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. Virgin Atlantic Flying Club: Get a . 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. Plus, the ongoing APR is on the high end at 29.74% Variable APR. 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. 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. Best credit card overall for fair credit Petal 2 "Cash Back, No Fees" Visa Credit Card 9.5/10 CNET Rating Card Highlights Intro Offer N/A APR 17.49% - 31.49% (Variable) Intro. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. The OpenSky Secured Visa Credit Card is another great option for people with little to no credit history. 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. 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. 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) 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. Store credit cards can offer deferred interest to people with fair credit. There's also Discover's signature bonus for new cardholders. Both can make it easy and convenient to make purchases in stores or online, with one key difference. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. Mobile app to access your account anytime, anywhere. Issued by Coastal Community Bank, Member FDIC pursuant to a license by Mastercard International. Credit mix. Journey Student Rewards from Capital One. There are no rewards. So how do we make money? $0. gives newcomers to credit a powerful incentive to develop responsible habits. APR for cash advances: 34.49% variable based on Prime Rate. 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. Low or no fees: An annual fee can make sense if the card offers enough rewards and benefits to outstrip the cost of carrying it. Please let us know if you notice any differences. No annual or hidden fees. There's an annual fee, although you can avoid it in the first year by signing up for autopay before your first statement is issued. What are the best unsecured credit cards for fair credit? When evaluating offers, please review the financial institutions Terms and Conditions. This may influence which products we write about and where and how the product appears on a page. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. Who Should Get It:Apply for the Petal 2 Visa Card if you have limited to fair credit, plan to pay the bill on time and in full every month, and expect to keep the account open for more than a year. There are lots of really good credit card for fair credit offers on the market right now. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Dont pay late: Make at least the minimum payment, and do so on time each month. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. These companies collect the information used to calculate your credit scores. 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. : ', '}}. You want your scores to go up, not down. Here is a list of our partners and here's how we make money. or are working to get back on track. through NerdWallet.) Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. The. Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. The card issuer reports details about your account to the major. Capital One Platinum Credit Card FAIR CREDIT RATING 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 Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. 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 is the average credit score in the U.S.? You can get the Discover it Secured Credit Card with a bad credit score (below 640). With that being said, its not just your credit score you should worry about. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. FULL LIST OF EDITORIAL PICKS: Credit cards for fair or average credit can help you move up to good or excellent credit when you use them responsibly. 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 scoring formulas take into account multiple data points for each financial product and service. The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. 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. 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. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. Alternatives to Consider:The Capital One Spark Classic for Business is a low-cost rewards card for business owners with limited credit. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. All financial products, shopping products and services are presented without warranty. 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. If eligible, we'll create your Cash Score instead. At that point, youll probably have a good sense of why you were rejected. Therefore, you typically dont have to worry about a hard pull on your credit report. Credit utilization. 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. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. If you do make a late payment, the card doesn't impose a penalty APR. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. Quick Summary. INTRO OFFER: Unlimited Cashback Match only from Discover. 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. The only way to know exactly what you'll get is to go through prequalification. Lets take a look at Discovers offers and what score you need to get approved. Build credit alongside hundreds of thousands of Petal card members. , making it a good option for someone with average credit. This content is not provided or commissioned by any issuer. NerdWallet's ratings are determined by our editorial team. And if you have more than one need, you can get multiple cards and use the Island Approach. Read our review. So pay your bill on time every month, dont max out your spending limit and track your credit scores progress over time to see when youre ready for an upgrade. doesnt only rely on credit scores to determine eligibility. First Progress Platinum Prestige Mastercard Secured Credit Card. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. It also earns up to 10% cash back when you use the card to make purchases with select merchants. Instantly access 50% of your credit while your card ships to you. 5. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. 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 ensures that your on-time payments and other responsible credit habits will be recorded. You might be able to get a better card than you think. Discover it Student Cash Back: Best feature: Student rewards. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. 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. 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 ? '' The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. The issuer automatically reviews your account for potential credit line increases. Graduating to good credit could take as little as one month, depending on your circumstances. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. 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. You can also borrow against your credit limit, much like a personal loan. Pretty much all credit cards for fair credit are unsecured, though. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). Make sure the card youre considering reports to at least one but ideally all three of these companies. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. MORE: 11 things you should know before getting your first credit card. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. The Upgrade Cash Rewards Visa earns rewards on par with cards for good or excellent credit. Read our review. Why We Like It:There is no credit check when you apply, so a rocky credit history wont prevent you from getting approved. Our pick for: Crypto rewards + flexibility. There's also Discover's signature bonus for new cardholders. Credit Score Requirements: Poor 500-599. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Some even give rewards of 1% or more. We believe everyone should be able to make financial decisions with confidence. If youre rejected for a credit card, the first thing to do is determine why. That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. With the Capital One QuicksilverOne Cash Rewards Credit Card, youll have the potential to gain access to a higher credit line. 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 When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. might appeal to you. 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. Why dont more banks and credit unions offer credit cards to people with fair credit? If you still arent approved, it may be a sign you need to work on your credit scores before applying again. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. OpenSky Secured Visa Credit Card. What We Dont Like:There is a $39 annual fee, and paying the cards bill in full every month is essential, given its high APR. Compare these deals from our partners to find one that fits your needs. 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. Our partners compensate us. , or a sign-up bonus or a 0% period. Foreign transaction fee: 1% of the transaction amount. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. Capital One . Banks are required to notify you if you were denied because of information in your credit report. It also earns 1.5% cash back on all purchases. No problem. , which compile the credit reports that form the basis of your credit scores. Before applying for a credit card, its important to know your credit score. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. Six months is a good rule of thumb. Annual fee of $0. The card issuer reports details about your account to the major credit bureaus, which compile the credit reports that form the basis of your credit scores. Therefore, you typically dont have to worry about a hard pull on your credit report. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. . See what terms you'd qualify for without a hard credit inquiry. Alternatives to Consider:There are several really good credit cards for students available right now. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). This ensures that your on-time payments and other responsible credit habits will be recorded. $0 annual fee, $0 activation fees, $0 foreign transaction fees. 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. If you do make a late payment, the card doesn't impose a penalty APR. If you like what you see, you can apply, at which point there will be a "hard" credit pull. The fee is. See if you qualify in minutes without hurting your credit score. Free, online credit score access for cardholders.