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Graduating to good credit could take as little as one month, depending on your circumstances. And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. Earn a credit limit increase in as little as 6 months. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. The Capital One Platinum Credit Card is the perfect financial tool for your wallet because it provides low-cost access to credit, with the ability to improve your credit score with responsible behavior. If youre rejected for a credit card, the first thing to do is determine why. That's not an issue if you pay in full every month, but look elsewhere if you expect to carry debt from month to month. 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) ? The Discover it Student chrome shines with its no-maintenance rewards structure and student-friendly bonus categories. has a prequalification process that lets you see the offer you're eligible for without a "hard" credit check that can ding your scores. Each card was scored using WalletHubs proprietary 100-point credit card rating system, and you can check out the top options in a handful of popular categories below (some cards are from WalletHub partners). The Capital One QuicksilverOne Cash Rewards Credit Card offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. Prosper also doesn't have other cards to upgrade to once your credit improves, so you either have to keep paying the fee or close the card. All financial products, shopping products and services are presented without warranty. It also has a $35 annual fee. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. keeps you in debt longer and could ultimately drag down your credit scores. The annual fee is $0. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. 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. Let Bankrate, a leader . Still not sure which credit card is best for building credit? Petal 1 Visa 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. That's not an issue if you pay in full every month, but look elsewhere if you expect to carry debt from month to month. You can check out WalletHub to get custom credit improvement advice to help you along the way. Answer provided by user: Milvionne Chery Copeland, JD, LL.M., MBA, Director of Accountancy, Assistant Chair of Accountancy and Law and Assistant Professor of Accountancy and Law, School of Business, Eastern Illinois University, Ph.D., Assistant Professor of Finance, College of Business, University of Colorado Colorado Springs, CFP(R), ChFC(R), AIF(R), Lecturer, David Nazarian College of Business and Economics, California State University, Northridge, Assistant Professor of Finance, University of Alabama in Huntsville, Distinguished Professor of Finance, Goldyne and Irwin Hearsh Chair in Money and Banking, University of California, Los Angeles Anderson School of Management, Ph.D., Assistant Professor of Economics, Department of Finance and Economics, Wall College of Business Administration, Coastal Carolina University, Our picks for the best credit cards for fair credit in 2023, Tips for finding the best credit cards for fair credit, How we picked the best credit cards for fair credit, First Progress Platinum Elite Mastercard Secured Credit Card, check your latest credit score for free on WalletHub, checking your latest credit score for free on WalletHub, Credit Cards for Fair Credit with Instant Approval, High Limit Credit Cards for Average Credit, Credit Cards for Fair Credit with No Deposit, Do Not Sell or Share My Personal Information, Qualify with limited or no credit history, Available to people with bad credit, even after bankruptcy, Available to people with limited or fair credit. 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. Perhaps most importantly, though, this card will consider applicants with limited-to-fair credit history. Learn how NerdWallet rates credit cards. Here is a list of our partners. Rejection stings, but you can learn from it. 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. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. Each card was scored using WalletHubs proprietary 100-point credit card rating system, and you can check out the top options in a handful of popular categories below (some cards are from WalletHub partners). What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. Zero fraud liability (which offers protection against unauthorized purchases). Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Credit . Capital One . These cards lack the splashy rewards of credit cards for good or excellent credit, but they're a good option for those working to establish or rebuild their 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. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. 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 would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). The card also lets you see what terms you'd qualify for before officially applying. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. What's the minimum credit score needed for Discover cards? You can be automatically considered for a higher credit limit in as little as six months. 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. Capital One Platinum Credit Card. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). . And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. You want your scores to go up, not down. 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. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. If possible, pay off your balance in full each month. Issued by Coastal Community Bank, Member FDIC pursuant to a license by Mastercard International. These cards can help you if you're just starting out with credit. 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. 2. The key difference is that this version charges an annual fee while the regular one does not. 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. What is the average credit score in the U.S.? It earns 1.5% back in the form of Bitcoin when you pay your bill. What to avoid with credit cards for fair credit. The. Build credit alongside hundreds of thousands of Petal card members. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. You might not qualify for 1.5% cash back. At that point, youll probably have a good sense of why you were rejected. The key difference is that this version charges an annual fee while the regular one does not. