Do you want to apply for a credit card but don’t have the required security deposit? If so, a Zolve U.S. credit card may be right for you! We’ll tell you what we like and dislike about this credit card provider in our review below.
Zolve U.S. credit card is issued by “Zolve,” a fintech company located in San Francisco in the United States. Zolve offers a “Zolve U.S. credit card” without any security deposit and U.S. Credit history. The credit card has been hosted Mastercard platform.
What is zolve? Zolve is U.S. based is a financial technology company, not a bank or lender. Zolve issues credit cards with their partner Community Federal Savings Bank. Here are all details and reviews about the zolve credit cards.
- Key Highlights
- Pros and Cons
- Rates & Fees
- Why might you go for Zolve U.S. credit card?
- How to redeem rewards points
- Eligibility criteria
- How to apply for Zolve Credit card
- Bottom-line: is zolve credit card good ?
- 0% intro APR for 6 months.
- After Intro period APR will be 14.9%
- No Balance transfer available
- No Cash advance is available.
- No Annual Fees
- No Foreign Transaction Fee.
- Penalty Fees of Up to $40.
- Card Closure Fee $15 per check issued.
Pros and Cons
|No Security Deposit required||No Direct Rewards Points Available|
|NO Annual fees||NO Cash Advance is available|
|0% intro APR for 6 months.||If you close a credit card, you have to bear closing charges.|
|Credit issued without the U.S. Credit history.||Currently available only to U.S. and Indian residents.|
|No foreign transaction Fees||Loss of Introductory APR if all the payment is not made on time.|
|Reported to three credit bureau|
|Amazing rewards on popular stores|
Here is the full review of the Zolve Credit card.
Rates & Fees
|Balance Transfer Fees||N/A|
|Foreign Transaction Fees||None|
|Introductory APR||0% intro APR for 6 months.|
|Regular APR||Prime lending rate+14.99%|
|Penalty Fees||Up to $40|
Why might you go for Zolve U.S. credit card?
Below are theTOP 8 benefits of the Zolve credit card.
(1). Very High credit limit
Zolve bank provides a very high credit card limit even to beginners. You can get a credit limit of up to $10,000 even without any security. However, your annual income shall be considered while evaluating the credit limit.
The Credit limit of $10,000 is very high considering that even secured credit card providers like Capital One offer only a $200 credit limit. You also have to submit a security deposit of $49.
(2). 0% APR for 6 months
The Zolve, in association with Community Federal Savings Bank, offers 0% APR for 6 months. You do not need to pay any interest on the APR period. Let’s assume if you spend $2,000 during the APR period, then you can carry a $2,000 balance up to reaming APR without any interest. The0% APR is very helpful for beginners.
(3). No fees on Foreign transaction.
There are no fees on foreign transactions. What is the foreign transaction for the Zolve card? Any transaction (1). Made in a foreign currency (2) and made in U.S. dollars if the transaction is made or processed outside of the United States.
Let’s see if you do online transactions in the USA; however, the merchant who processes the transaction is outside the USA. The transaction shall be considered a foreign transaction.
The foreign transaction shall be converted to a U.S. dollar amount according to r conversion procedures by MasterCard.
(4). No SSN required
After Patriot Act was passed, the opening of a savings account and a credit card become tough for non-resident. There is no requirement for SSN for foreigners if you opening a savings and credit card account with Zolve.
If you are a non-resident of the USA, you need a copy of the passport of your origin company. However, residents of the USA must require SSN.
The waiver of SSN requirements is a boon for non-resident.
(5). Your credit history is reported to all major credit bureau.
Your credit history is shared with all major credit bureau in the USA. By taking a Zolve credit, you can build a USA credit history and later on apply for the best credit card offered in the USA.
READ MORE: Best Credit flat Rate Credit Card Review
(6). No Security Deposit required
You do not need to deposit security or for getting a credit card. Normally if you do not have a USA credit history, you have to submit security in form of a Deposit to the credit card issuer.
The Security deposit will vary from card issuer to card issuer. Capital One offers Capital One Secured Mastercard Credit only after a minimum security deposit of $49.
(7). Up to 10% Cashback on Zolve Approved Stores.
Zolve offers up to 10% cashback through its partner program. All the currently Zolve approved stores listed the Zolve Mobile app. Currently listed some of the big brands are….
- and many other, check all partner in Zolve app.
All the rewards are transferred to your rewards account, Rewards account is managed by DOSH Holdings LLC (“DOSH”). DOSH is a third-party app.
You can check all the Zolve Rewards Powered by Dosh Terms of Service
(8). Rewards do not expire
The Zolve Rewards do not expire. you can carryforwards rewards points as you wish, However, rewards points can be Canncaled or Forfeiture in the below case.
- You have violate the agreement or your account is under default.
- You have done any raudulent or other illegal activity in connection with the Program.
- Zolve partner closes you rewards account in any case.
How to redeem rewards points
All the rewards points are credited into the DOSH Rewards account and can be redeemed from there. Rewards points may be redeemed for cash back in the form of a statement credit to your Zolve Credit Card or saving bank account.
The cashback redeem shall not form a part of payment obligations under the Bank Agreement. Cash Back Redemptions shall be normally be credited to your account within two (2) business days of your redemption. However, if you have redeemed rewards points as gift cards. then it may take 21 days for delivered to your US Address.
Below are the Eligibility criteria that should be met for Zolve US Credit card approval.
- You should be residen of India or USA.
- Your age should be 18 years or more.
- You should have copy of passprt or Social Security number
- Email ID and Mobile number is must.
- Prior credit history ( Not applicable to non-resident of USA)
How to apply for Zolve Credit card
You can apply for a Zolve Credit card on the official website of Zolve. You need to download the Zolve app and follow the mentioned process.
You need to share your information to the app like uploading of photocopy of your Passport and photo.
The Zolve Credit card will be delivered to your USA address when you make a traveling plan to the USA.
Bottom line: is zolve credit card good ?
Zolve US Credit Card
Zolve Credit card very good option for you, if you have no US Credit history or You are a non-resident of the USA.
You can apply for a US Credit card without any US resident proof or SSN, that is the main benefit of this credit card.