best credit card for fair credit

is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card. Bear in mind that not all lenders define fair credit the same way. What one issuer might see as a score on the low end of the fair credit range, another might consider bad credit. You can also borrow against your credit limit, much like a personal loan. Wallethub doesnt charge for this service. 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. Doing so also avoids costly late fees. Capital One Platinum Credit Card FAIR CREDIT RATING 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. Low or no fees: An annual fee can make sense 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? 'Review' : 'Reviews'}}, . You can opt-out of sharing your personal info here. Best Overall Unsecured Card For Fair Credit The Capital One Platinum Credit Card has everything that someone with average credit could want in a card. 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. Theres also no annual fee and no foreign transaction fee. If you feel you have a case, you can contact the issuer and ask for reconsideration. 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). NerdWallet's ratings are determined by our editorial team. No annual fee and build your credit with responsible use. If you don't like the offer, walk away with no harm done. By clicking "Accept All", you consent to our use of cookies. Capital One Platinum Credit Card. See if you qualify in minutes without hurting your credit score. 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. (If you go through with applying, then there's a hard check.) Zero fraud liability (which offers protection against unauthorized purchases). Quick Summary. Roughly 13.5% of people have fair credit, according to WalletHub data. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. Discover will automatically match all the cash back youve earned at the end of your first year! You can check out the panels bios and responses below. isn't going to wow anyone; there's no sign-up bonus and the APR is high. That will help cardholders build positive credit history, as long as they manage the account responsibly. These cards can help you if you're just starting out with credit. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. And if you already have a long-serving credit account, keep it open and active. If you've already built good credit, you can probably score a card with higher rewards than this card offers. What to avoid with 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. Apply for credit card with fair credit score. Why We Like It:There is no credit check when you apply, so a rocky credit history wont prevent you from getting approved. This ensures that your on-time payments and other responsible credit habits will be recorded. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. If you plan to travel internationally, make sure you have a backup plan. If you're crypto-crazy, or just crypto-curious, the. Before submitting an application, always verify all terms and conditions with the offering institution. Capital One QuicksilverOne Cash Rewards Credit Card: Best for flat-rate rewards The Capital One QuicksilverOne card gives people with fair credit the chance to earn 5 percent cash back. The OpenSky Secured Visa Credit Card is one of the easiest credit cards to get with fair credit. , the first thing to do is determine why. Cardholders' accounts are reviewed for a potential credit line increase every three months. You might be able to get a better card than you think. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards 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. When comparing credit cards for fair credit, look for some or all of these features: Reports to the major credit bureaus: Experian, Equifax and TransUnion are the three major bureaus that compile the credit reports that inform your credit scores. Plus, earn unlimited 1% cash back on all other purchases automatically. We believe everyone should be able to make financial decisions with confidence. The Petal 2 Card also offers 1 - 1.5% cash back. OpenSky Secured Visa Credit Card. So how do we make money? Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. a standout for students searching for their first credit card. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. Both can make it easy and convenient to make purchases in stores or online, with one key difference. And the card doesn't charge foreign transaction fees. Our pick for: Crypto rewards + flexibility. The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. Instantly access 50% of your credit while your card ships to you. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. See if you're approved in seconds, Help build your credit through responsible use of a card like this, Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One's mobile app, Pay by check, online or at a local branch, all with no fee - and pick the monthly due date that works best 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. Credit cards for fair credit are credit cards for people with credit scores from 640 to 699 who are building credit from scratch or rebuilding their credit after mistakes. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. You may qualify for better terms with a traditional personal loan, depending on your financial situation. , which compile the credit reports that form the basis of your credit scores. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. 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 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 The annual fee is $0. But youve got the knowledgeable WalletHub community on your side. This information may be different than what you see when you visit a financial institution, service provider or specific products site. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. Doing so also avoids costly late fees. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. Youll also usually keep the same account, often with the same card number, so theres no loss of credit history length. Terms apply; Let Bankrate, a leader . 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. You might not qualify for 1.5% cash back. - Business Insider - Fact Check and Transparency Report (United States) . 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. Many or all of the products featured here are from our partners who compensate us. Its free, activate with the mobile app. If you don't like the offer, walk away with no harm done. 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. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. Lets take a look at Discovers offers and what score you need to get approved. On top of that, the cards annual fee is $0. Cards For Fair Credit With Instant Approval and No Annual Fee. So whereas someone with excellent credit might receive a credit . 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. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. Does each credit card company define "fair" credit the same way? 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. You can also redeem rewards as a statement credit. That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. Virgin Atlantic Flying Club: Get a . . 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. See what terms you'd qualify for without a hard credit inquiry. The lower your utilization, the better; 30% or below is a good benchmark. 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. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. Click through to Discovers website to see terms and conditions. Your web browser (Internet Explorer) is out of date and no longer supported. What are some low interest credit cards for fair credit? 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. What are the easiest credit cards to get approved for? Who Should Get It:Apply for the Petal 2 Visa Card if you have limited to fair credit, plan to pay the bill on time and in full every month, and expect to keep the account open for more than a year. The card issuer reports details about your account to the major. Capital One QuicksilverOne Cash Rewards Credit Card. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. 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. 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. These cards can help you if you're just starting out with credit or are working to get back on track. There's also Discover's signature bonus for new cardholders. If eligible, we'll create your Cash Score instead. 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. And the card doesn't charge foreign transaction fees. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. Terms apply.) 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. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. Alternatives to Consider:The Capital One Platinum Credit Card, the Capital One QuicksilverOne Cash Rewards Credit Card and the Upgrade Cash Rewards Visa are all great options. No problem. Credit Score Requirements: Poor 500-599. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. 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. 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. APR for cash advances: 34.49% variable based on Prime Rate. When evaluating offers, please review the financial institutions Terms and Conditions. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. , issued by WebBank, is an excellent option for those with less-than-perfect credit. 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. Our pick for: Cash back with select merchants, Our pick for: Prequalification + up to 1.5% cash back, Our pick for: Help for 'less than perfect credit', Our pick for: College students and young adults. 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. - Business Insider (United States) . Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. Interest rates on credit cards for average credit tend to be on the high side. The only way to know exactly what you'll get is to go through prequalification. Read our review. The following offers didnt quite make the cut for our editors best-card selections, but they can still save cardholders a lot of money. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. Just answer a few questions and we'll narrow the search for you. Paying in full every month also helps keep utilization in check. 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. Pre-qualified offers are not binding. . Banks are required to notify you if you were denied because of information in your credit report. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. doesnt only rely on credit scores to determine eligibility. You can get the Discover it Secured Credit Card with a bad credit score (below 640). And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Petal reports to all 3 major credit bureaus. Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. 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. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. Cardholders' accounts are reviewed for a potential credit line increase every three months. Payment history is the single biggest factor in your credit score, so it's essential to pay your bill on time every month. Earn 1% cash back on all your purchases. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. What's the difference between fair and average 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). 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. 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. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) That's pretty good for a student card. Credit . . INTRO OFFER: Unlimited Cashback Match only from Discover. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. Plus, Discover says there's no FICO history requirement for this card. 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. Researcher. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. 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 -. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. Best Credit Cards for Fair Credit in February 2023. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). Capital One QuicksilverOne Cash Rewards Credit Card (5) Apply Now on Capital One's secure site Rewards Rate 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)