Deserve, a financial tech company, offers three different credit cards designed for newcomers to gain financial independence. One of them is the Deserve Pro Mastercard, which was designed for consumers who’ve built some credit history.
With the Deserve Pro Mastercard, credit score requirements are a little looser than those of comparable cards, so it’s a good choice if you don’t have much history on your credit report. But if your credit score is good and you don’t have any trouble qualifying for credit cards, you can likely find a better deal.
Deserve Pro Mastercard Review
Here’s what you should know about the Deserve Pro Mastercard:
- Annual Fee: None
- APR: 17.99% to 24.99%, depending on your credit history. Balance transfers and cash advances are not permitted.
- Starting Credit Limit: Up to $10,000
- Application Process: Approval can take up to three business days. You can check your Deserve application status on the company website.
- Earn 3% cash back on travel and entertainment, 2% back on restaurants and 1% back on all other purchases
- L1 and H1B visa holders may qualify
- Cell phone insurance coverage of up to $600 if the card was used to purchase the phone and it is damaged or stolen
- Rental car collision damage waiver
- Travel assistance services
- Roadside assistance
- No foreign transaction fees
- Minimum Payment: $15 or 3% of your ending statement balance, whichever is greater
- Other Fees:
- Late payment fees up to $25
- Returned payment fees up to $37
Why Apply for the Deserve Pro Mastercard
If any of the following apply to you, you might want to get a Deserve Pro Mastercard.
- You’re new to the U.S.: Recent arrivals to the U.S. with no credit history may still qualify for the Deserve Pro Mastercard because card approval is based on income, employment and bank balance history rather than credit history.
- You want to earn cash back on all of your purchases: The Deserve Pro Mastercard has a fairly standard cash back system. It’s especially good for frequent travelers, since you can get 3% back on travel-related purchases such as airfare and hotels.
- You occasionally carry a balance: The Deserve Pro Mastercard has a decent APR range, especially compared to other credit cards for consumers with little to no credit history.
Deserve Pro Mastercard: Drawbacks and Downsides
Here are some things to consider before signing up for the Deserve Pro Mastercard.
- You can’t transfer a balance or take a cash advance: The Deserve Pro Mastercard is good for purchases only. If you have a sudden need for a cash infusion, you’ll be out of luck.
- You won’t get a sign-up bonus: Most credit cards have sign-up bonuses, such as a few interest-free months or cash, points or miles for spending a certain amount within the first few months of account opening. There’s no such reward for getting the Deserve Pro Mastercard.
Deserve Pro Mastercard Alternatives
Interested in a card that offers equivalent benefits but fewer drawbacks? Try one of these:
Capital One Quicksilver Card: Cash Back on Everything
If you’re looking for a credit card that earns a flat-rate cash back on all purchases, try the Capital One Quicksilver Card. This card has unlimited 1.5% cash back with no annual fee. Plus, you get a one-time $150 cash bonus for spending $500 in the first three months and a 0% APR on purchases and balance transfers for 15 months.
Capital One Venture Rewards Credit Card: Double Miles and 10x for Hotel Stays
If a credit card for travelers is more your style, try the Capital One Venture Rewards Credit Card. You’ll get a one-time bonus of 50,000 miles (equivalent to $500) for spending $3,000 on purchases within the first three months. You get 2X miles on every purchase and 10X miles on participating hotels. Finally, you can get up to $100 to apply to Global Entry or TSA PreCheck application fees.
Bottom Line: Should You Apply for the Deserve Pro Mastercard?
If you have a good job and a decent bank balance but no credit history, the Deserve Pro MasterCard can be a great way to start building up your credit. If you qualify for cards with better benefits, you should probably apply for those instead.