The Capital One Platinum Credit Card doesn't offer rewards, as several other cards in the fair-credit category do, but for those looking to strengthen their credit, it's a simple, solid $0-annual-fee option with an incentive for responsible behavior. Keep in mind, also, that credit scores are not the only thing that credit card issuers and other lenders look at when evaluating a credit application. 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. 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. 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. If you've already built good credit, you can probably score a card with higher rewards than this card offers. That's not an issue if you pay in full every month, but look elsewhere if you expect to carry debt from month to month. This content is not provided or commissioned by any issuer. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. If you like what you see, you can apply, at which point there will be a "hard" credit pull. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. At that point, youll probably have a good sense of why you were rejected. You can also borrow against your credit limit, much like a personal loan. N/A. 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. Navy Federal Credit Union Platinum Credit Card *. 5. If your credit is at least fair, you can find cards that charge no annual fee at all. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. 7. So how do we make money? There are no rewards. 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. NerdWallet strives to keep its information accurate and up to date. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details The card also lets you see what terms you'd qualify for before officially applying. There's also Discover's signature bonus for new cardholders. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. Promotion runs from March 1, 2023 to March 31, 2023. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. If you don't like the offer, walk away with no harm done. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. -annual-fee option with an incentive for responsible behavior. Our partners compensate us. The best credit cards for people with fair credit scores of 640-699 come with $0 annual fees, rewards of at least 1% back on purchases and monthly credit-bureau reporting, making it easy to build credit and save money. All financial products, shopping products and services are presented without warranty. You can be automatically considered for a higher credit limit in as little as six months. Combine the flexibility of a credit card with the predictability of a personal loan. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. (If you go through with applying, then there's a hard check.) And the card doesn't charge foreign transaction fees. 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. In particular, we focused on cards with low annual fees and high rewards rates, including general-purpose credit cards as well as store credit cards. 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. Pre-qualified offers are not binding. 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. This ensures that your on-time payments and other responsible credit habits will be recorded. 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. Foreign transaction fee: 1% of the transaction amount. It depends on personal preference as well as your credit standing and organizational skills. 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. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Compare Capital One's options for every credit level to find the card that's right for you. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. These cards can help you if you're just starting out with credit or are working to get back on track. . Doing so also avoids costly late fees. Instantly access 50% of your credit while your card ships to you. No annual or hidden fees. . Apply for credit card with fair credit score. No Credit Check. 'Review' : 'Reviews'}}, . The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. Some even give rewards of 1% or more. Best Low Interest Credit Cards for Fair Credit. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. 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. Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. What to know before applying for a credit card, , its important to know your credit score. Making this decision early will help make your search more manageable, by cutting your options in half, in addition to helping you get better terms. 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. 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. Credit utilization. Lets take a look at Discovers offers and what score you need to get approved. 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. Furthermore, fair credit is far from a life sentence. Generally speaking, a FICO score that's considered "fair" will fall between . This information may be different than what you see when you visit a financial institution, service provider or specific products site. NerdWallet's ratings are determined by our editorial team. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. Does each credit card company define "fair" credit the same way? You can see and track your credit score for free through NerdWallet. So if you havent checked your credit score in a while, make sure to do so before applying. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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. 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. 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. and cards for fair credit tend to have high interest rates. gives newcomers to credit a powerful incentive to develop responsible habits. is the amount you owe as a percentage of your available credit. It earns 1.5% back in the form of Bitcoin when you pay your bill. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. If youre a few days late, youll likely owe a late fee. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 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. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. 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 The ongoing APR is 29.74% Variable APR, which is steep if you plan on carrying a balance. With responsible use, you can be considered for a higher credit line in as little as six months. If you do make a late payment, the card doesn't impose a penalty APR. No credit score? Even though its promotional interest rate is . (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) These cards can help you if you're just starting out with credit. Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. See if you qualify in minutes without hurting your credit score. 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. If you feel you have a case, you can contact the issuer and ask for reconsideration. But there are unsecured cards for every credit level, including bad credit. You can also borrow against your credit limit, much like a personal loan. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. If youre rejected for a credit card, the first thing to do is determine why. Get started with your free 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. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. What are the best unsecured credit cards for fair credit? When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Best unsecured cards for short credit histories. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. , which is steep if you plan on carrying a balance. 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. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. Terms apply.) You can get the Discover it Secured Credit Card with a bad credit score (below 640). A credit card application usually triggers a. on your credit report. (The typical, runs from 300 at the low end to a maximum of 850.). The issuer automatically reviews your account for potential credit line increases. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. APR for cash advances: 34.49% variable based on Prime Rate. Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. These companies collect the information used to calculate your credit scores. The key difference is that this version charges an annual fee while the regular one does not. Read our review. You might not qualify for 1.5% cash back. 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. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. Well give you a personalized card recommendation based on your latest credit score and financial priorities. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. The best credit cards for fair credit are ones that you may qualify for with a FICO score of 580 to 689. shines with its no-maintenance rewards structure and student-friendly bonus categories. 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. , which compile the credit reports that form the basis of your credit scores. 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). You can see and track your credit score for free through NerdWallet. Capital One QuicksilverOne Cash Rewards Credit Card (5) Apply Now on Capital One's secure site Rewards Rate 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. You can also borrow against your credit limit, much like a personal loan. 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. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Cardholders also are eligible for a credit limit increase in as little as 6 months. Finally, if you want to make things really easy, just sign up for a free WalletHub account. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. 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. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. You can check out WalletHub to get custom credit improvement advice to help you along the way. With responsible use, you can be considered for a higher credit line in as little as six months. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. Check out our expert picks for fair credit credit cards here! Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. It only has a $39 annual fee and gives you at least 1.5% cash back on every purchase. has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. 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. Instead, get a rewards card for everyday expenses that you can pay in full within a billing period, a card offering 0% on purchases for big-ticket spending or a 0% balance transfer card for reducing the cost of existing debt. Dont pay late: Make at least the minimum payment, and do so on time each month. 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. Banks are required to notify you if you were denied because of information in your credit report. It also comes with a cool 1.5% cash back on every purchase and an annual fee of . WalletHub makes it easy to find the best credit cards for fair credit. Journey Student Rewards from Capital One. 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. OpenSky Secured Visa Credit Card. 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. 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. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. There's a $39 annual fee. Six months is a good rule of thumb. The fee is. Before applying for a credit card, its important to know your credit score. What is the average credit score in the U.S.? This reporting affects key elements of your scores: Payment history. Discover it Student Cash Back: Best feature: Student rewards. However, this does not influence our evaluations. . It's an underserved market, 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. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. 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. By clicking "Accept All", you consent to our use of cookies. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. earns rewards on par with cards for good or excellent credit. If you're looking to beef up your credit, it's a decent place to start. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. 1. Actual terms may vary. 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. The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. 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). 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. The average FICO credit score in the United States in 2022 was 716, according to the company that manages the FICO scoring model. Discover will automatically match all the cash back youve earned at the end of your first year! Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. Cards For Fair Credit With Instant Approval and No Annual Fee. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. Yes, you can get a credit card if you have fair credit. 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. 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. Rejection stings, but you can learn from it. FULL LIST OF EDITORIAL PICKS: 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. If you're looking to beef up your credit, it's a decent place to start. But youve got the knowledgeable WalletHub community on your side. It also has a $35 annual fee. Platinum Credit Card from Capital One 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. A fair credit score is usually defined as any score in the range of 640-699. Terms and conditions apply. 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. And if you have more than one need, you can get multiple cards and use the Island Approach. Credit cards for fair credit target consumers with FICO scores between 580 and 669. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. Free, online credit score access for cardholders. Before applying, confirm details on the issuers website. The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying.
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