Zolve Credit Card Review

Starting a life in a new area can be scary, especially if you’re moving to a new country. There are so many preparations to make, and they all cost a pretty penny.

To make this transition easier, and since Zolve itself is not a bank, Zolve partnered with the Community Federal Savings Bank (CFSB). Together, they can provide you with the Zolve Credit Card.

So, let’s dive straight into the Zolve credit card review. ⏩  ⏩

✅  No security deposit is needed

✅  0% APR for the first 15 months

✅  Up to  10% cash back on purchases from Zolve approved stores

✅   No fees for foreign transactions

✅   Reports to multiple major credit bureaus like Equifax, Experian, and Transunion, which can help you improve your credit score if you make payments on time.

✅  Moderate to low APR after the first 15 months

✅  No annual fees

✅  High starting credit limit of up to $10K

✅  No credit history or SSN required

✅  First late payment fee waived

One of the biggest obstacles when applying for a credit card is the security deposit. Depending on the limit of the card, the deposit may be quite large.

Fortunately, unlike other credit cards, Zolve doesn’t require a deposit. This means that you don’t need to wait and save up to apply for the card.

The Annual Percentage Rate (APR) is the interest rate that accumulates on your charges. To make sure you have enough time to get on your feet, Zolve doesn’t apply any APR charges for the first 15 months.

So, you get over a year of interest-free spending, which can make a huge difference.

Another great perk of using a Zolve credit card is the cashback feature. Zolve has a partnership with many worldwide brands. These brands include Amazon, Adidas, H&M, and Walmart.

If you use the card to make a purchase in one of these stores, you can get up to 10% of your bill back.

Zolve also doesn’t charge for foreign transactions. So, if you happen to be traveling, you can use your credit card with no extra charges.

After 15 amazing interest-free months, Zolve applies an APR of about 14.99%. Considering you don’t have to pay a security deposit, it’s on the lower side. This APR is lower than many other cards, like American Express and Chase Sapphire.

In addition to its reasonable interest rate, Zolve doesn’t charge any annual fees. For this reason, you don’t have to worry about any additional charges on your card.

When you apply for a Zolve credit card, your annual income decides the credit limit. Luckily, Zolve has one of the highest credit limits. You can get a credit limit of up to $10,000 straight out of the gate. This is a pretty high credit limit for people who might not even have a fico score yet!

Unlike most other credit cards, Zolve doesn’t ask for a credit history or a social security number. This is incredibly rare in the U.S. All you need is to supply personal documents and you can get your card straight away.

Moreover, you can use the Zolve credit card to build up a credit history. This can come in handy if you want to apply for a loan or buy a house.

🚨  No cash advances

🚨  No balance transfers

🚨  You can’t collect points (no rewards)

🚨  Only available to U.S. and Indian residents

Even though the Zolve credit card has many features, it still has quite a few drawbacks.

One of the main drawbacks is Zolve’s no cash advance policy. You can start using the credit card as soon as you receive it. However, you won’t be able to use the card to draw cash from an ATM.

This is standard for most credit cards. Still, it can be annoying when you want to make a small purchase or take public transportation.

You also can’t transfer money from a Zolve card to another account. Since it’s a credit card, you don’t have an active balance, which means you can’t send money to other people.

Another drawback of using the Zolve card is there’s no reward system. Other than the 10% cashback at select stores, Zolve doesn’t offer rewards for making purchases.

Zolve doesn’t have many requirements for credit card applications. However, the card’s limited to a certain group of people. In order to apply for a Zolve card, you have to either be a resident of the US or India.

Zolve created this credit card with Indian expatriates in mind. It’s meant as a way to ease the transition of moving from one country to another. The Zolve credit card understands that certain immigrants may not yet have a bank account, debit card, or even a USA address yet.

For this reason, Zolve focuses on issues you face when you first arrive at your destination. The first, and probably most important, is not having a social security number. Without one, carrying out any banking procedures will be difficult.

They also understand that many expatriates may have little to no credit history or credit scores. Without a credit history, many credit card issuer will require a deposit. So not requiring a deposit is a major differentiator for the Zolve credit card.

Not only that, but you also don’t have to pay interest for the first 15 months. We all know how critical those first few months can be. So, this grace period can help you get your new life started. Adding no foreign transaction fees is another great benefit for people who might be traveling back and forth to India frequently. The lack of annual fees, which are becoming more common, is nice as well.

In addition, if you happen to like Zolve’s partner stores, you can save up a lot using the card. Shopping at these stores can give you a major discount.

Why the Zolve Credit Card May Not Be for You

Unfortunately, unless you’re American or Indian, you can’t apply for this card. Even if you do meet the criteria, there are a couple of other limiting factors.

The Zolve credit card deals mainly with online interactions. This means you can use it to shop or make reservations online. You can also use it in stores with credit card machines.

While this may seem like a large selection of stores, that’s not always the case. Many smaller stores don’t have a credit card machine, which will make using the Zolve card impossible.

So, if you mainly make small purchases using cash, this card may not be for you.