best credit card 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. , making it a good option for someone with average credit. So whereas someone with excellent credit might receive a credit . INTRO OFFER: Unlimited Cashback Match only from Discover. 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. If you're looking to beef up your credit, it's a decent place to start. Capital One Platinum Credit Card. If you do make a late payment, the card doesn't impose a penalty APR. Virgin Atlantic Flying Club: Get a . The Petal 2 Visa Credit Card, issued by WebBank, is the best high-limit credit card for individuals with average, fair, or limited credit -- typically a credit score between 580 and 669. Journey Student Rewards from Capital One. With that being said, its not just your credit score you should worry about. We believe everyone should be able to make financial decisions with confidence. And if you already have a long-serving credit account, keep it open and active. These cards have annual fees as low as $0 and report monthly to the 3 major credit bureaus. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. Our partners compensate us. And there's no annual fee, late fees or foreign transaction fees. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. 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. Cardholders also are eligible for a credit limit increase in as little as 6 months. might appeal to you. There's also Discover's signature bonus for new cardholders. You can be automatically considered for a higher credit limit in as little as six months. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. When evaluating offers, please review the financial institutions Terms and Conditions. Can I get a credit card if my credit is fair? Compare these deals from our partners to find one that fits your needs. 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 When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. You earn cash back on every purchase, but when you pay your bill on time, the cash-back rate for that month gets a boost. That will help cardholders build positive credit history, as long as they manage the account responsibly. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. It also earns up to 10% cash back when you use the card to make purchases with select merchants. Comparing credit cards for fair credit can be tough. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Terms apply; It depends on personal preference as well as your credit standing and organizational skills. 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. Before applying, confirm details on the issuers website. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. No annual fees, no foreign transactions fees. . 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. Plus, Discover says there's no FICO history requirement for this card. Paying in full every month also helps keep utilization in check. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). The key difference is that this version charges an annual fee while the regular one does not. 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. A credit card application usually triggers a hard inquiry on your credit report. and cards for fair credit tend to have high interest rates. You can be automatically considered for a higher credit limit in as little as six months. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. Youll be reviewed for regular credit line increases. 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. Pre-qualified offers are not binding. Instantly access 50% of your credit while your card ships to you. The issuer automatically reviews your account for potential credit line increases. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. 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. No problem. Paying in full every month also helps keep utilization in check. If youre a few days late, youll likely owe a late fee. The. 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. Whether you want to pay less interest or earn more rewards, the right card's out there. Before applying for a credit card, its important to know your credit score. It earns 1.5% back in the form of Bitcoin when you pay your bill. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. 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. 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. Capital One QuicksilverOne Cash Rewards Credit Card. (If you go through with applying, then there's a hard check.) If you don't like the offer, walk away with no harm done. 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. 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. APR for cash advances: 34.49% variable based on Prime Rate. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. FULL LIST OF EDITORIAL PICKS: If you've already built good credit, you can probably score a card with higher rewards than this card offers. Capital One . Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). 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). WalletHub makes it easy to find the easiest credit cards to get. If you're crypto-crazy, or just crypto-curious, the. Credit utilization. No credit score? 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. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. The Petal 2 Visa Credit Card is one of the best credit cards for people with fair credit, or even limited credit. 1. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. 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. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . 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. 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. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. 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. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. If youre more than 30 days late, it can start to affect your credit scores. Read our review. Alternatives to Consider:The Capital One Platinum Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are all great options. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. If you've already built good credit, you can probably score a card with higher rewards than this card offers. Even though its promotional interest rate is . This reporting affects key elements of your scores: Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. You might not qualify for 1.5% cash back. Youll also have the opportunity to earn some attractive initial bonuses. 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 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. If possible, pay off your balance in full each month. 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. through NerdWallet.) One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. Discover it Student chrome: Best feature: Rewards for students. Best unsecured cards for short credit histories. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. Cardholders' accounts are reviewed for a potential credit line increase every three months. annual fee. 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. Access your account anytime, anywhere with our mobile app. 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. OpenSky Secured Visa Credit Card. The following offers didnt quite make the cut for our editors best-card selections, but they can still save cardholders a lot of money. , which compile the credit reports that form the basis of your credit scores. 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. You can see and track your credit score for free through NerdWallet. Dont pay late: Make at least the minimum payment, and do so on time each month. 1. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Let Bankrate, a leader . The scoring formulas take into account multiple data points for each financial product and service. Take some time to decide whether you want to prioritize rewards, interest rates, fees or other aspects. Try to put everything into dollar terms. These companies collect the information used to calculate your credit scores. Best Low Interest Credit Cards for Fair Credit. 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. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. Terms apply.) And the card doesn't charge foreign transaction fees. If you feel you have a case, you can contact the issuer and ask for reconsideration. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. The card also lets you see what terms you'd qualify for before officially applying. 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. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. 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. Carrying a balance from month to month wont be cheap, either. shines with its no-maintenance rewards structure and student-friendly bonus categories. 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). You can opt-out of sharing your personal info here. A hallmark of cards for fair credit is high interest rates. And if you have more than one need, you can get multiple cards and use the Island Approach. 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. If you like what you see, you can apply, at which point there will be a "hard" credit pull. Yes, you can get a credit card if you have fair credit. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) 1. Great for large purchases with predictable payments you can budget for. 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. 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. 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. A hallmark of cards for fair credit is high interest rates. The Discover it Student chrome shines with its no-maintenance rewards structure and student-friendly bonus categories. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. If you're looking to beef up your credit, it's a decent place to start. New Credit Users. 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. 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. 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. Each card was scored using WalletHubs proprietary 100-point credit card rating system, and you can check out the top options in a handful of popular categories below (some cards are from WalletHub partners). You also get a free FICO score, low fees, and forgiveness for your first late payment. : ', '}}. If youre not sure how your credit is doing, you can check your latest credit score for free on WalletHub, the only site where credit scores and reports update daily. That's pretty good for a student card. 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. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. 2. The higher your credit score on either model's scale, the more creditworthy you may appear to potential lenders. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. You may qualify for better terms with a traditional personal loan, depending on your financial situation. Rejection stings, but you can learn from it. 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. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. Be automatically considered for a higher credit line in as few as 7 months. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. The second-largest factor in your scores. There's also Discover's signature bonus for new cardholders. It earns 1.5% back in the form of Bitcoin when you pay your bill. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. If you like what you see, you can apply, at which point there will be a "hard" credit pull. Build credit alongside hundreds of thousands of Petal card members. Foreign transaction fee: 1% of the transaction amount. Some Discover offers listed here are not currently available on WalletHub and may be out of date. is a worthy contender for your wallet as you continue building credit. The average adult has around 5 credit cards, including store credit cards, but theres no golden rule for how many credit cards you should have - or how many credit cards is too many. The. . . The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. 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. Alternatives to Consider:There are several really good credit cards for students available right now. 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 only way to know exactly what you'll get is to go through prequalification. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. Instead, get a rewards card for everyday expenses that you can pay in full within a billing period, a card offering 0% on purchases for big-ticket spending or a 0% balance transfer card for reducing the cost of existing debt. You can also borrow against your credit limit, much like a personal loan. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. 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. 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. Dont settle: With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. Therefore, you typically dont have to worry about a hard pull on your credit report. 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. - Business Insider - Fact Check and Transparency Report (United States) . What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. No annual or hidden fees. It also has a $35 annual fee. 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. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Make sure the card youre considering reports to at least one but ideally all three of these companies. There are lots of really good credit card for fair credit offers on the market right now. When evaluating offers, please review the financial institutions Terms and Conditions. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39.

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