best credit card for fair credit

Credit cards for fair credit target consumers with FICO scores between 580 and 669. See what terms you'd qualify for without a hard credit inquiry. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. With that in mind, we asked a panel of experts for insights into the best way to navigate fair credit now and escape it later. shines with its no-maintenance rewards structure and student-friendly bonus categories. 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. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. With the, , youll have the potential to gain access to a higher credit line. Here is a list of our partners. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Credit cards 101: Understanding the basics, How a credit card helps you improve fair credit, to good or excellent credit when you use them responsibly. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. 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. 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). What is the average credit score in the U.S.? 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. Credit One Bank Platinum Visa for Rebuilding Credit, Capital One Quicksilver Secured Cash Rewards Credit Card, Bank of America Travel Rewards Credit Card for Students. Just a dollar-for-dollar match. Credit Level Guidelines You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. Terms and conditions apply. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. Bear in mind that not all lenders define fair credit the same way. Learn how NerdWallet rates credit cards. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) 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. Why dont more banks and credit unions offer credit cards to people with fair credit? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. What are the most important things to look for in a fair-credit credit card? A fair credit score is usually defined as any score in the range of 640-699. Best for earning cash back with fair credit Capital One QuicksilverOne Cash Rewards Credit Card Apply Now On Capital One's Website 2.3 Up to 5% Reward Rate Earn unlimited 1.5% cash back. Try to put everything into dollar terms. Therefore, you typically dont have to worry about a hard pull on your credit report. Terms apply, Monitor your credit score with CreditWise from Capital One. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Capital One . We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' You can also redeem rewards as a statement credit. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Petal 1 Visa Credit Card. 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. The annual fee is $0. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. Discover will automatically match all the cash back youve earned at the end of your first year! No touch payments with contactless technology built in. Before applying for a credit card, its important to know your credit score. 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. That's pretty good for a student card. $0 intro with auto pay, then $39 after first year. Best Gas Credit Cards of March 2023 - Forbes Advisor And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. And if you have more than one need, you can get multiple cards and use the Island Approach. 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 -. In particular, we focused on cards with low annual fees and high rewards rates, including general-purpose credit cards as well as store credit cards. Top credit cards for fair credit in Canada Compare credit cards for fair credit by category Top regular rate cashback card: Neo Financial Mastercard Credit recommended (600-) Apply now on Neo Financial's secure site 600 Min. Actual terms may vary. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. No security deposit required get started today! A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. The Capital One Platinum Credit Card is the perfect financial tool for your wallet because it provides low-cost access to credit, with the ability to improve your credit score with responsible behavior. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. Best Credit Cards for Fair Credit, 2022 - Joy Wallet Best Credit Cards - NerdWallet Best Credit Cards for Fair Credit | CompareCards.com 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. Get started with your free credit score. . Some even give rewards of 1% or more. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). The prequalification process allows you to check your offer without any effect on your credit score. Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Our pick for: Crypto rewards + flexibility. Best Credit Card for Fair Credit - Fx empire Fair 600-699. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. : ', '}}. Comparing credit cards for fair credit can be tough. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. $0. 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. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. 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. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. Discover it Student Chrome The Discover it Student Chrome is one of the best credit card options available for fair credit students. Store credit cards can offer deferred interest to people with fair credit. It earns 1.5% back in the form of Bitcoin when you pay your bill. 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. 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). It also earns up to 10% cash back when you use the card to make purchases with select merchants. 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. Why this is one of the best credit cards for fair credit: When you pay this card on time, you can boost your cash back earnings. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. 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. isn't going to wow anyone; there's no sign-up bonus and the APR is high. 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. 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. This card requires a security deposit, which will . Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. So its a great way to save money as you build credit, which should be your top priority until you have a good credit score. This ensures that your on-time payments and other responsible credit habits will be recorded. What's the difference between fair and average credit? Youll also have the opportunity to earn some attractive initial bonuses. 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. If you've already built good credit, you can probably score a card with higher rewards than this card offers. 25 Best "Fair Credit" Credit Cards (2023) - Fastest, Easiest Approval $105. 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. