Revel Platinum Mastercard Credit Card with $4,000 Maximum Credit Limit
REVIEW

In a Nutshell:

The Revel Mastercard is an unsecured rebuilder credit card from Continental Finance and issued by the Bank of Missouri. At this moment, it is only available through mail offer and you cannot apply online for this card. You are probably reading this review because you have gotten a mail offer or pre-approval. If you have, you would have gotten one of their 4 offers available. These 4 different offers have different initial credit limits ($300, $500, $750 and $1,000) and each version comes with different fees. The unique feature of Revel Platinum (and in fact other cards from Continental Finance) is that your credit limit will double after 6 months (to $600, $1,000, $1,500 and $2,000 respectively) if you pay your first 6 bills on time. In fact, Revel and Continental Finance also has a good track record of credit limit increases and the maximum credit limit you can get on this card is $4,000 (which is very good for a rebuilder credit card).

The Revel credit card also comes with standard perks like free Vantage 4.0 scores when you sign up for e-statements, a mobile app and ability to set up autopay. Unlike some subprime credit cards, you can use the card at the pump.

One of the things you have to be aware of this card is that for the first 6 months, you will face a payment hold on your credit limit even after your payment is processed. This will go away after 6 months. And though Revel is a Mastercard, it does not have auto collision damage waiver insurance so if you use this card to pay for your rental, you still either pay to pay the auto collison insurance to the car rental or rely on your primary auto insurance.

In this review, we will compare Revel to it's peers, go through the requirements to get approved and highlight any fineprints that you should be aware of. At the end of the review, you should be able to make a very informed decision as to whether to go ahead and apply for the mail offer that you have got.

4 Possible Offers You Can Get

If you get a mail pre-approval offer, you can get one of these 4 possible offers.

Card	Annual Fee	Monthly Fee	Credit Limit
Revel $1,000	$125	$0*	$1,000 $2,000 after 6 on-time payments
Revel $750	$125	$0*	$$750 $1,500 after 6 on-time payments
Revel $500	$125	$$10/month	$500 $1,000 after 6 on-time payments
Revel $300	$75 Y1, then $99	$10/month	$300 $600 after 6 on-time payments

Annual Fees, Monthly Fees and Credit Limits

The 4 versions that you may be offered have 4 different credit limits of $300, $500, $750 and $1,000.

$750 and $1,000 versions - The $750 and $1,000 credit limit versions have only an annual fee of $125 and no monthly fee.

$500 versions - The $500 credit limit version (like the $750 and $1,000 versions) have an annual fee of $125. From the second year onwards, there is a monthly fee of $10 a month.

$300 version - The $300 credit limit has different annual fees from the other versions. During the first year, the annual fee is $75. This increases to $99 from the second year onwards. Also, from the second year onwards, you will be charges a $10/month monthly fee.

Double Your Credit Limit (2X) After 6 Months

One of the very good feature of credit cards from Continental Finance (including the Revel Platinum credit card), is that your initial credit limit will be doubled if you pay your first 6 bills on time. You do not have to pay in full (though we always recommend it), but you simply have to pay your minimum payment on time to get your credit limit to double.

Maximum Credit Limit of $4,000

You can also get your credit limit increased after the initial doubling after 6 months. In fact, maximum credit limit you can get on the Revel Platinum is $4,000. Your chances of getting consistent credit limit increases from Revel will increase if you pay in full and on time and keep your credit utilization low (preferably below 30%).

Payment Methods and Payment Holds

Unlike some subrpime credit cards, Ravel Platinum allows you to pay your credit card bills with the most common payment methods. You can pay via check, money orders, cashiers check, set up autopay, pay over the phone and even pay via Western Union and MoneyGram.

There are a couple of things you have to be aware of with regards to payment methods and payment holds. Firstly, you cannot pay via debit card. This will disappoint some rebuilders because I know that many of you like to pay your bills via your bank debit card. Having said that, some cardholders have reported success with using their debit card by paying over the phone with a live representative. However, there will be a charge if you use a live rep to pay your bills.

