To choose the best credit card for fair credit, compare credit card offers known to accept applicants with fair credit scores of 640-699 based on the cards’ annual fees as well as their rewards or interest rates, depending on whether you plan to pay the monthly bills in full. Rewards are more important if you pay in full. Low rates are more important if you’re going to carry a balance from month to month because interest charges will actually accrue in that case.
In addition to the card terms that figure to cost or save you the most money, you should also consider where each card can be used. Many credit cards for people with fair credit are store credit cards, which can only be used at affiliated retailers.
How to Choose the Best Credit Card for Fair Credit in 4 Steps
Look for credits cards that accept applicants with fair credit. Narrowing down your card options to credit cards that you are likely to qualify for based on your credit score helps you avoid wasting time applying for cards you won’t get. You can get a jump start by taking a look at WalletHub’s recommendations for the best credit cards for fair credit.
Compare annual fees. All else being equal, a card with a lower annual fee is better. Fortunately, there are many no annual fee credit cards for fair credit to choose from. That said, you shouldn’t disregard a card with an annual fee as it may make up for the cost with rewards.
Compare rewards or interest rates. If you plan on paying your balance in full every month, you can focus on comparing rewards. Interest charges won’t apply in that case. However, if you plan on carrying a balance, a card with a low interest rate will save you money on interest charges. You should compare credit cards to find the best one that will save you the most money.
Consider where the card can be used. A lot of credit cards that accept people with fair credit are store cards that only allow you to use the card within their affiliated stores or on their store’s website. If you don’t want to limit where your card can be used, there are still non-affiliated credit cards for fair credit, too. Once you have your credit card, you can use it to improve your credit score. A good credit score can open up more credit card options with lower interest rates and better rewards than credit cards for fair credit.
Yes, you can get a credit card if you have fair credit. The best credit cards for people with fair credit scores of 640-699 come with $0 annual fees, rewards of at least 1% back on purchases and monthly credit-bureau reporting, making it easy to build credit and save money. There are plenty of cards to choose from, so check out WalletHub’s editors’ picks for the … read full answerbest credit cards for fair credit to find the best one for you.
When you have fair credit, getting the right credit card can be a key step to building a good or excellent credit score. You also have to use that card responsibly, by paying the bill on time every month and not maxing out your credit limit. You can check out WalletHub to get custom credit improvement advice to help you along the way.
It's really hard to pinpoint what credit limit you'll be granted with a credit score of 700. But since it's good credit, you maybe able to get as high as a $5,000 limit. A credit score of 750+, which is excellent credit, should put you in the $10,000 limit zone. But that’s not a given. And your credit standing isn’t the only factor that affects your ability to get a high credit limit.… read full answer
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