But they may still offer rewards. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. (The card also earns 5% back on hotels and rental cars booked through Capital One Travel. NerdWallet strives to keep its information accurate and up to date. If you don't like the offer, walk away with no harm done. The Capital One QuicksilverOne Cash Rewards Credit Card offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. This may influence which products we write about and where and how the product appears on a page. 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. Please download one of these up-to-date, free and excellent browsers: Enter your cell phone number and well send you a link to install the WalletHub app. Dont pay late: Make at least the minimum payment, and do so on time each month. Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no credit. When evaluating offers, please review the financial institutions Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. 1. When you apply for new credit, it's not uncommon to see your scores dip, at least temporarily. Read our review. 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. 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. Many or all of the products featured here are from our partners who compensate us. Get pre-approved in seconds with no impact to your credit score. The Capital One QuicksilverOne Cash Rewards Credit Card, for example, charges an annual fee of $39. The second-largest factor in your scores. Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. You don't get rewards with the Capital One Platinum Credit Card, or a sign-up bonus or a 0% period. If you do make a late payment, the card doesn't impose a penalty APR. No Credit Check. Credit scores also take into account how long you've been using credit, so the sooner you can find the right card, the better. See if you're approved in seconds Be automatically considered for a higher credit line in as little as 6 months Help build your credit through responsible use of a card like this Another good unsecured card for fair credit is the Petal 2 Visa Credit Card. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards potential savings. offers a solid ongoing rewards rate: You earn unlimited 1.5% cash back on purchases. What We Dont Like:If you dont have an active college email address, you may have a tough time qualifying. No touch payments with contactless technology built in. You might not qualify for 1.5% cash back. If possible, pay off your balance in full each month. 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. That's a big reason why the term "fair credit" is often used to describe scores in the middle ground between bad and good. These cards have annual fees as low as $0 and report monthly to the 3 major credit bureaus. . 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. A 700+ credit score is needed to get most Discover credit cards, but theres no minimum credit score needed for a few Discover cards. If you plan to travel internationally, make sure you have a backup plan. 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. Instead, get a rewards card for everyday expenses that you can pay in full within a billing period, a card offering 0% on purchases for big-ticket spending or a 0% balance transfer card for reducing the cost of existing debt. (If you go through with applying, then there's a hard check.) Combine the flexibility of a credit card with the predictability of a personal loan. Unlike other sites that only promote cards they're paid by, WalletHub's editors focus on finding the best cards. 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. 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. All financial products, shopping products and services are presented without warranty. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. 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. Just hover your card over a contactless reader, wait for the confirmation, and you're all set. Plus, the ongoing APR is on the high end at 29.74% Variable APR. However, this does not influence our evaluations. 1. So whereas someone with excellent credit might receive a credit . Conversely, a higher score that one issuer still sees as fair credit might qualify as good credit to a different issuer. 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. Some even give rewards of 1% or more. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. Check out our expert picks for fair credit credit cards here! 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Let Bankrate, a leader . Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. , which is steep if you plan on carrying a balance. 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. There's a quick pre-qualification process with no impact to your credit score, modest interest rate and an annual fee of $35 - $99. 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. Credit scores can fluctuate by 100 points in a single month, so graduating to a higher credit level doesnt have to take too long. If possible, pay off your balance in full each month. Discover it Student Cash Back: Best feature: Student rewards. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. 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. Or turn $100 into $200. 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. People with fair credit are riskier applicants; and because of this higher risk, you might receive a credit card with a lower limit. To help people with no credit or bad credit maximize their odds of approval for a credit card, WalletHubs editors compared the approval requirements for more than 1,500 credit card offers, along with their fees, rates and rewards. Alternatives to Consider: The First Progress Platinum Elite Mastercard Secured Credit Card is another option with no credit check. Journey Student Rewards from Capital One. Plus, Discover says there's no FICO history requirement for this card. What makes this card valuable is that it's available to business operators with fair credit (a FICO score between 630-689), who don't have a lot of options in business credit cards and it has no annual fee. Lets take a look at Discovers offers and what score you need to get approved. through NerdWallet.) If you're crypto-crazy, or just crypto-curious, the. The only way to know exactly what you'll get is to go through prequalification. Yes, you can get a credit card if you have fair credit. We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. 