October 1, 2022
Zolve Credit Card Reviews, Benefits, And Features

Zolve Credit Card Reviews, Benefits, And Features

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Zolve Credit Card Reviews, Benefits, And Features: Want to apply for a credit card but don’t have the required deposit? Then a Zolve US credit card could be just what you need! What we like about this credit card provider and what we don’t like, we’ll tell you in our Zolve credit card review below.

The American Zolve credit card is issued by “Zolve”, a fintech company based in San Francisco in the United States. Zolve offers a “Zolve US Credit Card” with no deposit and a US credit history. The credit card is hosted by the Mastercard platform.

Here are all the Zolve credit card reviews and details.

What is Zolve?

Zolve is a consumer fintech company based in Karnataka and San Francisco that makes US-India banking easier for Indian citizens.

Even if you don’t have a US credit history or US social security number, Zolve can help you open a bank account or credit card. This is especially helpful for students or professionals traveling to the US who want to be prepared before arrival.

In addition to a bank account and credit card, Zolve offers the following to those who qualify or meet the minimum requirements:

  • Boost savings account
  • Grants
  • Crypto trading account

While Zolve primarily focuses on solutions for the US-India corridor, it aims to expand its offering to help Indians solve banking needs worldwide.

Zolve Credit Card Reviews

Zolve offers a credit card that can be used in the US with no annual fee. You can apply online through the Zolve website and the card will be mailed to you once you are in the US.

The Zolve credit card, once approved, has an APR of 0% for the first 15 months and approximately 14.99% thereafter. There are no foreign transaction fees and it can be used worldwide. Zolve also makes it easy to pay your credit card bills through the Zolve app and your bank account.

Do you want to easily send, withdraw, hold and receive money worldwide? View the Wise Multi-Currency Account. It’s a single card that lets you load up to 60 different currencies, so you can shop and spend like a local when you travel, even in India.

One of the biggest hurdles when applying for a credit card is the security deposit. Depending on the limit of the card, the deposit can be quite high.

Luckily, unlike other credit cards, Zolve doesn’t require a deposit. That means you don’t have to wait and save to apply for the card.

Annual percentage (APR) is the interest rate accrued on your expenses. To ensure you have enough time to stay on your feet, Zolve does not charge an APR for the first 15 months.

So you get interest-free spending for more than a year, which can make a big difference.

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

If you use the card to shop at one of these stores, you can get up to 10% back on your bill.

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Zolve also does not charge any fees for foreign transactions. So when you travel, you can use your credit card at no extra cost.

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

In addition to the reasonable interest rate, Zolve does not charge an annual fee. Because of this, you don’t have to worry about any additional charges on your card.

When you apply for a Zolve credit card, your annual income determines the credit limit. Fortunately, Zolve has one of the highest credit limits. You can get a credit limit of up to $10,000 directly. This is a pretty high credit limit for people who may not have a fico score yet!

Unlike most other credit cards, Zolve does not require a credit history or social security number. This is incredibly rare in the US. All you have to do is present your identity documents and you can collect your card immediately.

In addition, you can use the Zolve credit card to build a credit history. This can be useful when applying for a loan or looking to buy a home.

Zolve credit card Benefits and Features

No annual fees

Funding the Zolve USA credit card is free and there are no card administration fees.

No foreign transaction costs

Almost Indian banks charge a foreign transaction fee if you use a debit or credit card to make purchases abroad, and the fees range from 1% to 3.5%. However, if you have this credit card, you will not have to pay any fees for it.

Several credit cards offer NET positive rewards for overseas purchases. Even if they charge a 1% markup but give you 2% bonuses you can check your Hdfc Bank Infinia credit card.

High credit limit

The Zolve US Credit Card offers a high credit limit, you can get a credit limit of up to $10,000. That’s enough credit for students and professionals.