More importantly, for the first 6 months, Revel Platinum will put a 7 day hold on your credit limit even after your payment is processed. This 7 day hold goes away after 6 months though it will still take a couple of days for your payment to process depending on which payment method you choose.

Requirements to Get Approved

• Score of At least 550 - If you have not been discharged from a bankruptcy with all your debts wiped out, then you should at least have a 550 credit score to get a decent chance of getting approved. If you have been discharged from bankruptcy, you actually have a greater chance of getting approved because all (or most) of your debt have been wiped out.


• Total Debt - Your total debt should not be more than $25,000 if you have a mortgage.


• Checking Account - You will need to have a checking account to get approved for this card. In fact, you will be asked if you have a checking account during the application process.


• Debt Payment to Income Ratio - Your debt payment to income ratio should be no greater than 40%.
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• Limited charge offs and collections - It is best that you have as little charge offs and collections as possible. If for example, all your unsecured credit cards are in collections, charged off or consolidated, you are very unlikely to be approved. You stand a better chance for example if just one out of your five tradelines is a charge-off.


• No delinquencies or late payment for at least a year - If your credit score just recently got dinged because you are delinquent on one or two accounts, then you are unlikely to get approved. This is because the delinquencies are just a recent event and happended too soon.

Reasons to Like Revel

• Credit Limit DOUBLES After 6 months - Revel (along with Continental Finance Credit Cards) is one of the very rare credit cards that will double your initial credit limit only after 6 months as long as you pay your first 6 bills on time.


• Generous Starting Limit - Not only does Revel double your credit limit after 6 months, but their initial starting credit limit is very generous as well. The highest starting credit limit is $1,000 (which doubles to $2,000 after 6 months). But even their lowest starting credit limit of $300 does not seem as low when it doubles to $600.


• Maximum $4,000 Credit Limit - Revel can also increase your credit limit after the initial doubling after 6 months. In fact, your credit limit can be increased up to $4,000. This is a very generous upper limit for a subprime credit card.
• Free Vantage 4.0 Credit Score - This is a standard feature in all Continental Finance credit cards. You do however, have to enroll in e-statements for get this benefit.


• Can be used "At The Pump" - You can use the Revel Platinum Mastercard at the pump. This is in contrast with some subprime credit cards, which require you to pay inside the gas station for your gas purchases.


• Has mobile app - Revel has a mobile app where you can manage your account. While having an app is common in the prime credit card world, more subprime credit cards (including Revel) now have mobile apps.

Fineprints: What You Should Be Aware Of

• Payment Hold on Credit Limit for the first 6 Months - Revel, like all Continental Finance Credit Cards, will put a 7 day payment hold on your credit limit for the first 6 months. This means that even after your payment is processed, it will not be reflected in your credit limit for 7 days. This hold will no longer apply after 6 months though it will still take a couple of days for payment to process.


• Cannot Pay via Debit Card - Revel does not allow you to pay via debit card. This is frustrating to some rebuilders who like to pay with their debit card and cannot understand why debit cards are not allowed though they are linked to the same checking account which can be used to pay your credit card bills. Some cardholders though, have reported success success using their debit to pay via the phone through a live representative. They reported however, that there is a $10 charge to speak to a live rep.


• Mastercard does not have Auto Collision Damage Insurance - Revel does not offer auto collision damage waiver when you use the card to pay for your car rental. And actually, most subprime credit cards do not offer this feature with either their Mastercard or Visa. But I thought I should mention this because some of you would want to use this card for car rentals. You just have to pay the car rental company their CDW insurance fee or rely on your primary auto insurance.

Analysis Using Total Fee to Credit Limit Ratio (TFCL)

We are going to use the Total Fee to Credit Limit Ratio (TFCL) to help us evaluate the Revel Platinum Mastercard. This ratio measures what percentage of fees you are paying relative to the credit limit that you will get. I will now explain how we apply this to the Revel credit card below.

TFCL Ratio for $750 and $1,000 credit limit versions

Let's start with the $750 credit limit version. During the first year, the TFCL ratio is $125/$750 = 16.67%. From the sixth month onwards, the new TFCL ratio is $125/$1,500 = 8.33% because the credit limit doubled to $1,500.

