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 . It also earns up to 10% cash back when you use the card to make purchases with select merchants. 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. 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. Using these cards responsibly helps you improve your credit score, so you can then look for cards with better perks. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Youll be reviewed for regular credit line increases. 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. A credit card application usually triggers a. on your credit report. 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. 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 annual fee is. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. Our opinions are our own. Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. 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. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. The key difference is that this version charges an annual fee while the regular one does not. Who Should Get It:Apply for the Petal 2 Visa Card if you have limited to fair credit, plan to pay the bill on time and in full every month, and expect to keep the account open for more than a year. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. The top features: Earn 1% . There are no rewards. through NerdWallet.) Enjoy peace of mind with $0 Fraud liability. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. With responsible use, you can be considered for a higher credit line in as little as six months. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. Cards For Fair Credit With Instant Approval and No Annual Fee. Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good 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. There is a fine line between fair credit and good 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. 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. Discover it Student chrome: Best feature: Rewards for students. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. NerdWallet strives to keep its information accurate and up to date. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. You might not qualify for 1.5% cash back. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. 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. Click through to Discovers website to see terms and conditions. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. 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. MORE: 11 things you should know before getting your first credit card. You can get the Discover it Secured Credit Card with a bad credit score (below 640). All financial products, shopping products and services are presented without warranty. Read our review. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. Making only the minimum payment keeps you in debt longer and could ultimately drag down your credit scores. If you're looking to beef up your credit, it's a decent place to start. 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. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. By clicking "Accept All", you consent to our use of cookies. 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. What is considered fair or average credit? Or you can plan to request a product change from your issuer on your own eventually. is a worthy contender for your wallet as you continue building credit. is the amount you owe as a percentage of your available credit. Store credit cards can offer deferred interest to people with fair credit. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. 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. Please let us know if you notice any differences. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Theres also no annual fee and no foreign transaction fee. What to avoid with credit cards for fair credit. Dont pay late: Make at least the minimum payment, and do so on time each month. If you're crypto-crazy, or just crypto-curious, the. Plus, the ongoing APR is on the high end at 29.74% Variable APR. Here is a list of our partners. : ', '}}. The annual fee is $0. Alternatives to Consider:There are several really good credit cards for students available right now. This information may be different than what you see when you visit a financial institution, service provider or specific products site. That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. Make sure the card youre considering reports to at least one but ideally all three of these companies. No problem. And if you already have a long-serving credit account. Earn 1% cash back on all your purchases. 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. . is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. . The issuer automatically reviews your account for potential credit line increases. Try to put everything into dollar terms. OpenSky Secured Visa Credit Card. The lower your utilization, the better; 30% or below is a good benchmark. , issued by WebBank, is an excellent option for those with less-than-perfect credit. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Platinum Credit Card from Capital One See what terms you'd qualify for without a hard credit inquiry. No single credit card offers the best rewards in every purchase category, plus the lowest rates and fees. 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. $105. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. If you're looking to beef up your credit, it's a decent place to start. What are the best unsecured credit cards for fair credit? Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. Best unsecured cards for short credit histories. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. What's the difference between fair and average credit? Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. No security deposit required get started today! At that point, youll probably have a good sense of why you were rejected. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. 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. 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. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. New Credit Users. It also earns 1.5% cash back on all purchases. Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. Cardholders also are eligible for a credit limit increase in as little as 6 months. 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. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) With the, , youll have the potential to gain access to a higher credit line. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. It also earns 1.5% 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. Before submitting an application, always verify all terms and conditions with the offering institution. 1. If you like what you see, you can apply, at which point there will be a "hard" credit pull. You may qualify for better terms with a traditional personal loan, depending on your financial situation. 2. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. All financial products, shopping products and services are presented without warranty. 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. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. Why We Like It:There is no credit check when you apply, so a rocky credit history wont prevent you from getting approved. But youve got the knowledgeable WalletHub community on your side. 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. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. If possible, pay off your balance in full each month. You can see and track your credit score for free through NerdWallet. The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. Six months is a good rule of thumb. 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. Read review. At that point, youll probably have a good sense of why you were rejected. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. Be automatically considered for a higher credit line in as few as 7 months.
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