Are you someone with fair credit who is in need of a credit card? If so, you may be faced with various questions and concerns. You might be wondering how to build credit with a credit card, what options are available for those with no credit, if there are specific options for students, or if you can get a credit card without a credit check. You may also be curious about annual fees, APRs, rewards, and qualifying for a card without a hard inquiry on your credit report.
Don’t worry, because we’ve got all the answers you need, along with our top recommendations for the best credit cards for fair credit in 2024. So let’s dive in!
Our Recommendations for the Best Credit Cards for Fair Credit
With fair credit, your options may be limited compared to those with excellent credit. However, you don’t have to settle for subpar credit cards. We have curated a list of the top credit cards that are suitable for fair credit borrowers. Here are our recommendations:
- Mission Lane Cash Back Visa® Credit Card – Best for prequalification.
- Citi Custom Cash® Card – Best for rewards.
- Capital One QuicksilverOne Cash Rewards Credit Card – Best for travel.
- Capital One Platinum Credit Card – Best for no annual fee.
- Capital One SavorOne Student Cash Rewards Credit Card – Best for students.
- Chime Secured Credit Builder Visa® Credit Card – Best for no credit check.
- Avant Credit Card – Best for no penalty APR.
- Citi Double Cash® Credit Card – Best for cash back.
- Navy Federal Credit Union Platinum Card – Best for low interest.
Please note that these recommendations are based on the credit cards available in 2024 and may change over time. Now, let’s take a closer look at each of these cards and why they are the best choices for fair credit borrowers.
Mission Lane Cash Back Visa® Credit Card – Best for Prequalification
Welcome offer: N/A
Rewards rate: Unlimited 1% or 1.5% cash back, depending on your credit card’s terms.
Our take: The Mission Lane Cash Back Visa® Credit Card offers a pre-qualification inquiry that doesn’t impact your credit score. This allows you to see what terms you qualify for, including APR, annual fee, rewards rate, and credit limit. If you accept the terms, you can submit a full application for a hard credit check.
Citi Custom Cash® Card – Best for Rewards
Welcome offer: N/A
Rewards rate: The Citi Custom Cash® Card has the ability to earn up to 5% cash back up to $500 each billing cycle in your top categories.
Our take: The Citi Custom Cash® Card automatically adjusts to your top spending category and offers cash back in the form of ThankYou Points. New cardholders will also receive a welcome offer.
Capital One QuicksilverOne Cash Rewards Credit Card – Best for Travel
Welcome offer: N/A
Rewards rate: The Capital One QuicksilverOne Cash Rewards Credit Card earns 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on everything else.
Our take: The Capital One QuicksilverOne Cash Rewards Credit Card is ideal for travelers and everyday spenders. However, it does have an annual fee and higher APR, so it’s important to pay off your balance to avoid high interest charges.
Capital One Platinum Credit Card – Best for No Annual Fee
Welcome offer: N/A
Rewards rate: None.
Our take: The Capital One Platinum Credit Card doesn’t charge an annual fee and can help you build your credit. Cardholders are automatically considered for a higher credit limit within six months and have access to Capital One’s credit monitoring program, CreditWise.
Capital One SavorOne Student Cash Rewards Credit Card – Best for Students
Welcome offer: N/A
Rewards rate: Students can earn 3% cash back on dining, entertainment, groceries (except at retailers chains like Walmart or Target), and certain streaming services.
Our take: The Capital One SavorOne Student Cash Rewards Credit Card offers a favorable cash back rate and an annual fee that’s suitable for students who are building their credit.
Chime Secured Credit Builder Visa® Credit Card – Best for No Credit Check
Welcome offer: N/A
Rewards rate: None.
Our take: The Chime Secured Credit Builder Visa® Credit Card is a secured card that allows borrowers to build their credit without a credit check. It has no annual fee and doesn’t charge interest on the security deposit.
Avant Credit Card – Best for No Penalty APR
Welcome offer: N/A
Rewards rate: None.
Our take: The Avant Credit Card offers no penalty APR and the ability to check if you qualify without affecting your credit score. However, it does have an annual fee and a higher APR.
Citi Double Cash® Credit Card – Best for Cash Back
Welcome offer: N/A
Rewards rate: The Citi Double Cash® Credit Card earns 2% cash back on all purchases.
Our take: The Citi Double Cash® Credit Card is one of the best credit cards for cash back earnings. You can earn 1% cash back when making a purchase and an additional 1% when paying it off.
Navy Federal Credit Union Platinum Card – Best for Low Interest
Welcome offer: N/A
Rewards rate: None.
Our take: The Navy Federal Credit Union Platinum Card offers a low APR range, making it an attractive option for fair credit borrowers. However, you need to be a member of the Navy Federal Credit Union to qualify.