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. Fair credit wont qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. , or a sign-up bonus or a 0% period. It also earns 1.5% cash back on all purchases. 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. WalletHub may share your information with third-parties in order to show personalized offers, as well as enable you to interact more easily with pre-fill forms or applications. News Summary: If your credit score is in the average or fair range of 580 to 669, these credit cards are among the best and some even offer rewards and benefits. 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. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. If your credit is at least fair, you can find cards that charge no annual fee at all. You also get a free FICO score, low fees, and forgiveness for your first late payment. Free, online credit score access for cardholders. No Credit Check. 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. 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. 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. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. 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. And thats great news, considering the best credit card deals require good or excellent credit for approval. See if you're approved in seconds Be automatically considered for a higher credit line in as little as 6 months Help build your credit through responsible use of a card like this The lower your utilization, the better; 30% or below is a good benchmark. This ensures that your on-time payments and other responsible credit habits will be recorded. 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. . Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. Does each credit card company define "fair" credit the same way? 5 Best Credit Cards for Fair Credit (All Latest Information 2023) 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. The Petal 2 Card also offers 1 - 1.5% cash back. (If you go through with applying, then there's a hard check.) Make sure the card youre considering reports to at least one but ideally all three of these companies. Its free, activate with the mobile app. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. 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. Pre-qualified offers are not binding. N/A. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. If you're looking to beef up your credit, it's a decent place to start. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Well give you a personalized card recommendation based on your latest credit score and financial priorities. Best Credit Cards for Fair or Average Credit of March 2023 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. Free credit score: As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. INTRO OFFER: Unlimited Cashback Match only from Discover. Be automatically considered for a higher credit line in as few as 7 months. There are plenty of cards to choose from, so check out WalletHubs editors picks for the best credit cards for fair credit to find the best one for you. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. 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. 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. 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. What to know before applying for a credit card, , its important to know your credit score. It also earns up to 10% cash back when you use the card to make purchases with select merchants. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. 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. Cardholders also are eligible for a credit limit increase in as little as 6 months. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. WalletHubs editors compared hundreds of credit cards for people with fair credit scores, searching for the top offers in the most popular categories. Six months is a good rule of thumb. Journey Student Rewards from Capital One. Virgin Atlantic Flying Club: Get a . 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. Terms apply; 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. On top of that, the cards annual fee is $0. MORE: Credit cards 101: Understanding the basics. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. 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. 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. All financial products, shopping products and services are presented without warranty. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. 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. So whereas someone with excellent credit might receive a credit . If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Capital One QuicksilverOne Cash Rewards Credit Card. Our pick for: Rewards for college students. Pay with your phone or device by using Apple Pay or Google Pay. - Business Insider - Fact Check and Transparency Report (United States) . Best Low Interest Credit Cards for Fair Credit. 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. doesnt only rely on credit scores to determine eligibility. The underlying data is compiled from credit card company websites or provided directly by the credit card issuers. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. 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. 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 . When you pay in full, you don't get. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. Instantly access 50% of your credit while your card ships to you. 2023's Best Airline Credit Cards for Fair Credit - WalletHub FULL LIST OF EDITORIAL PICKS: And there's no annual fee, late fees or foreign transaction fees. 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. Cardholders' accounts are reviewed for a potential credit line increase every three months. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. Interest rates on credit cards for average credit tend to be on the high side. If you've already built good credit, you can probably score a card with higher rewards than this card offers. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) It's important to note that definitions of credit score ranges can differ from one card issuer to the next. Best unsecured cards for short credit histories. Please let us know if you notice any differences. Best Credit Cards for Fair/Average Credit of March 2023 - Bankrate Customize Reject All Accept All Customize Consent Preferences 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. 11 Unsecured Credit Cards For Fair Credit (2023) - CardRates.com might appeal to you. You can then choose up to four cards and get a side-by-side comparison to make the best pick for your needs to get a credit card with fair credit. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. 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.