And if you have more than one need, you can get multiple cards and use the Island Approach. 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. The lower your utilization, the better; 30% or below is a good benchmark. Does each credit card company define "fair" credit the same way? New Credit Users. APR for cash advances: 34.49% variable based on Prime Rate. Youll be reviewed for regular credit line increases. Best Low Interest Credit Cards for Fair Credit. WalletHub experts track 1,500+ offers to help you get the right credit card for average credit, By John Kiernan, Credit Card Editor Feb 27, 2023, Fact Checked: Alina Comoreanu, Sr. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. 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. For 0% cards, it means seeing what monthly debt payments you can comfortably afford to make, how large of a balance you will therefore have remaining at the end of each cards 0% intro term, and what interest charges you would incur thereafter. This ensures that your on-time payments and other responsible credit habits will be recorded. There's a $39 annual fee. Length of credit history. Best Credit Cards for Fair Credit & Airfare in 2023 Best Overall: Upgrade Cash Rewards Visa Best Secured: Bank of America Customized Cash Rewards Secured Credit Card Best for Newcomers: Petal 2 Visa Credit Card Best for Students: Bank of America Travel Rewards Credit Card for Students Best for Business: Capital One Spark Classic for Business or are working to get back on track. No annual or hidden fees. 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. Pre-qualified offers are not binding. 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. Our pick for: Rewards for college students. The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. 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. 1. A credit card application usually triggers a hard inquiry on your credit report. 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. NerdWallet's ratings are determined by our editorial team. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. 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 The best credit cards for fair credit are ones that you may qualify for with a FICO score of 580 to 689. Please let us know if you notice any differences. . -annual-fee option with an incentive for responsible behavior. Capital One Platinum Credit Card. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. , or a sign-up bonus or a 0% period. You want your scores to go up, not down. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. We did not select any cards with especially low regular APRs because we recommend paying your monthly credit card bills in full when you have fair credit. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). It also earns up to 10% cash back when you use the card to make purchases with select merchants. 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. Before applying, confirm details on the issuers website. See what terms you'd qualify for without a hard credit inquiry. On top of that, the cards annual fee is $0. At that point, youll probably have a good sense of why you were rejected. If your credit is at least fair, you can find cards that charge no annual fee at all. Here is a list of our partners. 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. You also get a free FICO score, low fees, and forgiveness for your first late payment. Even though its promotional interest rate is . MORE: Credit cards 101: Understanding the basics. shines with its no-maintenance rewards structure and student-friendly bonus categories. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. The annual fee is $0. Our pick for: Crypto rewards + flexibility. When evaluating offers, please review the financial institutions Terms and Conditions. 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. See what terms you'd qualify for without a hard credit inquiry. 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. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the best credit cards until you can improve your credit. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. 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. 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. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. You want your scores to go up, not down. We encourage everyone to share their knowledge while respecting our content guidelines. 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. Therefore, you typically dont have to worry about a hard pull on your credit report. 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. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. 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. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. If youre rejected for a credit card, the first thing to do is determine why. The average adult has around 5 credit cards, including store credit cards, but theres no golden rule for how many credit cards you should have - or how many credit cards is too many. 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. The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. The Mission Lane Cash Back Visa Credit Card is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Why We Like It:This card is inexpensive to own and rewarding to use. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. Make at least the minimum payment, and do so on time each month. Cardholders' accounts are reviewed for a potential credit line increase every three months. 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. A fair credit score is usually defined as any score in the range of 640-699. Banks are required to notify you if you were denied because of information in your credit report. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. Best Credit Cards for Fair Credit in February 2023. 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. . That's pretty good for a student card. Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. 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. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. Compare Capital One's options for every credit level to find the card that's right for you. First Progress Platinum Prestige Mastercard Secured Credit Card. 11 things you should know before getting your first credit card, How to choose a credit card for fair credit. You might be able to get a better card than you think. Making only the minimum payment keeps you in debt longer and could ultimately drag down your credit scores. Plus, Discover says there's no FICO history requirement for this card. Petal reports to all 3 major credit bureaus. and cards for fair credit tend to have high interest rates. . The average person with fair credit is 47 years old and has an annual income of $54,000 per year. , which is steep if you plan on carrying a balance. Graduating to good credit could take as little as one month, depending on your circumstances. Platinum Credit Card from Capital One . Credit . And on top of all that, it earns cash back, too. Some may have slightly lower standards, for example, starting the fair credit range as 620 and ending it at 659. It depends on personal preference as well as your credit standing and organizational skills. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. Paul Soucy Feb 27, 2023. Plus, people with fair credit should have high approval odds for the Capital One Platinum Card, since its a starter credit card available even to applicants with limited credit experience.
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