See what terms you'd qualify for without a hard credit inquiry. The only way to know exactly what you'll get is to go through prequalification. 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. 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 best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. 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. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. There is a fine line between fair credit and good credit. 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. 7 Best Credit Cards for a 600 Credit Score (With Approval Odds) - AllCards.com We value your privacy We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. Numerous credit card applications in a short period of time can hurt your credit score, and having too many credit cards can lead to overspending, expensive interest charges, missed payments and credit score damage. Comparing credit cards for fair credit can be tough. NerdWallet's Credit Cards team selects the best credit cards for fair or average credit based on overall value, as evidenced by star ratings, as well as suitability for specific kinds of consumers. 10 Best Credit Cards for Fair Credit with High Limits Making only the minimum payment keeps you in debt longer and could ultimately drag down your credit scores. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. 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. 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. 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. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. Length of credit history. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. If youre not sure how your credit is doing, you can check your latest credit score for free on WalletHub, the only site where credit scores and reports update daily. Dont pay late: Make at least the minimum payment, and do so on time each month. The. 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. Credit Score Requirements: Poor 500-599. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. If you don't like the offer, walk away with no harm done. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. Graduating to good credit could take as little as one month, depending on your circumstances. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. If you're looking to beef up your credit, it's a decent place to start. Credit Cards vs. Debit Cards: What's the Difference? - Investopedia 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. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. . through NerdWallet.) 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. If you are charged interest, the charge will be no less than $0.50. The annual fee is. The Best Travel Cards for Fair Credit - CNBC Before submitting an application, always verify all terms and conditions with the offering institution. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. (If you go through with applying, then there's a hard check.) 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. 1. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. These companies collect the information used to calculate your credit scores. Read our review. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. The issuer automatically reviews your account for potential credit line increases. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. All financial products, shopping products and services are presented without warranty. 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 like what you see, you can apply, at which point there will be a "hard" credit pull. Foreign transaction fee: 1% of the transaction amount. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. 2023's Best Airline Credit Cards for Fair Credit - WalletHub These cards can help you if you're just starting out with credit. And if you already have a long-serving credit account. Platinum Credit Card from Capital One 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. If you feel you have a case, you can contact the issuer and ask for reconsideration. Plus, Discover says there's no FICO history requirement for this card. This content is not provided or commissioned by any issuer. You may qualify for better terms with a traditional personal loan, depending on your financial situation. 7. 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). 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. 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. and cards for fair credit tend to have high interest rates. No problem. 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. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 9 Credit Cards For Fair Credit With Instant Approval (2023) - CardRates.com For rewards cards, that means applying each cards earnings rates to your actual spending habits in order to determine how much youre likely to earn over your expected usage timeframe. The prequalification process allows you to check your offer without any effect on your credit score. What to know before applying for a credit card, , its important to know your credit score. 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. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. Best credit cards for credit score 600-649 (fair credit) - Money Under 30 And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. Actual terms may vary. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Best Credit Cards for Fair Credit of 2022 - Experian A credit card application usually triggers a hard inquiry on your credit report. Some rewards-earning options are listed above. If youre more than 30 days late, it can start to affect your credit scores. It also earns 1.5% cash back on all purchases. Youll be reviewed for regular credit line increases. Best Credit Card for Fair Credit - Fx empire Navy Federal Credit Union Platinum Credit Card *. Best Unsecured Credit Cards of March 2023. The best travel cards for fair credit, according to a YouTuber who's been to 20 countries and has 20 credit cards Select looks at what travel credit cards are available to people with. 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. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. 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. Finally, if you want to make things really easy, just sign up for a free WalletHub account. if the card offers enough rewards and benefits to outstrip the cost of carrying it. Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) 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). A credit card application usually triggers a. on your credit report. FULL LIST OF EDITORIAL PICKS: Best Credit Cards - NerdWallet 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. Best credit cards for fair credit Capital One QuickSilverOne Cash Rewards credit card Discover it Cash Back Petal 2 "Cash Back, No Fees" Visa Credit Card Credit One Bank Platinum Rewards Visa Credit One Bank American Express Card Chase Freedom Flex Summary table of the best credit cards for fair credit FAQs 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 Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. You can see and track your credit score for free through NerdWallet. So whereas someone with excellent credit might receive a credit . Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. Therefore, you typically dont have to worry about a hard pull on your credit report. Paying in full every month also helps keep utilization in check. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. 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. Many or all of the products featured here are from our partners who compensate us. Before applying for a credit card, its important to know your credit score. No touch payments with contactless technology built in. Our pick for: Rewards for college students. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. On top of that, the cards annual fee is $0. A hallmark of cards for fair credit is high interest rates. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. $0 annual fee, $0 activation fees, $0 foreign transaction fees. The scoring formulas take into account multiple data points for each financial product and service. 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. NerdWallet's ratings are determined by our editorial team. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. However, this does not influence our evaluations. Journey Student Rewards from Capital One. 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. Pay with your phone or device by using Apple Pay or Google Pay. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. That's pretty good for a student card. Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). We encourage everyone to share their knowledge while respecting our content guidelines. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. This may influence which products we write about and where and how the product appears on a page. Or turn $100 into $200. What's the difference between fair and average credit? , making it a good option for someone with average credit. There's also Discover's signature bonus for new cardholders. 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. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. 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 for Fair Credit in February 2023. Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. . 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. Here is a list of our partners and here's how we make money. 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. But youve got the knowledgeable WalletHub community on your side. Credit cards for fair credit target consumers with FICO scores between 580 and 669. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. WalletHub makes it easy to find the easiest credit cards to get. Best Credit Cards for Fair Credit | CompareCards.com Read our review. 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. . 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. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. 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. 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' : 'Reviews'}}, . 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. 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.