The $1,000 credit limit version has a TFCL ratio of $125/$1,000 = 12.5%. From the sixth month onwards, the new ratio is $125/$2,000 = 6.25%.

TFCL Ratio for $300 and $500 credit limit version

For the $300 credit limit version, the TFCL ratio for the first year is $75/$300 = 25%. From the second year onwards, the TFCL ratio is $(99+120)/$600 = 36.5% (the $120 is the total monthly fee introduced from the second year onwards while the annual fee increases to $99. The credit limit also doubles to $600 after 6 months). The TFCL for the $500 credit limit version is $125/$500 = 25% during the first year. From the second year onwards, the TFCL ratio is $(125 + 120)/$1,000 = 24.5%.

Competition

I am going to split up the comparison of the Verve credit card into two groups. The first group is the $750 and $1,000 limit versions while the second group consists of the $300 and $500 credit limit versions. But before that, you should know that Continental Finance a couple of other credit cards aside from Revel and I am going to do a quick comparison. It will be "quick" because they are very similar cards.

Comparison with Other Continental Finance Credit Cards

Continental Finance has a few other credit cards that are really similar to the Revel Platinum. They include cards like the Reflex Mastercard, the Surge Mastercard, Verve Platinum Mastercard and Cerulean Mastercard. Reflex, Surge and Verve have identical features, fees and rates. Revel is more similar to Verve in that it is only marketed via direct mail to consumers and so you cannot apply online unless you have received a pre-approved offer in the mail.

The Cerulean Mastercard has a $125 and a starting credit limit of $750. So this card is essentially the $750 limit version of Revel Platinum.

Continental Finance has another credit card called the Fit Mastercard, which has a $400 starting credit limit and doubles to $800 after 6 months. The $400 credit limit sits right in between the Revel $300 and $500 versions. The Fit Mastercard has a $99 annual fee and a $6.25 monthly fee from the second year onwards. The $6.25 monthly fee is lower than the $10 monthly fee for the Revel $300 and $500 limit versions.

Now that we have got the other Continental Finance credit cards out of the way, let's compare the Revel with it's competition based on the starting credit limit.

Comparison of $750 and $1,000 Credit Limit Versions

Card Annual Fee Monthly Fee Credit Limit Total Fees/Credit Limit Ratio
Revel $1,000 Anual Fee = $125 Monthly Fee = $0 Credit Limit = $1,000 $2000 after paying on-time for 6 months TFCL Ratio (First 6 Months) = $125/$1,000 = 12.5% TFCL Ratio (After 6 Months) = $125/$2,000 = 6.25%
Revel $750 Annual Fee = $125 Monthly Fee = $0 Credit Limit = $750 $1,500 after paying on-time for 6 months TFCL Ratio (First 6 Months) = $125/$750 = 16.67% TFCL Ratio (After 6 Months) = $125/$1,500 = 8.33%
Merrick Bank Double Your Line Annual Fee = $0 - $72 Monthly Fee = $0 Credit Limit = $550 - $1,350 $1,100 - $2,700 after paying on-time for 7 months TFCL Ratio (First 7 Months) = $72/$2700 = 2.67% TFCL Ratio (After 7 Months) = $72/$1,100 = 6.5%
Mission Lane Annual Fee = $0 - $59 Monthly Fee = $0 Credit Limit = $300 - $1,500 Increase after 6 paying on-time for 6 months TFCL Ratio = $59/$1,000 = 5.9%

In the $750 and $1,000 credit limit space, the Merrick Bank Double Your Line credit card and the Mission Lane Visa are it's main competitors. The reason is because both cards have lower annual fees and both will increase your credit limit after 6 or 7 months.

Let's start with Mission Lane Visa first, whose ($0 to $59) annual fee is lower than the $125 that Revel charges for their $500, $750 and $1,000 limit version. Mission Lane can start you off with a credit limit of anywhere between $300 and $1,500 (based on cardholders feedback) and you will be automatically be considered for a credit limit increase after 7 months (Mission Lane requires you to pay your first 7 bills on time). Many Mission Lane cardholders have seen their credit limit double after 7 months. They also have a great track record of subsequent credit limit increases.

