The Best Credit Cards for Fair Credit

Best Credit Cards for Fair Credit

If you have fair credit (FICO between 670 and 699), you will pay a higher interest rate. Recent interest rates for excellent credit were 14.19% while fair credit resulted in an interest rate of 22.41%. By using your fair credit card carefully, you can improve your score and improve your interest rate. In fact, some of the cards we have listed help you lower your interest rates if you pay on-time for a specific amount of time (often 5 months).

If you have fair credit, you may still be able to get a credit card with good rates and great perks. Plus, by using your card responsibly, you can improve your credit score. We’ll take a look at some of the best credit cards for fair credit.

How to Build a Better Credit Rating

You can build or improve your credit score fairly simply. Just follow these two steps for all your bills and you will begin to see better scores.

  • Make payments on-time
  • Pay in full every month

Pre-qualifying for a Credit Card

Several credit card companies like Capital One and Discover have pre-qualification forms. Both the Capital One pre-qualify and the Discover pre-qualify process includes your name, address, last four of you SSN, your desired credit level and card benefit. In 60 seconds, you’ll know what card and interest rate you can qualify for. Getting prequalified won’t affect your credit score.

Secured vs Unsecured Credit Cards

If you have fair credit, you may be able to improve your credit rating with a secured credit card. A secured card requires a refundable security deposit. You won’t be able to spend more than your security deposit and if you can’t pay, the card company can use the deposit to pay off your card.

A secured card helps you limit how much you spend and allows you to rebuild or build credit. Secured cards may offer better interest rates than unsecured cards. You do need to have the money to put on deposit.

Unsecured cards may have very low credit limits, often $300 or $500. As you pay off and use your credit card responsibility, the company may increase your credit limit annually.

CardBest ForConsiderationsAnnual
Fee
Southwest Rapid Rewards® Plus Credit CardAirline Miles
Earn 40,000 bonus points for spending $1,000 within first three months
Earn 20,000 more points for spending $12,000 in the first year.
3,000 bonus miles on account anniversary
2 points per $1 spent on Southwest, Rapid Rewards Hotel and Car Rental Partner purchases
1 point per $1 spent on all other purchases
Earn unlimited points
No blackout dates or seat restrictions
No change fees
Redeem your points for flights, hotel stays, gift cards, access to events, etc
$69
Milestone® Gold MastercardEasy Pre-Qualification
One of the best unsecured cards for bad credit
Get prequalified before submitting an application.
Modest fees,
Provides limited spending power, starting with $300 spending limit,
regular APR compares favorably to other unsecured credit cards
$35 – $99
Journey®
 Student Rewards from Capital One®
Students building credit
Earn 1% cash back on all your purchases.
Pay on time to boost your cash back to a total of 1.25% for that month
Enjoy no annual fee and no foreign transaction fees
Get a head start and build your credit with responsible use
Get access to a higher credit line after making your first 5 monthly payments on time
Monitor your credit profile with the CreditWise® app, free for everyone
$0 fraud liability if your card is ever lost or stolen
Pick the monthly due date that works best for you
Get customized alerts and manage your account with the Capital One mobile app
Indigo® Platinum MastercardFraud ProtectionPre-qualify
Helps you (re)build credit
Charges interest at a high rate.
$0 – $99
Discover it Student Cash BackStudents with fair credit
earn 5% cash back on up to $1,500 in purchases each quarter when they activate set bonus categories include gas, restaurants, wholesale clubs and more.
Earn 1% cash back on all other purchases.
For new cardmembers, will double all the cash back during your first year
Free credit tracking capabilities
maintain annual GPA of 3.0 or higher for $20 statement credit bonus for up to five years.
0% interest on new purchases for the first six months your account is open,
student-card average is 17.63%
No annual fee.
$0
Discover it® SecuredSecured Cash Back Card
No major fees.
One of the few secured cards with rewards.
The 2% cash back that you’ll earn on the first $1,000 spent at restaurants and gas stations (combined) each quarter
all other purchases yield 1%,
Great first-year bonus its promotional offer to match the cash back rewards that you earn the first year your
$200 minimum deposit.
High regular APR.
Reasonable approval requirements
$0
Discover
 it® Miles
For Travel

1.5 miles for every dollar you spend.
doubles all the rewards earned by new cardmembers at the end of their first cardmember year.
no foreign transaction fees.
Credit One Bank® Unsecured
 Platinum Visa
Growing Credit Line
After the initial billing period, card holders can call and select a new payment due date
Card holders get free monthly online credit score tracking
gives cardholders cash back in the form of an automatic statement credit equal to what it calls “eligible net purchases”
Rewards Aren’t Available from Stores Like Wal-Mart or Target
High APR Rate
Automatic application of annual fee
$0 – $99
Credit One Bank® Platinum
 Visa® with Cash Back Rewards
1% Cash Back
1% cash back on eligible purchases
credit limit may be increased based on payment history, income and credit score.
initial credit limits from $300 to $500
No sign-up bonus or zero-percent APR introductory rate
Zero-liability protection
24/7 roadside and travel assistance
Purchase protection
Extended warranty coverage
Rental car collision damage waiver
Free online credit score tracking
Flexibility to choose your payment due date
$0
Credit One Bank® Platinum
 Visa® for Rebuilding Credit
Credit Bureau Reporting
no one-time fee for application processing and no monthly fee.
new cardholders begin with a $300 credit line
1% cash back
The APR varies widely based on creditworthiness
Credit-line increases aren’t guaranteed
$0 – $99
Chase Slate®For Balance Transfer

0% introductory APR on both balance transfers and purchases for the first 15 billing cycles.
Balance transfer fee (usually 3%) waived when transfer within 60 days of account opening
Capital One® QuicksilverOne®
 Cash Rewards Credit Card
Flat-Rate Rewards
No sign-up bonus,
1.5% cash-back on all purchases
May increase credit line after five monthly payments on time
Monitor credit profile with CreditWise® app
$0 fraud liability
No limit or expiration on cash back
$39
Capital One® Platinum Credit
 Card
No Annual Fee
No annual fee
Higher credit line after making first 5 monthly payments on time
Fraud coverage
Online banking with mobile app
Pick the monthly due date
$0
Avant Credit CardNo Deposit Required
Fast and easy application process
Periodically review account for credit line increases
Strengthen credit history with responsible use
No hidden fees
Use 24/7 online banking to pay card
Zero fraud liability
Disclosure: If you are charged interest, the charge will be no less than $1.00
$29

Conclusion

When you apply for a credit card, make sure you carefully read all the fine print. Some of the cards come with higher penalties. All of the information here is based on information available at time of publication and is subject to change.