The. Get started with your free credit score. 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. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. 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. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. NerdWallet's ratings are determined by our editorial team. 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. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. Platinum Credit Card from Capital One 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. Rejection stings, but you can learn from it. 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. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details But you can achieve that effect with a collection of cards that each excel in a particular area. 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. Please let us know if you notice any differences. 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. Both can make it easy and convenient to make purchases in stores or online, with one key difference. The Discover it Student chrome shines with its no-maintenance rewards structure and student-friendly bonus categories. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. You can see and track your credit score for free through NerdWallet. See if you're pre-approved within minutes without impacting your credit score. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. The Capital One Platinum Credit Card 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 $0-annual-fee option with an incentive for responsible behavior. Credit mix. Actual terms may vary. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 7. 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. Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. You can see and track your credit score for free through NerdWallet. 1. Dont pay late: Make at least the minimum payment, and do so on time each month. Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. Best Credit Cards for Fair Credit in February 2023. That's pretty good for a student card. 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. A hallmark of cards for fair credit is high interest rates. 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. 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. No single credit card offers the best rewards in every purchase category, plus the lowest rates and fees. These cards can help you if you're just starting out with credit or are working to get back on track. The only way to know exactly what you'll get is to go through prequalification. 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. So how do we make money? MORE: 11 things you should know before getting your first credit card. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. If you're crypto-crazy, or just crypto-curious, the. The annual fee is. . What to avoid with credit cards for fair credit. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. Read our review. And if you have more than one need, you can get multiple cards and use the Island Approach. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. It earns 1.5% back in the form of Bitcoin when you pay your bill. You can also borrow against your credit limit, much like a personal loan. And the card doesn't charge foreign transaction fees. 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? Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. Best unsecured cards for short credit histories. You can opt-out of sharing your personal info here. Enjoy peace of mind with $0 Fraud liability. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. , making it a good option for someone with average credit. The best business credit card for fair credit is Capital One Spark Classic for Business because it has a $0 annual fee and gives 1% cash back on all purchases. The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . Alternatives to Consider:The Petal 2 Visa Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are worth comparing. New Credit Users. Dont settle: With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. 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). 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. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. If possible, pay off your balance in full each month. A fair credit score is usually defined as any score in the range of 640-699. . It also comes with a cool 1.5% cash back on every purchase and an annual fee of . That's pretty good for a student card. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. 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. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. What to know before applying for a credit card, , its important to know your credit score. $0 annual fee, $0 activation fees, $0 foreign transaction fees. One of the best low interest credit cards for fair credit is the Petal 2 Visa Credit Card because it is possible to get an interest rate of 17.49% (V), depending on your overall creditworthiness. Youll also have the opportunity to earn some attractive initial bonuses. Capital One QuicksilverOne Cash Rewards Credit Card (5) Apply Now on Capital One's secure site Rewards Rate 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) . See what terms you'd qualify for without a hard credit inquiry. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. Our pick for: Crypto rewards + flexibility. There's a $39 annual fee. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. These companies collect the information used to calculate your credit scores. if the card offers enough rewards and benefits to outstrip the cost of carrying it. Why dont more banks and credit unions offer credit cards to people with fair credit? 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. 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. Cardholders' accounts are reviewed for a potential credit line increase every three months. The second-largest factor in your scores. Best for cash back: Capital One QuicksilverOne Cash Rewards Credit Card. And thats great news, considering the best credit card deals require good or excellent credit for approval. is the amount you owe as a percentage of your available credit. Credit cards for fair credit target consumers with FICO scores between 580 and 669. Yes, you can get a credit card if you have fair credit. Many fees are avoidable, especially if you use the card responsibly. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. It depends on personal preference as well as your credit standing and organizational skills. You also get a free FICO score, low fees, and forgiveness for your first late payment. through NerdWallet.) 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. It also earns 1.5% cash back on all purchases. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. Credit . 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. Whether you want to pay less interest or earn more rewards, the right card's out there. NerdWallet's ratings are determined by our editorial team. Lets take a look at Discovers offers and what score you need to get approved. Making this decision early will help make your search more manageable, by cutting your options in half, in addition to helping you get better terms. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. Credit utilization. Read our review. 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 are some low interest credit cards for fair credit? 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. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. Best Credit Cards for Fair or Average Credit From Our Partners Our pick for Flat-rate cash back Compare this card Capital One QuicksilverOne Cash Rewards Credit Card 4.7 NerdWallet rating. 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. Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. See what terms you'd qualify for without a hard credit inquiry. First Progress Platinum Prestige Mastercard Secured Credit Card. 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. 