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Credit Cards for Fair Credit
23 Feb 2018

Credit Cards for Fair Credit: Understanding Your Options

People talk a lot about the amazing credit cards you can get when you have great credit. They also talk a lot about credit cards for people with no credit. But what about if your credit is in the middle?

The average credit score in the United States is 695, which falls in the ‘fair’ range of the scale. That means there are millions of people that fall into this category.

Are you one of those people? Are you looking for a good selection of credit cards for fair credit? Look no further for you have found it here.

Capital One(R) QuicksilverOne(R) Cash Rewards

This is an awesome card for cashback opportunities. You get 1.5% cashback on everything. You don’t have to keep track of bonus categories or any of that. There’s also no foreign transaction fee if you plan to travel.

The downside to this is you can sometimes earn a pretty high rate in those bonus categories. Some cards offer 5% cashback which is substantial, especially for large purchases. But you’ll have to keep track of when the item you want to buy is in the correct category.

Another downside is the $39 yearly fee. You’ll have to spend $2,600 to earn back the yearly fee in rewards.

If you tend to use your card for a lot of everyday expenses this could work out. The rewards you earn in the first couple months of the year pays the fee and the rest is icing on the cake.

Bottom line, this is a great card for somebody who plans to use it a lot. As with any credit card, to enjoy the benefits you should pay it off every month. Otherwise, you’ll pay 24.99% APR which will wipe out your rewards fast.

Capital One(R) Platinum

This is a nice flexible card with great benefits for responsible users. For example, the company often offers access to higher credit limits. To qualify, simply make your payments on time. In only five months they may offer you an increase.

You can also customize your due date to fit your cash flow. And if you do make a late payment, you won’t get charged a penalty APR. This card also doesn’t charge foreign transaction fees.

The downside is that you don’t get any rewards with this card. But you don’t have to pay a yearly fee. Make sure to pay on time every month or you’ll pay a high 24.99% ongoing APR.

Journey(R) Student Rewards from Capital One(R)

There are lots of credit card options for students with no credit. But what about student credit cards for fair credit? Shouldn’t you get a better deal for already working on your score?

Capital One(R) offers this card to students–and it’s a pretty sweet deal. It is a nice combination of the other two Capital One(R) cards we’ve mentioned. You could get a higher credit limit after paying on time for five months.

You’ll also get no annual fee and rewards! This card offers 1% on all purchases with an extra 25% of your rewards for paying on time. If you plan to study abroad, you’ll also enjoy no foreign transaction fees.

The only drawback is the high 24.99% APR. But as long as you pay off the card every month that won’t even be a problem.

DiscoverIt(R) Chrome for Students

Ever wanted a card that will reward you for being a good student? This is it. Show your GPA of 3.0 or higher and they’ll give you an extra $20.

That’s on top of the rewards that you can earn with this card. You get 1% on all purchases and 5% in bonus categories that change each quarter. In your first year, you’ll get a dollar-for-dollar match of the rewards you earn.

There’s no annual fee for this card. For your first 6 months, you’ll get a handy 0% APR. After that, there’s a variable rate of 14.24% and 23.24%.

ABOC Platinum Rewards

This card comes with a handy 0% APR for the first 12 months. Afterward, you can expect something between 14.15% and 24.15% You also don’t have to pay an annual fee.

The rewards program is a little different than the other cards we’ve mentioned. You get 1 ABOC point for every dollar spent.

Then you can redeem those points for statement credit, gift cards, travel, or stuff. They offer a nice 10,000 point bonus if you spend $1000 in the first 90 days.

If you make a late payment you won’t be charged a penalty APR. But be aware that you can lose your 0% introductory rate.

Chase Slate(R)

This card has no annual fee and is nice for debt consolidation. Not only do you get a $0 introductory balance transfer fee but also 0% APR for 15 months.

If you do transfer a balance or make a big purchase pay it off before that 15-month period is up. Otherwise, you’ll be paying an APR somewhere between 16.24% and 24.99%.

This is a nice card if you’re working on your credit score as well. It offers free access to your FICO score with monthly updates.

Capital One(R) Spark(R) Classic for Business

There aren’t too many business credit cards for fair credit out there. This option from Capital One(R) is a good one.

You’ll get the higher credit line than business cards tend to get over personal ones. You also get other benefits that often come with business cards. For example, free employee cards and year-end summaries.

Plus you get 1% cash back on all purchases. There aren’t any bonus categories, though, what you see is what you get.

You won’t have to pay an annual fee with this card. But watch your balance, the 24.24% APR can make a big dent in your budget fast.

Best Credit Cards for Fair Credit

So there you have it. Our list of the best credit cards for fair credit.

If you’re looking to build your credit one of these cards may be the perfect option for you. Some of them with their introductory 0% APR can be helpful for big purchases.

But what if you’re not comfortable taking the chance that you can pay it off in time? The ongoing APR can be pretty steep. In those cases, it may be better to look into taking out a loan. We can help you find the perfect option for your budget.