What one issuer might see as a score on the low end of the fair credit range, another might consider bad credit. Carrying a balance from month to month wont be cheap, either. 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. And the card doesn't charge foreign transaction fees. 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. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). News Summary: If your credit score is in the average or fair range of 580 to 669, these credit cards are among the best and some even offer rewards and benefits. WalletHub makes it easy to find the easiest credit cards to get. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. Before applying, confirm details on the issuers website. shines with its no-maintenance rewards structure and student-friendly bonus categories. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' Get pre-approved in seconds with no impact to your credit score. The card also lets you see what terms you'd qualify for before officially applying. John Kiernan has covered the credit card industry for more than 10 years as a writer and editor for WalletHub. 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. Here is a list of our partners and here's how we make money. 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. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. If your credit is at least fair, you can find cards that charge no annual fee at all. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. But they may still offer rewards. Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. 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. Or turn $100 into $200. If youre more than 30 days late, it can start to affect your credit scores. 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. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. Paying in full every month also helps keep utilization in check. Many or all of the products featured here are from our partners who compensate us. All financial products, shopping products and services are presented without warranty. 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 This card requires a security deposit, which will . 7. The Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. Who Should Get It:Apply for the Brex Corporate Card for Startups if youre a small business owner with limited to fair credit who wants to earn rewards on everyday purchases. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. 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. You can then choose up to four cards and get a side-by-side comparison to make the best pick for your needs to get a credit card with fair credit. That's pretty good for a student card. You may also qualify for better terms with a traditional personal loan, depending on your financial situation. Compare Capital One's options for every credit level to find the card that's right for you. . 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. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. 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 has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. : ', '}}. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. Our partners compensate us. Let Bankrate, a leader . 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. 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. 5. If you like what you see, you can apply, at which point there will be a "hard" credit pull. 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. When evaluating offers, please review the financial institutions Terms and Conditions. earns rewards on par with cards for good or excellent credit. Earn a credit limit increase in as little as 6 months. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. Mobile app to access your account anytime, anywhere. 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. 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. If you've already built good credit, you can probably score a card with higher rewards than this card offers. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. 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. The average person with fair credit is 47 years old and has an annual income of $54,000 per year. The top features: Earn 1% . (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. If youre a few days late, youll likely owe a late fee. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. In fact, only 40 credit-score points separates the two tiers (fair credit means a credit score of 620 to 659, while good credit is 660 to 719). What are the most important things to look for in a fair-credit credit card? Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. 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. Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offers details page using the designation "Sponsored", where applicable. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. See if you're approved in seconds, Help build your credit through responsible use of a card like this, Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app, Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best for you. 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. An eventual upgrade path: Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. 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. And thats great news, considering the best credit card deals require good or excellent credit for approval. It depends on personal preference as well as your credit standing and organizational skills. 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. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. 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. Discover it Student chrome: Best feature: Rewards for students. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Credit Score Requirements: Poor 500-599. And the card doesn't charge foreign transaction fees. 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. 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. The Capital One Platinum Credit Card is the perfect financial tool for your wallet because it provides low-cost access to credit, with the ability to improve your credit score with responsible behavior. Standard message rates apply. 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. Our partners cannot pay us to guarantee favorable reviews of their products or services. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Try to put everything into dollar terms. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. Credit cards for fair credit target consumers with FICO scores between 580 and 669. 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. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. 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. But there are unsecured cards for every credit level, including bad credit. 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. And there's no annual fee, late fees or foreign transaction fees. Best Low Interest Credit Cards for Fair Credit. Credit cards for fair or average credit can help you move up to good or excellent credit when you use them responsibly. Plus, the ongoing APR is on the high end at. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). Perhaps most importantly, though, this card will consider applicants with limited-to-fair credit history. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At that point, youll probably have a good sense of why you were rejected. Learn how NerdWallet rates credit cards. 1. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. The Petal 2 Card also offers 1 - 1.5% cash back. You don't have to be a student to apply for the. Your web browser (Internet Explorer) is out of date and no longer supported. , which compile the credit reports that form the basis of your credit scores. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. Pre-qualified offers are not binding. Best Credit Cards for Fair Credit in February 2023. 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 . through NerdWallet.) There's also Discover's signature bonus for new cardholders. It also earns up to 10% cash back when you use the card to make purchases with select merchants. 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. You can also redeem rewards as a statement credit. Roughly 13.5% of people have fair credit, according to WalletHub data. What is the average credit score in the U.S.? Alternatives to Consider:The Capital One Spark Classic for Business is a low-cost rewards card for business owners with limited credit. The OpenSky Secured Visa Credit Card is another great option for people with little to no credit history. 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. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. The annual fee is $0. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. If you're looking to beef up your credit, it's a decent place to start. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. Discover will automatically match all the cash back youve earned at the end of your first year! You might not qualify for 1.5% cash back. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. 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. So whereas someone with excellent credit might receive a credit . 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. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. NerdWallet's ratings are determined by our editorial team. Click through to Discovers website to see terms and conditions. And while your initial credit limit may be lower than you'd like, you can earn quick credit limit increases with consecutive on-time payments. These companies collect the information used to calculate your credit scores. The only way to know exactly what you'll get is to go through prequalification.

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