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. , which compile the credit reports that form the basis of your credit scores. 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. . Promotion runs from March 1, 2023 to March 31, 2023. 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. Your goal should be to minimize the fees that are likely to apply to your usage habits and ignore those that arent. 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. Still not sure which credit card is best for building credit? At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. 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. If eligible, we'll create your Cash Score instead. His work has been featured by major media outlets such as The Washington Post and The New York Times and has been cited by industry regulators such as the Consumer Financial Protection Bureau. With that being said, its not just your credit score you should worry about. And if you already have a long-serving credit account. The card issuer reports details about your account to the major credit bureaus, which compile the credit reports that form the basis of your credit scores. But you should be careful with deferred interest deals if you dont pay the full amount by the time the deferred interest period is over, youll owe your balance plus all the interest you would have accrued since you made the purchase. . Other credit cards may also allow you to change the minimum payment due date to one that better aligns with a direct deposit. 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. What are the easiest credit cards to get approved for? You can be automatically considered for a higher credit limit in as little as six months. Cardholders' accounts are reviewed for a potential credit line increase every three months. 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 . 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. 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). 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. keeps you in debt longer and could ultimately drag down your credit scores. The prequalification process allows you to check your offer without any effect on your credit score. : ', '}}. Plus, earn unlimited 1% cash back on all other purchases automatically. 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. 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. 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. The Petal 2 Card also offers 1 - 1.5% cash back. The Capital One SavorOne Student Cash Rewards Credit Card is one of the best credit cards for students with fair credit. The card issuer reports details about your account to the major. You can get the Discover it Secured Credit Card with a bad credit score (below 640). If you still arent approved, it may be a sign you need to work on your credit scores before applying again. You can opt-out of sharing your personal info here. $39. Credit Score Requirements: Poor 500-599. The card still reports account info to the major credit bureaus each month, though, so its a pretty dependable tool for building credit. Banks are required to notify you if you were denied because of information in your credit report. Just answer a few questions and we'll narrow the search for you. 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. And if you already have a long-serving credit account, keep it open and active. 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. a standout for students searching for their first credit card. 5. Earn 1% cash back on all your purchases. So if you havent checked your credit score in a while, make sure to do so before applying. 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 cards for fair credit, sometimes called "average" credit, are aimed at those in the 630-689 FICO score range. If you're looking to beef up your credit, it's a decent place to start. 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. 2. And unlike many of those cards, any unpaid balance is automatically converted into an installment loan with a fixed monthly payment. The. WalletHub makes it easy to find the easiest credit cards to get. Dont settle: With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. The prequalification process allows you to check your offer without any effect on your credit score. Why We Like It : QuicksilverOne offers 1.5% cash back on all purchases - nearly 50% more than the average cash rewards card provides. Using more than one credit card can help you save by allowing you to get the best terms for every transaction that you make. Minimum interest charge: no less than $1.00 (ME residents no more than $0.50). The best cards from this segment include options that let you earn rewards/cash back and ones that do away with annual fees. Petals algorithm looks beyond credit scores by analyzing your bank information to determine how you manage income, savings and spending. 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. If you like what you see, you can apply, at which point there will be a "hard" credit pull. The simple way to earn bitcoin: make purchases on your card, make payments, earn bitcoin. What's the difference between fair and average credit? A fair credit score is usually defined as any score in the range of 640-699. Read our review. Earn a credit limit increase in as little as 6 months. Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. It also earns up to 10% cash back when you use the card to make purchases with select merchants. Opinions expressed here are the authors alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. One the VantageScore scale developed by the credit bureaus, the average score in 2022 was 698. If you still arent approved, it may be a sign you need to work on your credit scores before applying again. Our partners cannot pay us to guarantee favorable reviews of their products or services. Annual Fee: $39 (waived for the first year if you sign up for AutoPay before your first statement). 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 You don't have to be a student to apply for the Journey Student Rewards from Capital One, making it a good option for someone with average credit. Disclaimer: NerdWallet strives to keep its information accurate and up to date. OpenSky Secured Visa Credit Card. Researcher. 