. The credit limit for this card is $300, with an annual fee of $75 in the first year, followed by a $45 annual fee in subsequent years.
Some benefits of the Aventium credit card include easy application and approval process for people with less-than-perfect credit, and the opportunity to improve credit scores by making timely payments. However, it is important to note that this card comes with a high annual fee and multiple other fees. Potential cardholders should be aware of these drawbacks before applying for the Aventium credit card.
Visa vs Mastercard
The Aventium credit card is available in two different variants: Visa and Mastercard. Both versions offer similar features and rates; however, there may be some differences in acceptance and additional benefits provided by the respective payment networks.
Visa: Visa is widely accepted around the world, with a strong global presence. Visa cardholders may have access to additional benefits, such as travel insurance and various perks offered through the Visa network.
Mastercard: Mastercard also enjoys a vast acceptance network globally, rivaling that of Visa. Mastercard cardholders may benefit from exclusive offers, discounts, and perks provided by the Mastercard network.
In conclusion, both the Visa and Mastercard versions of the Aventium credit card offer similar features and opportunities for rebuilding credit. Applicants should carefully consider their specific needs and preferences, along with the associated fees and charges, before deciding which version of the Aventium credit card is best for them.
Applying for Aventium Credit Card
Approval Process
When applying for the Aventium Credit Card, it’s essential to know about the approval process. Upon submitting your application, the issuer will review your information and check your credit history. The application response time may vary, but most applicants receive a decision within a few minutes.
Credit Requirements
The Aventium Credit Card is specifically designed for those with bad credit, meaning an applicant’s credit score plays a significant role in the approval process. While there is no specific minimum credit score required to qualify for the card, those with lower credit scores are more likely to be accepted.
It is worth noting that the Aventium Credit Card reports to the major credit bureaus (Experian, TransUnion, and Equifax). This helps cardholders improve their credit scores and overall credit health by making timely payments and maintaining a low credit utilization ratio.
If you are unsure whether you qualify for the Aventium Credit Card, using a preapproval tool can be helpful. These tools allow you to check your eligibility without affecting your credit score by performing a soft inquiry into your credit report. Remember that preapproval doesn’t guarantee approval, but it can give you a better idea of the likelihood of acceptance.
Fees and Interest Rates
Annual Fee
The Aventium Classic Credit Card charges an annual fee of $75 for the first year and $45 annually after that. It is important to note that this fee is on the higher side for credit cards targeted towards people with bad credit.
APRs
The Aventium Classic Credit Card has an APR of 36%. This interest rate is significantly higher than the average credit card APR, which typically ranges from 13% to 23% for those with fair to good credit. Cardholders should be aware of this high APR and make sure to pay off their balance in full each month to avoid incurring additional interest charges.
Additional Charges
Apart from the annual fee and high APR, there are several other fees that cardholders should be aware of when using the Aventium Classic Credit Card:
- Monthly fee: A monthly fee of $6.50 is charged after the first year. This amounts to an additional $78 annually.
- Late fee: If you miss a payment, there is a $38 late fee. To avoid this charge, ensure you pay at least the minimum amount due by the payment deadline.
- Balance transfer fee: Although the card does not specifically mention balance transfer fees, it is common for credit cards to charge fees for balance transfers. Cardholders should check the terms and conditions for any balance transfer fees before initiating a transfer.
- Foreign transaction fees: The card may also charge foreign transaction fees for purchases made outside of the United States. It’s essential to be aware of these fees, especially for frequent travelers or online shoppers.
In summary, be sure to pay close attention to the fees and interest rates associated with the Aventium Classic Credit Card, as they can add up quickly and impact your overall credit repair journey.
Credit Limit and Management
Initial Credit Limit
The Aventium Credit Card, designed for people with bad credit, initially provides a credit limit of $300. This relatively low limit aims to help users manage their finances better and avoid getting into more debt. In order to qualify for the card, applicants must have a checking account.
Credit Limit Increase
A credit limit increase may be available to cardholders over time. However, the specific details and criteria for a credit limit increase are not mentioned in the available information. It is essential to maintain consistent payments and responsible credit usage to improve the chances of receiving a higher credit limit.
Utilization
It is crucial for Aventium Credit Card users to maintain a low credit utilization ratio, ideally below 30%. This means, on a credit limit of $300, try not to use more than $90 at a time. Keeping this utilization ratio low positively impacts the cardholder’s credit score, demonstrating responsible credit behavior and financial management.
