best credit card for fair credit

Earn 1% cash back on all your purchases. MORE: Credit cards 101: Understanding the basics. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. The scoring formulas take into account multiple data points for each financial product and service. Best Credit Cards for Fair/Average Credit Capital One Platinum Credit Card - Best for building credit Mission Lane Cash Back Visa Credit Card - Best for building credit + earning rewards Capital One QuicksilverOne Cash Rewards Credit Card - Best for flat-rate rewards Capital One Walmart Rewards Mastercard - Best for Walmart purchases A fair credit score is usually defined as any score in the range of 640-699. When evaluating offers, please review the financial institutions Terms and Conditions. Terms apply.) The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. The overall goal in comparing credit card offers for fair credit is to find the card that will maximize your savings, and WalletHub's selections were made with that in mind. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Once youve zeroed in on a credit card for fair or average credit, make sure you understand any fees it might charge: annual fees, balance transfer fees, foreign transaction fees, late-payment fees, etc. News Summary: If your credit score is in the average or fair range of 580 to 669, these credit cards are among the best and some even offer rewards and benefits. A hallmark of cards for fair credit is high interest rates. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. In fact, only 40 credit-score points separates the two tiers (fair credit means a credit score of 620 to 659, while good credit is 660 to 719). No Credit Check. There's an annual fee, although you can avoid it in the first year by signing up for autopay before your first statement is issued. Credit One Bank Platinum Visa for Rebuilding Credit, Capital One Quicksilver Secured Cash Rewards Credit Card, Bank of America Travel Rewards Credit Card for Students. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Pay with your phone or device by using Apple Pay or Google Pay. The Capital One Platinum Credit Card doesn't offer rewards, as several other cards in the fair-credit category do, but for those looking to strengthen their credit, it's a simple, solid $0-annual-fee option with an incentive for responsible behavior. Earn a credit limit increase in as little as 6 months. Dont pay late: Make at least the minimum payment, and do so on time each month. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. Apply for credit card with fair credit score. Best Credit Cards for Fair Credit in February 2023. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. Take some time to decide whether you want to prioritize rewards, interest rates, fees or other aspects. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. Top credit cards for fair credit in Canada Compare credit cards for fair credit by category Top regular rate cashback card: Neo Financial Mastercard Credit recommended (600-) Apply now on Neo Financial's secure site 600 Min. The best business credit card for fair credit is Capital One Spark Classic for Business because it has a $0 annual fee and gives 1% cash back on all purchases. What are the most important things to look for in a fair-credit credit card? The best credit cards for people with fair credit scores of 640-699 come with $0 annual fees, rewards of at least 1% back on purchases and monthly credit-bureau reporting, making it easy to build credit and save money. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. 'Review' : 'Reviews'}}, . Carrying a balance from month to month wont be cheap, either. Best credit cards for fair credit Capital One QuickSilverOne Cash Rewards credit card Discover it Cash Back Petal 2 "Cash Back, No Fees" Visa Credit Card Credit One Bank Platinum Rewards Visa Credit One Bank American Express Card Chase Freedom Flex Summary table of the best credit cards for fair credit FAQs Let Bankrate, a leader . The average FICO credit score in the United States in 2022 was 716, according to the company that manages the FICO scoring model. If you plan to travel internationally, make sure you have a backup plan. A hallmark of cards for fair credit is high interest rates. Although there's no foreign transaction fee, Discover isnt as widely accepted abroad as other cards. One of the best low interest credit cards for fair credit is the Petal 2 Visa Credit Card because it is possible to get an interest rate of 17.49% (V), depending on your overall creditworthiness. If youre rejected for a credit card, the first thing to do is determine why. Cardholders earn 1% back until they pay the accounts bill on time for six consecutive months, which boosts the earn rate to 1.25% cash back. Numerous credit card applications in a short period of time can hurt your credit score, and having too many credit cards can lead to overspending, expensive interest charges, missed payments and credit score damage. Here's why: Capital One advertises that this card is intended for people with fair credit, which can help make the application process less stressful if you have less-than-perfect credit. The second-largest factor in your scores. Who Should Get It:Apply for the Brex Corporate Card for Startups if youre a small business owner with limited to fair credit who wants to earn rewards on everyday purchases. 