Can I get a credit card if my credit is fair? Here is a list of our partners and here's how we make money. Our opinions are our own. - Business Insider - Fact Check and Transparency Report (United States) . 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. . The OpenSky Secured Visa Credit Card is another great option for people with little to no credit history. Read our review. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection. 10 Best Credit Cards for Fair Credit - Due 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. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). 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). The $0-annual-fee Upgrade Cash Rewards Visa 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. 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. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. 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're looking to beef up your credit, it's a decent place to start. Annual Percentage Rate (APR) for purchases: 23.49% - 34.49% variable based on Prime Rate. 1. No credit score? 7. , which compile the credit reports that form the basis of your credit scores. 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. And if you already have a long-serving credit account. Earn a credit limit increase in as little as 6 months. Its lighter on the fees than some unsecured credit cards for less-than-perfect credit and it offers rewards. Who Should Get It:Consider applying for the Capital One SavorOne Student Cash Rewards Credit Card if youre a college student with limited to fair credit whose spending habits match up well with the cards rewards. and cards for fair credit tend to have high interest rates. 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. 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. 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. Best Credit Cards for Fair Credit of 2022 - Experian This content is not provided or commissioned by any issuer. But youve got the knowledgeable WalletHub community on your side. The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. Platinum Credit Card from Capital One You may also qualify for better terms with a traditional personal loan, depending on your financial situation. Credit scoring formulas tend to reward people who show that they can handle different kinds of credit. When you pay in full, you don't get. or are working to get back on track. 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. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. gives newcomers to credit a powerful incentive to develop responsible habits. Why We Like It:This card is inexpensive to own and rewarding to use. Petal reports to all 3 major credit bureaus. Pretty much all credit cards for fair credit are unsecured, though. If you don't like the offer, walk away with no harm done. Best Low Interest Credit Cards for Fair Credit. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Using multiple credit cards for the wrong reasons, however, can get you into big trouble. Best Credit Cards - NerdWallet These cards can help you if you're just starting out with credit or are working to get back on track. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. 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'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. Navy Federal Credit Union Platinum Credit Card *. There are some notable restrictions on the Bitcoin rewards you earn, including holding requirements and transaction fees when you sell. Terms apply.) Best credit cards for credit score 600-649 (fair credit) - Money Under 30 It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. What are some low interest credit cards for fair credit? When evaluating offers, please review the financial institutions Terms and Conditions. The Capital One Platinum Credit Card is the best credit card for fair credit, because, along with its lower credit requirements, it offers a $0 annual fee, access to Capital One benefits and the potential for credit line increases. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. 10 Best Credit Cards for Fair Credit with High Limits At that point, youll probably have a good sense of why you were rejected. Low or no fees: An annual fee can make sense if the card offers enough rewards and benefits to outstrip the cost of carrying it. We're sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? '' You can get the Discover it Secured Credit Card with a bad credit score (below 640). The fee is $0 intro with auto pay, then $39 after first year. There's also Discover's signature bonus for new cardholders. Annual fee of $0. doesnt only rely on credit scores to determine eligibility. Wallethub doesnt charge for this service. Be automatically considered for a higher credit line in as few as 7 months. See if you're pre-approved within minutes without impacting your credit score. Its free, activate with the mobile app. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. $0 annual fee, $0 activation fees, $0 foreign transaction fees. The Best Credit Cards for Average or Fair Credit of March 2023 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. U.S. News' Best Credit Cards for Fair Credit of 2022 | U.S. News 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. . 1. Still not sure which credit card is best for building credit? Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. : ', '}}. 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. What We Dont Like:Youll have to pay the bill in full every month, which limits the cards value for some business owners. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. Perhaps most importantly, though, this card will consider applicants with limited-to-fair credit history. What We Dont Like:This card is not a good option for carrying a balance from month to month, thanks to a fairly high APR. 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. The Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. You can check out WalletHub to get custom credit improvement advice to help you along the way. 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. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. In this case, we have chosen five of the best credit cards for fair credit so that you will be able to choose the correct card for your personal finances. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. OpenSky Secured Visa Credit Card. WalletHub may share your information with third-parties in order to show personalized offers, as well as enable you to interact more easily with pre-fill forms or applications. No touch payments with contactless technology built in. Best Unsecured Credit Cards for Fair Credit of March 2023 Capital One Platinum Credit Card. The Upgrade Cash Rewards Visa earns rewards on par with cards for good or excellent credit. Before submitting an application, always verify all terms and conditions with the offering institution. 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. That will help cardholders build positive credit history, as long as they manage the account responsibly. Well give you a personalized card recommendation based on your latest credit score and financial priorities. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. The second-largest factor in your scores, credit utilization is the amount you owe as a percentage of your available credit. 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. The annual fee is $0. Both can make it easy and convenient to make purchases in stores or online, with one key difference. (The typical, runs from 300 at the low end to a maximum of 850.). If you do make a late payment, the card doesn't impose a penalty APR. The card earns a decent rate of up to 10% cash back when you use the card to shop with select merchants. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. As you work to push your scores into the good-to-excellent range, its important that youre able to track how youre doing. Plus, Discover says there's no FICO history requirement for this card. Best Credit Cards for Fair/Average Credit of 2023 | CreditCards.com Plus, the Petal 2 Card reports account info to the three major credit bureaus each month. If you like what you see, you can apply, at which point there will be a "hard" credit pull. 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. Capital One Platinum Credit Card FAIR CREDIT RATING 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. You increase your odds of approval when you apply for a card tailored for your score range. You can be automatically considered for a higher credit limit in as little as six months. 7 Best Credit Cards for a 600 Credit Score (With Approval Odds) You can check out the panels bios and responses below. The Petal 1 "No Annual Fee" Visa Credit Card is a worthy contender for your wallet as you continue building credit. Make sure the card youre considering reports to at least one but ideally all three of these companies. earns rewards on par with cards for good or excellent credit. 11 Unsecured Credit Cards For Fair Credit (2023) - CardRates.com As of this writing, the card is unavailable to residents of Iowa, West Virginia, Wisconsin, and Washington, D.C. The Discover it Student chrome shines with its no-maintenance rewards structure and student-friendly bonus categories. 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. 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. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. Or turn $100 into $200. NerdWallet's ratings are determined by our editorial team. So if you havent checked your credit score in a while, make sure to do so before applying. 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. These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. Best Credit Cards For Fair Credit Of March 2023 - Forbes Advisor Terms apply; The Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. Petal 1 Visa Credit Card. 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 There is a fine line between fair credit and good credit. . Best unsecured cards for short credit histories. For example, Discover will consider other factors, such as how your income compares to your debt, along with your employment status, whether you own or rent your home, how many loans and lines of credit you already have open, and more. This reporting affects key elements of your scores: Payment history. 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). And unlike with those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. 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.