The best 640 credit score credit card is the Capital One Platinum Card because it has a $0 annual fee, $0 foreign transaction fee and $0 balance transfer fee. Platinum offers at least a $300 credit limit. And the $0 annual fee allows for more spending power since part of the credit limit isn’t used up right away. Plus, Capital One reviews cardholders for a credit limit increase after five on-time monthly payments in a row.
A 640 credit score is right on the border of fair credit and bad credit. People with fair credit usually have high approval odds for starter credit cards such as Capital One Platinum. Fair credit also is the minimum credit limit for most store credit cards. Two of the best are the Amazon Store card and the Target REDcard.
But if you want nearly guaranteed approval with a credit score of 640, a secured credit card is the best choice. You’ll have to put down a $200+ security deposit, but it’s fully refundable. One of the best secured credit cards for a 640 credit score is the Discover it Secured Card because it has good rewards.
Here are the best 640 credit score credit cards:
Capital One Platinum: $0 annual fee. $300 minimum credit limit. 26.96% (V) regular APR.
QuicksilverOne Cash Rewards: $39 annual fee. 1.5% cash back on all purchases. $300 minimum credit limit. 26.96% (V) regular APR.
Amazon Store Card: $0 annual fee. $10 Amazon.com gift card after approval. 5% cash back on purchases for Prime members. 28.24% (V) regular APR.
Target REDcard: $0 annual fee. 5% back on purchases. Free two-day shipping. Returns extended by 30 days. $250 credit limit. 25.15% (V) regular APR.
Discover it Secured: $0 annual fee. Minimum $200 deposit required. 2% cash back on first $1,000 per quarter at gas stations and restaurants and 1% on all other purchases. First year’s cash back matched. 25.24% (V)24.99% (V) APR.
With a credit score of 640, you’re very close to bad credit. So keep paying all your monthly bills by the due date. And if you already have a credit card, try to make sure the balances listed on your statements are as low as possible. Doing that for a few months before applying will boost your approval odds for a credit card that requires fair credit or better.
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