Fair credit, also referred to as "average" credit, is a step up from bad credit but a notch below good credit. There are some notable restrictions on the Bitcoin rewards you earn, including holding requirements and transaction fees when you sell. 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. Yes, you can get a credit card if you have fair credit. 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. 0.99% intro APR on balance transfers for 12 months, followed by a regular APR of 10.24% - 18.00% variable on both purchases and . The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. You can also redeem rewards as a statement credit. 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). If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. If youre rejected for a credit card, the first thing to do is determine why. -annual-fee option with an incentive for responsible behavior. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. With responsible use, you can be considered for a higher credit line in as little as six months. It also earns up to 10% cash back when you use the card to make purchases with select merchants. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. The annual fee is. It also earns 1.5% cash back on all purchases. Our opinions are our own. 2. New Credit Users. If you've already built good credit, you can probably score a card with higher rewards than this card offers. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. Apply for credit card with fair credit score. These cards can help you if you're just starting out with credit. Mobile app to access your account anytime, anywhere. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. The average FICO credit score in the United States in 2022 was 716, according to the company that manages the FICO scoring model. Youll also have the opportunity to earn some attractive initial bonuses. 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. Another good unsecured card for fair credit is the Petal 2 Visa Credit 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. . Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. And thats great news, considering the best credit card deals require good or excellent credit for approval. What is considered fair or average credit? If possible, pay off your balance in full each month. Customize Reject All Accept All Customize Consent Preferences Discover it Student Cash Back: Best feature: Student rewards. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. 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. 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. NerdWallet strives to keep its information accurate and up to date. That will help cardholders build positive credit history, as long as they manage the account responsibly. . The overall goal in comparing credit card offers for fair credit is to find the card that will maximize your savings, and WalletHub's selections were made with that in mind. 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. MORE: 11 things you should know before getting your first credit card. The. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. MORE: Credit cards 101: Understanding the basics. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. The Petal 2 Card also offers 1 - 1.5% cash back. 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. So if you havent checked your credit score in a while, make sure to do so before applying. Make at least the minimum payment, and do so on time each month. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. See what terms you'd qualify for without a hard credit inquiry. If your credit is at least fair, you can find cards that charge no annual fee at all. Make sure the card youre considering reports to at least one but ideally all three of these companies. You might not qualify for 1.5% cash back. 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. Compare these deals from our partners to find one that fits your needs. : ', '}}. $0 annual fee, $0 activation fees, $0 foreign transaction fees. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. Cards For Fair Credit With Instant Approval and No Annual Fee. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. WalletHub makes it easy to find the best credit cards for fair credit. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. if the card offers enough rewards and benefits to outstrip the cost of carrying it. What are the best unsecured credit cards for fair credit? And if you already have a long-serving credit account. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. That's pretty good for a student card. It's that simple, Be automatically considered for a higher credit line in as little as 6 months, Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges, Help strengthen your credit for the future with responsible card use, Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024, Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. No annual fees, no foreign transactions fees. Click through to Discovers website to see terms and conditions. Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Pay on time to boost your cash back to a total of 1.25% for that month, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card, Pick the monthly due date that works best for you, Pay for Amazon.com purchases using your Capital One rewards, Pay for online purchases with virtual card numbers and keep your actual card number to yourself, Get notified via text, email, and phone if Capital One notices potential suspicious transactions on your account, Build your credit with responsible card use. Or turn $100 into $200. might appeal to you. Finally, if you want to make things really easy, just sign up for a free WalletHub account. Earn 1% cash back on all your purchases. . Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. You can see and track your credit score for free through NerdWallet. It only has a $39 annual fee and gives you at least 1.5% cash back on every purchase. There's also Discover's signature bonus for new cardholders. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. 1. (You can see and track your score for free through NerdWallet.) 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. These companies collect the information used to calculate your credit scores. Capital One Platinum Credit Card. The annual fee is $0. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. A credit card application usually triggers a. on your credit report. What We Dont Like:This card does not offer rewards or a low interest rate. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. 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). Many or all of the products featured here are from our partners who compensate us. Credit Score Requirements: Poor 500-599. What one issuer might see as a score on the low end of the fair credit range, another might consider bad credit. Before submitting an application, always verify all terms and conditions with the offering institution. Pretty much all credit cards for fair credit are unsecured, though. No touch payments with contactless technology built in. Read our review. 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. 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. earns rewards on par with cards for good or excellent credit. The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. But you can achieve that effect with a collection of cards that each excel in a particular area. Terms and conditions apply. Actual terms may vary. Disclaimer: NerdWallet strives to keep its information accurate and up to date. 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. 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 With the, , youll have the potential to gain access to a higher credit line. 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. Still not sure which credit card is best for building credit? 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. 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. . Journey Student Rewards from Capital One. APR for cash advances: 34.49% variable based on Prime Rate. No interest on purchases when you pay in full and on time each month. Reviews show typical fair-credit applicants for the cards below start with a limit between $300 and $750, but see an increase after regular payments. 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 What are the easiest credit cards to get approved for? 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. That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. - Business Insider (United States) . And the card doesn't charge foreign transaction fees. 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. Cardholders earn 1 - 5% cash back on purchases, depending on the spending category, plus an initial bonus of $50 for spending $100 in the first 3 months. But they may still offer rewards. In this case, we have chosen five of the best credit cards for fair credit so that you will be able to choose the correct card for your personal finances. Bear in mind that not all lenders define fair credit the same way. There are plenty of cards to choose from, so check out WalletHubs editors picks for the best credit cards for fair credit to find the best one for you. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. You can check out the panels bios and responses below. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' Best credit cards for fair and average credit Best for No Fees: Petal 2 "Cash Back, No Fees" Visa Credit Card Best for Cash Back: Capital One QuicksilverOne Cash Rewards Credit Card. Some rewards-earning options are listed above. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Annual fee of $0. isn't going to wow anyone; there's no sign-up bonus and the APR is high. 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. Capital One QuicksilverOne Cash Rewards Credit Card, Capital One SavorOne Student Cash Rewards Credit Card, First Tech Choice Rewards World Mastercard, Milestone Mastercard - Less Than Perfect Credit Considered, {{(bank.reviews == 1) ? You might be able to get a better card than you think. The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. Terms apply.) Read our review. Read our review. Doing so also avoids costly late fees. (If you go through with applying, then there's a hard check.) Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . A hallmark of cards for fair credit is high interest rates. Using these cards responsibly helps you improve your credit score, so you can then look for cards with better perks. Many fees are avoidable, especially if you use the card responsibly. But youve got the knowledgeable WalletHub community on your side. 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. When evaluating offers, please review the financial institutions Terms and Conditions. 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. And there's no annual fee, late fees or foreign transaction fees. You might qualify for less or no cash back at all. annual fee. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. Youll be reviewed for regular credit line increases. Whether you want to pay less interest or earn more rewards, the right card's out there. 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. The Capital One Platinum Credit Cardis the best credit card for fair credit overall. 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. So you could turn $50 cash back into $100. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. OpenSky Secured Visa Credit Card. If possible, pay off your balance in full each month. Try to put everything into dollar terms. Platinum Credit Card from Capital One is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. You may qualify for better terms with a traditional personal loan, depending on your financial situation. The card also lets you see what terms you'd qualify for before officially applying. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. Alternatives to Consider:The Capital One Spark Classic for Business is a low-cost rewards card for business owners with limited credit. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles.