Are you having trouble finding a suitable credit card for your fair credit score? It's often difficult for those with fair credit to find a card with reasonable interest rates and benefits. In this comprehensive guide, we will help you discover some of the best credit cards available for fair credit, so you can make an informed decision and start building your credit score today!
Discover Cards For Fair Credit Table of Contents
What are Credit Cards for Fair Credit?
Credit cards for fair credit are designed specifically for those with average credit scores. These cards typically offer lower credit limits and higher interest rates compared to cards for people with good or excellent credit. However, they can still provide valuable perks and benefits that can help you save money and improve your credit score if used responsibly.
Features of Credit Cards for Fair Credit
- Lower credit limits: These cards often come with lower credit limits to minimize the risk for lenders.
- Higher interest rates: The interest rates on credit cards for fair credit are typically higher than cards for people with better credit scores.
- Annual fees: Some credit cards for fair credit will charge an annual fee in exchange for additional benefits or rewards.
- Benefits and rewards: While the rewards and benefits offered are not as extensive as those for excellent credit, these cards can still provide valuable perks like cashback or travel rewards.
- Credit-building potential: Using a credit card responsibly by paying your balance in full and on time each month can help improve your credit score.
Top Credit Cards for Fair Credit
Discover the top credit cards for fair credit that offer a mix of reasonable interest rates, rewards, and credit-building potential.
1. Discover it® Secured Credit Card
- No annual fee
- 2% cash back at gas stations and restaurants, up to $1,000 in combined spending each quarter
- 1% cash back on all other purchases
- Cashback Match™️ at the end of your first year for new cardmembers
- Refundable security deposit required
2. Capital One QuicksilverOne Cash Rewards Credit Card
- $39 annual fee
- 1.5% cash back on all purchases
- Access to a higher credit line after timely payments
3. Avant Credit Card
- No annual fee
- Variable APR based on creditworthiness
- Quick application process with response in minutes
- Helps build credit with regular reporting to the three major credit bureaus
Discover Cards For Fair Credit Example:
Meet Sarah, a young professional who recently graduated from college and has a fair credit score of 640. She is looking to improve her credit score and wants a reliable credit card to help her achieve that. After considering her options, Sarah chooses the Discover it® Secured Credit Card, due to its cashback rewards and lack of an annual fee.
Within the first year, Sarah spends an average of $300 per month on her credit card and earns cash back on her purchases. She makes sure to pay her balance in full and on time every month. At the end of her first year, Discover matches her cashback rewards, giving her even more value from the card. Over time, Sarah's responsible credit card usage helps to improve her credit score, allowing her to qualify for better credit cards and loan terms in the future.
Finding the right credit card for your fair credit score can be a game changer – not just for your financial well-being, but also for your long-term success in building and maintaining good credit. By applying for and using one of these top credit cards responsibly, you can work towards improving your credit score and reaping the benefits of a stronger financial future.
Don't forget to share this article with friends and family who may also be in search of a credit card for fair credit! Be sure to explore our other helpful guides on the Flik Eco blog to continue learning about personal finance and investing. Together, let's work towards a better financial future.