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. 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. Pay with your phone or device by using Apple Pay or Google Pay. Capital One Platinum Credit Card FAIR CREDIT RATING Compare these deals from our partners to find one that fits your needs. . And unlike some other cash-back cards, it doesn't allow you to boost your rewards earnings with bonus categories. Make at least the minimum payment, and do so on time each month. Finally, if you want to make things really easy, just sign up for a free WalletHub account. 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. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. No annual or hidden fees. When evaluating offers, please review the financial institutions Terms and Conditions. Plus, Discover says there's no FICO history requirement for this card. Capital One QuicksilverOne Cash Rewards Credit Card. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. It can help you build credit since payments are reported to all three major credit bureaus: TransUnion, Equifax and Experian. The OpenSky Secured Visa Credit Card is one of the easiest credit cards to get with fair credit. The Petal 1 "No Annual Fee" Visa Credit Card doesnt offer this option. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). 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. Why We Like It:The Capital One Platinum Credit Cardhas a $0 annual fee. 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. What is considered fair or average credit? No interest on purchases when you pay in full and on time each month. 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. Alternatives to Consider:There are several really good credit cards for students available right now. No annual fee and build your credit with responsible use. Heres the minimum credit score needed for each Discover card: There arent any Discover cards that flat-out require excellent credit, currently. 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. The card also lets you see what terms you'd qualify for before officially applying. Instead, it assesses your creditworthiness based on your income, expenses, savings and debts. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories). These are only guidelines to help you narrow your selection, and additional factors from your application and credit history will also be considered. 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 Petal 1 "No Annual Fee" Visa Credit Card, issued by WebBank, is an excellent option for those with less-than-perfect credit. Whether your finances arent so great or theyre right on track, you should be able to find a Discover card that works for you. What to know before applying for a credit card, , its important to know your credit score. 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. 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. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. 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. 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. 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. credit score $0 Annual fee Up to 4% Cash back Get $25.00 Welcome offer Info Pros & Cons Details The Brex Corporate Card for Startups is one of the best fair-credit credit cards for business. Why We Like It:There is no credit check when you apply, so a rocky credit history wont prevent you from getting approved. With a product change, youre not applying for a new account; youre seeking an upgrade to the one youve already got. 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. Alternatives to Consider:The Capital One Spark Classic for Business is a low-cost rewards card for business owners with limited credit. You can be automatically considered for a higher credit limit in as little as six months. 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. This ensures that your on-time payments and other responsible credit habits will be recorded. APR for cash advances: 34.49% variable based on Prime Rate. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. 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. If you've already built good credit, you can probably score a card with higher rewards than this card offers. Depending on which offer you qualify for, you could get as much as 1.5% cash back on purchases. 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. So you could turn $50 cash back into $100. Why dont more banks and credit unions offer credit cards to people with fair credit? With responsible use, you can be considered for a higher credit line in as little as six months. 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. Rewards: Rewards arent necessarily a must for credit cards for fair credit, but they are within reach at this range. Fair credit can feel a bit like borrower purgatory, as neither the heavenly perks associated with credit cards for people with good and excellent credit nor the devilishly high costs that accompany many credit cards for bad credit are available. Best Travel Card for Fair Credit The Platinum Credit Card from Capital One can help pave your way to better vacations. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) When you pay in full, you don't get. The issuer's prequalification process lets you see the offer you're eligible for before you actually apply. And there's no annual fee, late fees or foreign transaction fees. 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. You can also borrow against your credit limit, much like a personal loan. Theres a 0% foreign transaction fee, too. 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. 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? Can I get a credit card if my credit is fair? 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. We believe everyone should be able to make financial decisions with confidence. , making it a good option for someone with average credit. Credit mix. Navy Federal Credit Union Platinum Credit Card *. NerdWallet's ratings are determined by our editorial team. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) The card is well-suited to travel with no foreign transaction fees and the globally accepted Visa network. $105. You would need to spend $2,600 per year on the card to make that back (not including any 5% travel categories).