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The card also lets you see what terms you'd qualify for before officially applying. You also get a free FICO score, low fees, and forgiveness for your first late payment. isn't going to wow anyone; there's no sign-up bonus and the APR is high. 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). 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 if you have more than one need, you can get multiple cards and use the Island Approach. There's a $39 annual fee. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) The Petal 2 Card also offers 1 - 1.5% cash back. 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 Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. 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. 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. Here is a list of our partners. The Upgrade Cash Rewards Visa earns rewards on par with cards for good or excellent credit. Youll be reviewed for regular credit line increases. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. Read review. This reporting affects key elements of your scores: Payment history. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. . Best Credit Cards for Fair/Average Credit Capital One Platinum Credit Card - Best for building credit Mission Lane Cash Back Visa Credit Card - Best for building credit + earning rewards Capital One QuicksilverOne Cash Rewards Credit Card - Best for flat-rate rewards Capital One Walmart Rewards Mastercard - Best for Walmart purchases Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. Even though its promotional interest rate is . 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. You might not qualify for 1.5% cash back. Take some time to decide whether you want to prioritize rewards, interest rates, fees or other aspects. Plus, the ongoing APR is on the high end at 29.74% Variable APR. Why dont more banks and credit unions offer credit cards to people with fair credit? Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. The annual fee is. , the first thing to do is determine why. Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases. And thats great news, considering the best credit card deals require good or excellent credit for approval. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. But you can achieve that effect with a collection of cards that each excel in a particular area. Before submitting an application, always verify all terms and conditions with the offering institution. One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. 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. 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. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. annual fee. Standard message rates apply. or are working to get back on track. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. And if you already have a long-serving credit account. Yes, you can get a credit card if you have fair credit. Petal reports to all 3 major credit bureaus. You can be automatically considered for a higher credit limit in as little as six months. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. 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. 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. 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. Fair 600-699. When evaluating offers, please review the financial institutions Terms and Conditions. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. There are lots of really good credit card for fair credit offers on the market right now. If you're crypto-crazy, or just crypto-curious, the. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. The issuer automatically reviews your account for potential credit line increases. You may be hit with an annual fee, a lower credit limit or higher interest rates, but some . Use this link to create an account and connect your credit score with TransUnion to get an estimate of your approval odds based on your credit score and other factors. 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. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. 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. Annual fee of $0. Interest rates on credit cards for average credit tend to be on the high side. These cards lack the splashy rewards of credit cards for good or excellent credit, but they're a good option for those working to establish or rebuild their credit. Read our review. 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. 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. 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. 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. These companies collect the information used to calculate your credit scores. Still not sure which credit card is best for building credit? . 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. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. The average person with fair credit is 47 years old and has an annual income of $54,000 per year. : ', '}}. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. That's pretty good for a student card. 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. You can also borrow against your credit limit, much like a personal loan. 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. The only way to know exactly what you'll get is to go through prequalification. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. That will help cardholders build positive credit history, as long as they manage the account responsibly. 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. . The Petal 2 Visa Credit Card, issued by WebBank, is the best high-limit credit card for individuals with average, fair, or limited credit -- typically a credit score between 580 and 669. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. What are the easiest credit cards to get approved for? The lower your utilization, the better; 30% or below is a good benchmark. No annual fee and build your credit with responsible use. earns rewards on par with cards for good or excellent credit. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). Why We Like It:There is no credit check when you apply, so a rocky credit history wont prevent you from getting approved.