Our Methodology
We carefully selected the best credit cards for fair credit from a pool of more than 40 cards. Our selection process considered credit issuers that explicitly cater to fair credit borrowers. We also took into account important factors such as APRs, rewards, annual fees, and other features that are beneficial for fair credit borrowers.
How to Pick the Best Credit Card for Fair Credit
If you have fair credit, it’s essential to choose a credit card that aligns with your priorities and financial goals. Here’s what you need to do:
Decide what you value
Consider what you want from a credit card. Are you looking for cash back or other rewards? Do you prefer a card with no annual fee or low interest rates? Understand your preferences to find a card that suits your needs.
Compare credit card offers
Compare credit card offers side by side to identify the ones that align with your preferences. Pay attention to factors such as APR, annual fees, rewards structure, sign-up bonuses, and other features that matter to you as a fair credit borrower.
See what you qualify for
Some credit cards allow you to check if you qualify without a hard credit check. Take advantage of this pre-qualification process to evaluate your options and make an informed decision without impacting your credit score.
What to Know Before Applying for a Credit Card
Before you apply for a credit card, it’s crucial to understand how it will affect your credit score and how you can use it responsibly. Here’s what you need to know:
How applying for a credit card affects your credit score
While a credit card application can have a minor impact on your credit score, responsible credit usage and on-time payments have a more significant effect. Focus on managing your credit card responsibly by keeping your credit utilization low and paying your bills on time.
High credit card interest
If you have fair credit, it’s likely that you’ll be approved for a credit card with a relatively low credit limit. To avoid excessive interest charges, make sure to pay off your credit card balance in full every month.
Set up autopay to build your credit score
To improve your credit history and boost your credit score, set up autopay for your credit card. Paying your bills on time consistently will demonstrate responsible credit usage.
What to Avoid with Credit Cards for Fair Credit
Not all credit cards are created equal, and it’s important to avoid certain pitfalls. Here’s what you should steer clear of:
High fees and APRs
Be cautious of credit cards with excessive fees and high APRs. Look for cards that offer competitive APRs or low annual fees that align with your financial goals.
Rewards cards with limited redemptions
Some credit cards may promote rewards programs, but their redemption options may be limited. Check the fine print and ensure that the rewards program aligns with your preferences.
Carrying a balance
Avoid carrying a balance on your credit card whenever possible. Paying off your statement in full each month is crucial to avoid expensive credit card debt.
Applying for any card
Be purposeful when selecting credit cards to apply for. Too many credit applications can negatively impact your credit score. Research and choose cards that are best suited for your credit score range.
Alternatives to Credit Cards for Fair Credit
If you’re not ready for a credit card or want to explore other financing options, here are some alternatives to consider:
- Personal loans: These installment loans are issued through lenders and can help you build credit.
- Payday loans: While these loans are an option, they should be used as a last resort due to their high APRs.
- Home equity loans: If you own a home with significant equity, a home equity loan or HELOC can provide lower interest rates.
- Title loans: If you own your vehicle outright, you may qualify for a loan against its value. However, be aware of high costs.
- Private lending: Explore private lenders beyond traditional financial institutions.
Fair Credit Shouldn’t Hold You Back
Despite fair credit holding some limitations, you have options for credit cards that can meet your needs and help you build your credit score. Utilize prequalification, set up autopay for responsible usage, and choose the best credit card for your preferences. With time and responsible credit management, your credit score will improve, opening doors to even better credit card options.
Frequently Asked Questions (FAQs)
Here are the answers to some frequently asked questions about credit cards for fair credit:
What’s the easiest credit card to get with fair credit?
Secured cards are often the easiest to qualify for since they require a deposit that serves as your credit limit. Consider the OpenSky Secured Visa Credit Card and the Secured Chime Credit Builder Visa Credit Card.
Which credit cards can I get with fair credit?
Our recommended credit cards listed above are suitable for fair credit borrowers. These cards are tailored to meet the needs of those with fair credit.
Which credit card is best for a 620 credit score?
The best credit card for a 620 credit score depends on your spending habits and credit-building goals. Choose a card that aligns with your specific needs and credit score range.
What credit cards can I get with a 600 credit score?
If your credit score is around 600, consider secured cards, credit-building cards, or student cards. Explore online lenders and credit unions to find suitable options that match your needs.
Remember, these answers are based on the credit card landscape in 2024, and card offerings may change over time.
That’s it for our juicy secrets on the best credit cards for fair credit in 2024! Take control of your financial journey and choose the credit card that empowers you. If you want to learn more tips and tricks about personal finances, visit Personal Finances Blog. Happy credit card hunting!