Rewards and Perks
Rewards Program
The Aventium Credit Card offers a simple yet rewarding program for its users. Cardholders can expect to receive 1% cashback on all of their purchases. This makes it convenient for those who prefer a straightforward rewards system without any complications, as there are no category-specific bonuses or rotating categories to keep track of. The cashback rewards can be easily redeemed for statement credits, thus helping cardholders save on their monthly bill.
Additional Benefits
Apart from the rewards program, the Aventium Credit Card includes additional benefits that cater to various needs:
- Zero liability protection: Cardholders can enjoy peace of mind with this feature, as they won’t be held responsible for any unauthorized charges made on their account.
- 24/7 customer service: Aventium ensures that cardholders have access to support whenever they need it by offering round-the-clock customer service assistance.
- Account alerts: Customizable alerts can be set up to help users monitor their account activity, such as payment due dates or transactions that exceed a pre-set limit.
- Auto rental collision damage waiver: Cardholders can benefit from coverage when renting vehicles for trips, as the card offers protection against collision damage.
While the Aventium Credit Card may not have as many perks as some other credit cards on the market, its simplicity and accessibility make it an appealing choice for those seeking a no-frills rewards program and essential benefits.
Building and Rebuilding Credit
Secured vs Unsecured Cards
To build or rebuild credit, it’s essential to choose the right type of credit card. There are two primary types of cards available: secured and unsecured.
Secured credit cards require a security deposit, typically $200 or more, which serves as collateral and determines your initial credit line. These cards are ideal for those with no credit history or poor credit scores, as they offer a lower risk to the issuer and help establish responsible credit habits. Some popular secured cards include the Discover it® Secured Credit Card and the Capital One Platinum Secured Credit Card.
Unsecured credit cards, on the other hand, do not require a security deposit. These cards often have higher interest rates and stricter eligibility requirements. For individuals with limited or bad credit, unsecured cards like the Credit One Visa for Rebuilding Credit can be a good option, as long as they can manage the associated fees and interest rates.
Credit Reporting
To effectively build or rebuild your credit, it’s crucial that your chosen card reports your account activity to the major credit bureaus (Experian, Equifax, and TransUnion). These bureaus calculate your credit score based on your payment history, credit utilization, length of credit history, and other factors. By using a card that reports to the credit bureaus monthly and making on-time payments, you can establish a track record of positive credit history, which can help improve your credit score.
When considering a credit card for building or rebuilding credit, look for the following features:
- Low or no annual fees: Cards with lower fees help minimize the overall cost of building credit.
- Acceptance of applicants with limited or bad credit: Ensure the card issuer is willing to work with individuals in your credit situation.
- Monthly reporting to credit bureaus: This ensures that your responsible credit usage is accurately reflected in your credit score.
By selecting a credit card with these features and using it responsibly, you can build or rebuild your credit effectively and work towards achieving a healthier credit score.
Balance Transfers and Intro APR Offers
Balance Transfer Process
The Aventium Credit Card allows you to perform balance transfers, which is an effective strategy for consolidating high-interest debt from other credit cards to a single card with more favorable terms. To initiate a balance transfer, you’ll need to provide the details of the credit card account you want to transfer the balance from, along with the amount you’d like to transfer.
Keep in mind that a balance transfer fee may apply, which typically ranges from 3% to 5% of the transfer amount. This fee will be added to your new balance on the Aventium Credit Card.
Introductory APR
Aventium Credit Card may offer an introductory APR (annual percentage rate) for a certain period after account opening. This intro APR allows cardholders to enjoy a lower interest rate on purchases and balance transfers, making it an attractive feature for those looking to save money on interest charges while they pay off their transferred balances.
This introductory period varies depending on the card issuer’s promotional offer but always remember to check the terms and conditions to know the exact introductory APR period and the ongoing variable APR after the introductory period ends.
By leveraging the balance transfer feature and introductory APR offer on the Aventium Credit Card, you can potentially manage and eliminate your existing high-interest debt more effectively and save money on interest payments. Just ensure to make timely monthly payments and abide by the terms and conditions of the card to make the most out of these benefits.
Consumer Protection and Customer Service
Fraud Liability
Aventium Credit Card offers protection against unauthorized transactions by providing a fraud liability policy. This ensures that cardholders are not responsible for any fraudulent charges made with their card. It is important for cardholders to routinely monitor their account activity and report any suspicious transactions immediately to ensure prompt resolution and minimal financial impact.
Contacting Customer Service
To maintain a high level of customer service, Aventium Credit Card provides multiple channels to contact their customer support team. Cardholders can reach out for assistance through:
- Phone: Aventium offers a dedicated customer service phone line for their cardholders. This is a convenient option for those who prefer to get help through a direct conversation.
