Yes, you can get a credit card if you have fair credit. The issuer automatically reviews your account for potential credit line increases. Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no 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. Graduating to good credit could take as little as one month, depending on your circumstances. Apply for credit card with fair credit score. 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. But you can achieve that effect with a collection of cards that each excel in a particular area. That will help cardholders build positive credit history, as long as they manage the account responsibly. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. Or you can plan to request a product change from your issuer on your own eventually. 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. You also get a free FICO score, low fees, and forgiveness for your first late payment. No annual fees, no foreign transactions fees. 1. 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. MORE: 11 things you should know before getting your first credit card. Read our review. Get pre-approved in seconds with no impact to your credit score. We encourage everyone to share their knowledge while respecting our content guidelines. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. The prequalification process allows you to check your offer without any effect on your credit score. . Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. Build credit alongside hundreds of thousands of Petal card members. 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. What to know before applying for a credit card, , its important to know your credit score. Terms apply; Both can make it easy and convenient to make purchases in stores or online, with one key difference. See what terms you'd qualify for without a hard credit inquiry. The. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. 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. Rejection stings, but you can learn from it. The card earns a decent rate of up to 10% cash back when you use the card to shop with select merchants. Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. 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 And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Navy Federal Credit Union 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. No Credit Check. Fair credit wont qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. The lower your utilization, the better; 30% or below is a good benchmark. This information may be different than what you see when you visit a financial institution, service provider or specific products site. So whereas someone with excellent credit might receive a credit . And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. The second-largest factor in your scores. Or turn $100 into $200. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. Make sure the card youre considering reports to at least one but ideally all three of these companies. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. Recent credit applications. Comparing credit cards for fair credit can be tough. If possible, pay off your balance in full each month. . The average person with fair credit is 47 years old and has an annual income of $54,000 per year. You also get a free FICO score, low fees, and forgiveness for your first late payment. 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. If youre a few days late, youll likely owe a late fee. What We Dont Like:This card does not offer rewards or a low interest rate. When evaluating offers, please review the financial institutions Terms and Conditions. The Petal 2 Visa Credit Card is one of the best credit cards for people with fair credit, or even limited credit. Why dont more banks and credit unions offer credit cards to people with fair credit? 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. 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. You don't have to be a student to apply for the. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. Some even give rewards of 1% or more. You can be automatically considered for a higher credit limit in as little as six months. Carrying a balance from month to month wont be cheap, either. Many or all of the products featured here are from our partners who compensate us. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. This card requires a security deposit, which will . NerdWallet strives to keep its information accurate and up to date. You might be able to get a better card than you think. (If you go through with applying, then there's a hard check.) With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. Here is a list of our partners. Roughly 13.5% of people have fair credit, according to WalletHub data. 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 . Get started with your free credit score. . No interest on purchases when you pay in full and on time each month. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. $39. Some Discover offers listed here are not currently available on WalletHub and may be out of date. Access your account anytime, anywhere with our mobile app. 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. You may qualify for better terms with a traditional personal loan, depending on your financial situation. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. At that point, youll probably have a good sense of why you were rejected. Capital One Platinum Credit Card. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. 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. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. It's an underserved market, 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. Before submitting an application, always verify all terms and conditions with the offering institution. Pretty much all credit cards for fair credit are unsecured, though. Discover will automatically match all the cash back youve earned at the end of your first year! Mobile app to access your account anytime, anywhere. See if you're approved in seconds, Help build your credit through responsible use of a card like this, Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app, Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. earns rewards on par with cards for good or excellent credit. You can see and track your credit score for free through NerdWallet. Disclaimer: NerdWallet strives to keep its information accurate and up to date. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. There's also Discover's signature bonus for new cardholders. Reviews show typical fair-credit applicants for the cards below start with a limit between $300 and $750, but see an increase after regular payments. Discover it Student chrome: Best feature: Rewards for students. Terms apply.) 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. Credit Score Requirements: Poor 500-599. , or a sign-up bonus or a 0% period. The prequalification process allows you to check your offer without any effect on your credit score. 1. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. Although the name is a mouthful, this card is an excellent option for people with 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. Terms apply, Monitor your credit score with CreditWise from Capital One. 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. shines with its no-maintenance rewards structure and student-friendly bonus categories. Instantly access 50% of your credit while your card ships to you. 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 The key difference is that this version charges an annual fee while the regular one does not. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. Actual terms may vary. Great for large purchases with predictable payments you can budget for. