A Consolidated Visa Waiver (CUV) on credit card Visa is a type of credit card that lets you enjoy reduced interest rates on purchases, while protecting your card. You can use it as a normal Visa card and make regular payments. However, you will be adding the CUV to your credit history file along with all other cards that you may have. It's important to note that a CVV won't prevent you from applying for a standard Visa or MasterCard, but if you choose not to add it you could find yourself with some major disadvantages. Here's a look at what those advantages are.
Credit Card History – It's important to understand that when you apply for a CUV on credit you are upgrading your existing Visa or MasterCard. It is essentially a new card with all of the benefits and features of a regular Visa or MasterCard. By doing this you are able to enjoy all of the same benefits, fees, and charges. In essence the only difference is that you are adding the CUV onto your existing credit history file which allows you better access to items on your credit report. This means that your score will increase the same as if you had made a traditional purchase.
Higher Credit Limit – When you sign up for a CUV on credit you will be given a higher credit limit than that offered by most cards. This means that you can use your CUV on cards from major retailers such as Wal-Mart or Target. This gives you more purchasing power and better pricing. The downside here is that the limit may increase each year without warning. This means that you may end up paying even more in interest charges than you would with a standard Visa or MasterCard.
Higher APRs – You will also find that a CUV on credit has higher APRs that those offered through major credit cards. For example, you may find an APR of 9% on purchases. If you have bad credit, a CUV may offer you a credit card with an annual fee of $50 which could add up to significant costs over time.
No Credit History – In addition to a poor credit history you may find that a CUV on card will not be accepted for everyday purchases. It may even be denied approval for a CUV on credit to cover clothing, toys, or accessories. This can be very frustrating as it means that you cannot enjoy all of the perks that come with owning a credit card. If this happens you may end up becoming a very limited consumer as other retailers will have greater restrictions on purchases.
Higher Fees & Service Chargebacks – You may also find that a CUV on credit has a high service chargeback rate. This is because the credit card company views you as a higher risk than a regular customer. Because of the risk involved they have higher fees and service charges. This can mean that you are paying several hundred dollars every year to a credit card company in return for not receiving any benefits. You can avoid this fee by applying with a CUV Visa card.
Excessive Monthly Fee – Many on card Visa cards have an excessive monthly fee. These fees are meant to be paid in addition to your actual balance. The fee may include an annual fee, transaction fee, and a per-transaction fee. You may think that you are getting great service from the credit card but in fact you are paying much more than you should for the card. By applying with a CUV Visa card you may be able to avoid these fees.
One last thing to remember when applying for a CUV on card visa is that you do not want to be tricked into signing up for a credit card. Scammers will often promise you everything in the world but never pay anyone back. When applying for a CUV on card Visa, if it seems to good to be true, chances are it is. By applying online you can avoid any scams and find a card that works for your financial needs. You may even find a better deal, or a higher credit limit, than what you would find at a traditional credit card store.