The Merrick Bank Double Your Line Mastercard is a more comparable card to the Revel Platinum. The annual fee ranges from $0 to $72 and is lower than Revel. It also does not charge any monthly fees. The starting credit limit ranges from $550 to $1,350 and if you pay your first 7 credit card bills on time, your credit limit will double to between $1,100 and $2,700 respectively.

Both the Mission Lane and Merrick Bank credit cards have slightly lower Total Fee to Credit Limit (TFCL) ratios than the Revel Mastercard because they have lower annual fees. They also have a good track record of credit limit increases after the initial increase after 6 or 7 months. Having said that, you probably need a better credit profile and score to get approved for them. I reckon that the Revel Mastercard is an easier credit card to get.

Analaysis of $300 and $500 Versions

Both the Revel $300 and $500 version come with monthly fees from the second year onwards. Hence, we will compare them with similar cards with similar credit limits.

Card Annual Fee Monthly Fee Credit Limit Fees/Credit Limit Ratio
Revel $500 Annual Fee = $125 Monthly Fee = $10/month Credit Limit = $5,00 $1000 after paying on-time for 6 months TFCL Ratio = Y1 = $125/$500 = 25% Y2 = ($125 + $120 = $245)/$1000 = 24.5%
Revel $300 Annual Fee = Y1 = $75, then $99 Monthly Fee = $10/month Credit Limit = $300 $600 after paying on-time for 6 months TFCL Ratio = Y1 = $75/$300 = 25% Y2 = ($99 + $120)/$600 = 36.5%
First Digital Annual Fee = Y1 = $75, then $48 Monthly Fee = Y1=$0, then $8.25/month Credit Limit = $300 TFCL Ratio = Y1 = $(75 + 95 -36)/$300 = 44.67% Y2 = ($48 + $99 -36)/$300 = 37%
Fit Mastercard Annual Fee = $99 Monthly Fee = Y1=$0, then $6.25/month Credit Limit = $400 $800 after paying on-time for 6 month TFCL = Y1 = $(99 + 89)/$400 = 24.75% Y2 = ($99 + $75[$6.25 X 12])/$800 = 21.75%

I want to compare the Revel $300 and $500 versions to another credit card from Continental Finance called the Fit Mastercard and credit cards from Vervent. I have chose to use the First Digital Mastercard from Vervent as it has essentially the same features as other Vervent credit cards.

Let's start the comparison with the First Digital Mastercard. As you can see from the table above, First Digital has an annual fee of $75 during the first year and $48 thereafter. From the second year onwards, there is a $8.25 a month monthly fee. There is a one-time activation fee of $95 that is charged after you are approved and is to be paid before the card will be mailed to you. First Digital also has a 1% cash back program.

For the first year, the Total Fee to Credit Limit ratio (TFCL) for the First Digital is higher than both the Revel $300 and $500 version because of the one-time activation fee of $95. We also calculated the TFCL of First Digital assuming you use your entire $300 limit and earn 1% cash back (You will earn $3 a month which is $36 a year). Even factoring in the cash back, First Digital has a higher TFCL ratio than both the Revel $300 and $500 limit version because Revel will double your credit limit after 6 months.

The Fit Mastercard (also from Continental Finance) makes for a more interesting comparison. Like Revel, Fit's $400 credit limit doubles after 6 months to $800. Though the Fit Mastercard charges a one-time processing fee of $89 during the first year, the monthly fee is lower than the Revel $300 and $500 version. Because of this, the TFCL ratio for Fit is lower after 6 months than Revel. Hence, if you get approved for either the Revel $300 or $500 credit limit version, you might want to consider applying for the Fit Mastercard instead.

Our Take: Revel is a very competitive rebuilder credit card

The Revel Platinum Mastercard has many features that will appeal to rebuilders looking for an unsecured credit card. There is a mobile app for you to manage your account and you can also get access to your Vantage 4.0 credit score if you decide to sign up for e-statements. Unlike some subprime credit cards, you can use Revel at the pump when you are at the gas station.

