There is a fine line between fair credit and good credit. - Business Insider (United States) . Best for entry-level fair credit Mission Lane Visa Credit Card Apply now On Mission Lane's secure site Add to compare 3.4 Bankrate review Rewards Rate N/A Intro offer N/A Annual fee $0 -. Read our review. -annual-fee option with an incentive for responsible behavior. WalletHub makes it easy to find the easiest credit cards to get. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. The average FICO credit score in the United States in 2022 was 716, according to the company that manages the FICO scoring model. With that in mind, we asked a panel of experts for insights into the best way to navigate fair credit now and escape it later. If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. And there's no annual fee, late fees or foreign transaction fees. Therefore, you typically dont have to worry about a hard pull on your credit report. 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. 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. There's also Discover's signature bonus for new cardholders. We encourage everyone to share their knowledge while respecting our content guidelines. Read review. Rejection stings, but you can learn from it. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. shines with its no-maintenance rewards structure and student-friendly bonus categories. Even though its promotional interest rate is . Credit utilization. Fair credit wont qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. You can also borrow against your credit limit, much like a personal loan. See what terms you'd qualify for without a hard credit inquiry. 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. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. The issuer automatically reviews your account for potential credit line increases. A fair credit score is usually defined as any score in the range of 640-699. Furthermore, fair credit is far from a life sentence. Here is a list of our partners. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. , issued by WebBank, is an excellent option for those with less-than-perfect credit. The lower your utilization, the better; is a good benchmark. This content is not provided or commissioned by any issuer. 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. You can also redeem rewards as a statement credit. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. 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. Youll also have the opportunity to earn some attractive initial bonuses. So whereas someone with excellent credit might receive a credit . As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. If you're looking to beef up your credit, it's a decent place to start. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. 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. So you could turn $50 cash back into $100. That is the low end of a range from 17.49% to 31.49% (V), however, so it might be optimistic to assume youll get a rate that low. Terms apply.) Still not sure which credit card is best for building credit? The. Theres also no annual fee and no foreign transaction fee. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. You can choose your own due date, which lets you schedule payment for the time of the month that best suits your cash flow. 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. The Capital One Platinum Credit Card doesn't offer rewards, as several other cards in the fair-credit category do, but for those looking to strengthen their credit, it's a simple, solid $0-annual-fee option with an incentive for responsible behavior. 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. 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. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Foreign transaction fee: 1% of the transaction amount. 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 you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. Why this is one of the best credit cards for fair credit: When you pay this card on time, you can boost your cash back earnings. 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. 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. What to avoid with credit cards for fair credit. 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. These cards can help you if you're just starting out with credit. Best Credit Cards for Fair Credit in February 2023. Platinum Credit Card from Capital One You want your scores to go up, not down. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. The 1.5% rewards rate is on par with that offered by many cards for good or excellent credit. Recent credit applications. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. The issuer's prequalification process lets you see the offer you're eligible for which could be up to 1.5% cash back before you actually apply. The card issuer reports details about your account to the major. Our pick for: Rewards for college students. You can opt-out of sharing your personal info here. 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. You can see and track your credit score for free through NerdWallet. Both of those numbers are actually a bit higher than the 630-689 range typically used to define "average" credit. That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. No annual fee and build your credit with responsible use. Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offers details page using the designation "Sponsored", where applicable. 1. Youll be reviewed for regular credit line increases. 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. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. , which compile the credit reports that form the basis of your credit scores. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. The Capital One QuicksilverOne Cash Rewards Credit Card is one of the best credit cards for people with fair credit who plan to charge a fair amount to their new card. through NerdWallet.) Although there's no foreign transaction fee, Discover isnt as widely accepted abroad as other cards. At that point, youll probably have a good sense of why you were rejected. . This reporting affects key elements of your scores: Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. But you can achieve that effect with a collection of cards that each excel in a particular area. The OpenSky Secured Visa Credit Card is another great option for people with little to no credit history. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. It's important to note that definitions of credit score ranges can differ from one card issuer to the next. 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. So how do we make money? Apply for credit card with fair credit score. Capital One QuicksilverOne Cash Rewards Credit Card. With the, , youll have the potential to gain access to a higher credit line. If you don't like the offer, walk away with no harm done. This ensures that your on-time payments and other responsible credit habits will be recorded. 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. With responsible use, you can be considered for a higher credit line in as little as six months. 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. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details Some Discover offers listed here are not currently available on WalletHub and may be out of date. 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. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. When evaluating offers, please review the financial institutions Terms and Conditions. But there's still value to be had from fair-credit credit cards, and you dont have to stay in this particular creditworthiness tier for long. 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. But they may still offer rewards. What are some low interest credit cards for fair credit? The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. INTRO OFFER: Unlimited Cashback Match only from Discover. APR for cash advances: 34.49% variable based on Prime Rate. 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. Earn 1% cash back on all your purchases. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. 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. 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 . Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases. The following offers didnt quite make the cut for our editors best-card selections, but they can still save cardholders a lot of money.