isn't going to wow anyone; there's no sign-up bonus and the APR is high. 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. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. Best for cash back: Capital One QuicksilverOne Cash Rewards Credit Card. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. if the card offers enough rewards and benefits to outstrip the cost of carrying it. 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. WalletHub makes it easy to find the best credit cards for fair credit. Your web browser (Internet Explorer) is out of date and no longer supported. All financial products, shopping products and services are presented without warranty. 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. . Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. 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. And if you already have a long-serving credit account, keep it open and active. Some Discover offers listed here are not currently available on WalletHub and may be out of date. Pay on time to boost your cash back to a total of 1.25% for that month, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card, Pick the monthly due date that works best for you, Pay for Amazon.com purchases using your Capital One rewards, Pay for online purchases with virtual card numbers and keep your actual card number to yourself, Get notified via text, email, and phone if Capital One notices potential suspicious transactions on your account, Build your credit with responsible card use. can be an ideal choice if you plan to carry a balance, want the convenience of equal monthly debt repayments and can pre-qualify for a favorable interest rate. But they may still offer rewards. You also get a free FICO score, low fees, and forgiveness for your first late payment. The terms "fair credit" and "average credit" are used more or less interchangeably within the credit cards industry to describe scores in the middle ground between good credit and bad credit. Using these cards responsibly helps you improve your credit score, so you can then look for cards with better perks. 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. What We Dont Like:This card does not offer rewards or a low interest rate. 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. 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. If you've already built good credit, you can probably score a card with higher rewards than this card offers. Fair 600-699. 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. These companies collect the information used to calculate your credit scores. 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. Foreign transaction fee: 1% of the transaction amount. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. WalletHubs editors compared hundreds of credit cards for people with fair credit scores, searching for the top offers in the most popular categories. 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. Access your account anytime, anywhere with our mobile app. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. APR for cash advances: 34.49% variable based on Prime Rate. If you don't like the offer, walk away with no harm done. 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. Cardholders' accounts are reviewed for a potential credit line increase every three months. 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. NerdWallet's Credit Cards team selects the best credit cards for fair or average credit based on overall value, as evidenced by star ratings, as well as suitability for specific kinds of consumers. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. Read our review. Great for large purchases with predictable payments you can budget for. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. It's free for everyone, Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. 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) That's because this entry-level card doesn't charge an annual fee or foreign transaction fees. . Make sure the card youre considering reports to at least one but ideally all three of these companies. 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. Terms apply; Instantly access 50% of your credit while your card ships to you. What to avoid with credit cards for fair credit. You want your scores to go up, not down. The card issuer reports details about your account to the major. Journey Student Rewards from Capital One gives you 1% cash back on all your purchases, plus 0.25% back when you make your monthly payment on time, for a total of 1.25% cash back. Many major issuers offer free access to your scores, available once you sign in to your account, along with other budgeting and education tools. Compare these deals from our partners to find one that fits your needs. That's important to keep in mind as you work to build a positive credit history, especially if you carry a balance. However, this does not influence our evaluations. Credit Score Requirements: Poor 500-599. There are good credit cards designed for people with fair credit, but you're unlikely to get approved for the. Mobile app to access your account anytime, anywhere. Youll be reviewed for regular credit line increases. Perhaps most importantly, though, this card will consider applicants with limited-to-fair credit history. Researcher. Discover it Student chrome: Best feature: Rewards for students. You can see and track your credit score for free through NerdWallet. Just answer a few questions and we'll narrow the search for you. Finally, if you want to make things really easy, just sign up for a free WalletHub account. , issued by WebBank, is an excellent option for those with less-than-perfect credit. Earn 1% cash back on all your purchases. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Earn 1.5% unlimited cash back on card purchases every time you make a payment. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. See what terms you'd qualify for without a hard credit inquiry. 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. Cardholders also are eligible for a credit limit increase in as little as 6 months. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. John Kiernan has covered the credit card industry for more than 10 years as a writer and editor for WalletHub. The Journey Student Rewards from Capital One gives newcomers to credit a powerful incentive to develop responsible habits. Theres a 0% foreign transaction fee, too. 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? Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. You increase your odds of approval when you apply for a card tailored for your score range. BEST CREDIT CARDS FOR FAIR OR AVERAGE CREDIT. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. 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. Theres no minimum spending or maximum rewards. 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. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months. Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. You might qualify for less or no cash back at all. This ensures that your on-time payments and other responsible credit habits will be recorded. Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. 5. But you can achieve that effect with a collection of cards that each excel in a particular area. 2. 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. Discover will automatically match all the cash back youve earned at the end of your first year! Doing so also avoids costly late fees. Paying in full every month also helps keep utilization in check. 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. Try not to carry a balance: Interest rates on credit cards for average credit tend to be on the high side. Do any issuers have a particularly good/bad reputation for offering decent fair-credit credit cards. Virgin Atlantic Flying Club: Get a . At that point, youll probably have a good sense of why you were rejected. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. No annual or hidden fees. When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. 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. . Length of credit history. NerdWallet's ratings are determined by our editorial team. Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. It also earns 1.5% cash back on all purchases. In fact, only 40 credit-score points separates the two tiers (fair credit means a credit score of 620 to 659, while good credit is 660 to 719). At that point, youll probably have a good sense of why you were rejected. And the card doesn't charge foreign transaction fees. 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. Alternatives to Consider:There are several really good credit cards for students available right now. This information may be different than what you see when you visit a financial institution, service provider or specific products site. What We Dont Like:There is a $39 annual fee, and paying the cards bill in full every month is essential, given its high APR. Alternatives to Consider:The Capital One Platinum Credit Card and the Petal 2 Visa Credit Card are both great options to consider. This may influence which products we write about and where and how the product appears on a page. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. $0 intro with auto pay, then $39 after first year. 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. You may be hit with an annual fee, a lower credit limit or higher interest rates, but some . Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. When you pay in full, you don't get charged interest and cards for fair credit tend to have high interest rates. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Actual terms may vary. Numerous credit card applications in a short period of time can hurt your credit score, and having too many credit cards can lead to overspending, expensive interest charges, missed payments and credit score damage. Well give you a personalized card recommendation based on your latest credit score and financial priorities. (If you go through with applying, then there's a hard check.) Therefore, you typically dont have to worry about a hard pull on your credit report. Capital One QuicksilverOne Cash Rewards Credit Card. The easiest credit cards to get approved for with no credit or bad credit are secured credit cards. You can be automatically considered for a higher credit limit in as little as six months. According toWalletHubs credit card experts, the best credit cards for fair credit usually have $0 annual fees and give at least 1% back in rewards. What is the average credit score in the U.S.? . Let Bankrate, a leader . As a result, the card offers a potentially generous credit limit that ranges between $300 and $5,000, depending on eligibility. Can I get a credit card if my credit is fair? The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. Build credit alongside hundreds of thousands of Petal card members. It's possible to find some credit cards that offer decent ongoing rewards on common purchases instead of only with select merchants. And while fair credit wont get you the very best unsecured cards, it should qualify you for an account with no annual fee, solid rewards or maybe even both. And after paying on time for 12 straight months, the rewards rate increases to 1.5% back across the board. The prequalification process allows you to check your offer without any effect on your credit score. The annual fee is $0. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. Some rewards-earning options are listed above. Reviews show typical fair-credit applicants for the cards below start with a limit between $300 and $750, but see an increase after regular payments. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. And if you're approved, you can begin using your credit line immediately no need to wait for the physical card. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. 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. . Before applying for a credit card, its important to know your credit score. The underlying data is compiled from credit card company websites or provided directly by the credit card issuers. OpenSky Secured Visa Credit Card. -annual-fee option with an incentive for responsible behavior. doesnt only rely on credit scores to determine eligibility. 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. is a worthy contender for your wallet as you continue building credit. Rejection stings, but you can learn from it. And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. And the card doesn't charge foreign transaction fees. As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. Many or all of the products featured here are from our partners who compensate us. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). Read our review. No Credit Check. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. 