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. You don't have to be a student to apply for the. 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. Plus, the ongoing APR is on the high end at 29.74% Variable APR. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Who Should Get It:Apply for Capital One QuicksilverOne if you plan to spend about $2,600 per year, as thats where the cards rewards value can overcome the fixed cost. That's not an issue if you pay in full every month, but look elsewhere if you expect to carry debt from month to month. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Quick Summary. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. 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. You can check out the panels bios and responses below. 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. 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. 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. Access your account anytime, anywhere with our mobile app. 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. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. Youll want pay your bill in full each month to avoid paying interest, which can get expensive and will eat into any rewards your card might earn. A credit card application usually triggers a. on your credit report. 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). Fair credit can feel a bit like borrower purgatory, as neither the heavenly perks associated with credit cards for people with good and excellent credit nor the devilishly high costs that accompany many credit cards for bad credit are available. You can be automatically considered for a higher credit limit in as little as six months. These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. Paying in full every month also helps keep utilization in check. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. 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 scoring formulas take into account multiple data points for each financial product and service. 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. 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 . Terms and conditions apply. But youve got the knowledgeable WalletHub community on your side. 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. If eligible, we'll create your Cash Score instead. Fair 600-699. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. . Read review. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. Roughly 13.5% of people have fair credit, according to WalletHub data. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. 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. We believe everyone should be able to make financial decisions with confidence. Our pick for: Rewards for college students. 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. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. But there are unsecured cards for every credit level, including bad credit. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Journey Student Rewards from Capital One gives you 1% cash back on all your purchases, plus 0.25% back when you make your monthly payment on time, for a total of 1.25% cash back. 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). Click through to Discovers website to see terms and conditions. If youre rejected for a credit card, the first thing to do is determine why. Best Unsecured Credit Cards of March 2023. If youre a few days late, youll likely owe a late fee. This ensures that your on-time payments and other responsible credit habits will be recorded. Discover it Student Cash Back: Best feature: Student rewards. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. No problem. The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. The issuer automatically reviews your account for potential credit line increases. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. 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. Carrying a balance from month to month wont be cheap, either. And if you already have a long-serving credit account, keep it open and active. With responsible use, you can be considered for a higher credit line in as little as six months. , issued by WebBank, is an excellent option for those with less-than-perfect credit. Great for large purchases with predictable payments you can budget for. 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. Your web browser (Internet Explorer) is out of date and no longer supported. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. 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. You want your scores to go up, not down. 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 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. The Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. OpenSky Secured Visa Credit Card. (You can see and track your score for free through NerdWallet.) 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. If you're looking to beef up your credit, it's a decent place to start. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. Plus, the ongoing APR is on the high end at. -annual-fee option with an incentive for responsible behavior. You want your scores to go up, not down. If you plan to travel internationally, make sure you have a backup plan. Theres a 0% foreign transaction fee, too. 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. No interest on purchases when you pay in full and on time each month. APR for cash advances: 34.49% variable based on Prime Rate. Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. The prequalification process allows you to check your offer without any effect on your credit score. Let Bankrate, a leader . Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. Make at least the minimum payment, and do so on time each month. Alternatives to Consider:There are several really good credit cards for students available right now. You might qualify for less or no cash back at all. 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. This content is not provided or commissioned by any issuer. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. a standout for students searching for their first credit card. Terms apply; earns rewards on par with cards for good or excellent credit. Journey Student Rewards from Capital One. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. 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. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. , which is steep if you plan on carrying a balance. What's the minimum credit score needed for Discover cards? 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Our partners cannot pay us to guarantee favorable reviews of their products or services. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. The Petal 2 Visa Credit Card is one of the best credit cards for people with fair credit, or even limited credit. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. 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. No security deposit required get started today! Still not sure which credit card is best for building credit? Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. 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. Why We Like It:This card is inexpensive to own and rewarding to use. Make sure the card youre considering reports to at least one but ideally all three of these companies. Therefore, you typically dont have to worry about a hard pull on your credit report. 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. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. A hallmark of cards for fair credit is high interest rates. But they may still offer rewards. (The typical, runs from 300 at the low end to a maximum of 850.). Terms apply.) If you still arent approved, it may be a sign you need to work on your credit scores before applying again. The card also lets you see what terms you'd qualify for before officially applying. 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.
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