Best Credit Cards for Fair Credit in February 2023. $39. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Get pre-approved in seconds with no impact to your credit score. There is a fine line between fair credit and good credit. We did not select any cards with especially low regular APRs because we recommend paying your monthly credit card bills in full when you have fair credit. A hallmark of cards for fair credit is high interest rates. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. 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. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. Best unsecured cards for short credit histories. 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). With the, , youll have the potential to gain access to a higher credit line. 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. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. if the card offers enough rewards and benefits to outstrip the cost of carrying it. You can opt-out of sharing your personal info here. If you are charged interest, the charge will be no less than $0.50. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. A credit card application usually triggers a hard inquiry on your credit report. Roughly 13.5% of people have fair credit, according to WalletHub data. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. Dont settle: With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. Try to put everything into dollar terms. The second-largest factor in your scores. 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. 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 Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. No credit score? If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Plus, Discover says there's no FICO history requirement for this card. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. John Kiernan has covered the credit card industry for more than 10 years as a writer and editor for WalletHub. Foreign transaction fee: 1% of the transaction amount. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. It earns 1.5% back in the form of Bitcoin when you pay your bill. What are the most important things to look for in a fair-credit credit card? 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. Click through to Discovers website to see terms and conditions. There are no rewards. And on top of all that, it earns cash back, too. 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. Make at least the minimum payment, and do so on time each month. Apply for credit card with fair credit score. Before applying, confirm details on the issuers website. 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. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. 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. 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 -. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. 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. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. The annual fee is $0. So whereas someone with excellent credit might receive a credit . 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. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. Instantly access 50% of your credit while your card ships to you. 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. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details You can also borrow against your credit limit, much like a personal loan. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. . And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. Even though its promotional interest rate is . Just answer a few questions and we'll narrow the search for you. The key difference is that this version charges an annual fee while the regular one does not. No problem. It typically means your credit scores fall in the range of 630-689 on a scale that runs from 300 to 850. Credit scores indicate your level of risk to potential lenders and are based on several factors, including your payment history, the amount of available credit that youre using, how long youve had credit, and more. But there's still value to be had from fair-credit credit cards, and you dont have to stay in this particular creditworthiness tier for long. Credit mix. Paul Soucy Feb 27, 2023. Virgin Atlantic Flying Club: Get a . Build credit alongside hundreds of thousands of Petal card members. 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. Credit cards for fair or average credit can help you move up to good or excellent credit when you use them responsibly. 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. What to know before applying for a credit card, , its important to know your credit score. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. 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. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. 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. 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. 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. Terms apply.) 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. Enjoy peace of mind with $0 Fraud liability. 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. But you should be careful with deferred interest deals if you dont pay the full amount by the time the deferred interest period is over, youll owe your balance plus all the interest you would have accrued since you made the purchase. 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 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. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. 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. Therefore, you typically dont have to worry about a hard pull on your credit report. When evaluating offers, please review the financial institutions Terms and Conditions. And if you already have a long-serving credit account. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) Just a dollar-for-dollar match. 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 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. Discover it Student Chrome The Discover it Student Chrome is one of the best credit card options available for fair credit students. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. You want your scores to go up, not down. Learn how NerdWallet rates credit cards. 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. You can get the Discover it Secured Credit Card with a bad credit score (below 640). (The typical, runs from 300 at the low end to a maximum of 850.). If youre a few days late, youll likely owe a late fee. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) WalletHub experts track 1,500+ offers to help you get the right credit card for average credit, By John Kiernan, Credit Card Editor Feb 27, 2023, Fact Checked: Alina Comoreanu, Sr. NerdWallet's ratings are determined by our editorial team. The card issuer reports details about your account to the major. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. These cards can help you if you're just starting out with credit. Comparing credit cards for fair credit can be tough. And the card doesn't charge foreign transaction fees. This ensures that your on-time payments and other responsible credit habits will be recorded. 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. 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. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. So you could turn $50 cash back into $100. 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. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. For rewards cards, that means applying each cards earnings rates to your actual spending habits in order to determine how much youre likely to earn over your expected usage timeframe. Plus, the ongoing APR is on the high end at 29.74% Variable APR. The prequalification process allows you to check your offer without any effect on your credit score. NerdWallet's Credit Cards team selects the best credit cards for fair or average credit based on overall value, as evidenced by star ratings, as well as suitability for specific kinds of consumers. . MORE: 11 things you should know before getting your first credit card. Keep in mind, also, that credit scores are not the only thing that credit card issuers and other lenders look at when evaluating a credit application. This card offers at least 1% cash back on all eligible purchases, up to 1.25% back after 6 months of on-time payments, and 1.5% cash back after 12 consecutive months of paying on time. What's the difference between fair and average credit? Petal 1 Visa Credit Card. Read our review. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' 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. What We Dont Like:There is a $39 annual fee, and paying the cards bill in full every month is essential, given its high APR. Dont pay late: Make at least the minimum payment, and do so on time each month. You also get a free FICO score, low fees, and forgiveness for your first late payment. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. Youll be reviewed for regular credit line increases. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. What's the minimum credit score needed for Discover cards? Paying in full every month also helps keep utilization in check. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. 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.
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