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. 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. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. We believe everyone should be able to make financial decisions with confidence. The average person with fair credit is 47 years old and has an annual income of $54,000 per year. And there's no annual fee, late fees or foreign transaction fees. Get Your Credit Life Started With These 5 Credit Cards . 10 Best Credit Cards for Fair Credit - Due And thats great news, considering the best credit card deals require good or excellent credit for approval. Best Credit Cards of March 2023 | Bankrate 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. 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. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. The card issuer reports details about your account to the major credit bureaus, which compile the credit reports that form the basis of your credit scores. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. The key difference is that this version charges an annual fee while the regular one does not. 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. Standard message rates apply. Length of credit history. 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. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). Best Credit Cards for Fair Credit | CompareCards.com 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. Apply for credit card with fair credit score. These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. Best Balance Transfer Cards For Fair Credit Of March 2023 Why We Like It:This card is inexpensive to own and rewarding to use. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. 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. 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. Store credit cards can offer deferred interest to people with fair credit. The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. 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 -. OpenSky Secured Visa Credit Card. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. The card issuer reports details about your account to the major. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. The following offers didnt quite make the cut for our editors best-card selections, but they can still save cardholders a lot of money. 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. annual fee. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. Enjoy peace of mind with $0 Fraud liability. $105. Credit Cards for Fair Credit | Mastercard Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details Credit Cards for Fair Credit | Capital One Please let us know if you notice any differences. 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. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. You might qualify for less or no cash back at all. might appeal to you. NerdWallet's ratings are determined by our editorial team. 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. At that point, youll probably have a good sense of why you were rejected. Alternatives to Consider:The Capital One Platinum Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are all great options. if the card offers enough rewards and benefits to outstrip the cost of carrying it. Capital One QuicksilverOne Cash Rewards Credit Card. Fair 600-699. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. 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. Discover it Student Chrome The Discover it Student Chrome is one of the best credit card options available for fair credit students. We encourage everyone to share their knowledge while respecting our content guidelines. or are working to get back on track. Terms and conditions apply. That will help cardholders build positive credit history, as long as they manage the account responsibly. Instantly access 50% of your credit while your card ships to you. 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. NerdWallet strives to keep its information accurate and up to date. Best Credit Cards for Fair/Average Credit of 2023 | CreditCards.com The. You can be automatically considered for a higher credit limit in as little as six months. Earn 1.5% unlimited cash back on card purchases every time you make a payment. The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. 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. 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. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. Capital One Platinum Credit Card FAIR CREDIT RATING The annual fee is $0. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. 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. There is a fine line between fair credit and good credit. . 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. Best Credit Cards for Fair Credit | NextAdvisor with TIME Credit Level Guidelines And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. A fair credit score is usually defined as any score in the range of 640-699. 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. - Business Insider (United States) . You can be automatically considered for a higher credit limit in as little as six months. Make at least the minimum payment, and do so on time each month. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. Paying in full every month also helps keep utilization in check. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. 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. At that point, youll probably have a good sense of why you were rejected. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. The lower your utilization, the better; 30% or below is a good benchmark. See if you qualify in minutes without hurting your credit score. Lets take a look at Discovers offers and what score you need to get approved. 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. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. See if you're pre-approved within minutes without impacting your credit score. These companies collect the information used to calculate your credit scores. Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. See what terms you'd qualify for without a hard credit inquiry. If you feel you have a case, you can contact the issuer and. Plus, the ongoing APR is on the high end at. Customize Reject All Accept All Customize Consent Preferences And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. So if you havent checked your credit score in a while, make sure to do so before applying. Plus, people with fair credit should have high approval odds for the Capital One Platinum Card, since its a starter credit card available even to applicants with limited credit experience. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. 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. No annual fee and build your credit with responsible use. 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. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. Terms apply.) Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no credit. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. 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. (If you go through with applying, then there's a hard check.) 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. 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. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. 