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. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. Plus, the ongoing APR is on the high end at 29.74% Variable APR. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. You also get a free FICO score, low fees, and forgiveness for your first late payment. The ongoing APR is 29.74% Variable APR, which is steep if you plan on carrying a balance. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). When comparing credit cards for fair credit, look for some or all of these features: Reports to the major credit bureaus: Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. , or a sign-up bonus or a 0% period. 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. It earns 1.5% back in the form of Bitcoin when you pay your bill. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. 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. Discover it Student chrome: Best feature: Rewards for students. What We Dont Like:This card does not offer rewards or a low interest rate. See what terms you'd qualify for without a hard credit inquiry. NerdWallet strives to keep its information accurate and up to date. 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. This ensures that your on-time payments and other responsible credit habits will be recorded. 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. and cards for fair credit tend to have high interest rates. The OpenSky Secured Visa Credit Card is one of the easiest credit cards to get with fair credit. And the card doesn't charge foreign transaction fees. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. 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. Even though its promotional interest rate is . Credit Cards for Fair Credit: Ultimate Guide | Credit.com Cardholders earn 1 - 5% cash back on purchases, depending on the spending category, plus an initial bonus of $50 for spending $100 in the first 3 months. Best Credit Cards for Fair Credit in 2023 - MoneyGeek.com Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. Compare Credit Cards for Fair Credit in 2023 | Finder Canada Fair 600-699. . The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. 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. Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). It also earns up to 10% cash back when you use the card to make purchases with select merchants. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. 11 Unsecured Credit Cards For Fair Credit (2023) - CardRates.com Pre-qualified offers are not binding. 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. Read our review. Best High-Limit Credit Cards for March 2023 - CNET Best Credit Cards for Fair Credit in February 2023. Best unsecured cards for short credit histories. 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). Best credit cards for credit score 600-649 (fair credit) - Money Under 30 The Best Travel Cards for Fair Credit - CNBC Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). What is the average credit score in the U.S.? You can also borrow against your credit limit, much like a personal loan. Click through to Discovers website to see terms and conditions. Petal 1 Visa Credit Card. While there are no universal dividing lines between credit score bands, you can generally think of "fair credit" aka "average credit" as having credit scores in the range of 630 to 689. The 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. Navy Federal Credit Union Platinum Credit Card *. 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. Customize Reject All Accept All Customize Consent Preferences Although the name is a mouthful, this card is an excellent option for people with fair credit. Zero fraud liability (which offers protection against unauthorized purchases). The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Make sure the card youre considering reports to at least one but ideally all three of these companies. That's pretty good for a student card. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. What's the difference between fair and average credit? Best Credit Cards of March 2023; Best Gas Credit Cards; Best Travel Credit Cards; Best Balance Transfer Credit Cards; Best 0% APR Credit Cards; Best Cash Back Credit Cards; . 6 Best Business Credit Cards for Fair Credit (2023) - WalletHub 2. Issued by Coastal Community Bank, Member FDIC pursuant to a license by Mastercard International. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. The annual fee is. Banks are required to notify you if you were denied because of information in your credit report. through NerdWallet.) Take some time to decide whether you want to prioritize rewards, interest rates, fees or other aspects. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. Best credit cards for fair and average credit Best for No Fees: Petal 2 "Cash Back, No Fees" Visa Credit Card Best for Cash Back: Capital One QuicksilverOne Cash Rewards Credit Card. What to know before applying for a credit card, , its important to know your credit score. Here is a list of our partners and here's how we make money. Great for large purchases with predictable payments you can budget for. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. Credit mix. You can be automatically considered for a higher credit limit in as little as six months. Standard message rates apply. might appeal to you. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' And on top of all that, it earns cash back, too. A credit card application usually triggers a. on your credit report. Theres a 0% foreign transaction fee, too. . You can also borrow against your credit limit, much like a personal loan. INTRO OFFER: Unlimited Cashback Match only from Discover. Graduating to good credit could take as little as one month, depending on your circumstances. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. New Credit Users. $0 annual fee, $0 activation fees, $0 foreign transaction fees. It also has a $35 annual fee. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. keeps you in debt longer and could ultimately drag down your credit scores. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. Just answer a few questions and we'll narrow the search for you. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. At that point, youll probably have a good sense of why you were rejected. 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 Just hover your card over a contactless reader, wait for the confirmation, and you're all set. 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. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. 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. Lets take a look at Discovers offers and what score you need to get approved. 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. 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. The Best Credit Cards for Average or Fair Credit of March 2023 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. Rejection stings, but you can learn from it. 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. Best Credit Cards of March 2023 | Bankrate You may be hit with an annual fee, a lower credit limit or higher interest rates, but some . 