Deserve Credit Cards Review: Are They Worth a Try?

Deserve is a fintech and card-as-a-service (CaaS) company. They provide leading financial institutions with the ability to offer their customers branded credit cards (white-label). Deserve has built out a CaaS platform with tools, analysis, and education for its customers.

Deserve is not a bank and uses Celtic Bank, a Utah-chartered industrial bank and Member of the FDIC, to issue its credit cards. They are located in Menlo Park, CA. The CEO of Deserve is Kalpesh Kapadia.

Deserve started as a direct-to-consumer credit card company. It has since grown into a CaaS company and is funded by names such as Sallie Mae, Accel, Pelion Venture Partners, Aspect Ventures, Mission Holdings, Alumni Ventures Group, SparkLabs Ventures, Fenway Summer Ventures, and GDP Venture. It recently received $50 million in funding from Goldman Sachs.

In addition to its B2B CaaS offerings, Deserve has three different credit cards available for consumers.

Deserve differentiates itself by allowing almost anyone to get a credit card. This includes people without a credit score, Social Security number, or those who are not citizens of the U.S. Deserve cards are unsecured, which means customers do not have to first deposit money with the card.

Deserve wants to help consumers develop better financial habits through its use of education, tips, and tools, some of which are delivered via its mobile app.

Because most of Deserve’s customers lack a credit history, many of its credit cards have high APRs. All cards have a $0 annual fee. They all include the following:

• Cell phone protection
• Collision damage waiver
• No international transaction fees

Balance transfers and cash advances are not available on any Deserve cards.

Let’s look at each of the three different credit card offerings in detail. You’ll notice that as you work your way down this list, the benefits decrease and the APRs increase.

• Big perk: none
• Cash-back: none

Amazon Prime Student isn’t added automatically after you’re approved for a Deserve EDU card. You must register for Amazon Prime Student on Amazon’s website. Your Deserve card is used to pay for the service. Deserve will then reimburse you monthly or annually, depending on the billing plan that you choose. Note that your account must be in good standing to receive the reimbursement.

Priority Pass, offered with Deserve PRO, offers access to 1,300+ airport lounges. It is a $99/year value. To receive a Priority Pass membership with your Deserve PRO card, you need to make $1,000 in purchases within the first 90 days.

Cash-back rewards are issued in $25 increments.

Note that you are not able to request a credit limit increase on Deserve cards. However, Deserve does periodically analyze customer accounts and will increase credit limits depending on customer creditworthiness. Initial credit limits are determined from your application.

For those who lack a Social Security number or credit history, Deserve cards offer a chance to build your credit using an unsecured credit card.

Using your card conservatively and paying your balance each month can help to avoid high-interest fees.

While not everyone will be approved for a Deserve card, it’s certainly worth a try if you are trying to build your credit and don’t have too many options.