What Are the Best Credit Cards for a 650 Credit Score?

Best Credit Cards for a 650 Credit Score: A Comprehensive Guide

If you have a credit score of 650, congratulations! You're in the "fair" credit range, which means you have a good chance of being approved for a variety of credit cards. However, not all credit cards are created equal, and some may be better suited to your needs than others. In this comprehensive guide, we'll take a look at the best credit cards for a 650 credit score, as well as some tips for managing your credit and avoiding common pitfalls.

1. Secured credit cards

If you're still building your credit, or you have a low credit score due to past mistakes, a secured credit card may be the best option for you. These cards require a deposit upfront, which serves as collateral in case you can't make your payments. However, they also report to the credit bureaus, which means you can build your credit score over time. Some good options forsecured credit cardsinclude the Discover it Secured card and the Capital One Secured Mastercard.

2. Rewards credit cards

If you're looking for a credit card that offers rewards, the good news is that you have plenty of options. Many rewards cards require a higher credit score, but there are still some good options for those in the fair credit range. For example, the Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cash back on all purchases, with no limit on how much you can earn. Another good option is the Chase Freedom Unlimited card, which offers 1.5% cash back on all purchases and a $200 bonus after you spend $500 in the first three months.

3. Balance transfer credit cards

If you have high-interest credit card debt, a balance transfer credit card can help you save money on interest charges. These cards allow you to transfer your existing balances to a new card with a lower interest rate. The Citi Simplicity card is a good option for those with fair credit, as it offers a 0% introductory APR for 18 months on balance transfers (after that, the APR is 14.74% - 24.74% variable).

4. Student credit cards

If you're a student with a fair credit score, you may be eligible for a student credit card. These cards are designed specifically for students, with lower credit limits and more lenient approval requirements. Some good options include the Discover it Student Cash Back card, which offers 5% cash back on rotating categories and 1% cash back on all other purchases, and the Journey Student Rewards from Capital One, which offers 1% cash back on all purchases and a bonus for paying your bill on time.

Tips for managing your credit

While having a credit card can be a great way to build your credit score and earn rewards, it's important to use it responsibly. Here are some tips for managing your credit:

- Pay your bill on time every month. Late payments can hurt your credit score and result in fees and penalties.

- Keep your credit utilization low. This means using only a small portion of your available credit. Ideally, you should aim to keep your utilization below 30%.

- Monitor your credit score regularly. You can check your score for free using sites like Credit Karma or Credit Sesame.

- Avoid applying for too many credit cards at once. Each application can result in a hard inquiry on your credit report, which can temporarily lower your score.

- Review your credit report for errors. If you find any mistakes, you can dispute them with the credit bureaus to have them removed.

Saving money with credit cards

In addition to earning rewards, credit cards can also help you save money in other ways. For example, some cards offer discounts on travel or dining, while others offer cash back on certain types of purchases. You can also save money on interest charges by paying your bill in full every month and avoiding high-interest debt.

Annual fees and avoiding risks

Finally, it's important to be aware of any fees or risks associated with your credit card. Some cards charge annual fees, which can eat into your rewards earnings. Others may come with high interest rates or penalty fees for late payments. It's also important to be aware of common scams, such as phishing emails or fake billing statements, and to keep your personal information secure.

In conclusion, having a credit score of 650 opens up a world of credit card options, but it's important to choose the right card for your needs and use it responsibly. By following these tips and being aware of potential risks, you can make the most of your credit and build a strong financial future.