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Click through to Discovers website to see terms and conditions. , making it a good option for someone with average credit. 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; Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. A hallmark of cards for fair credit is high interest rates. doesnt only rely on credit scores to determine eligibility. Best for cash back: Capital One QuicksilverOne Cash Rewards Credit Card. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. 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. 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. Capital One QuicksilverOne Cash Rewards Credit Card. To help people with no credit or bad credit maximize their odds of approval for a credit card, WalletHubs editors compared the approval requirements for more than 1,500 credit card offers, along with their fees, rates and rewards. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. Youll want pay your bill in full each month to avoid paying interest, which can get expensive and will eat into any rewards your card might earn. The card also lets you see what terms you'd qualify for before officially applying. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. So how do we make money? For rewards cards, that means applying each cards earnings rates to your actual spending habits in order to determine how much youre likely to earn over your expected usage timeframe. This may influence which products we write about and where and how the product appears on a page. 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. Youll want pay your bill in full each month to avoid paying interest, which can get expensive and will eat into any rewards your card might earn. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. Six months is a good rule of thumb. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. Actual terms may vary. INTRO OFFER: Unlimited Cashback Match only from Discover. If you're looking to beef up your credit, it's a decent place to start. 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 When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. MORE: Credit cards 101: Understanding the basics. Capital One QuicksilverOne Cash Rewards Credit Card: Best for flat-rate rewards The Capital One QuicksilverOne card gives people with fair credit the chance to earn 5 percent cash back. 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. In this case, we have chosen five of the best credit cards for fair credit so that you will be able to choose the correct card for your personal finances. The second-largest factor in your scores. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. The only way to know exactly what you'll get is to go through prequalification. Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Mobile app to access your account anytime, anywhere. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. Whether you want to pay less interest or earn more rewards, the right card's out there. If you feel you have a case, you can contact the issuer and ask for reconsideration. 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. Terms apply.) Make sure the card youre considering reports to at least one but ideally all three of these companies. Fair 600-699. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. Interest rates on credit cards for average credit tend to be on the high side. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). Best Unsecured Credit Cards of March 2023. Credit . The Prosper Card has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. . 0.99% intro APR on balance transfers for 12 months, followed by a regular APR of 10.24% - 18.00% variable on both purchases and . 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. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. 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. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. 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. So whereas someone with excellent credit might receive a credit . It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. Some rewards-earning options are listed above. There's also Discover's signature bonus for new cardholders. The annual fee is. What to avoid with credit cards for fair credit. On top of that, the cards annual fee is $0. 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 If possible, pay off your balance in full each month. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. Journey Student Rewards from Capital One. The annual fee is $0. Dont pay late: Make at least the minimum payment, and do so on time each month. It typically means your credit scores fall in the range of 630-689 on a scale that runs from 300 to 850. Credit scores indicate your level of risk to potential lenders and are based on several factors, including your payment history, the amount of available credit that youre using, how long youve had credit, and more. or are working to get back on track. No interest on purchases when you pay in full and on time each month. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. See if you're approved in seconds Be automatically considered for a higher credit line in as little as 6 months Help build your credit through responsible use of a card like this It also earns 1.5% cash back on all purchases. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. The terms "fair credit" and "average credit" are used more or less interchangeably within the credit cards industry to describe scores in the middle ground between good credit and bad credit. Banks are required to notify you if you were denied because of information in your credit report. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. 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. There's also Discover's signature bonus for new cardholders. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. If possible, pay off your balance in full each month. This card earns rewards in the form of Bitcoin when you pay your bill (although you are subject to holding requirements and transaction fees when you sell your crypto). Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. Terms apply.) Some rewards-earning options are listed above. You also get a free FICO score, low fees, and forgiveness for your first late payment. The Petal 2 Card also offers 1 - 1.5% cash back. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. The. $0. An eventual upgrade path: Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. Doing so also avoids costly late fees. Learn how NerdWallet rates credit cards. Therefore, you typically dont have to worry about a hard pull on your credit report. The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. 2. When evaluating offers, please review the financial institutions Terms and Conditions. But they may still offer rewards. 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. Compare these deals from our partners to find one that fits your needs. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. If your credit is at least fair, you can find cards that charge no annual fee at all. Credit cards 101: Understanding the basics, How a credit card helps you improve fair credit, to good or excellent credit when you use them responsibly. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. OpenSky Secured Visa Credit Card. Please let us know if you notice any differences. All financial products, shopping products and services are presented without warranty. 1. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. NerdWallet's ratings are determined by our editorial team. 1. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. Combine the flexibility of a credit card with the predictability of a personal loan. Alternatives to Consider:There are several really good credit cards for students available right now. The annual fee is. When comparing credit cards for fair credit, look for some or all of these features: Reports to the major credit bureaus: Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. And while fair credit wont get you the very best unsecured cards, it should qualify you for an account with no annual fee, solid rewards or maybe even both. If youre rejected for a credit card, the first thing to do is determine why. so the list of such products is fairly short, and those that do exist lack the big sign-up bonuses you'd get with a card requiring excellent credit. A fair credit score is usually defined as any score in the range of 640-699. 