Are you looking to get a credit card with a credit score of around 650? You're in the right place! In this Flik Eco guide, we walk you through what you need to know about credit cards tailored for 650 credit scores and how you can build your credit even further. So, dive in and prepare to confidently make your next credit card move.
Credit Cards For 650 Score Table of Contents
Understanding Your 650 Credit Score
A credit score of 650 sits right on the borderline between fair and good credit status. This means that while you may not have access to the absolute best credit card offers on the market, you still have some solid choices available to help you further build your credit.
Factors to Consider When Choosing a Credit Card
With a 650 credit score, it's essential to understand which factors to consider when selecting a credit card to ensure it meets your personal finance needs and goals. Consider the following factors:
- Interest Rate: Always aim for the lowest possible APR (Annual Percentage Rate) to minimize the cost of carrying a balance.
- Fees: Keep an eye out for cards with no annual fees or low annual fees. You should also review other fees such as balance transfer fees, foreign transaction fees, and late payment penalties.
- Rewards and Benefits: Look for cards that offer cashback, miles, or points on your everyday spending, as well as additional features like travel insurance and purchase protection.
- Building Credit: Some cards are specifically designed to help you build or rebuild credit by reporting your activity to the credit bureaus and offering tools to monitor your progress.
Best Credit Cards for a 650 Credit Score
We’ve handpicked some credit cards that are worth considering if you have a 650 credit score:
- Discover it® Cash Back: This card offers a competitive cashback rewards program, no annual fee, and an introductory 0% APR for the first 14 months (then a variable rate).
- Capital One QuicksilverOne Cash Rewards: A solid option for those with average credit, this card comes with a 1.5% cashback on all purchases, a low annual fee, and the potential for a credit line increase after six months of on-time payments.
- Petal® 2 Visa® Credit Card: With no annual or foreign transaction fees, this card offers a unique cashback rewards program that grows as you improve your credit score.
Credit Cards For 650 Score Example:
Imagine you have a 650 credit score, and you've decided to apply for the Discover it® Cash Back credit card. With no annual fee, an attractive cashback rewards program, and the introductory 0% APR offer, it appears to be a great fit for your needs. As you use the card responsibly, paying off your balance each month, you start accumulating rewards. Finally, after a year of responsible credit card usage, your credit score jumps from 650 to 700, unlocking even better credit card options and lowering your interest rates on future loans— a win-win situation.
Now that you've learned about credit cards for a 650 credit score, you are better equipped to make informed decisions and improve your financial health. Remember, responsible credit card usage is key to boosting your credit score and opening up a world of better financial opportunities. Don't forget to share this article with your friends, and check out the other personal finance and investing tips we have available on Flik Eco. Together, let's reach our financial goals!