7. His work has been featured by major media outlets such as The Washington Post and The New York Times and has been cited by industry regulators such as the Consumer Financial Protection Bureau. We believe everyone should be able to make financial decisions with confidence. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Credit utilization. Learn how NerdWallet rates credit cards. FULL LIST OF EDITORIAL PICKS: You can also borrow against your credit limit, much like a personal loan. The prequalification process allows you to check your offer without any effect on your credit score. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. If possible, pay off your balance in full each month. WalletHub experts track 1,500+ offers to help you get the right credit card for average credit, By John Kiernan, Credit Card Editor Feb 27, 2023, Fact Checked: Alina Comoreanu, Sr. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, Best Credit Cards for Fair or Average Credit of March 2023. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Credit cards for fair credit target consumers with FICO scores between 580 and 669. Length of credit history. is a worthy contender for your wallet as you continue building credit. Who Should Get It:Apply for Capital One QuicksilverOne if you plan to spend about $2,600 per year, as thats where the cards rewards value can overcome the fixed cost. a standout for students searching for their first credit card. The best travel cards for fair credit, according to a YouTuber who's been to 20 countries and has 20 credit cards Select looks at what travel credit cards are available to people with. Store credit cards can offer deferred interest to people with fair credit. Before applying for a credit card, its important to know your credit score. If you don't like the offer, walk away with no harm done. Low or no fees: An annual fee can make sense if the card offers enough rewards and benefits to outstrip the cost of carrying it. The $0-annual-fee Upgrade Cash Rewards Visa can be an ideal choice if you plan to carry a balance, want the convenience of equal monthly debt repayments and can pre-qualify for a favorable interest rate. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. No touch payments with contactless technology built in. Whether you want to pay less interest or earn more rewards, the right card's out there. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. Banks are required to notify you if you were denied because of information in your credit report. But you need at least good credit for all the other offers, including Discover it Miles and Discover it Cash Back, two of the most popular options. The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. Graduating to good credit could take as little as one month, depending on your circumstances. Plus, Discover says there's no FICO history requirement for this card. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. . And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Please download one of these up-to-date, free and excellent browsers: Enter your cell phone number and well send you a link to install the WalletHub app. Or you can plan to request a. from your issuer on your own eventually. Before submitting an application, always verify all terms and conditions with the offering institution. Capital One QuicksilverOne Cash Rewards Credit Card, Petal 1 "No Annual Fee" Visa Credit Card, Best for Cash back earned with select merchants, on Discover's website, or call 800-347-0264, Best for College students and young adults, Best for Prequalification + up to 1.5% cash back, Best for Help for 'less than perfect credit', Upgrade Bitcoin Rewards Visa Credit Card. Terms and conditions apply. It's free for everyone, Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. It only has a $39 annual fee and gives you at least 1.5% cash back on every purchase. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). If you still arent approved, it may be a sign you need to work on your credit scores before applying again. can be an ideal choice if you plan to carry a balance, want the convenience of equal monthly debt repayments and can pre-qualify for a favorable interest rate. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. And if you have more than one need, you can get multiple cards and use the Island Approach. With the, , youll have the potential to gain access to a higher credit line. The prequalification process allows you to check your offer without any effect on your credit score. These companies collect the information used to calculate your credit scores. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. The Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. There is a fine line between fair credit and good credit. 