- Email: Cardholders can also submit inquiries or report issues via email, ensuring a written record of the communication and allowing for a potentially faster response.
- Online: If a cardholder prefers to manage their account online, Aventium offers resources and support through their website, including FAQs and troubleshooting guides.
By offering various avenues of communication, Aventium strives to address cardholder concerns in a timely and efficient manner, ensuring a positive customer experience.
Comparisons and Alternatives
Aventium vs Capital One
When comparing Aventium credit card to Capital One cards, several differences can be found. In general, Capital One offers credit cards designed for various credit scores, from those with poor credit to those with excellent credit. They are known for their competitive interest rates and fees, customer service, and valuable rewards programs.
On the other hand, the Aventium credit card is designed specifically for consumers with low credit ratings. Their goal is to help repair damaged credit scores, but the card has fees that may not be attractive for all consumers. The card has high interest rates and fees, which can make it a challenging option for those aiming to rebuild their credit.
Aventium vs First Premier Bank
Another comparison to consider is the Aventium credit card versus the First Premier Bank credit cards. Both the First Premier Bank and Aventium credit cards target individuals with damaged credit scores. However, the First Premier Bank credit cards tend to be less favorable due to their high fees and interest rates.
According to a review from Elite Personal Finance, the Aventium credit card has “plummeted to an all-time low” and may not be the best solution for repairing credit. First Premier Bank, on the other hand, has been deemed a “bad option for bad credit” by some critics due to its high fees, multiple up-front charges, and high interest rates. In comparison, Premier Bankcard offers the Centennial® credit card, which caters to those with poor credit but comes with more reasonable fees and terms than either Aventium or First Premier Bank cards.
To summarize, when comparing Aventium credit card with Capital One and First Premier Bank credit card offerings, it is essential to consider factors such as fees, interest rates, and each card’s specific target audience. While all three companies offer cards tailored to those with damaged credit, the terms and fees associated with each vary greatly and may impact the overall effectiveness of repairing one’s credit for future financial opportunities.
Personal Experiences and Reviews
Aventium Credit Card is designed for people with bad or damaged credit. Many users who have opted for this credit card found it helpful to rebuild their credit history. Users reported that as long as they maintained their balances low and made monthly payments on time, their credit scores improved.
However, there have been concerns about the high fees associated with Aventium Credit Card. It has been noted that the card comes with a $75 fee in the first year and $123 in fees from the second year onwards. As the credit limit for this card is typically around $300, these fees make up a significant percentage of the limit. This could be something potential cardholders should consider before applying.
Additionally, Aventium Credit Card is often categorized under secured credit cards and not as widely accepted as credit cards from Mastercard or Visa due to the higher fees. The cardholders must ensure that they manage their payments diligently and thoroughly research if this card is suitable for them based on their specific financial situations and needs.
Aventium Credit Card reports to major credit bureaus like TransUnion and Equifax, which is an essential factor for people looking to rebuild their credit and improve their credit scores. This feature may appeal to those who have struggled with maintaining a good credit history in the past. Many users have successes with rebuilding their credit scores using this card.
In conclusion, while the Aventium Credit Card might be helpful to some individuals who seek to rebuild their credit history, it’s essential to consider the high fees and other associated costs before applying. Potential cardholders should prioritize understanding their financial goals and research other available credit card options before making a decision.
Frequently Asked Questions
What is Aventium’s credit limit?
Aventium Classic Credit Card offers a credit limit of $300 for its users. This limit is subject to available credit and may change based on your creditworthiness and timely payments.
What credit score is required?
The Aventium Classic Credit Card is designed for people with bad or damaged credit. It does not have a specific credit score requirement, but the card is more accessible to those with low credit ratings.
How to activate the card?
To activate your Aventium Classic Credit Card, follow the instructions provided along with your card. Typically, you would need to call a phone number or visit a website mentioned in the card materials to activate it.
Which bank issues Aventium?
Aventium Classic Credit Card is issued by First Premier Bank. They specialize in providing credit card options for people looking to rebuild or repair their credit.
Is Aventium a legit card?
Yes, Aventium Classic Credit Card is a legitimate credit card for people with bad credit. However, be aware of the high annual fees and interest rates associated with the card. Make sure to read and understand the card terms and conditions before applying.
How to log in to Aventium?
To log in to your Aventium Classic Credit Card account, visit the First Premier Bank website and enter your login credentials (usually your username and password). If you haven’t set up your online access yet, you will need to register for an account and create a username and password.
