WalletHub actively maintains a database of 1,500+ credit card offers, from which we select the best credit cards for fair credit for different applicants as well as derive market-wide takeaways and trends. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. earns rewards on par with cards for good or excellent credit. With responsible use, you can be considered for a higher credit line in as little as six months. Free, online credit score access for cardholders. The fee is $0 intro with auto pay, then $39 after first year. Both can make it easy and convenient to make purchases in stores or online, with one key difference. The annual fee is. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' - Business Insider - Fact Check and Transparency Report (United States) . What makes this card valuable is that it's available to business operators with fair credit (a FICO score between 630-689), who don't have a lot of options in business credit cards and it has no annual fee. 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. If you like what you see, you can apply, at which point there will be a "hard" credit pull. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) For example, you might need to consider one-time fees for application processing or transferring a balance, depending on what type of card youre looking for and how you plan to use it. Terms apply.) Credit cards for fair credit target consumers with FICO scores between 580 and 669. 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. You can also borrow against your credit limit, much like a personal loan. Compare these deals from our partners to find one that fits your needs. $0. Here is a list of our partners. A single "hard pull" can cause a temporary dip in your scores, but if you're continually applying for the wrong cards and being rejected, the damage can be much worse. It only has a $39 annual fee and gives you at least 1.5% cash back on every purchase. 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. 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. . 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. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. 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. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. Please let us know if you notice any differences. 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. You earn 2% cash back at restaurants and gas stations, on up to $1,000 in combined purchases per quarter, and 1% cash back on all other purchases. But there are unsecured cards for every credit level, including bad credit. The annual fee is. Capital One Platinum Credit Card. 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. What is considered fair or average 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. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. Plus, the ongoing APR is on the high end at. You can see and track your credit score for free through NerdWallet. You might qualify for less or no cash back at all. If youre more than 30 days late, it can start to affect your credit scores. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. These cards can help you if you're just starting out with credit. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. 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. If you do make a late payment, the card doesn't impose a penalty APR. 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. You can opt-out of sharing your personal info here. But it also earns rewards, gives you a tool to monitor your credit profile, and offers the possibility of a higher credit line after making your first five monthly on-time payments. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. Does each credit card company define "fair" credit the same way? , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. Just answer a few questions and we'll narrow the search for you. This reporting affects key elements of your scores: Payment history. Our pick for: Rewards for college students. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. 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. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. Terms apply, Monitor your credit score with CreditWise from Capital One. And while your initial credit limit may be lower than you'd like, you can earn quick credit limit increases with consecutive on-time payments. The card also lets you see what terms you'd qualify for before officially applying. No credit score? The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. 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. Ideally, youll have both installment loans (loans that require a specific number of equal payments, like a mortgage or auto loan), as well as revolving accounts (where the balance goes up and down, like with credit cards). Capital One Platinum Credit Card FAIR CREDIT RATING You can also borrow against your credit limit, much like a personal loan. NerdWallet strives to keep its information accurate and up to date. Pay on time to boost your cash back to a total of 1.25% for that month, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card, Pick the monthly due date that works best for you, Pay for Amazon.com purchases using your Capital One rewards, Pay for online purchases with virtual card numbers and keep your actual card number to yourself, Get notified via text, email, and phone if Capital One notices potential suspicious transactions on your account, Build your credit with responsible card use. The annual fee is $0. You can be automatically considered for a higher credit limit in as little as six months. $39. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. 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 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. What are the most important things to look for in a fair-credit credit card? Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. NerdWallet's ratings are determined by our editorial team. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. You can be automatically considered for a higher credit limit in as little as six months. The key difference is that this version charges an annual fee while the regular one does not. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. And thats great news, considering the best credit card deals require good or excellent credit for approval. Plus, earn unlimited 1% cash back on all other purchases automatically. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. 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 Petal 2 Card also offers 1 - 1.5% cash back. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). What are some low interest credit cards for fair credit? 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. So pay your bill on time every month, dont max out your spending limit and track your credit scores progress over time to see when youre ready for an upgrade. (You can see and track your score for free through NerdWallet.) 