Do you have fair credit? If so, you know how limiting it can be. But fear not! The Avant Credit Card is here to help you improve your credit score and expand your credit options.
What is the Avant Credit Card?
The Avant Credit Card is a basic credit-building card designed for individuals with fair credit scores (between 580 and 669). While it may not offer any exciting features, it does provide an opportunity for those with fair credit to enhance their creditworthiness.
The Card’s Upsides
Although the Avant Credit Card may not be extraordinary, it does offer a few benefits that customers with fair credit can appreciate. For example, you can be approved for a credit limit of up to $3,000. Additionally, if you use the card responsibly, Avant may automatically review your account for credit limit increases.
TIME’s Take: A Bland Credit-Building Card
The Avant Credit Card lives up to its promises and not much more. It is a straightforward credit-building card that lacks any exciting surprises. In other words, it’s a plain and simple card. However, that’s okay because its purpose is to give those with fair credit an opportunity to improve their scores and eventually qualify for better credit cards with more attractive benefits.
Speaking of benefits, be aware that the card may charge an annual fee of up to $59. While this may not be ideal, individuals with fair credit have limited options, especially those with credit scores below 600.
Pros and Cons of the Avant Credit Card
Here are some key points to consider about the Avant Credit Card:
-
Pros:
- Reports to the three major credit bureaus, increasing your credit visibility.
- Allows pre-qualification to view terms, helping you make informed decisions.
- Offers automatic credit limit increases, making it easier to manage your credit utilization.
- No foreign transaction fees, making it a suitable choice for international travelers.
- Includes Mastercard benefits such as ID theft protection and global service.
-
Cons:
- Lacks ongoing benefits compared to other credit cards.
- Potentially charges a steep annual fee.
Is the Avant Credit Card for You?
The Avant Credit Card is specifically designed for individuals with fair credit scores (between 580 and 669). However, due to its potential for a low credit limit, high annual fee, and limited rewards, it may not be the best choice as your primary credit card. Instead, it suits those who:
- Prefer not to have a secured credit card that requires a security deposit.
- Struggle to get approved for other credit cards targeted towards average credit customers.
If your credit score is closer to the top of the “fair” range (mid-600s), there are better options available. Consider credit cards that offer lower annual fees and cash back rewards for everyday spending at a reasonable rate, such as the Capital One Quicksilver Student Cash Rewards Credit Card.
Features of the Avant Credit Card
The Avant Credit Card offers the following features that can aid your credit-building journey:
Reports to all three major credit bureaus
The Avant Credit Card shares your credit card activity with Equifax, Experian, and TransUnion. This broad reporting increases your chances of future lenders considering you as a good candidate for their products.
No foreign transaction fees
Unlike some credit cards, the Avant Credit Card does not charge foreign transaction fees. This makes it an excellent choice for international travelers.
Automatic account review for credit limit increases
Avant will review your account over time to determine if you qualify for a higher credit limit. This is especially helpful if you were approved for the card with a low credit limit, as it can be challenging to keep your credit utilization low with limited available credit.
Mastercard benefits
As a Mastercard holder, you can enjoy additional benefits such as ID theft protection, global service, and airport concierge services.
The Fine Print
The Avant Credit Card may charge an annual fee ranging from $0 to $59, depending on your creditworthiness. Additionally, it has a relatively high APR. However, if you pay your statement balance in full each month, you won’t incur any interest charges. Late fees, cash advance fees, and minimum interest charges may also apply.
What Could Be Improved
While the Avant Credit Card has its merits, there are areas for improvement. Additional credit-building tools, such as credit score monitoring and spending analysis, would be valuable additions. These features are increasingly common among credit cards and can greatly assist individuals trying to establish their credit.
Card Alternatives
If you’re looking to build your credit, there are several alternatives to consider. While the Avant Credit Card is a decent choice, other cards offer more appealing benefits. Explore options that have lower annual fees and provide cash back rewards for everyday spending.
Bottom Line
If you’re striving to build your credit, the Avant Credit Card is a viable option. While it may not offer ongoing benefits or cash back rewards, it is less fee-heavy compared to other credit-building cards. Keep in mind that there are more enticing choices available, but the Avant Credit Card can still help you improve your credit score.
FAQs:
- Is the Avant Credit Card legit?
- Yes, the Avant Credit Card is legitimate. It is issued by WebBank, a member of the Federal Deposit Insurance Corporation (FDIC).
- Does the Avant Credit Card perform a hard credit check?
- Avant will conduct a soft credit check to pre-qualify you for the card, which does not affect your credit score. If you formally apply, a hard credit check will be performed, resulting in a temporary drop in your credit score. However, with good credit habits, your score will bounce back in a month or two.
- Which credit bureau does the Avant Credit Card use?
- Avant considers all three major credit bureaus (Equifax, Experian, and TransUnion) when approving your application, and they report your credit card activity to all three bureaus.
Remember, for more expert advice on personal finances, visit Personal Finances Blog.