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. Customize Reject All Accept All Customize Consent Preferences (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. , the first thing to do is determine why. The prequalification process allows you to check your offer without any effect on your credit score. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. Alternatives to Consider:The Petal 2 Visa Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are worth comparing. 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. Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. If you're looking to beef up your credit, it's a decent place to start. NerdWallet's ratings are determined by our editorial team. shines with its no-maintenance rewards structure and student-friendly bonus categories. The Prosper Card 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. And thats great news, considering the best credit card deals require good or excellent credit for approval. 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. This ensures that your on-time payments and other responsible credit habits will be recorded. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Discover it Student Cash Back: Best feature: Student rewards. Cardholders' accounts are reviewed for a potential credit line increase every three months. Capital One . Review that notice, then review your credit report to make sure there are no inaccuracies, and then do the same for the card application you submitted. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. It also earns 1.5% cash back on all purchases. Youll be reviewed for regular credit line increases. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. No problem. Compare All Credit Cards Explore Capital One credit card benefits 1 Account Management (6) Protection (6) Apps & Digital Services (3) Travel & Retail (5) Account Alerts It earns 1.5% back in the form of Bitcoin when you pay your bill. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. Before applying for a credit card, its important to know your credit score. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. keeps you in debt longer and could ultimately drag down your credit scores. The annual fee is $0. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. . What are some low interest credit cards for fair credit? (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) Best Low Interest Credit Cards for Fair Credit. Zero fraud liability (which offers protection against unauthorized purchases). Perhaps most importantly, though, this card will consider applicants with limited-to-fair credit history. . Make sure the card youre considering reports to at least one but ideally all three of these companies. Well give you a personalized card recommendation based on your latest credit score and financial priorities. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. See if you qualify in minutes without hurting your credit score. Best credit cards for fair and average credit Best for No Fees: Petal 2 "Cash Back, No Fees" Visa Credit Card Best for Cash Back: Capital One QuicksilverOne Cash Rewards Credit Card. Be automatically considered for a higher credit line in as few as 7 months. With responsible use, you can be considered for a higher credit line in as little as six months. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. , which compile the credit reports that form the basis of your credit scores. But there are unsecured cards for every credit level, including bad credit. Terms apply, Monitor your credit score with CreditWise from Capital One. The OpenSky Secured Visa Credit Card is another great option for people with little to no credit history. Pay with your phone or device by using Apple Pay or Google Pay. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. It earns 1.5% back in the form of Bitcoin when you pay your bill. If you do make a late payment, the card doesn't impose a penalty APR. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. It depends on personal preference as well as your credit standing and organizational skills. The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. See if you're pre-approved within minutes without impacting your credit score. The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. These companies collect the information used to calculate your credit scores. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. You can also borrow against your credit limit, much like a personal loan. Even though its promotional interest rate is . 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. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. The prequalification process allows you to check your offer without any effect on your credit score. These cards can help you if you're just starting out with credit or are working to get back on track. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. Plus, Discover says there's no FICO history requirement for this card. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Best unsecured cards for short credit histories. Get started with your free credit score. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Here is a list of our partners. Earn a credit limit increase in as little as 6 months. Still not sure which credit card is best for building credit? Review that notice, then review your credit report to make sure there are no inaccuracies, and then do the same for the card application you submitted. 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. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. 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. The card earns a decent rate of up to 10% cash back when you use the card to shop with select merchants. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. 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. 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. There are no rewards. through NerdWallet.) Doing so also avoids costly late fees. What We Dont Like:This card does not offer rewards or a low interest rate. 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. 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. You can be automatically considered for a higher credit limit in as little as six months. The Upgrade Cash Rewards Visa earns rewards on par with cards for good or excellent credit. 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. 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. is a worthy contender for your wallet as you continue building credit. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. If you can find a card that pays rewards while also providing a steppingstone from average credit to good or excellent credit, its a win-win. See what terms you'd qualify for without a hard credit inquiry. 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. : ', '}}. Factors in our evaluation include annual and other fees, interest rates, whether a card offers upgrade options, the availability of free credit scores and other credit education and tools, reporting to credit bureaus, and other noteworthy features such as a rewards program. Let Bankrate, a leader . If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. Length of credit history. You can be automatically considered for a higher credit limit in as little as six months. It's that simple, Be automatically considered for a higher credit line in as little as 6 months, Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges, Help strengthen your credit for the future with responsible card use, Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024, Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Plus, the ongoing APR is on the high end at 29.74% Variable APR. Issued by Coastal Community Bank, Member FDIC pursuant to a license by Mastercard International. For example, Discover will consider other factors, such as how your income compares to your debt, along with your employment status, whether you own or rent your home, how many loans and lines of credit you already have open, and more. If you can find a card that pays rewards while also providing a steppingstone from average credit to good or excellent credit, its a win-win.