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 . A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. A hallmark of cards for fair credit is high interest rates. The prequalification process allows you to check your offer without any effect on your credit score. We did not select any cards with especially low regular APRs because we recommend paying your monthly credit card bills in full when you have fair credit. Get pre-approved in seconds with no impact to your credit score. Interest rates on credit cards for average credit tend to be on the high side. You also get a free FICO score, low fees, and forgiveness for your first late payment. Let Bankrate, a leader . The fee is. Furthermore, fair credit is far from a life sentence. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. The best credit cards for fair credit are ones that you may qualify for with a FICO score of 580 to 689. Who Should Get It:Consider applying for the Capital One SavorOne Student Cash Rewards Credit Card if youre a college student with limited to fair credit whose spending habits match up well with the cards rewards. Pre-qualified offers are not binding. 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. 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. 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). Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. Terms and conditions apply. And on top of all that, it earns cash back, too. 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. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). 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. 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. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. 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 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. What are the easiest credit cards to get approved for? The Capital One QuicksilverOne Cash Rewards Credit Card offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. What to avoid with credit cards for fair credit. 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. . 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. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. You don't have to be a student to apply for the Journey Student Rewards from Capital One, making it a good option for someone with average 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. 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. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. Even though its promotional interest rate is . If youre more than 30 days late, it can start to affect your credit scores. A credit card application usually triggers a hard inquiry on your credit report. 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. You can be automatically considered for a higher credit limit in as little as six months. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. Annual fee of $0. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. Some even give rewards of 1% or more. Bear in mind that not all lenders define fair credit the same way. 2. Quick Summary. MORE: Credit cards 101: Understanding the basics. 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 Your web browser (Internet Explorer) is out of date and no longer supported. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. is the amount you owe as a percentage of your available credit. Well give you a personalized card recommendation based on your latest credit score and financial priorities. Credit Score Requirements: Poor 500-599. Upgrade Credit Card is probably your best option overall because of its high cash back rate and no fees. Journey Student Rewards from Capital One. You increase your odds of approval when you apply for a card. Capital One Platinum Credit Card at Capital One's secure website FAIR CREDIT RATING 4.7 OVERALL RATING 4.0/5.0 No annual or hidden fees. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. Discover it Student chrome: Best feature: Rewards for students. On top of that, the cards annual fee is $0. Recent credit applications. Whether you want to pay less interest or earn more rewards, the right card's out there. Pay with your phone or device by using Apple Pay or Google Pay. The OpenSky Secured Visa Credit Card is one of the easiest credit cards to get with fair credit. 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 And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. Petal 1 Visa Credit Card. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Its free, activate with the mobile app. Pretty much all credit cards for fair credit are unsecured, though. 7. 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. 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. Both of those numbers are actually a bit higher than the 630-689 range typically used to define "average" credit. -annual-fee option with an incentive for responsible behavior. You may qualify for better terms with a traditional personal loan, depending on your financial situation. That will help cardholders build positive credit history, as long as they manage the account responsibly. 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. APR for cash advances: 34.49% variable based on Prime Rate. Cardholders' accounts are reviewed for a potential credit line increase every three months. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. You can check out the panels bios and responses below. Disclaimer: NerdWallet strives to keep its information accurate and up to date. No annual fees, no foreign transactions fees. Using these cards responsibly helps you improve your credit score, so you can then look for cards with better perks. 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. 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. The. (The typical, runs from 300 at the low end to a maximum of 850.). For 0% cards, it means seeing what monthly debt payments you can comfortably afford to make, how large of a balance you will therefore have remaining at the end of each cards 0% intro term, and what interest charges you would incur thereafter. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. And the card doesn't charge foreign transaction fees. 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. Plus, people with fair credit should have high approval odds for the Capital One Platinum Card, since its a starter credit card available even to applicants with limited credit experience. Theres also no annual fee and no foreign transaction fee. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. Like Upgrade's other cards, it works like a combination of a credit card and a personal loan, allowing you to make purchases and then pay down your balance in equal monthly installments at a fixed interest rate. Access your account anytime, anywhere with our mobile app. 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. Store credit cards can offer deferred interest to people with fair credit. What's the minimum credit score needed for Discover cards? Compare Capital One's options for every credit level to find the card that's right for you. shines with its no-maintenance rewards structure and student-friendly bonus categories. The Discover it Student chrome shines with its no-maintenance rewards structure and student-friendly bonus categories. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Paul Soucy Feb 27, 2023. We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Our pick for: Cash back with select merchants, Our pick for: Prequalification + up to 1.5% cash back, Our pick for: Help for 'less than perfect credit', Our pick for: College students and young adults.
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