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . You can see and track your credit score for free through NerdWallet. Plus, Discover says there's no FICO history requirement for this 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 on top of all that, it earns cash back, too. It also earns 1.5% cash back on all purchases. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If you're looking to beef up your credit, it's a decent place to start. Youll also have the opportunity to earn some attractive initial bonuses. Promotion runs from March 1, 2023 to March 31, 2023. isn't going to wow anyone; there's no sign-up bonus and the APR is high. . Paying in full every month also helps keep utilization in check. 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. 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. INTRO OFFER: Unlimited Cashback Match only from Discover. The Capital One QuicksilverOne Cash Rewards Credit Card is one of the best credit cards for people with fair credit who plan to charge a fair amount to their new card. Many fees are avoidable, especially if you use the card responsibly. Credit . 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. If you like what you see, you can apply, at which point there will be a "hard" credit pull. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. 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. Before applying, confirm details on the issuers website. doesnt only rely on credit scores to determine eligibility. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. A credit card application usually triggers a. on your credit report. 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. If you're crypto-crazy, or just crypto-curious, the. 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. 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. 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. It earns 1.5% back in the form of Bitcoin when you pay your bill. Enjoy peace of mind with $0 Fraud liability. Zero fraud liability (which offers protection against unauthorized purchases). Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. What is the average credit score in the U.S.? 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 earns 5% back on hotels and rental cars booked through Capital One Travel. Theres a 0% foreign transaction fee, too. The card issuer reports details about your account to the major. 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. 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. Therefore, you typically dont have to worry about a hard pull on your credit report. 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. The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. Discover it Student Cash Back: Best feature: Student rewards. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. There's a $39 annual fee. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. Still not sure which credit card is best for building credit? Doing so also avoids costly late fees. Best Low Interest Credit Cards for Fair Credit. You might qualify for less or no cash back at all. Click through to Discovers website to see terms and conditions. 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. If you feel you have a case, you can contact the issuer and. 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. And if you already have a long-serving credit account, keep it open and active. See what terms you'd qualify for without a hard credit inquiry. First Progress Platinum Prestige Mastercard Secured Credit Card. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Our pick for: Crypto rewards + flexibility. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) No security deposit required get started today! : ', '}}. Best Unsecured Credit Cards of March 2023. What is considered fair or average credit? Banks are required to notify you if you were denied because of information in your credit report. On top of that, the cards annual fee is $0. 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. Earn 1.5% unlimited cash back on card purchases every time you make a payment. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. 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. Best credit card overall for fair credit Petal 2 "Cash Back, No Fees" Visa Credit Card 9.5/10 CNET Rating Card Highlights Intro Offer N/A APR 17.49% - 31.49% (Variable) Intro. These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. See if you're pre-approved within minutes without impacting your credit score. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. 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. . Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. Best for cash back: Capital One QuicksilverOne Cash Rewards Credit Card. $0 annual fee, $0 activation fees, $0 foreign transaction fees. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. If youre a few days late, youll likely owe a late fee. You can opt-out of sharing your personal info here. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. Review that notice, then review your credit report to make sure there are no inaccuracies, and then do the same for the card application you submitted. The second-largest factor in your scores, credit utilization is the amount you owe as a percentage of your available credit. WalletHub makes it easy to find the best credit cards for fair credit. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. and cards for fair credit tend to have high interest rates. Using these cards responsibly helps you improve your credit score, so you can then look for cards with better perks. Credit cards for fair or average credit can help you move up to good or excellent credit when you use them responsibly. 7 Best Credit Cards for a 600 Credit Score (With Approval Odds) - AllCards.com We value your privacy We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' Best Credit Cards for Fair or Average Credit From Our Partners Our pick for Flat-rate cash back Compare this card Capital One QuicksilverOne Cash Rewards Credit Card 4.7 NerdWallet rating. The lower your utilization, the better; is a good benchmark. $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. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. It also earns up to 10% cash back when you use the card to make purchases with select merchants. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. (If you go through with applying, then there's a hard check.) Virgin Atlantic Flying Club: Get a . 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. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. These cards can help you if you're just starting out with credit. , the first thing to do is determine why. 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. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. You want your scores to go up, not down. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Cardholders' accounts are reviewed for a potential credit line increase every three months. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. No credit score? If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Making this decision early will help make your search more manageable, by cutting your options in half, in addition to helping you get better terms. A hallmark of cards for fair credit is high interest rates. 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. 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. Theres no minimum spending or maximum rewards. It only has a $39 annual fee and gives you at least 1.5% cash back on every purchase. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. Fair credit can feel a bit like borrower purgatory, as neither the heavenly perks associated with credit cards for people with good and excellent credit nor the devilishly high costs that accompany many credit cards for bad credit are available. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. . 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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