14 Credit Cards for "Fair" Credit (2023) - BadCredit.org Best Credit Cards for Fair/Average Credit of March 2023 - Bankrate 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 Mission Lane Cash Back Visa Credit Card is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Check out our expert picks for fair credit credit cards here! The Petal 2 Card also offers 1 - 1.5% cash back. The Prosper Card has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. Banks are required to notify you if you were denied because of information in your credit report. If youre more than 30 days late, it can start to affect your credit scores. You can see and track your credit score for free through NerdWallet. OpenSky Secured Visa Credit Card. The higher your credit score on either model's scale, the more creditworthy you may appear to potential lenders. -annual-fee option with an incentive for responsible behavior. Get started with your free credit score. You might qualify for less or no cash back at all. Read review. 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. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Petal reports to all 3 major credit bureaus. Credit cards for fair credit target consumers with FICO scores between 580 and 669. Best Credit Cards for Fair Credit | NextAdvisor with TIME 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. What are some low interest credit cards for fair credit? Our partners compensate us. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. 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. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. 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. 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. When you have fair credit, is it better to get a credit card with an annual fee or one that requires a refundable security deposit? It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. 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. : ', '}}. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. 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. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. Actual terms may vary. Plus, the ongoing APR is on the high end at. If you do make a late payment, the card doesn't impose a penalty APR. 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. , making it a good option for someone with average credit. We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. 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. Read our review. The issuer automatically reviews your account for potential credit line increases. APR for cash advances: 34.49% variable based on Prime Rate. If you're crypto-crazy, or just crypto-curious, the. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. doesn't offer rewards, as several other cards in the fair-credit category do, but for those looking to strengthen their credit, it's a simple, solid. If you like what you see, you can apply, at which point there will be a "hard" credit pull. You might be able to get a better card than you think. Debit cards allow you to spend money by drawing on funds you have deposited at the bank. is a worthy contender for your wallet as you continue building credit. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. 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. 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. if the card offers enough rewards and benefits to outstrip the cost of carrying it. 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 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. It also earns 1.5% cash back on all purchases. Terms apply.) When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. It also comes with a cool 1.5% cash back on every purchase and an annual fee of . (If you go through with applying, then there's a hard check.) Pretty much all credit cards for fair credit are unsecured, though. You increase your odds of approval when you apply for a card. Six months is a good rule of thumb. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). 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. has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. 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. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) Doing so also avoids costly late fees. 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. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. (If you go through with applying, then there's a hard check.) The lower your utilization, the better; 30% or below is a good benchmark. 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. You might not qualify for 1.5% cash back. 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. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) What to avoid with credit cards for 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. Compare these deals from our partners to find one that fits your needs. You may also qualify for better terms with a traditional personal loan, depending on your financial situation. According toWalletHubs credit card experts, the best credit cards for fair credit usually have $0 annual fees and give at least 1% back in rewards. But it also earns rewards, gives you a tool to monitor your credit profile, and offers the possibility of a higher credit line after making your first five monthly on-time payments. If possible, pay off your balance in full each month. 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. A fair credit score is usually defined as any score in the range of 640-699. First Progress Platinum Prestige Mastercard Secured Credit Card. - Business Insider (United States) . So if you havent checked your credit score in a while, make sure to do so before applying. MORE: 11 things you should know before getting your first credit card. Credit Cards vs. Debit Cards: What's the Difference? - Investopedia But youve got the knowledgeable WalletHub community on your side. 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. See if you qualify in minutes without hurting your credit score. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. Best Credit Cards for Fair Credit of 2022 - Experian ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. If you feel you have a case, you can contact the issuer and ask for reconsideration. This card requires a security deposit, which will . There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. The key difference is that this version charges an annual fee while the regular one does not. Store credit cards can offer deferred interest to people with fair credit. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. Theres no minimum spending or maximum rewards. The issuer's prequalification process lets you see the offer you're eligible for which could be up to 1.5% cash back before you actually apply. Credit Card Ratings - Experts Rate Top Cards & Help You Choose There is a fine line between fair credit and good credit. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. Credit utilization. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit.