If you have a 650 credit score, you're in good company. According to FICO, about two-thirds of Americans have a credit score that falls within the "good" range. This means that you likely have access to a variety of credit cards with favorable terms. In this guide, we will explore the best credit cards for a 650 credit score. We will look at both secured and unsecured cards, as well as cards for people with bad credit. So whether you're looking to rebuild your credit or get a low interest rate, we've got you covered!
Best Credit Cards for a 650 Credit Score in 2023 Table of Contents
What Are Credit Cards?
Credit cards are a type of loan that allows you to borrow money from a lending institution, such as a bank, up to a certain limit in order to purchase items or withdraw cash. You will be required to repay the borrowed amount plus interest and fees.
What Are The Different Types of Credit Cards for a 650 Credit Score?
There are four main types of credit cards for a 650 credit score: secured, unsecured, rewards, and business.
Secured credit cards are the best option for people with bad credit or no credit history. They require a security deposit, which is used as collateral in case you default on your payments.
Unsecured credit cards don't require a security deposit but usually have higher interest rates and fees.
Rewards credit cards offer points or cash back on your purchases.
Business credit cards offer special perks and rewards for business expenses.
What Are The Benefits of Getting a Credit Card for a 650 Credit Score?
There are plenty of benefits to getting a credit card for a 650 credit score. For one, it can help you improve your credit score.
Additionally, it can give you access to more financial opportunities and rewards.
Finally, having a credit card can help you manage your finances better and provide peace of mind in case of an emergency.
What Are The Best Credit Cards for a 650 Credit Score?
The best credit cards for a 650 credit score will offer low interest rates, generous limits, and perks such as cash back or rewards points. Here are some of the best options:
Citi Simplicity Credit Card
The Citi Simplicity Card offers 0% APR on purchases and balance transfers for 21 months, as well as no late fees or annual fees.
Chase Freedom Unlimited Credit Card
The Chase Freedom Unlimited Card offers 0% APR on purchases and balance transfers for 15 months, and gives you unlimited cash back on every purchase.
Discover it Cash Back Credit Card
The Discover it Cash Back Card offers 0% APR on purchases and balance transfers for 14 months, as well as giving you cash back on every purchase.
These are just a few of the best credit cards for a 650 credit score. Be sure to shop around and compare different offers before choosing the right card for you.
How to Decide Which Type of Credit Card for a 650 Credit Score You Want?
There are a lot of different factors to consider when you're trying to decide which type of credit card is best for you. If you have a 650 credit score, you'll likely be able to qualify for most credit cards on the market. However, some cards will be better suited for your needs than others.
Here are a few things to keep in mind as you compare different credit cards:
- What is your primary goal for using a credit card? Do you want to earn rewards, build up your credit history, or both?
- What is your budget for paying off your credit card each month? You'll need to pay off your balance in full every month to avoid interest charges.
- Do you prefer a simple card with no annual fee, or are you willing to pay a higher annual fee for additional perks and rewards?
Once you've considered these factors, you should have a better idea of which type of credit card is best for you. If you're not sure, it's always a good idea to compare several different cards before making a final decision.
How Many Credit Cards Should a 650 Credit Score Have?
The answer to this question depends on a few factors.
First, let's look at the credit score itself. A 650 credit score is considered "fair." This means that you may not qualify for the best interest rates or terms on loans and credit cards. However, you should still be able to qualify for most credit products.
Next, let's look at your financial goals. If you're looking to improve your credit score, then you'll want to focus on using one or two cards responsibly. This means making all of your payments on time and keeping your balances low.
If you're simply looking for the best possible credit card for a 650 credit score, then you'll have more options available to you. In this case, you may want to consider a card with rewards or perks that fit your spending habits.
So, how many credit cards should a 650 credit score have? The answer depends on your individual circumstances. However, most people will be best served by using one or two cards responsibly. This will help you improve your credit score and reach your financial goals.
What Credit Limit Do Credit Cards for a 650 Credit Score Have?
Most credit cards for a 650 credit score have a limit of $500. However, there are some that go as high as $1000. The best way to find out is to check the card issuer's website or call customer service.
What Is the Average APR for Credit Cards for a 650 Credit Score?
The average APR for credit cards for a 650 credit score is 23.24%. This means that if you were to make a purchase on your credit card, you would be charged interest on that purchase at the rate of 23.24% per year.
Do Credit Cards for a 650 Credit Score Report to The Three Major Credit Bureaus?
The best credit cards for a 650 credit score report to the three major credit bureaus. This is important because it will help you improve your credit score.
Credit scoring models consider on-time payments and use of available credit when calculating your score.
So, using a card that reports to all three bureaus could give you a boost. Just make sure you don’t carry a balance from month-to-month, as that could offset any positive impact on your score.
What is The Best Way to Use a Credit Card?
There are a few different ways to use a credit card, and the best way depends on your individual circumstances. If you have good credit, you can use a credit card to make large purchases and pay them off over time.
This can be helpful if you're trying to save up for a big purchase, or if you need to make a purchase but don't have the cash on hand.
Another way to use a credit card is to simply use it for everyday expenses, and then pay off the balance in full each month.
This can help you build up your credit score over time, as long as you're able to keep up with the payments.
Finally, some people use their credit cards for emergencies only, such as when they need to make a large purchase but don't have the cash on hand.
If you're trying to decide which way is best for you, consider your financial situation and what you're trying to achieve.
Do The Best Credit Cards for a 650 Credit Score Have Any Annual Fees?
The best credit cards for a 650 credit score will have annual fees that are either very low or nonexistent. This is because people with good credit scores are seen as less of a risk by lenders, and so they are willing to offer better terms. Annual fees on credit cards can range from around $20 to over $500, so it's important to find one that suits your needs and budget.
Do The Best Credit Cards for a 650 Credit Score Have Rewards Programs?
One of the best things about having good credit is that you can take advantage of some great rewards programs. And while there are plenty of great rewards programs out there, not all of them are available to people with a 650 credit score.
So, what are the best credit cards for a 650 credit score? Here are a few of our favorites:
The Capital One Venture Rewards Credit Card offers two miles per dollar spent on every purchase, which can be redeemed for travel expenses like airfare and hotels. There's also no annual fee and your miles never expire.
The Chase Sapphire Preferred Card offers two points per dollar spent on travel and dining expenses, and one point per dollar spent on everything else. You can also redeem your points for travel expenses, gift cards, and more. There's an annual fee of $95.
The Discover it Cashback Match Card offers five percent cash back on rotating quarterly categories, like gas stations and grocery stores. You also get one percent cash back on all other purchases. And there's no annual fee.
These are just a few of the best credit cards for a 650 credit score. So if you're looking to take advantage of some great rewards programs, be sure to check out these cards. You won't be disappointed.
Do The Best Credit Cards for a 650 Credit Score Offer 0% APR?
The best credit cards for a 650 credit score typically offer 0% APR on purchases and balance transfers for the first 12-18 months.
After that, the APR will usually revert back to the card's standard rate.
However, it's important to remember that every credit card is different, so be sure to read the terms and conditions of each card before you apply.
Do The Best Credit Cards for a 650 Credit Score Come With Sign-Up Bonuses?
The best credit cards for a 650 credit score come with sign-up bonuses that can help you earn rewards.
For example, the Chase Sapphire Preferred® Card offers a 60,000 point sign-up bonus after you spend $4000 on purchases in the first three months from account opening.
That's $750 toward travel when redeemed through Chase Ultimate Rewards®. Plus, you'll earn two points per dollar spent on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & one point per dollar spent on all other purchases.
There's also no foreign transaction fees so you can use your card while traveling abroad without worrying about any extra fees.
And if you're looking for even more flexibility, the Citi® Double Cash Card allows you to earn cash back twice on every purchase with unlimited potential. It's perfect for those who want to earn rewards without having to worry about an annual fee.
So, if you're looking for the best credit cards for a 650 credit score, be sure to consider the sign-up bonuses that each card offers. With the right card, you can earn rewards that will help offset the cost of your travel expenses.
Can a 650 Credit Score Get An Amex Card?
The answer is yes, but only some Amex cards. The best Amex card for a 650 credit score is the American Express Platinum Card.
This card has a $450 annual fee, but it comes with a lot of perks like lounge access and a $200 annual airline fee credit.
Other Amex cards like the American Express Gold Card and the American Express Blue Cash Everyday Card have no annual fee and are good choices for a 650 credit score.