Credit cards can be a valuable financial tool. It allows you to build or maintain your credit score and earn rewards. However, finding the right credit card can take time and effort, especially for those with fair or average credit. With so many options out there, it can be hard to know which credit card will be best for your situation. That's why we've compiled a list of the best credit cards for fair and average credit in 2023 to help make your decision easier.
So, let's dive in.
Understanding the Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act (FCRA) is crucial legislation protecting consumers' rights. It ensures that the information contained in your credit reports is accurate, fair, and private. This act allows you to dispute inaccurate or outdated credit report information.
Capital One QuicksilverOne Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards Credit Card is an excellent option for those with fair credit. This card offers a flat 1.5% cash back on every purchase, making it a great choice for everyday spending. And unlike many other cashback cards, the QuicksilverOne has no minimum redemption amount. So you can redeem your rewards whenever you want.
- The best card for cash back.
- Annual Fee: $39
- No foreign transaction fee
- No welcome bonus
- No purchase fee is charged outside of the U.S
Discover it Secured Credit Card.
If you are looking to build or rebuild your credit score, the Discover it Secured Credit Card is an excellent option. This card requires a security deposit but has great benefits, such as cashback rewards and automatic monthly reviews for a potential credit score increase.
The card also has no annual fee and a low APR, making it a cost-effective choice. Another benefit of the Discover it Secured Card is that after eight months of responsible use, you may become eligible for an unsecured credit card.
- Best for college student rewards
- No annual fee
- 0% APR on purchases for six months
Petal 2 Cash Back Credit Card
The Petal 2 Cash Back Credit Card is a unique option for you with fair to average credit. This card takes a holistic approach to creditworthiness, looking at factors beyond credit scores when making approval decisions. The Petal 2 Card offers cashback rewards on eligible purchases and has no fees, including no annual, foreign transaction, or late payment fee. With responsible use, you can set your payment date and receive credit limit increases.
- Best for no fees
- No welcome bonus
- No annual fees
- Cashback rewards on purchasing
- No annual fee
- Best for building credits
- Credit limits are from $300 to $10,000
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is an excellent choice if you have fair-to-average credit and are looking for a straightforward credit card. With no annual or foreign transaction fees, you can use the Capital One Platinum Card for everyday purchases. This card offers access to a higher credit line with on-time payments and responsible use. And, if you need help managing your account, Capital One offers free tools and resources to help you stay on top of your finances.
- Best for travel
- No welcome bonus
- No annual fee
- No rewards
- 29.9% regular ARP
- Fraud protection
Upgrade Visa® Credit Card
The Upgrade Visa Credit Card is a great choice if you are looking for a credit card to build credit and manage debt. This credit card offers low-interest rates, no annual fees, and debt management tools like mobile alerts and payment reminders. It also provides credit line increases after 12 months of on-time payments.
- Best for cash back and flexibility
- No annual fee
- 0% APR
- 1.5% cash back on every purchase through the card
Credit One Bank Platinum Rewards Visa
The Credit One Bank Platinum Rewards Visa offers cashback rewards on every purchase. This card has a low minimum credit score requirement of $500, making it easier to get approved. It also has no annual fee and offers an optional credit line increase. This credit card also comes with free credit monitoring so that you can monitor your credit score.
The card also offers 5% cash back on eligible purchases, and you have the opportunity to increase your credit line with responsible use. However, it is essential to note that this card does come with an annual fee of up to $95.
- Best for rewards
- 95% annual fee
- Unlimited opportunities to earn cash back
- 5% cash back on everyday purchases
- No sign-up bonus
- High APR (28.74%)
- No security deposit requirements
Conclusion
Finding the best credit card for fair and average credit scores does not have to be a daunting task. We have discovered that several options are available to establish creditworthiness, build credit scores, and earn rewards. Before choosing a credit card, it is essential to consider the benefits, fees, and features offered by each credit card to find the most suitable option for your needs.
Remember always to practice good credit habits, such as paying bills on time and keeping a low balance, to maintain a good credit score. With the above list of the best credit cards for fair and average credit in 2023, you can find a card that will help you build or maintain your credit score and earn rewards along the way. You can improve your financial stability and achieve your financial goals with some research and effort.
