This may influence which products we write about and where and how the product appears on a page. One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. - Business Insider (United States) . . 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. Bankrate's experts compare hundreds of top credit cards and credit card offers to select the best in cash back, rewards, travel, business, 0% APR, balance transfer and more. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. You can also redeem rewards as a statement credit. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. If you don't like the offer, walk away with no harm done. But we recommend a score of at least 700, which is toward the top of the good credit range, for the cards that require 700 credit for approval. By clicking "Accept All", you consent to our use of cookies. Build credit alongside hundreds of thousands of Petal card members. You can be automatically considered for a higher credit limit in as little as six months. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. Try to put everything into dollar terms. Prosper also doesn't have other cards to upgrade to once your credit improves, so you either have to keep paying the fee or close the card. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. And the card doesn't charge foreign transaction fees. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. 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. Prosper also doesn't have other cards to upgrade to once your credit improves, so you either have to keep paying the fee or close the card. NerdWallet's Credit Cards team selects the best credit cards for fair or average credit based on overall value, as evidenced by star ratings, as well as suitability for specific kinds of consumers. There's also Discover's signature bonus for new cardholders. So whereas someone with excellent credit might receive a credit . Terms apply; Get Credit Cards for Fair Credit Start with your FICO Score and get matched, based on your credit profile with offers for rewards or no annual fees, so you can strengthen your credit. 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. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. See if you qualify in minutes without hurting your credit score. The card issuer reports details about your account to the major credit bureaus, which compile the credit reports that form the basis of your credit scores. earns rewards on par with cards for good or excellent credit. That is the low end of a range from 17.49% to 31.49% (V), however, so it might be optimistic to assume youll get a rate that low. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. MORE: 11 things you should know before getting your first credit card. These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. APR for cash advances: 34.49% variable based on Prime Rate. . Recent credit applications. The ongoing APR is 29.74% Variable APR, which is steep if you plan on carrying a balance. No annual fee and build your credit with responsible use. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Debit cards allow you to spend money by drawing on funds you have deposited at the bank. You don't have to be a student to apply for the. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another. If you're looking to beef up your credit, it's a decent place to start. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. doesnt only rely on credit scores to determine eligibility. Access your account anytime, anywhere with our mobile app. Issued by Coastal Community Bank, Member FDIC pursuant to a license by Mastercard International. This ensures that your on-time payments and other responsible credit habits will be recorded. Petal 1 Visa Credit Card. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Discover it Student chrome: Best feature: Rewards for students. 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 or are working to get back on track. If you like what you see, you can apply, at which point there will be a "hard" credit pull. You earn cash back on every purchase, but when you pay your bill on time, the cash-back rate for that month gets a boost. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. . Youll also have the opportunity to earn some attractive initial bonuses. 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. On top of that, the cards annual fee is $0. And if you have more than one need, you can get multiple cards and use the Island Approach. No credit score? Credit cards for fair credit are credit cards for people with credit scores from 640 to 699 who are building credit from scratch or rebuilding their credit after mistakes. Combine the flexibility of a credit card with the predictability of a personal loan. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. You can opt-out of sharing your personal info here. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. And thats great news, considering the best credit card deals require good or excellent credit for approval. INTRO OFFER: Unlimited Cashback Match only from Discover. Or turn $100 into $200. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. . Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offers details page using the designation "Sponsored", where applicable. FULL LIST OF EDITORIAL PICKS: These cards lack the splashy rewards of credit cards for good or excellent credit, but they're a good option for those working to establish or rebuild their credit. doesn't offer rewards, and it charges an annual fee, but the issuer goes out of its way to encourage people with "less than perfect credit" to apply. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. You increase your odds of approval when you apply for a card. Capital One QuicksilverOne Cash Rewards Credit Card. Get pre-approved in seconds with no impact to your credit score. Pre-qualified offers are not binding. This card requires a security deposit, which will . Fair 600-699. 7. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. What are the most important things to look for in a fair-credit credit card? With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. Whether you want to pay less interest or earn more rewards, the right card's out there. If possible, pay off your balance in full each month. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the best credit cards until you can improve your credit. The average adult has around 5 credit cards, including store credit cards, but theres no golden rule for how many credit cards you should have - or how many credit cards is too many. Doing so also avoids costly late fees. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). We encourage everyone to share their knowledge while respecting our content guidelines. and cards for fair credit tend to have high interest rates. Best for earning cash back with fair credit Capital One QuicksilverOne Cash Rewards Credit Card Apply Now On Capital One's Website 2.3 Up to 5% Reward Rate Earn unlimited 1.5% cash back. 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. Best Credit Cards of March 2023; Best Gas Credit Cards; Best Travel Credit Cards; Best Balance Transfer Credit Cards; Best 0% APR Credit Cards; Best Cash Back Credit Cards; What one issuer might see as a score on the low end of the fair credit range, another might consider bad credit. You earn cash back on every purchase, but when you pay your bill on time, the cash-back rate for that month gets a boost. What is the average credit score in the U.S.? WalletHub makes it easy to find the easiest credit cards to get. Best Overall Unsecured Card For Fair Credit The Capital One Platinum Credit Card has everything that someone with average credit could want in a card. It earns 1.5% back in the form of Bitcoin when you pay your bill. Graduating to good credit could take as little as one month, depending on your circumstances. But if you've got fair credit and you need a card you can use to build credit without paying an annual fee, it's definitely worth a look. Some rewards-earning options are listed above. OpenSky Secured Visa Credit Card. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. The Petal 2 Card also offers 1 - 1.5% cash back. You can also borrow against your credit limit, much like a personal loan. The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. The Capital One Platinum Credit Card is the best credit card for fair credit, because, along with its lower credit requirements, it offers a $0 annual fee, access to Capital One benefits and the potential for credit line increases. One of the best unsecured credit cards for fair credit is Upgrade Cash Rewards Visa because it offers unlimited 1.5% cash back on all purchases (after you pay the bill) and a $0 annual fee. See if you're pre-approved within minutes without impacting your credit score. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). With the, , youll have the potential to gain access to a higher credit line. Customize Reject All Accept All Customize Consent Preferences N/A. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. Some rewards-earning options are listed above. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. It typically means your credit scores fall in the range of 630-689 on a, Credit scores indicate your level of risk to potential lenders and are based on. Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. 'Review' : 'Reviews'}}, . The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. 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. Terms apply, Monitor your credit score with CreditWise from Capital One. Plus, earn unlimited 1% cash back on all other purchases automatically. Virgin Atlantic Flying Club: Get a . Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. It's important to note that definitions of credit score ranges can differ from one card issuer to the next. 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. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. When you have fair credit, is it better to get a credit card with an annual fee or one that requires a refundable security deposit? Earn 1% cash back on all your purchases. See what terms you'd qualify for without a hard credit inquiry. 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. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. What We Dont Like:This card is not a good option for carrying a balance from month to month, thanks to a fairly high APR. The top features: Earn 1% . If youre rejected for a credit card, the first thing to do is determine why. The underlying data is compiled from credit card company websites or provided directly by the credit card issuers. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. . Length of credit history. is a worthy contender for your wallet as you continue building credit. With responsible use, you can be considered for a higher credit line in as little as six months. What We Dont Like:There is a $39 annual fee, and paying the cards bill in full every month is essential, given its high APR. The card earns a decent rate of up to 10% cash back when you use the card to shop with select merchants. Generally speaking, a FICO score that's considered "fair" will fall between . 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. 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.
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