7 Best Credit Cards for a 600 Credit Score (With Approval Odds) - AllCards.com We value your privacy We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. It also earns 1.5% cash back on all purchases. Terms apply; (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Youll be reviewed for regular credit line increases. If your credit is at least fair, you can find cards that charge no annual fee at all. Who Should Get It:Apply for the Petal 2 Visa Card if you have limited to fair credit, plan to pay the bill on time and in full every month, and expect to keep the account open for more than a year. And if you already have a long-serving credit account. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. The Capital One Platinum Credit Card is the perfect financial tool for your wallet because it provides low-cost access to credit, with the ability to improve your credit score with responsible behavior. or are working to get back on track. The only way to know exactly what you'll get is to go through prequalification. Use this link to create an account and connect your credit score with TransUnion to get an estimate of your approval odds based on your credit score and other factors. Capital One Platinum Credit Card. No single credit card has the best rewards and the best rates, which means you shouldnt try to use one for both everyday purchases and carrying a balance. While there are no universal dividing lines between credit score bands, you can generally think of "fair credit" aka "average credit" as having credit scores in the range of 630 to 689. So its a great way to save money as you build credit, which should be your top priority until you have a good credit score. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. The annual fee is $0. Cardholders' accounts are reviewed for a potential credit line increase every three months. That's pretty good for a student card. Answer provided by user: Milvionne Chery Copeland, JD, LL.M., MBA, Director of Accountancy, Assistant Chair of Accountancy and Law and Assistant Professor of Accountancy and Law, School of Business, Eastern Illinois University, Ph.D., Assistant Professor of Finance, College of Business, University of Colorado Colorado Springs, CFP(R), ChFC(R), AIF(R), Lecturer, David Nazarian College of Business and Economics, California State University, Northridge, Assistant Professor of Finance, University of Alabama in Huntsville, Distinguished Professor of Finance, Goldyne and Irwin Hearsh Chair in Money and Banking, University of California, Los Angeles Anderson School of Management, Ph.D., Assistant Professor of Economics, Department of Finance and Economics, Wall College of Business Administration, Coastal Carolina University, Our picks for the best credit cards for fair credit in 2023, Tips for finding the best credit cards for fair credit, How we picked the best credit cards for fair credit, First Progress Platinum Elite Mastercard Secured Credit Card, check your latest credit score for free on WalletHub, checking your latest credit score for free on WalletHub, Credit Cards for Fair Credit with Instant Approval, High Limit Credit Cards for Average Credit, Credit Cards for Fair Credit with No Deposit, Do Not Sell or Share My Personal Information, Qualify with limited or no credit history, Available to people with bad credit, even after bankruptcy, Available to people with limited or fair credit. Finally, if you want to make things really easy, just sign up for a free WalletHub account. Build credit alongside hundreds of thousands of Petal card members. That's not an issue if you pay in full every month, but look elsewhere if you expect to carry debt from month to month. Six months is a good rule of thumb. It also earns up to 10% cash back when you use the card to make purchases with select merchants. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. Fair 600-699. 5. When evaluating offers, please review the financial institutions Terms and Conditions. It also has a $35 annual fee. Alternatives to Consider:The Capital One Spark Classic for Business is a low-cost rewards card for business owners with limited credit. The best credit cards for fair credit are ones that you may qualify for with a FICO score of 580 to 689. Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no credit. show more To help you find the best deal, WalletHubs editors compared all of the credit cards for fair credit in our database of 1,500+ credit card offers. Best Credit Cards for Fair Credit & Airfare in 2023 Best Overall: Upgrade Cash Rewards Visa Best Secured: Bank of America Customized Cash Rewards Secured Credit Card Best for Newcomers: Petal 2 Visa Credit Card Best for Students: Bank of America Travel Rewards Credit Card for Students Best for Business: Capital One Spark Classic for Business Paying in full every month also helps keep utilization in check. See if you're pre-approved within minutes without impacting your credit score. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. First Progress Platinum Prestige Mastercard Secured Credit Card. And thats great news, considering the best credit card deals require good or excellent credit for approval. . Paying in full every month also helps keep utilization in check. , the first thing to do is determine why. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. Read review. Actual terms may vary. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance.

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