Struggling to find the best credit card for a 650 credit score? Look no further! In this article, we at Flik Eco will help you navigate the world of credit cards and find the most suitable option for those hovering around the average credit score. Say goodbye to confusion and hello to financial clarity!
Best Credit Cards For 650 Credit Score Table of Contents
Why 650 is a Significant Credit Score
A 650 credit score falls into the "fair" category, which means you have some room for improvement to reach your financial goals. At 650, you may not qualify for some premium cards but you still have access to a range of credit cards designed for fair credit scores. These cards often come with a variety of benefits, such as higher credit limits and attractive rewards programs.
Key Factors to Consider When Choosing a Credit Card
Before applying for a credit card, it's important to consider the following factors:
- Annual fees: Some credit cards charge an annual fee. Ensure that any benefits you receive from the card outweigh the cost of the fee.
- APR: This stands for "annual percentage rate" and refers to the interest rate you'll pay on balances carried from one month to the next. Look for a low APR to minimize interest charges.
- Rewards programs: Some cards offer cashback, points or travel rewards. Choose a card that aligns with your spending habits and preferences.
- Additional perks: Some cards offer additional benefits such as balance transfers, fraud protection, and purchase protection. Consider these perks when deciding which card to apply for.
- Credit limit: Choose a card with a credit limit that suits your spending habits and helps you keep a low credit utilization ratio.
Best Credit Cards for a 650 Credit Score
Now, let's dive into our top picks for credit cards designed for those with a 650 credit score:
- Capital One QuicksilverOne: This card offers 1.5% cashback on every purchase, with a low annual fee, making it a great option for earning rewards on everyday purchases.
- Discover it Secured: A secured credit card that offers 2% cashback at restaurants and gas stations, and 1% cashback on all other purchases. Plus, Discover will match all the cashback you've earned at the end of your first year, effectively doubling your rewards!
- Petal 2 Visa Card: This card has no annual fee and offers a cashback program that increases with on-time payments, encouraging responsible credit use while rewarding you for it.
- Upgrade Visa Card: This unique hybrid card combines the best of credit and personal loan features. Earn 1.5% cashback on all purchases when you make consistent on-time payments and enjoy a reasonable interest rate.
Best Credit Cards For 650 Credit Score Example:
Let's say you're a foodie who spends around $300 per month at restaurants and gas stations, and $200 on other purchases. With the Discover it Secured card, you would earn $6 (2% cashback) on restaurant and gas station purchases and $2 (1% cashback) on other purchases, totaling $8 per month in cashback rewards. At the end of your first year, Discover matches it, and you'd have an extra $96 in rewards!
You now have the tools and knowledge to confidently choose the best credit card for your 650 credit score! With the right card in hand, you can enjoy valuable rewards and work on improving your credit score. Remember to always use your new card responsibly. Don't forget to share this informative and engaging article with friends and family, and explore Flik Eco for more personal finance tips and advice that cater to your unique needs!
