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. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. What are the best unsecured credit cards for fair credit? Even small business owners with limited credit history can get Capital One Spark Classic, so applicants with fair/average credit should have solid approval odds. Furthermore, fair credit is far from a life sentence. earns rewards on par with cards for good or excellent credit. No interest on purchases when you pay in full and on time each month. Best High-Limit Credit Cards for March 2023 - CNET Store credit cards can offer deferred interest to people with fair credit. If youre a few days late, youll likely owe a late fee. 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. Best Credit Cards for Fair Credit in 2023 - MoneyGeek.com Mobile app to access your account anytime, anywhere. Best Credit Cards for Fair/Average Credit March 2023 - Credit Karma If you're looking to beef up your credit, it's a decent place to start. is a worthy contender for your wallet as you continue building credit. It also earns 1.5% cash back on all purchases. See what terms you'd qualify for without a hard credit inquiry. Avianca LifeMiles: Receive 20% more miles when you transfer your Citi ThankYou Points to Avianca LifeMiles. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. Free credit score: As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. 6 Best Credit Cards for Fair Credit (March 2023) - WalletHub Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. 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. 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). 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. The best credit cards for fair credit are ones that you may qualify for with a FICO score of 580 to 689. The Petal 2 Card also offers 1 - 1.5% cash back. 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. . But you can achieve that effect with a collection of cards that each excel in a particular area. 11 Unsecured Credit Cards For Fair Credit (2023) - CardRates.com 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. You can see and track your credit score for free through NerdWallet. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. Read our review. You can also borrow against your credit limit, much like a personal loan. These cards have annual fees as low as $0 and report monthly to the 3 major credit bureaus. With the, , youll have the potential to gain access to a higher credit line. 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. If you don't like the offer, walk away with no harm done. MORE: Credit cards 101: Understanding the basics. Best Balance Transfer Card For Fair Credit - CNBC Or you can plan to request a product change from your issuer on your own eventually. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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 Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. Bankrate's experts compare hundreds of top credit cards and credit card offers to select the best in cash back, rewards, travel, business, 0% APR, balance transfer and more. You can also redeem rewards as a statement credit. Debit cards allow you to spend money by drawing on funds you have deposited at the bank. , including your payment history, the amount of available credit that youre using, how long youve had credit, and more. This content is not provided or commissioned by any issuer. 5. Compare Capital One's options for every credit level to find the card that's right for you. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Earn a credit limit increase in as little as 6 months. 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. The Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. This card for people with fair or "average" credit pays the same cash-back rate as the regular Quicksilver card, which targets people with excellent credit. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. 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. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another. Carrying a balance from month to month wont be cheap, either. Quick Summary. Best Low Interest Credit Cards for Fair 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. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. Plus, the ongoing APR is on the high end at 29.74% Variable APR. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. You also get a free FICO score, low fees, and forgiveness for your first late payment. Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. Compare All Credit Cards Explore Capital One credit card benefits 1 Account Management (6) Protection (6) Apps & Digital Services (3) Travel & Retail (5) Account Alerts 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. 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. The card earns a decent rate of up to 10% cash back when you use the card to shop with select merchants. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Youll be reviewed for regular credit line increases. (If you go through with applying, then there's a hard check.) At that point, youll probably have a good sense of why you were rejected. if the card offers enough rewards and benefits to outstrip the cost of carrying it. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. 7 Best Credit Cards for a 600 Credit Score (With Approval Odds) - AllCards.com We value your privacy We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. Youll also have the opportunity to earn some attractive initial bonuses. 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. 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. So whereas someone with excellent credit might receive a credit . 'Review' : 'Reviews'}}, . Navy Federal Credit Union Platinum Credit Card *. Best travel credit cards for people with bad or fair credit You can be automatically considered for a higher credit limit in as little as six months. Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. . Petal reports to all 3 major credit bureaus. The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. Best Balance Transfer Cards For Fair Credit Of March 2023 Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. Capital One QuicksilverOne Cash Rewards Credit Card, Petal 1 "No Annual Fee" Visa Credit Card, Best for Cash back earned with select merchants, on Discover's website, or call 800-347-0264, Best for College students and young adults, Best for Prequalification + up to 1.5% cash back, Best for Help for 'less than perfect credit', Upgrade Bitcoin Rewards Visa Credit Card. 