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. 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. You might qualify for less or no cash back at all. You also get a free FICO score, low fees, and forgiveness for your first late payment. The annual fee is. And there's no annual fee, late fees or foreign transaction fees. 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. Why We Like It:It has a $0 annual fee and gives at least 1% cash back on all eligible purchases. Be automatically considered for a higher credit line in as few as 7 months. 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. Capital One Platinum Credit Card FAIR CREDIT RATING The card issuer reports details about your account to the major. Chase doesn't offer credit cards specifically for fair or average credit, but it does have the Chase Freedom Student credit card, which can . 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. Best Credit Cards for Fair Credit & Airfare in 2023 Best Overall: Upgrade Cash Rewards Visa Best Secured: Bank of America Customized Cash Rewards Secured Credit Card Best for Newcomers: Petal 2 Visa Credit Card Best for Students: Bank of America Travel Rewards Credit Card for Students Best for Business: Capital One Spark Classic for Business Best Unsecured Credit Cards of March 2023. But they may still offer rewards. You can see and track your credit score for free through NerdWallet. Its worth mentioning that when you have fair credit, getting a credit card with a low APR may not be the best option. 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. This ensures that your on-time payments and other responsible credit habits will be recorded. 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. Read our review. Earn 1% cash back on all your purchases. If possible, pay off your balance in full each month. If you have lousy credit and are looking for a way to build it back; the Milestone Mastercard is a strong option. And with a fair credit score, you probably wont get the lowest APR available from any of the low interest credit cards. and cards for fair credit tend to have high interest rates. What is considered fair or average credit? And on top of all that, it earns cash back, too. The best business credit card for fair credit is Capital One Spark Classic for Business because it has a $0 annual fee and gives 1% cash back on all purchases. 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. Why We Like It:QuicksilverOne offers 1.5% cash back on all purchases nearly 50% more than the average cash rewards card provides. That's pretty good for a student card. An average credit score wont be enough to qualify for some cards, and a rejection letter can hurt more than just your feelings. Just answer a few questions and we'll narrow the search for you. Pretty much all credit cards for fair credit are unsecured, though. You can check out the panels bios and responses below. Find & compare credit cards from Mastercard that offer a higher chance of approval for people with average credit. 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. 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. 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. This may influence which products we write about and where and how the product appears on a page. . If youre more than 30 days late, it can start to affect your credit scores. APR for cash advances: 34.49% variable based on Prime Rate. Who Should Get It:Apply for the OpenSky Secured Visa Credit Card if youre rebuilding from credit damage and want high approval odds. If youre a few days late, youll likely owe a late fee. Disclaimer: NerdWallet strives to keep its information accurate and up to date. In particular, we focused on cards with low annual fees and high rewards rates, including general-purpose credit cards as well as store credit cards. through NerdWallet.) An eventual upgrade path: Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. There's a $39 annual fee. Use this link to create an account and connect your credit score with TransUnion to get an estimate of your approval odds based on your credit score and other factors. 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. Its always a good idea to shop around before picking out an unsecured credit card for fair credit. Some rewards-earning options are listed above. Get pre-approved in seconds with no impact to your credit score. These cards can help you if you're just starting out with credit or are working to get back on track. The card earns a decent rate of up to 10% cash back when you use the card to shop with select merchants. The following offers didnt quite make the cut for our editors best-card selections, but they can still save cardholders a lot of money. Secured credit cards (those requiring a refundable security deposit) are meant for people with bad credit or no credit. But youve got the knowledgeable WalletHub community on your side. 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. And if you have more than one need, you can get multiple cards and use the Island Approach. It also comes with a cool 1.5% cash back on every purchase and an annual fee of . 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. 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. Making this decision early will help make your search more manageable, by cutting your options in half, in addition to helping you get better terms. 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 Earn unlimited 1.5% back in bitcoin rewards after you make payments on your purchases. With fair credit, you wont be eligible for the highest-end credit cards but good cards are still available at this level. Terms apply, Monitor your credit score with CreditWise from Capital One. Some offer rewards, perks, upgrade paths and even 0% introductory APR periods. 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). Why We Like It:It has a $0 annual fee and rewards cardholders with 1 - 7 points per $1 on purchases. If you feel you have a case, you can contact the issuer and. Annual fees are the most prominent type of fee to watch out for, but theyre not alone. 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. Quick Summary. FULL LIST OF EDITORIAL PICKS: 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. The annual fee is. . If your credit is at least fair, you can find cards that charge no annual fee at all. Why We Like It:This card is inexpensive to own and rewarding to use. $0 annual fee, $0 activation fees, $0 foreign transaction fees. You can be automatically considered for a higher credit limit in as little as six months. The key difference is that this version charges an annual fee while the regular one does not. Credit . Our partners compensate us. 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. And college students dont need a credit score, or any credit experience, to get one of Discovers two student credit cards. 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. You can see exactly where you stand and how long it will take to improve bychecking your latest credit score for free on WalletHub. . We encourage everyone to share their knowledge while respecting our, Answer provided by user: {{ans.user_fullname}}. What We Dont Like:You need to wait several months until youre able to qualify for a truly competitive rewards rate. 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. 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. , which is steep if you plan on carrying a balance. What are the best unsecured credit cards for fair credit? The issuer's prequalification process lets you see the offer you're eligible for which could be up to 1.5% cash back before you actually apply. Who Should Get It: Apply for the Capital One Platinum Credit Cardif you want an inexpensive starter card to build credit with. The annual fee is $0. You also get a free FICO score, low fees, and forgiveness for your first late payment. The best credit cards for fair credit can be a great tool in helping to build or rebuild your credit score. 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. And thats great news, considering the best credit card deals require good or excellent credit for approval. 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. If you plan to travel internationally, make sure you have a backup plan. (The typical credit score scale runs from 300 at the low end to a maximum of 850.). 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. Ideally, you wont be stuck in the fair credit score range forever, so look for a card that offers a route to improved terms. (For example, if you have a $500 credit limit and a $200 balance, then your credit utilization is 40%.) At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. Build credit alongside hundreds of thousands of Petal card members. The lower your utilization, the better; 30% or below is a good benchmark. 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. So you could turn $50 cash back into $100. You increase your odds of approval when you apply for a card tailored for your score range. OpenSky Secured Visa Credit Card. 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. With the, , youll have the potential to gain access to a higher credit line. The annual fee is $0. Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer. This reporting affects key elements of your scores: Payment history. And if you already have a long-serving credit account, keep it open and active. From huge sign-up bonuses to generous rewards, NerdWallet's best credit cards outshine the rest. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of.