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 $0-annual-fee option with an incentive for responsible behavior. WalletHub actively maintains a database of 1,500+ credit card offers, from which we select the best credit cards for fair credit for different applicants as well as derive market-wide takeaways and trends. The lower your utilization, the better; 30% or below is a good benchmark. If your credit is at least fair, you can find cards that charge no annual fee at all. For rewards cards, that means applying each cards earnings rates to your actual spending habits in order to determine how much youre likely to earn over your expected usage timeframe. Upgrade Credit Card is probably your best option overall because of its high cash back rate and no fees. (If you go through with applying, then there's a hard check.) And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. offers those with average credit a chance to both earn rewards and, potentially, gain access to a higher credit line. Many fees are avoidable, especially if you use the card responsibly. You can also borrow against your credit limit, much like a personal loan. Wallethub doesnt charge for this service. You can check out WalletHub to get custom credit improvement advice to help you along the way. The Petal 2 Visa Credit Card is one of the best credit cards for people with fair credit, or even limited credit. Navy Federal Credit Union Platinum Credit Card *. Our pick for: Rewards for college students. Low or no fees: An annual fee can make sense if the card offers enough rewards and benefits to outstrip the cost of carrying it. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' With that being said, its not just your credit score you should worry about. If youre a few days late, youll likely owe a late fee. Cards For Fair Credit With Instant Approval and No Annual Fee. Make at least the minimum payment, and do so on time each month. 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. shines with its no-maintenance rewards structure and student-friendly bonus categories. You can see and track your credit score for free through NerdWallet. If you feel you have a case, you can contact the issuer and. Compare Capital One's options for every credit level to find the card that's right for you. Even though its promotional interest rate is . If you're crypto-crazy, or just crypto-curious, the $0-annual-fee Upgrade Bitcoin Rewards Visa Credit Card might appeal to you. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. Furthermore, fair credit is far from a life sentence. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. , the first thing to do is determine why. One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. Store credit cards can offer deferred interest to people with fair credit. 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. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. No problem. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. MORE: Credit cards 101: Understanding the basics. Whether you want to pay less interest or earn more rewards, the right card's out there. 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. 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. Capital One Platinum Credit Card at Capital One's secure website FAIR CREDIT RATING 4.7 OVERALL RATING 4.0/5.0 No annual or hidden fees. 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. 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. 0.99% intro APR on balance transfers for 12 months, followed by a regular APR of 10.24% - 18.00% variable on both purchases and . 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. The Best Credit Cards for Average or Fair Credit of March 2023. Business Insider 8h ago. 1. And on top of all that, it earns cash back, too. 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. The top features: Earn 1% . Our partners cannot pay us to guarantee favorable reviews of their products or services. No touch payments with contactless technology built in. What one issuer might see as a score on the low end of the fair credit range, another might consider bad credit. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. Interest rates on credit cards for average credit tend to be on the high side. Terms and conditions apply. 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. Earn a credit limit increase in as little as 6 months. The Upgrade Cash Rewards Visa earns rewards on par with cards for good or excellent credit. 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. , making it a good option for someone with average credit. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. 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. If you do make a late payment, the card doesn't impose a penalty APR. Promotion runs from March 1, 2023 to March 31, 2023. Generally speaking, a FICO score that's considered "fair" will fall between . The overall goal in comparing credit card offers for fair credit is to find the card that will maximize your savings, and WalletHub's selections were made with that in mind. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. 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. Plus, Discover says there's no FICO history requirement for this card. 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. Please let us know if you notice any differences. You can check out the panels bios and responses below. When evaluating offers, please review the financial institutions Terms and Conditions. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). The ongoing APR is 29.74% Variable APR, which is steep if you plan on carrying a balance. Credit cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. The second-largest factor in your scores. This content is not provided or commissioned by any issuer. MORE: 11 things you should know before getting your first credit card. and cards for fair credit tend to have high interest rates. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. Best Low Interest Credit Cards for Fair Credit. 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 FULL LIST OF EDITORIAL PICKS: It earns 1.5% back in the form of Bitcoin when you pay your bill. There are lots of really good credit card for fair credit offers on the market right now. Fair credit wont qualify you for too many of the 0% APR deals offered by a lot of credit cards these days. 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. 1. If youre more than 30 days late, it can start to affect your credit scores. is a great option for people who aren't sure whether their credit is good enough to qualify for a rewards card.