What is really cool about Revel is that you may be offered 4 different offers with different credit limits. And these credit limits can be generous especially the $750 or $1,000 starting credit limit offers. It is quite rare for a subprime unsecured credit card to give such high credit limits. But what is even better is that if you pay your first 6 bills on time, Revel will double your credit limit. That means that if your starting credit limit is $1,000, it will be $2,000 after 6 months. If it is $500 or $750, it will be $1,000 and $1,500 respectively after 6 months. Even the offer with the lowest credit limit offer of $300 will get you to $600 after 6 months. The issuer of Revel Platinum (Continental Finance) is only one of two issuers we know that will explicitly double your limit if you pay on time for a certain period.

Revel can also potentially continue to give you credit limit increases of up to a maximum limit of $4,000. And I should add that $4,000 is a really high limit for a credit card that caters to those with bad credit. Now, let's talk about credit limit and fees next.

The one thing that you have to be aware of is that for the first 6 months, there will be a 7 day hold on your credit limit even after your payment is processed. This hold will no longer apply after 6 months.

If you get the $500, $750 or $1,000 credit limit version, GO FOR IT - If you get offered either the $500, $750 or $1,000 credit version, I would say go for it. I like the $750 and $1,000 version because they do not charge any monthly fee from the second year onwards and their starting credit limit is quite high and doubles after 6 months. Though there are other cards that have lower annual fee (like the Mission Lane Visa), I suspect the Revel Platinum is a slightly easier credit card to get.

Even though the $500 credit limit version charges a monthly fee from the second year onwards, the credit limit still doubles to $1,000 only after 6 months. There are very few credit cards that charge both annual and monthly fee with a $500 starting credit limit, much less one that doubles to $1,000 after 6 months. So if you get the $500 offer, I would also say go for it.

Better Choice for $300 Credit Version? - If you get the $300 credit limit version, you might want to consider the Fit Mastercard, which has a $400 credit limit that doubles to $800 after 6 months. Though it has a monthly fee, it is lower than Revel's $300 version. Because of the lower monthly fee and higher credit limit after 6 months ($800 vs $600), Fit has a better TFCL ratio compared to the Revel $300.

Final Thoughts - To sum up, based on our review and evaluation, we have decided to give the Revel Platinum Mastercard a 4 star out of 5 for it's generous starting credit limit which doubles after 6 months, the free Vantage 4.0 score provided and it's modern mobile app. The 7 days credit limit hold for the first 6 months prevents us from giving it a higher rating,

Alternatives to Revel Platinum

If you are offered the $750 or $1,000 version

I have mentioned above that the $750 and $1,000 credit limit versions are the best versions to be pre-approved for the Revel Platinum. Having said that, even if you get pre-approved for either of these versions, you may also want to try to get pre-approved for the Mission Lane Visa as it has a lower fee ($0 - $59) and they will consider you for a credit limit increase after 7 months. Though they do not state what credit limit increase you will get, many have reported a doubling in their credit limit. Like Revel Platinum, Mission Lane also has a good track record of credit limit increases.

If you are offered the $300 and $500 version

If you are offered either the $300 or $500 credit limit versions, I would suggest that you also consider the Fit Mastercard which is issued also by Continental Finance. The reason is because Fit has lower annual fees and monthly fees from the second year onwards and would have lower ongoing running cost.

FREQUENTLY ASKED QUESTIONS

How long does it take to receive Revel Mastercard?

How long does it take to receive Revel Mastercard?

How long does it take for Revel to approve my application?

How long does it take for Revel to approve my application?

Where do I manage my Revel Platinum account online?

Where do I manage my Revel Platinum account online?

What is the maximum credit limit I will get?

What is the maximum credit limit I will get?

Can I pay my credit card bills with a debit card?

Can I pay my credit card bills with a debit card?

Can you set up autopay?

Can you set up autopay?

Contact Information

Customer Service Phone Number: 1-866-449-4514
Lost or Stolen Card: 1-800-556-5678
Phone for Payments: 1-800-518-6142
Phone for Automated Account Inquiry: 1-866-449-4514
Mail for General Inquiries: Verve Card, PO Box 3220, Buffalo, NY 14240-3220
Mail for Bill Payment: Verve Card, PO Box 6812, Carol Stream, IL 60197-6812