Cardholders also are eligible for a credit limit increase in as little as 6 months. 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. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. It also earns up to 10% cash back when you use the card to make purchases with select merchants. His work has been featured by major media outlets such as The Washington Post and The New York Times and has been cited by industry regulators such as the Consumer Financial Protection Bureau. If you've already built good credit, you can probably score a card with higher rewards than this card offers. Cardholders earn 1 - 5% cash back on purchases, depending on the spending category, plus an initial bonus of $50 for spending $100 in the first 3 months. If possible, pay off your balance in full each month. 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. Theres no minimum spending or maximum rewards. The issuer automatically reviews your account for potential credit line increases. Still not sure which credit card is best for building credit? 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. Bear in mind that not all lenders define fair credit the same way. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. Capital One Platinum Credit Card at Capital One's secure website FAIR CREDIT RATING 4.7 OVERALL RATING 4.0/5.0 No annual or hidden fees. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. Recent credit applications. Some Discover offers listed here are not currently available on WalletHub and may be out of date. 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. 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). The Navy Federal Credit Union Platinum Credit Card is a balance transfer card where applicants with fair credit have a better chance of qualifying. What's the minimum credit score needed for Discover cards? This information may be different than what you see when you visit a financial institution, service provider or specific products site. Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no credit. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. Fair credit can feel a bit like borrower purgatory, as neither the heavenly perks associated with credit cards for people with good and excellent credit nor the devilishly high costs that accompany many credit cards for bad credit are available. 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. With the, , youll have the potential to gain access to a higher credit line. Length of credit history. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. Dont pay late: Make at least the minimum payment, and do so on time each month. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. So how do we make money? 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. 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. What to know before applying for a credit card, , its important to know your credit score. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. What is the average credit score in the U.S.? gives newcomers to credit a powerful incentive to develop responsible habits. You may qualify for better terms with a traditional personal loan, depending on your financial situation. Wallethub doesnt charge for this service. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. 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. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). We believe everyone should be able to make financial decisions with confidence. Best For Credit Score Annual Fee Welcome Bonus Citi Premier Card Best Overall Card for Gas Excellent, Good $95 60,000 bonus points Platinum Rewards Visa Signature Card Best. It's free for everyone, Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. You can check out WalletHub to get custom credit improvement advice to help you along the way. WalletHubs editors compared hundreds of credit cards for people with fair credit scores, searching for the top offers in the most popular categories. The. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. Banks are required to notify you if you were denied because of information in your credit report. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details might appeal to you. - Business Insider - Fact Check and Transparency Report (United States) . 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'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. See what terms you'd qualify for without a hard credit inquiry. $0 intro with auto pay, then $39 after first year. 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). Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. For example, you might need to consider one-time fees for application processing or transferring a balance, depending on what type of card youre looking for and how you plan to use it. Capital One QuicksilverOne Cash Rewards Credit Card. The only way to know exactly what you'll get is to go through prequalification. If youre rejected for a credit card, the first thing to do is determine why. Annual fee of $0. N/A. If you are charged interest, the charge will be no less than $0.50. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. isn't going to wow anyone; there's no sign-up bonus and the APR is high. 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. Read our review. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. , issued by WebBank, is an excellent option for those with less-than-perfect credit. These companies collect the information used to calculate your credit scores. You increase your odds of approval when you apply for a card tailored for your score range. The key difference is that this version charges an annual fee while the regular one does not. It also earns up to 10% cash back when you use the card to make purchases with select merchants. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. 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. 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. 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. Read our review. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. 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. 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. Paying in full every month also helps keep utilization in check. . A fair credit score is usually defined as any score in the range of 640-699. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. When you have fair credit, is it better to get a credit card with an annual fee or one that requires a refundable security deposit? Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. if the card offers enough rewards and benefits to outstrip the cost of carrying it. Our partners cannot pay us to guarantee favorable reviews of their products or services. If you like what you see, you can apply, at which point there will be a "hard" credit pull. WalletHub actively maintains a database of 1,500+ credit card offers, from which we select the best credit cards for fair credit for different applicants as well as derive market-wide takeaways and trends. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. 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. 5. What to avoid with credit cards for fair credit. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. At that point, youll probably have a good sense of why you were rejected. Comparing credit cards for fair credit can be tough. Alternatives to Consider:There are several really good credit cards for students available right now. The terms "fair credit" and "average credit" are used more or less interchangeably within the credit cards industry to describe scores in the middle ground between good credit and bad credit. 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. And on top of all that, it earns cash back, too. This reporting affects key elements of your scores: Payment history. Roughly 13.5% of people have fair credit, according to WalletHub data. Or you can plan to request a. from your issuer on your own eventually. Doing so also avoids costly late fees. No touch payments with contactless technology built in. 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. 'Review' : 'Reviews'}}, . A hallmark of cards for fair credit is high interest rates. 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 As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. If eligible, we'll create your Cash Score instead. 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. You can be automatically considered for a higher credit limit in as little as six months. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Credit cards 101: Understanding the basics, How a credit card helps you improve fair credit, to good or excellent credit when you use them responsibly. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. 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. A credit card application usually triggers a. on your credit report. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. See what terms you'd qualify for without a hard credit inquiry. Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. Our pick for: Crypto rewards + flexibility. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. What's the difference between fair and average credit? You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). WalletHub makes it easy to find the best credit cards for fair credit. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. 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. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. 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. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. 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. What are the easiest credit cards to get approved for? The lower your utilization, the better; is a good benchmark. There are lots of really good credit card for fair credit offers on the market right now. The key difference is that this version charges an annual fee while the regular one does not. The underlying data is compiled from credit card company websites or provided directly by the credit card issuers. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. The annual fee is. If your credit is at least fair, you can find cards that charge no annual fee at all. 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. Discover it Student Chrome The Discover it Student Chrome is one of the best credit card options available for fair credit students. You also get a free FICO score, low fees, and forgiveness for your first late payment. (The typical, runs from 300 at the low end to a maximum of 850.). through NerdWallet.) You can see and track your credit score for free through NerdWallet. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. 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. And thats great news, considering the best credit card deals require good or excellent credit for approval. 1. That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. 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. Read our review. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. No annual fees, no foreign transactions fees. And while fair credit wont get you the very best unsecured cards, it should qualify you for an account with no annual fee, solid rewards or maybe even both. You may also qualify for better terms with a traditional personal loan, depending on your financial situation. 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. Capital One QuicksilverOne Cash Rewards Credit Card. Does each credit card company define "fair" credit the same way? doesnt only rely on credit scores to determine eligibility. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. Using these cards responsibly helps you improve your credit score, so you can then look for cards with better perks. Click through to Discovers website to see terms and conditions. Pretty much all credit cards for fair credit are unsecured, though. That's pretty good for a student card. 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 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. Earn a credit limit increase in as little as 6 months. APR for cash advances: 34.49% variable based on Prime Rate. 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. Therefore, you typically dont have to worry about a hard pull on your credit report. 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. Theres a 0% foreign transaction fee, too. Issued by Coastal Community Bank, Member FDIC pursuant to a license by Mastercard International. 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. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. Dont settle: With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. 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. Promotion runs from March 1, 2023 to March 31, 2023. One of the best low interest credit cards for fair credit is the Petal 2 Visa Credit Card because it is possible to get an interest rate of 17.49% (V), depending on your overall creditworthiness. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. The second-largest factor in your scores. 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. No security deposit required get started today! 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. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. Virgin Atlantic Flying Club: Get a . 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. MORE: Credit cards 101: Understanding the basics. 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).