What Are the Best Credit Cards for Fair Credit?

Best Credit Cards for Fair Credit: A Comprehensive Guide

If you have fair credit, you may be struggling to find a credit card that suits your needs. However, there are plenty of credit cards available that cater to people with fair credit scores. In this article, we’ll explore the bestcredit cards for fair creditand what makes them stand out.

What is Fair Credit?

First, let’s define what fair credit actually means. Fair credit typically refers to a credit score between 580 and 669, according to FICO. This is lower than a good credit score (which is between 670 and 739), but higher than a poor credit score (which is below 580). With fair credit, you may still be able to get approved for credit cards, but you may not have access to the most competitive interest rates and rewards programs.

Best Credit Cards for Fair Credit

1. Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is a great option for people with fair credit who want to earn cash back on their purchases. This card offers 1.5% cash back on every purchase, with no limit to the amount you can earn. It also has a $0 annual fee for the first year and a $39 annual fee after that.

2. Discover it Secured

If you’re looking to build or rebuild your credit, the Discover it Secured card is a great option. This card requires a security deposit, but it also offers rewards – you’ll earn 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter) and 1% cash back on all other purchases. Plus, Discover will match all the cash back you earn at the end of your first year.

3. Capital One Platinum Credit Card

The Capital One Platinum Credit Card is another great option for people with fair credit who want a simple, no-frills credit card. This card has no annual fee and offers access to a higher credit line after you make your first five monthly payments on time. It also has fraud coverage and alerts to help you monitor your account.

Tips for Applying for Credit Cards

When applying for credit cards, it’s important to keep a few tips in mind:

1. Check your credit score before you apply. This will help you narrow down your options and apply for cards that are more likely to approve you.

2. Read the fine print. Make sure you understand the card’s fees, interest rates, and rewards programs before you apply.

3. Don’t apply for too many cards at once. This can hurt your credit score and make it harder to get approved for future credit cards.

Saving Money with Credit Cards

Credit cards can also help yousave moneyin a few different ways:

1. Look for cards with 0% APR introductory offers. This can help you avoid interest charges on balance transfers and purchases for a certain period of time.

2. Use cards with cash back or rewards programs for purchases you were already going to make. This way, you can earn rewards without spending more than you would have otherwise.

3. Avoid cards with high annual fees, unless the rewards program is worth it. Annual fees can eat into your rewards earnings and make it harder to save money.

Final Thoughts

Having fair credit doesn’t mean you can’t find a great credit card. By doing your research and understanding your options, you can find a card that fits your needs and helps you build your credit. Just be sure to apply for cards responsibly and use them wisely to avoid debt and financial trouble.