Are you stuck in the realm of fair credit and are looking for ways to improve your credit score? Don't worry, we at Flik Eco have got you covered! Introducing the best credit cards for fair credit in 2023. In this article, we will explore the top options for credit cards designed to help those with fair credit scores and provide you with the information you need to choose the perfect card for you!
Best Credit Cards For Fair Credit 2023 Table of Contents
Understanding Fair Credit
Before diving into the best credit card options for 2023, it's essential to understand what fair credit is. Fair credit typically means having a FICO credit score between 580 and 669. While this is not a bad credit score, it's also not considered excellent or "prime." This range of credit scores may limit your options when it comes to loans, credit cards, and other financial products, but there are still plenty of opportunities to improve your credit standing.
Top Credit Cards for Fair Credit in 2023
1. Capital One Platinum Credit Card
- No annual fee
- Access to a higher credit line after making on-time payments for the first six months
- Free access to your credit score through CreditWise
2. Discover it® Secured
- No annual fee
- 2% cashback at gas stations and restaurants up to $1,000 in combined purchases per quarter
- 1% cashback on all other purchases
- After eight months, Discover will review your account to see if you qualify for an unsecured card
3. Capital One QuicksilverOne Cash Rewards Credit Card
- $39 annual fee
- 1.5% cashback on all purchases
- Access to a higher credit line after making on-time payments for the first six months
4. OpenSky® Secured Visa® Credit Card
- $35 annual fee
- Security deposit needed but no credit check required
- Reports to all three major credit bureaus to help you build credit
5. Credit One Bank Platinum Visa for Rebuilding Credit
- $75 annual fee for the first year; $99 after that
- 1% cashback on eligible purchases
- Reports to all three major credit bureaus to help you build credit
Best Credit Cards For Fair Credit 2023 Example:
Let's say you're a millennial with a fair credit score of 625. You're looking for a credit card that can help you improve your credit score, and you've narrowed down your options to the Capital One QuicksilverOne Cash Rewards Credit Card and the Discover it® Secured card.
After weighing the pros and cons, you decide the Discover it® Secured card is a better fit for you because of its no annual fee and cashback rewards program. By using this card responsibly - paying your bills on time and maintaining low balances - over eight months, your credit score could potentially increase enough for Discover to upgrade you to an unsecured card. This not only demonstrates responsible credit usage but also helps improve your credit score in the long run.
And there you have it! The best credit cards for fair credit in 2023. Remember, improving your credit score takes time and dedication, but by choosing the right credit card and using it responsibly, you'll be on your way to a stronger financial future. Don't forget to share this article with friends and family who may benefit from this information. And while you're here, explore other articles and guides on Flik Eco for more personal finance insights tailored to millennials like you!
