MRV Banks Credit Cards: A Closer Look at Starter Options, Costs, and Alternatives
MRV Banks, headquartered in Missouri, is a small independent bank offering a range of credit card options—some directly under its own name, and others in partnership with different brands. Most of these cards are aimed at consumers looking to establish or rebuild credit, and they typically report to the major credit bureaus, an essential feature for credit growth. However, many of these cards come with notable drawbacks, such as hefty fees and modest benefits.
Here’s a breakdown of the cards in MRV’s portfolio—and how they stack up.
💡 Quick Note:
MRV also promotes co-branded products like the Everyday Rewards+ and Travel Rewards+ cards. But these are issued by Elan Financial Services, not MRV Banks directly.
🔨 Groundwork Card Series
MRV’s Groundwork lineup includes both a secured and unsecured version:
- Groundwork Visa Secured Card
Designed for beginners, this card requires a refundable deposit ranging from $300 to $3,000, which doubles as your credit limit. Like similar products, it reports to all three major credit bureaus—a must for building a solid credit history.
However, fees are something to watch:- $39 annual fee
- Late payment fees
- Charges for expedited shipping or mailed statements
- Unsecured Groundwork Card
This version doesn’t require a deposit but still might carry fees:- $50 one-time fee when opening the account
- $39 annual fee after the first year
Whether you’re charged these fees depends on your credit profile. Rewards are also credit-based—those with better credit can earn 1 point per $1 spent. Points are valued at one cent and expire after three years. Redemption options include statement credits, merchandise, and travel.
Bonus perk: Both Groundwork cards include travel accident insurance up to $100,000—an uncommon benefit for entry-level cards.
💳 Revvi Card
The Revvi Card is also geared toward those building credit, but comes with some high hurdles:
- $95 one-time program fee (paid before using the card)
- $50 annual fee (first year), then $48 annually
- $6.25 monthly service fee (starting year two)
These charges can eat into your available credit, especially if you’re given the minimum $200 limit. This means your credit utilization may appear high before you’ve made any real purchases.
Despite the steep fees, it offers:
- 1% cash back, but only when you make a payment, not when you spend
- Rewards are earned as points (1¢ per point), redeemable in 500-point increments
- Redemption is only available after six months of card ownership
- A linked checking account is required to qualify
🎓 Fisher-Price College Savings Mastercard (Discontinued)
Once marketed as a family-friendly tool to boost college savings, this card was retired in April 2024 and is no longer open to new applicants. When available, it offered:
- 2% back on purchases when rewards were deposited into a 529 plan
- 1% back if used for other purposes
- A small sign-up bonus
All existing accounts have since been closed.
🏆 Alternative Option: Bank of America® Customized Cash Rewards
If you’re focused on college savings, consider a $0 annual fee card like the Bank of America® Customized Cash Rewards credit card. You can redeem rewards into a 529 plan via a Merrill account (minimum redemption: $25).
This card offers:
- 3% back on a category you choose (from a list including gas, online shopping, dining, etc.)
- 2% back at grocery stores and wholesale clubs
- 1% back on all other purchases
These bonus rates apply to the first $2,500 in combined purchases per quarter; after that, all purchases earn 1% back.
Final Thoughts
MRV Banks offers starter credit cards with the potential to build credit history, but many come with fees that can outweigh the benefits—especially for consumers just getting started. For more long-term value and better perks, exploring alternatives like Bank of America®’s reward cards may be a smarter move.