What We Dont Like:This card does not offer rewards or a low interest rate. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. NerdWallet's ratings are determined by our editorial team. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. 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. 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. What are the easiest credit cards to get approved for? Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. - Business Insider - Fact Check and Transparency Report (United States) . The second-largest factor in your scores, credit utilization is the amount you owe as a percentage of your available credit. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. Build credit alongside hundreds of thousands of Petal card members. Theres also no annual fee and no foreign transaction fee. If you feel you have a case, you can contact the issuer and. You also get a free FICO score, low fees, and forgiveness for your first late payment. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. Best Credit Cards for Fair Credit in February 2023. Even small business owners with limited credit history can get Capital One Spark Classic, so applicants with fair/average credit should have solid approval odds. So you could turn $50 cash back into $100. One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. If you're crypto-crazy, or just crypto-curious, the. You can get the Discover it Secured Credit Card with a bad credit score (below 640). 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. But you can achieve that effect with a collection of cards that each excel in a particular area. 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. See what terms you'd qualify for without a hard credit inquiry. The card issuer reports details about your account to the major. So if you havent checked your credit score in a while, make sure to do so before applying. Credit cards for fair or average credit can help you move up to good or excellent credit when you use them responsibly. 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 . Platinum Credit Card from Capital One 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. A hallmark of cards for fair credit is high interest rates. Although the name is a mouthful, this card is an excellent option for people with fair credit. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. $0 intro with auto pay, then $39 after first year. Alternatives to Consider:There are several really good credit cards for students available right now. Many or all of the products featured here are from our partners who compensate us. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. A credit card application usually triggers a hard inquiry on your credit report. 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. 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. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. With the, , youll have the potential to gain access to a higher credit line. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . And on top of all that, it earns cash back, too. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. The fee is $0 intro with auto pay, then $39 after first year. And if you already have a long-serving credit account, keep it open and active. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. See what terms you'd qualify for without a hard credit inquiry. Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. And if you have more than one need, you can get multiple cards and use the Island Approach. 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. Graduating to good credit could take as little as one month, depending on your circumstances. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. Actual terms may vary. The annual fee is. 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. Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details 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. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Youll also have the opportunity to earn some attractive initial bonuses. 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. There's a $39 annual fee. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. isn't going to wow anyone; there's no sign-up bonus and the APR is high. Do not sell or share my personal information, Earn unlimited 1.5% cash back on every purchase, every day, No rotating categories or limits to how much you can earn, and cash back doesn't expire for the life of the account. If possible, pay off your balance in full each month. Best For Credit Score Annual Fee Welcome Bonus Citi Premier Card Best Overall Card for Gas Excellent, Good $95 60,000 bonus points Platinum Rewards Visa Signature Card Best. . Discover it Student Cash Back: Best feature: Student rewards. -annual-fee option with an incentive for responsible behavior. Credit . The. 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. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). Upgrade Credit Card is probably your best option overall because of its high cash back rate and no fees. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. 1. It depends on personal preference as well as your credit standing and organizational skills. is a cross between a credit card and a personal loan, and it can offer the best of both worlds: flexibility, but with predictable terms from month to month. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. 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. If you've already built good credit, you can probably score a card with higher rewards than this card offers. This information may be different than what you see when you visit a financial institution, service provider or specific products site. 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. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 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. Alternatives to Consider:The Capital One Spark Classic for Business is a low-cost rewards card for business owners with limited credit. 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. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. Check out our expert picks for fair credit credit cards here! Capital One QuicksilverOne Cash Rewards Credit Card. These companies collect the information used to calculate your credit scores. Paul Soucy Feb 27, 2023. All financial products, shopping products and services are presented without warranty. Comparing credit cards for fair credit can be tough. This card for people with fair or "average" credit pays the same cash-back rate as the regular Quicksilver card, which targets people with excellent credit. doesnt only rely on credit scores to determine eligibility. No touch payments with contactless technology built in. 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. keeps you in debt longer and could ultimately drag down your credit scores. With responsible use, you can be considered for a higher credit line in as little as six months. A fair credit score is usually defined as any score in the range of 640-699. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. 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. Our pick for: Crypto rewards + flexibility. Fair credit wont qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. The fee is. 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. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. (If you go through with applying, then there's a hard check.) Terms apply, Monitor your credit score with CreditWise from Capital One. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. The Petal 2 Visa Credit Card is one of the best credit cards for people with fair credit, or even limited credit. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. Capital One Platinum Credit Card FAIR CREDIT RATING is a worthy contender for your wallet as you continue building 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. Compare these deals from our partners to find one that fits your needs. Read our review. You might not qualify for 1.5% cash back. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. shines with its no-maintenance rewards structure and student-friendly bonus categories. , issued by WebBank, is an excellent option for those with less-than-perfect credit. earns rewards on par with cards for good or excellent credit. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. 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. The lower your utilization, the better; 30% or below is a good benchmark. . Bear in mind that not all lenders define fair credit the same way. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. 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. It also earns up to 10% cash back when you use the card to make purchases with select merchants. 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 (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. No Credit Check. Virgin Atlantic Flying Club: Get a . With that being said, its not just your credit score you should worry about. 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. . There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. But you should be careful with deferred interest deals if you dont pay the full amount by the time the deferred interest period is over, youll owe your balance plus all the interest you would have accrued since you made the purchase. 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 would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). 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. Apply for credit card with fair credit score. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. Plus, Discover says there's no FICO history requirement for this card. 5. has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. Credit utilization. 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. When evaluating offers, please review the financial institutions Terms and Conditions. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. Free, online credit score access for cardholders. You increase your odds of approval when you apply for a card tailored for your score range. 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. 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. These cards can help you if you're just starting out with credit or are working to get back on track. Credit Score Requirements: Poor 500-599. You can also borrow against your credit limit, much like a personal loan. 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. The issuer automatically reviews your account for potential credit line increases. You want your scores to go up, not down. 1. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. Discover it Student chrome: Best feature: Rewards for students. The card also lets you see what terms you'd qualify for before officially applying. Well give you a personalized card recommendation based on your latest credit score and financial priorities. 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. Click through to Discovers website to see terms and conditions. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. 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. What's the difference between fair and average credit? and cards for fair credit tend to have high interest rates. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. This card for people with fair or "average" credit pays the same cash-back rate as the regular Quicksilver card, which targets people with excellent credit. Or you can plan to request a product change from your issuer on your own eventually. annual fee. This information may be different than what you see when you visit a financial institution, service provider or specific products site. The Discover it Student chrome shines with its no-maintenance rewards structure and student-friendly bonus categories. There's also Discover's signature bonus for new cardholders. What is the average credit score in the U.S.? Generally speaking, a FICO score that's considered "fair" will fall between . Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. All financial products, shopping products and services are presented without warranty. Best for entry-level fair credit Mission Lane Visa Credit Card Apply now On Mission Lane's secure site Add to compare 3.4 Bankrate review Rewards Rate N/A Intro offer N/A Annual fee $0 -. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' Capital One QuicksilverOne Cash Rewards Credit Card BEST OVERALL RATING 4.5 OVERALL RATING 4.5/5.0 Earn unlimited 1.5% cash back on every purchase, every day With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. You can see and track your credit score for free through NerdWallet. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. Access your account anytime, anywhere with our mobile app. You can be automatically considered for a higher credit limit in as little as six months. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). There is a fine line between fair credit and good credit. 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. Just answer a few questions and we'll narrow the search for you. Paying in full every month also helps keep utilization in check. 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. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. Credit cards for fair credit target consumers with FICO scores between 580 and 669.
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