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. Combine the flexibility of a credit card with the predictability of a personal loan. This card offers at least 1% cash back on all eligible purchases, up to 1.25% back after 6 months of on-time payments, and 1.5% cash back after 12 consecutive months of paying on time. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Cardholders also are eligible for a credit limit increase in as little as 6 months. There's also Discover's signature bonus for new cardholders. 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. Check out our expert picks for fair credit credit cards here! 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. 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. You might not qualify for 1.5% cash back. Best Credit Cards of March 2023; Best Gas Credit Cards; Best Travel Credit Cards; Best Balance Transfer Credit Cards; Best 0% APR Credit Cards; Best Cash Back Credit Cards; You can be automatically considered for a higher credit limit in as little as six months. . 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. Read our review. Our pick for: Crypto rewards + flexibility. 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. No Credit Check. At that point, youll probably have a good sense of why you were rejected. 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. 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. The average person with fair credit is 47 years old and has an annual income of $54,000 per year. Discover it Student Cash Back: Best feature: Student rewards. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. The annual fee is $0. Six months is a good rule of thumb. 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 Comparing credit cards for fair credit can be tough. . Best Gas Credit Cards of March 2023 - Forbes Advisor The card also lets you see what terms you'd qualify for before officially applying. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). You can also borrow against your credit limit, much like a personal loan. There are no rewards. Foreign transaction fee: 1% of the transaction amount. 10 Best Credit Cards for Fair Credit - Due Best Credit Cards For Fair Credit Of March 2023 - Forbes Advisor Some even give rewards of 1% or more. If you don't like the offer, walk away with no harm done. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). The annual fee is. keeps you in debt longer and could ultimately drag down your credit scores. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details Build credit alongside hundreds of thousands of Petal card members. If you do make a late payment, the card doesn't impose a penalty APR. 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. Best Credit Cards for Fair Credit in February 2023. Theres a 0% foreign transaction fee, too. There are some notable restrictions on the Bitcoin rewards you earn, including holding requirements and transaction fees when you sell. The key difference is that this version charges an annual fee while the regular one does not. You may also qualify for better terms with a traditional personal loan, depending on your financial situation. No annual fee and build your credit with responsible use. Factors in our evaluation include annual and other fees, interest rates, whether a card offers upgrade options, the availability of free credit scores and other credit education and tools, reporting to credit bureaus, and other noteworthy features such as a rewards program. 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. 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. Credit Cards for Fair Credit: Ultimate Guide | Credit.com 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. You don't have to be a student to apply for the. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. 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. 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. What We Dont Like:This card does not offer rewards or a low interest rate. Credit Score Requirements: Poor 500-599. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. Our opinions are our own. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. Or you can plan to request a. from your issuer on your own eventually. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. Cardholders' accounts are reviewed for a potential credit line increase every three months. Can I get a credit card if my credit is fair? By clicking "Accept All", you consent to our use of cookies. 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. Earn 1.5% unlimited cash back on card purchases every time you make a payment. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. Although the name is a mouthful, this card is an excellent option for people with fair credit. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). You want your scores to go up, not down. ALSO CONSIDER: Best credit cards of 2023 || Best unsecured cards for short credit histories || Best starter cards for no credit || Best rewards credit cards. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. The average FICO credit score in the United States in 2022 was 716, according to the company that manages the FICO scoring model. 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. Plus, earn unlimited 1% cash back on all other purchases automatically. INTRO OFFER: Unlimited Cashback Match only from Discover. It earns 1.5% back in the form of Bitcoin when you pay your bill. With responsible use, you can be considered for a higher credit line in as little as six months. 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 earns 1.5% back in the form of Bitcoin when you pay your bill. 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. Zero fraud liability (which offers protection against unauthorized purchases). Using multiple credit cards for the wrong reasons, however, can get you into big trouble. Best Credit Cards for Fair and Average Credit for March 2023 The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. Paying in full every month also helps keep utilization in check. Get started with your free credit score. What one issuer might see as a score on the low end of the fair credit range, another might consider bad credit.