First, waived late payment fees

The first late payment will be waived, after which late fees will apply

0% APR for 6 months

As an introductory offer, the Zolve credit card offers zero interest for the first 6 months. You can build these 6 months to settle in a new country (the only one now in the US).

Great rewards at popular stores

You can get nice reward points by using the Zolve US credit card at selected partner sellers like Amazon and COSTCO, here are some of them. Great rewards for over 10,000 brands

Freeze/thaw option via the app

You can manage your credit card through the Credit App. You can freeze/thaw through the app

No SSN or US credit history required

You do not need an SSN or US credit history for the Zolve credit card application. All US-based lenders must have an SSN or US credit card history to process applications.

The pre-approved credit card

When you bank with Zolve, you will be pre-approved in India and receive your card as soon as you land. What is it like to have priority?

No deposit required

You don’t need a deposit to get a high line of credit at Zolve

Help build excellent US credit

The Zolve Card helps you build great US credit from the moment you arrive. Zolve reports your payments to the US Credit Bureau, which increases your FICO score.

Who should get the Zolve credit card?

Zolve has developed this credit card specifically for Indian ex-pats. It is designed to facilitate the transition 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 US address.

Because of this, Zolve focuses on issues you will face when you first arrive at your destination. The first, and probably the most important, is that you don’t have a social security number. Without one, conducting banking procedures will be difficult.

They also understand that many ex-pats have little to no credit history or credit history. Without a credit rating, many credit card issuers require a deposit. Therefore, the no deposit required is a key differentiator for the Zolve credit card.

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In addition, you do not have to pay any interest for the first 15 months. We all know how critical those first few months can be. So this grace period can help you start your new life. The fact that there are no foreign transaction fees is another great advantage for people who frequently travel back and forth to India. The lack of annual fees, which are becoming more and more common, is also nice.

If you like Zolve’s partner shops, you can also save a lot with the card. If you shop at these stores, you can get a big discount.

Why the Zolve credit card may not be right for you?

Unfortunately, you cannot apply for this card unless you are American or Indian. Even if you meet the criteria, there are several other limiting factors.

The Zolve credit card is all about online interactions. This means that 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 wide range of stores to choose from, this is not always the case. Many smaller shops do not have a credit card machine, making it impossible to use the Zolve card.

So if you mainly make small purchases with cash, this card might not be for you.

Zolve Credit Card Reviews: How To Applying For A Zolve Us Credit Card

The Zolve US credit card application process is online and you can get approval very quickly. What you need to do is go to https://zolve.com/. Share your required information and upload your photo and passport copy.

You can expect the Zolve US Credit Card to be delivered to your US address based on the itinerary.

What is required to apply for the card?

Because the card is designed to help people new to the US, no US credit history or SSN is required. You can apply for a US credit card and bank account from your home country of India. With your visa and passport as proof of identity, you can proceed with the application as usual.

Zolve Credit Card Reviews: Redeem Reward Points

All reward points are credited to the DOSH Rewards account and can be redeemed there. Reward points can be exchanged for cashback in the form of a credit on your Zolve credit card or savings bank account.

The cashback repayment is not part of the payment obligations from the bank contract. Cash Back redemptions will typically be credited to your account within two (2) business days of your redemption. However, if you have redeemed reward points as gift cards. then it may take 21 days to be delivered to your US address.

How secure is a Zolve credit card?

The Zolve account is very secure and is FDIC insured for up to $250,000 through its partner bank. The card/vendor application allows you to block or unblock the card with one click.

Zolve credit card review: Can I use Zolve Card in India?

Yes, Zolve was established to help Indians in India access financial products in the United States. But remember that it is specific to Indians going to the US who have a residential address in the US upon arrival.

You can apply for a Zolve account online and get it approved while still in India. You must provide proof of a US visa or potential visa with your application. The account can also be opened before you arrive in the US, but you cannot mail your credit or debit card to your US address until you are in the country.

Zolve Credit Card Reviews: Can Zolve Be Trusted?

