Deserve Pro Mastercard is a great option that is getting very good reviews and is being used by a large number of people. It not only gives rewards from time to time but also offers brilliant services.
Many credit cards demand a good credit score for approval. In contrast to many other card issuers, Deserve is a fintech company backed by venture capital that offers rewards credit cards to help people build credit.
The Deserve® Pro Mastercard is one of these credit cards. It offers cashback rewards alongside a few travel benefits. Despite having no annual fee and no international transaction fees, the card lacks some essential features that would make it a more absolute rewards card.
Continue reading to find out more information about this card and decide if it is the best option for your bank account.
Deserve Pro Mastercard Overview
One of those two Deserve credit cards that borrowers without a prior credit history can apply for is the Deserve® PRO Mastercard®. It’s a simple, easy-to-use card for people who just started working in the US or for professionals whose credit is not yet good.
Many credit cards require a cash deposit that acts as collateral in the event that you don’t pay your bills on time. This credit card, on the other hand, is not secured, this means when you open an account here, no security fee will be charged.
In addition, there are no annual fees, account opening fees, or monthly maintenance fees. Therefore, it is a cost-effective option for credit builders because of these factors.
Since Mastercard is widely accepted and there are no foreign transaction fees, the Deserve PRO Mastercard is a decent international credit card with a rewards rate of 1 to 3%.
However, you may be offered a high-interest rate (also known as APR), the card lacks some functionality, such as cash advances and balance transfers, and rewards are limited.
- $0 Annual Fee
- No Foreign Transaction Fee
- No Security Deposit Required
- 1% to 3% Cash Back Rewards
- Accessible to professionals who don’t have a credit score
- Annual Fee- $0
- Credit Score- 580 to 739
- Purchase APR- 19.74%–26.74% (variable)
- Grace Period- 23 Days
- 3% cash back on purchases of entertainment
- 3% cash back on purchases of travel
- 3% cash back on restaurant-related purchases
- 1% cash back rewards on all other purchases that are eligible
Most Effective Benefits
- Casual promotions that give you extra cashback— Despite the fact that Deserve offers few specifics regarding these.
- A year’s worth of access to airport lounges is included in your free Priority Pass membership.
- Credit reporting to Experian and TransUnion.
- Up to $600 in phone protection.
- App for managing accounts on the iPhone.
- Balance transfers and cash advances are not available.
- Benefits from the World Mastercard®, include travel services and protection against fraud.
As per the Official Rewards, nowadays it is also becoming quite popular, which means that somewhere it proves to be responsible and useful.
To help you figure out if the Deserve® PRO Mastercard® credit card is right for you, let’s look at some of its most important features:
This credit card is all set to give you relatively good cash-back rewards.
- 3% cash back on travel, for instance, airlines, car rental, tourism, and entertainment.
- 2% cash back on restaurants
- 1% on other things
This card, on the other hand, has a rewards cap per billing cycle. The higher rewards rates apply only in the 2% and 3% categories on combined spending up to a maximum of $500 per billing cycle. The 1% rate applies to the rest of your travel and restaurant spending for the remainder of the billing cycle after you have spent $500.
Cash back is not available for the following purchases:
- Traveler’s checks or other foreign currency
- Wire transfers or other similar transactions resembling cash
- Payments for interest and fees
- Tickets for the lottery, gaming chips from a casino, or other bets of a similar nature
You can redeem the Cashback rewards earned with your Deserve PRO Credit Card as statement credits. For instance, a credit to your account is deducted from your card balance. Rewards can only be redeemed in $25 increments.
If you create an account using your Deserve PRO Mastercard, you will receive the following perks:
- Mobile Phone Insurance: You can get coverage for your cell phone worth up to $600 with this.
- Priority Pass Membership: There is a network of restaurants, airport lounges, and mini-suites that you can access through a global membership program for $27 on each visit. When you use your card to spend $1,000 during the first 90 days of opening your credit card account, you will receive a free one-year membership (worth $99).
- Mastercard Global Service: Travel services, deduction in cost of airport concierge services, Lost/Stolen Card support, and identity protection from trackers and fraudsters are among these benefits.
- Additional Benefits: Assuming that you access your card to pay for Lemonade insurance, you can receive a $100 discount and a $10 statement credit when it includes a subscription to Feather, a furniture rental company.
A customer has a grace period of 23 days with this credit card (starting on the primary day of the new billing cycle). You have time during the grace period to pay your bills fully without accruing interest.
If you pay your bills in full by the paying-off date, you won’t pay interest on purchases made during the grace period. On the other hand, if you still have a balance from previous billing cycles, any charges you make to your card during the grace period will result in interest being charged.
The Deserve PRO Mastercard charge card has no yearly or month-to-month expenses. The following are additional possible charges:
- Fee for Late Payment- Up to $25
- Fee for Returned Payments- Up to $37
- International Transaction Fee- $0
If you don’t pay off your Deserve® PRO Credit Card in full each month, interest will be charged.
- Regular APR- 19.74 to 26.74% (variable)
- Lowest Interest Charge- $1
Your creditworthiness will determine the APR you receive within this range.
Cash Advances and Balance Transfers
You are not allowed to balance transfer or cash advance by Deserve PRO Mastercard credit card. So, with this credit card, you can’t withdraw money from any ATM or debt consolidation i.e. transfer debts from one to another card.
You need to qualify for this card to know your credit limits because Deserve doesn’t provide you with enough credit limit information without qualifying. However, Deserve promises that occasionally credit limit hikes are given.