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. . 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. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. Credit . Some Discover offers listed here are not currently available on WalletHub and may be out of date. What is considered fair or average credit? The fee is. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. Our pick for: Rewards for college students. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. Read review. What to avoid with credit cards for fair credit. $0 annual fee, $0 activation fees, $0 foreign transaction fees. Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. 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. Journey Student Rewards from Capital One. 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. You earn cash back on every purchase, but when you pay your bill on time, the cash-back rate for that month gets a boost. 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 Average or Fair Credit of March 2023. Business Insider 8h ago. : ', '}}. If you're looking to beef up your credit, it's a decent place to start. And the card doesn't charge foreign transaction fees. You might not qualify for 1.5% cash back. , which compile the credit reports that form the basis of your credit scores. 5 Best Credit Cards for Fair Credit (All Latest Information 2023) If you don't like the offer, walk away with no harm done. 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? Your web browser (Internet Explorer) is out of date and no longer supported. But there are unsecured cards for every credit level, including bad credit. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. 1. For example, Discover will consider other factors, such as how your income compares to your debt, along with your employment status, whether you own or rent your home, how many loans and lines of credit you already have open, and more. 1. Earn 1% cash back on all your purchases. 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. Best High-Limit Credit Cards for March 2023 - CNET Yes, you can get a credit card if you have fair credit. . , the first thing to do is determine why. Discover it Student chrome: Best feature: Rewards for students. 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. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) The Capital One QuicksilverOne Cash Rewards Credit Card offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. What makes this card valuable is that it's available to business operators with fair credit (a FICO score between 630-689), who don't have a lot of options in business credit cards and it has no annual fee. 9 Credit Cards For Fair Credit With Instant Approval (2023) - CardRates.com Take some time to decide whether you want to prioritize rewards, interest rates, fees or other aspects. Free, online credit score access for cardholders. Some even give rewards of 1% or more. 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. 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. This reporting affects key elements of your scores: Payment history. Although there's no foreign transaction fee, Discover isnt as widely accepted abroad as other cards. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. The prequalification process allows you to check your offer without any effect on your credit score. 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. See what terms you'd qualify for without a hard credit inquiry. Some rewards-earning options are listed above. 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. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. A credit card application usually triggers a hard inquiry on your credit report. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. You can check out WalletHub to get custom credit improvement advice to help you along the way. 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. 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. 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. 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. WalletHub makes it easy to find the easiest credit cards to get. Try to put everything into dollar terms. The underlying data is compiled from credit card company websites or provided directly by the credit card issuers. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Here is a list of our partners and here's how we make money. Click through to Discovers website to see terms and conditions. If you feel you have a case, you can contact the issuer and ask for reconsideration. It also earns 1.5% cash back on all purchases. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. You might be able to get a better card than you think. 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. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below 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. 14 Credit Cards for "Fair" Credit (2023) - BadCredit.org The issuer automatically reviews your account for potential credit line increases. Get started with your free credit score. The Capital One Platinum Credit Card is the best credit card for fair credit, because, along with its lower credit requirements, it offers a $0 annual fee, access to Capital One benefits and the potential for credit line increases. Furthermore, fair credit is far from a life sentence. Best Low Interest Credit Cards for Fair Credit. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. 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. On top of that, the cards annual fee is $0. Get Credit Cards for Fair Credit Start with your FICO Score and get matched, based on your credit profile with offers for rewards or no annual fees, so you can strengthen your credit. 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. 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. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. Best Credit Cards for Fair Credit in February 2023. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. 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. 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). The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. There's also Discover's signature bonus for new cardholders. 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. isn't going to wow anyone; there's no sign-up bonus and the APR is high. Plus, Discover says there's no FICO history requirement for this card. Credit Score Requirements: Poor 500-599. Alternatives to Consider:There are several really good credit cards for students available right now. Credit Card Ratings - Experts Rate Top Cards & Help You Choose Terms apply.) It typically means your credit scores fall in the range of 630-689 on a, Credit scores indicate your level of risk to potential lenders and are based on. It earns 1.5% back in the form of Bitcoin when you pay your bill. No credit score? You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. Whether you want to pay less interest or earn more rewards, the right card's out there. Pre-qualified offers are not binding. 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. The Upgrade Cash Rewards Visa earns rewards on par with cards for good or excellent credit. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. And if you already have a long-serving credit account. . The Best Credit Cards for Average or Fair Credit of March 2023