best credit card for fair credit

If you do make a late payment, the card doesn't impose a penalty APR. 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. Factors in our evaluation include annual and other fees, interest rates, whether a card offers upgrade options, the availability of free credit scores and other credit education and tools, reporting to credit bureaus, and other noteworthy features such as a rewards program. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. is a cross between a credit card and a personal loan, and it can offer the best of both worlds: flexibility, but with predictable terms from month to month. 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. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. INTRO OFFER: Unlimited Cashback Match only from Discover. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no credit. 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 ? '' Store credit cards can offer deferred interest to people with fair credit. If possible, pay off your balance in full each month. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. If you're looking to beef up your credit, it's a decent place to start. 2023's Best Credit Cards for Fair Credit | SmartAsset.com If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. Does each credit card company define "fair" credit the same way? You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. 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. Just a dollar-for-dollar match. So whereas someone with excellent credit might receive a credit . People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. Furthermore, fair credit is far from a life sentence. The only way to know exactly what you'll get is to go through prequalification. No annual or hidden fees. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) 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. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Credit Cards vs. Debit Cards: What's the Difference? - Investopedia 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. $0. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. , making it a good option for someone with average credit. If you don't like the offer, walk away with no harm done. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. 5. You can see and track your credit score for free through NerdWallet. . John Kiernan has covered the credit card industry for more than 10 years as a writer and editor for WalletHub. There are lots of really good credit card for fair credit offers on the market right now. Best Gas Credit Cards of March 2023 - Forbes Advisor With that being said, its not just your credit score you should worry about. And if you have more than one need, you can get multiple cards and use the Island Approach. . Upgrade Credit Card is probably your best option overall because of its high cash back rate and no fees. There is a fine line between fair credit and good credit. If you're looking to beef up your credit, it's a decent place to start. You can be automatically considered for a higher credit limit in as little as six months. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. Petal 1 Visa Credit Card. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. 5 Best Credit Cards for Fair Credit (All Latest Information 2023) 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. But they may still offer rewards. What's the minimum credit score needed for Discover cards? Learn how NerdWallet rates credit cards. 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. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. 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. If you're crypto-crazy, or just crypto-curious, the. 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 You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. The Best Credit Cards for Average or Fair Credit of March 2023 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 Why We Like It:This card is inexpensive to own and rewarding to use. isn't going to wow anyone; there's no sign-up bonus and the APR is high. 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. Make sure the card youre considering reports to at least one but ideally all three of these companies. Build credit alongside hundreds of thousands of Petal card members. Graduating to good credit could take as little as one month, depending on your circumstances. No problem. The prequalification process allows you to check your offer without any effect on your credit score. -annual-fee option with an incentive for responsible behavior. Fair credit wont qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. Yes, you can get a credit card if you have fair credit. The annual fee is $0. (If you go through with applying, then there's a hard check.) Terms apply.) First Progress Platinum Prestige Mastercard Secured Credit Card. The Petal 2 Visa Credit Card is one of the best credit cards for people with fair credit, or even limited credit. 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. Or turn $100 into $200. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. If youre more than 30 days late, it can start to affect your credit scores. Paying in full every month also helps keep utilization in check. If you are charged interest, the charge will be no less than $0.50. shines with its no-maintenance rewards structure and student-friendly bonus categories. Banks are required to notify you if you were denied because of information in 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). Let Bankrate, a leader . 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. These cards can help you if you're just starting out with credit. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. 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. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. You want your scores to go up, not down. This information may be different than what you see when you visit a financial institution, service provider or specific products site. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. Discover it Student Cash Back: Best feature: Student rewards. It also has a $35 annual fee. 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. $39. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Fair 600-699. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. 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. No credit score? Who Should Get It:Consider applying for the Capital One SavorOne Student Cash Rewards Credit Card if youre a college student with limited to fair credit whose spending habits match up well with the cards rewards. For 0% cards, it means seeing what monthly debt payments you can comfortably afford to make, how large of a balance you will therefore have remaining at the end of each cards 0% intro term, and what interest charges you would incur thereafter. MORE: Credit cards 101: Understanding the basics. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. Some rewards-earning options are listed above. earns rewards on par with cards for good or excellent credit. Plus, earn unlimited 1% cash back on all other purchases automatically. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. 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. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. $0 annual fee, $0 activation fees, $0 foreign transaction fees. 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. 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. This may influence which products we write about and where and how the product appears on a page. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. Banks are required to notify you if you were denied because of information in your credit report. Compare Capital One's options for every credit level to find the card that's right for you. 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. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. 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. No Credit Check. Get Your Credit Life Started With These 5 Credit Cards 11 Unsecured Credit Cards For Fair Credit (2023) - CardRates.com Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. 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. Capital One QuicksilverOne Cash Rewards Credit Card, Capital One SavorOne Student Cash Rewards Credit Card, First Tech Choice Rewards World Mastercard, Milestone Mastercard - Less Than Perfect Credit Considered, {{(bank.reviews == 1) ? Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. Plus, the ongoing APR is on the high end at. Doing so also avoids costly late fees. Best For Credit Score Annual Fee Welcome Bonus Citi Premier Card Best Overall Card for Gas Excellent, Good $95 60,000 bonus points Platinum Rewards Visa Signature Card Best. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. 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. 1. The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. . 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. Best Credit Cards of March 2023 | Bankrate If youre a few days late, youll likely owe a late fee. Both of those numbers are actually a bit higher than the 630-689 range typically used to define "average" credit. Credit cards for fair credit are credit cards for people with credit scores from 640 to 699 who are building credit from scratch or rebuilding their credit after mistakes. What to know before applying for a credit card, , its important to know your credit score. Capital One Platinum Credit Card FAIR CREDIT RATING The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. What We Dont Like:This card does not offer rewards or a low interest rate. When you pay in full, you don't get. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. 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. Factors in our evaluation include annual and other fees, interest rates, whether a card offers upgrade options, the availability of free credit scores and other credit education and tools, reporting to credit bureaus, and other noteworthy features such as a rewards program. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Capital One QuicksilverOne Cash Rewards Credit Card. The lower your utilization, the better; is a good benchmark. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Best Credit Cards for Fair Credit | NextAdvisor with TIME It's important to note that definitions of credit score ranges can differ from one card issuer to the next. The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Best credit cards for credit score 600-649 (fair credit) - Money Under 30 2023's Best Airline Credit Cards for Fair Credit - WalletHub Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. Monthly Transfer Bonuses - Forbes Advisor a standout for students searching for their first credit card. When evaluating offers, please review the financial institutions Terms and Conditions. 2. A credit card application usually triggers a hard inquiry on your credit report. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got.