So, if you pay your credit card bill on time and use your card wisely then you can get easy growth in your credit limits on your card.
It is important to build credit on the basis of your credit reporting which is the outcome of the information that your lender provides to the credit bureaus. It is not legally required that lenders cover your credit history, so it is suggested that search for credit cards that cover credit reporting.
In addition to reporting to TransUnion and Experian, this Deserve card doesn’t report to Equifax. While the card will help you to build your credit, cards that report to all three bureaus can help you to build your credit even faster.
Keep your credit card payments up to date so that your Experian and TransUnion credit reports do not reflect irresponsible borrowing.
For Whom is The Deserve Pro Mastercard Made?
To Build Credit for Newly Relocated Users:
In case your credit card services are restricted because of your credit score, this credit card is a suitable card to set up your credit in the US. To get the benefits of better loans and credit cards in the future, you need to improve your credit score with the Deserve® PRO Mastercard®.
People Who Have Recently Graduated:
The Deserve® PRO Mastercard is also proven to be a good credit card for beginners who are just starting their professional journey because the card doesn’t need any security deposit to start credit.
Deserve Pro Mastercard Approval Procedure
According to Deserve, professional immigrants with L1 or H1B visas who are able to provide documentation to examine their employment and stable earnings, as well as from US citizens and permanent residents., are eligible to apply for this card.
In order to submit an application for Deserve® PRO Mastercard, an invitation is required, which can be done online.
Deserve might want to link your US credit card account and your Social Security number, if you are a citizen of the U.S. or a permanent resident who has a green card.
Deserve will process your application once you have submitted all required documents and information. They will either approve or deny your application for this card within three business days.
How to Manage Deserve PRO Mastercard Account?
By logging into your Deserve PRO Credit Card account on their website, you can start managing your account online, such as paying off your monthly dues on time.
They likewise offer an iPhone application, sadly, however, there is no Android version.
On the other hand, you also have the option of mailing your installments to the location listed on your account statement or contacting customer support.
Other Similar Cards
Check out how the Deserve® PRO Mastercard® compares to other credit cards on the market to see if it’s the right one for you.
OpenSky Secured Visa
The OpenSky® Secured Visa, like the Deserve® PRO Mastercard, does not require a credit check to apply; however, a Social Security number is necessary to give while applying.
One eminent benefit of the OpenSky Secured Visa is that it permits loans, which the Deserve Card doesn’t.
If you intend to use your credit card to withdraw money from an ATM, you should think about the OpenSky Visa or other cash advance-capable cards.
- No Account Checking
- No credit check
- 3 major credit reporting agencies
- Possibility of approval
- Determine your suitable due dates
- The amount of the security deposit can range from $200 to $3,000
Discover It® Secured Credit Card
The Discover it Secured Card is a good option if you want to improve your credit score and develop good credit habits by using it as a secured credit card. With no yearly expense, it offers an important cash-back feature and a worthwhile reward for new card members. Additionally, you may automatically switch to an unsecured card after seven months as a cardholder.
The Deserve Card, on the other hand, has excellent international coverage, so the Discover It® Secured card has a significant disadvantage in this regard.
- No Annual Fee
- Earn Cash Back Rewards
- Monthly Access FICO Score for Free
- Report to 3 Major Credit Agencies
- Bonus Offer for New Cardholders
- Apply If you have bad or limited credit
Petal® 2 Visa Credit Card
The Petal 2 credit card with no annual fee is a good option for people with a good credit history. It is one of the few unsecured credit cards designed to help people build credit that doesn’t charge an annual fee and gives people with bad credit the chance to earn up to 1.5% cashback.
The Petal 2 card’s rewards structure encourages responsible payment habits.
After 12 timely monthly payments, you will begin earning 1% cash back on qualified purchases immediately and 1.5% cash back on all purchases (eligible) after that.
In addition, select merchants offer cash-back rewards of 2% to 10%.
- No International Transaction Fee
- No Annual Fee
- No Security Deposit Required
- No Late Fee
- Required Average Credit Score
- Frequently Report 3 Major Credit Agencies
Frequently Asked Questions (FAQs)
Q.1- Is the Deserve Credit Card worth it?
The Deserve cards provide a chance to build credit using an unsecured credit card for those without a Social Security Number (SSN) or credit history. You can avoid high-interest fees by gradually using your card and paying your bill on time each month. So, it is completely worth it if you are trying to build your credit score and don’t have many choices, because everyone can get approval for the Deserve Credit Card.
Q.2- How to cancel the Deserve Credit Card?
There is a very simple and easy way to cancel a Deserve Credit Card. You have to call the number mentioned on the back of your card and ask for the cancellation of your credit card.
One thing you have to note is that on cancellation your credit score will go down for some time. It is for this reason that users keep this card open even when they have no work to avoid impacting their credit scores.
Q.3- How to request for credit increase in Deserve Credit?
Although Deserve Credit Card is not approving any request for credit enhancement, for the time being, they keep analyzing the performance of each cardholder from time to time. When you fulfill all the necessary requirements for increasing the credit limit, then the officials are ready to help you in this matter.
Whether you meet the requirement or not depends on your performance which should be something like this:
- Use your credit card as soon as possible
- Pay on time
- Pay more than the minimum amount
- Pay within the given credit limit
- Link bank account to credit card
When you become eligible to increase your credit limit. The officials will inform you about your new credit limit by email.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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