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. Terms apply.) Who Should Get It:Apply for Capital One QuicksilverOne if you plan to spend about $2,600 per year, as thats where the cards rewards value can overcome the fixed cost. OpenSky Secured Visa Credit Card. Review that notice, then review your credit report to make sure there are no inaccuracies, and then do the same for the card application you submitted. It typically means your credit scores fall in the range of 630-689 on a scale that runs from 300 to 850. Credit scores indicate your level of risk to potential lenders and are based on several factors, including your payment history, the amount of available credit that youre using, how long youve had credit, and more. , which compile the credit reports that form the basis of your credit scores. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. This card earns rewards in the form of Bitcoin when you pay your bill (although you are subject to holding requirements and transaction fees when you sell your crypto). The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. is a cross between a credit card and a personal loan, and it can offer the best of both worlds: flexibility, but with predictable terms from month to month. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. Capital One QuicksilverOne Cash Rewards Credit Card. 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. At that point, youll probably have a good sense of why you were rejected. 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. Terms apply; 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. Compare Capital One's options for every credit level to find the card that's right for you. 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. (If you go through with applying, then there's a hard check.) Many or all of the products featured here are from our partners who compensate us. You also get a free FICO score, low fees, and forgiveness for your first late payment. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. Pay with your phone or device by using Apple Pay or Google Pay. Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. 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 Discover it Student Chrome The Discover it Student Chrome is one of the best credit card options available for fair credit students. If youre a few days late, youll likely owe a late fee. The second-largest factor in your scores. You can opt-out of sharing your personal info here. 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. 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. Carrying a balance from month to month wont be cheap, either. The top features: Earn 1% . And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. If you've already built good credit, you can probably score a card with higher rewards than this card offers. Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. Access your account anytime, anywhere with our mobile app. There is a fine line between fair credit and good credit. Pretty much all credit cards for fair credit are unsecured, though. And the card doesn't charge foreign transaction fees. But there are unsecured cards for every credit level, including bad credit. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. 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. 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. And on top of all that, it earns cash back, too. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. 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. 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. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. See if you qualify in minutes without hurting your credit score. 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. Once youve zeroed in on a credit card for fair or average credit, make sure you understand any fees it might charge: annual fees, balance transfer fees, foreign transaction fees, late-payment fees, etc. You increase your odds of approval when you apply for a card tailored for your score range. Credit One Bank Platinum Visa for Rebuilding Credit, Capital One Quicksilver Secured Cash Rewards Credit Card, Bank of America Travel Rewards Credit Card for Students. As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Alternatives to Consider:The Petal 2 Visa Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are worth comparing. Store credit cards can offer deferred interest to people with fair credit. 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. annual fee. Terms apply, Monitor your credit score with CreditWise from Capital One. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. No single credit card offers the best rewards in every purchase category, plus the lowest rates and fees. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. No touch payments with contactless technology built in. New Credit Users. This content is not provided or commissioned by any issuer. In addition, it is not the financial institutions responsibility to ensure all posts and questions are answered.show more show less. Therefore, you typically dont have to worry about a hard pull on your credit report. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. If your credit is at least fair, you can find cards that charge no annual fee at all. 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. When you have fair credit, is it better to get a credit card with an annual fee or one that requires a refundable security deposit? This reporting affects key elements of your scores: Payment history. The average person with fair credit is 47 years old and has an annual income of $54,000 per year. Lets take a look at Discovers offers and what score you need to get approved. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). But you can achieve that effect with a collection of cards that each excel in a particular area. The second-largest factor in your scores, credit utilization is the amount you owe as a percentage of your available credit. N/A. 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. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. Best Unsecured Credit Cards of March 2023. 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. 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. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. 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.