Yes, Zolve is a trusted company that works with a US bank, so your bank account is covered by FDIC insurance for up to $250,000. Also, Zolve has an easy-to-use app that can freeze or unfreeze your card in case you lose or lose it.

In addition, Zolve is backed by high-profile and trusted investors such as TigerGlobal and Lightspeed.

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How do I open a Zolve account?

Registering with Zolve is easy and free. And an application on your computer can only take a few minutes. Here are the steps:

  • Go to the Zolve website
  • Click the Get Started button
  • Sign up for the Zolve US account
  • Upload the required documents
  • Submit your application

You can apply for Zolve even if you don’t have a visa yet by providing supporting documents. And if you’re new to credit or a young professional, Zolve will assess other factors when considering your application, such as Your potential future income.

You will receive the bank details after approval. And while still in India you can fund the account and take advantage of cashback offers. But you can’t get your linked card — be it a debit or credit card — until you’ve arrived in the United States and provided Zolve with your new residential address. Your Zolve card is not available for payments while you are still in India.

For easy access to your Zolve account, you can download Zolve iOS or Android.

Zol Account Fees

Fees and Rates

TypesFees
Joining FeesNo joining fee
Annual FeesNo annual fee
Foreign transaction feesNo foreign transaction fees
Intro APR0% APR for 6 months
Regular APRAfter 6 months it will be 14.99% (variable with prime rate as follows: 11.74% + WSJ Prime Rate)
Late FeesFirst late payment fee waived off

Additional charges may apply to your account and usage, so please review the terms and conditions carefully when you sign up.

Zolve Credit Card Review: Minimum Zolve Account Balance

There is no minimum balance to maintain with a Zolve account.

How do I transfer money to a Zolve account?

You can send money to your US Zolve account via bank transfer or Wise.

If you wish to send a bank transfer, you can do so in person at your local Indian bank or through Net Banking. You must initiate an international transfer and provide the Zolve bank account number and sort code as the payee to make the transfer.

Bank transfers are the traditional way of sending money, but you can often expect high transaction fees on top of a hidden exchange rate. And the combination of both can make a transfer expensive. The conversion fee is hidden in the exchange rate you get from the bank, where they have a mark-up to take a portion of every rupee you convert to US dollars.

One way to save money on international transfers is to use Zolve-recommended providers like Wise. Wise is free to sign up and only gives you a small transfer fee when sending money anywhere in the world, including from India. And you never have a markup or exchange rate on the exchange rate. Wise uses the same real exchange rate you see on Google or Reuters.

If you are new to Wise, you can sign up for free on the website or app and then follow these steps to send money to your US Zolve account:

  • Sign in to your Wise account
  • Choose how much you want to send and check the amount in US dollars
  • Check the transfer fee, exchange rate, and delivery date
  • Enter the account details where the money should be delivered to
  • Confirm the information
  • Pay for the transaction
  • Send the transfer

The Wise Web/Android/iOS app is a simple, fast and affordable way to send money anywhere in the world

Send money from India with Wise

You will be kept informed of the status of your transfer and its deposit. If you’ve already set up Zolve, check out the handy guide on how to fund your Zolve account with Wise.

Zolve Credit Card Reviews: Customer Service

There are 3 ways to get help with Zolve if you have questions:¹

Email: [email protected]

WhatsApp: +91-8095319309

FAQ Page: Zolve FAQs

Conclusion: Zolve Credit Card Reviews – Should You Choose the Zolve US Credit Card?

If you are a new immigrant to the US from India, you need to create a US credit score to have a US unsecured credit card. However, the Zolve credit card allows you to get a US credit card without an SSN (Social Security Number) or US credit history.

You can self-sign up for the credit card and account from India. Even before you land in the USA, you should get your finances in order. Zolve got you covered from the start!

Zolve Credit Card Reviews – Should You Choose the Zolve US Credit Card?