Finance

Best Credit Cards For Fair Credit You can apply in 2020

Do you know that you can qualify for credit cards, even if you have a low credit score? Here is what are Best Credit Cards For Fair Credit in 2020. In fact, if you use them correctly, these cards can help you rebuild your credit and increase your credit score. You can correct your previous credit errors and create a better financial future for your business.

Unlike the credit cards you can get with a good credit score, these are fairly simple cards. And that’s fine because the goal is to use them to build your credit, prove that you are financially responsible and then look for a better option to access capital.

Best Credit Cards For Fair Credit:

On the other hand, you should know that there are secured and unsecured cards for bad credit. The difference is that secured credit cards require a security deposit that protects the card issuer in case you do not pay your debts. For this reason, it is easier to obtain a secured credit card. On the other hand, unsecured bad credit cards do not require a deposit, but generally, have high-interest rates and low credit limits.

If you have a low credit score (from 300 to 639) and want to increase it, consider requesting one of these cards specially designed for those with bad credit.

Credit One Bank Visa:

This is an excellent option that will help you improve your bad credit. The Credit One Bank Visa credit card has a rewards program that allows you to receive a 1% cash refund on purchases such as groceries and gasoline, and on services such as the Internet, mobile phone and cable television. In addition, one of the biggest advantages is that you can choose your own payment due date. You can apply this card with fair credit score.

  • Ideal to: create credit.
  • Minimum credit score required to qualify:
  • Annual interest rate: 24-26.24% (variable).
  • Annual fee: $ 0- $ 75 during the first year, $ 0- $ 99 annually after.

Discover it Secured:

This is one of the best credit cards for bad credit if you want to get cashback. With its rewards program, Discover it Secured allows you to get a 2% cash refund with a limit of $ 1,000 per quarter when you shop at restaurants and gas stations, plus 1% on all other purchases. Just keep in mind that you need to leave a $ 200 refundable deposit. This is one of Credit Cards For Fair Credit you can apply for.

  • Ideal for: get a cash refund.
  • Minimum credit score required to qualify:
  • Annual introductory interest rate: 99% on balance transfers for six months.
  • Regular annual interest rate: 24% (variable).
  • Annual fee: $ 0.

Capital One Secured Mastercard:

This is one of the best cards to create credit since it has no annual fees or hidden costs. In addition, it is possible to obtain access to a higher credit line if you make your payments on time for five months. However, you must leave a refundable deposit of $ 49, $ 99 or $ 200 to get a credit limit of $ 200.

  • Ideal to: rebuild your credit with minimal initial costs.
  • Minimum credit score required to qualify:
  • Annual interest rate: 99% (variable).
  • Annual fee: $ 0.

SDFCU Savings Secured Platinum Visa:

With a fixed APR of 7.74%, Savings Secured Visa Platinum currently has the lowest interest rate. This is also Credit Cards For Fair Credit you can apply for.

Advantage:

The State Department Federal Credit Union Savings Secured Platinum Visa has an APR of 7.74%, one of the lowest rates is around among guaranteed cards.
The Savings Secured Visa Platinum offers the opportunity to win Flexpoints prizes, which you can redeem for trips, tickets, merchandise, gift cards, charity and other items.
Your credit limit with this card is protected by the money in your savings account.
There is no income verification or credit check with this card.

Disadvantages:

The main drawback of this card is that it requires joining as a member to open a credit account. You can sign up if you are an employee of the United States Department of State if you are employed or affiliated with affiliations of the credit union organization, if you are an immediate family member of a member, or if you are a member of the American Consumer Council.

Capital One Secured MasterCard:

The Capital One Secured MasterCard is one of the few guaranteed cards that allows you to make a security deposit less than your credit limit. This makes this the best card for those with a fixed income who cannot pay their deposit in advance. In fact, this card allows you to pay your deposit in installments, provided that the total amount is paid within 80 days of its approval. If you pay the minimum deposit required, depending on your creditworthiness, you will get an initial credit line of $200. This card is also the best Credit Cards For Fair Credit.
Advantage:

  • This card offers an initial credit line of $200 for a deposit of $49, $99 or $200. The amount of deposit required depends on the solvency. You can deposit more before you open the account to get a higher limit – up to $ 3,000.
  • After making your first five monthly payments on time without needing an initial deposit, you can upload your credit line.
  • The Capital One CreditWise® program is included with this card, which gives you access to your credit score and offers tools to help you monitor your credit.

Disadvantages:

  • This card has an APR of 24.99% variable, higher than the other guaranteed cards in this list. If you usually have a balance, this is not the best card for you.
  • There is no reward with this card, something you can find in a variety of other guaranteed cards.

Requirements, fees, and APR:

  • Although the Capital One Secured Mastercard has a relatively high variable APR 24.99%, it has no annual fee. The late payment fee is $ 35.

Best Travel Credit Cards for Fair Credit or Bad Credit.

AeroMexico Visa® Secured

The Club Premier AeroMexico Visa® Secured card has one of the best travel reward programs between guaranteed cards. If you don’t usually have a balance, and you travel frequently to Mexico, this card is worth considering. Aeromexico is Best Credit Cards For Fair Credit.

Advantage:

The secured Aeromexico Visa® card offers one Club Premier miles for every $ 1 spent.
If you are a new member of the AeroMexico Visa® Secured Card you can earn 5,000 bonus miles and a free Companion Certificate service that you can use for a round-trip ticket from the United States to Mexico, Central America or South America.

Disadvantages:

The main drawback of this card is that its travel advantages are limited to one region. If you want to travel outside of Latin America, there are better travel cards out there.
Requirements, fees, and APR:

The AeroMexico Visa® has a 23.74% variable APR, more than some of the other guaranteed cards on this list.
After that, the annual fee is $ 25.

Indigo Platinum Mastercard:

This is one of the best credit cards for those who have declared bankruptcy. Indigo Platinum Mastercard offers a simple pre-qualification process that does not affect your credit score. There are more advantages: a foreign transaction fee of only 1% per purchase, and other travel advantages. For example, if you rent a vehicle using this card, you will get coverage against theft and physical damage.

  • The idea for: anyone who has declared bankruptcy.
  • Minimum credit score required to qualify:
  • Annual interest rate: 90%.
  • Annual rate: from $ 0 to $ 99.

Discover it® Secured Card

As for guaranteed cards with cashback rewards, Discover it® is hard to beat. If you are interested in building credit while earning money on each purchase and paying your bills on time, this card is worth considering. Discover it® Secured Card is also the best Credit Cards For Fair Credit.

Advantage:

  • You can get a 1% refund for each purchase with Discover it® Earns 2% cashback at restaurants and gas stations up to $ 1,000 in combined purchases every quarter.
  • Discover it® allows you to establish your line of credit with a deposit of $ 200 or more. For example, a $ 200 deposit becomes a $ 200 line of credit.
  • Discover it® offers to automatically match dollar by dollar any cash you have earned at the end of your first year.
  • This card offers a free FICO credit rating on monthly statements, discover the mobile app or online.

Disadvantages:

  • If you normally carry a monthly balance, you will have to pay considerable interest charges with this card. The APR is a 23.74% variable for purchases.

Requirements, fees, and APR:

  • There is no annual fee, no surcharge on your first payment, no late payment charges on your first payment and late payment will not increase your APR with Discover it®.
  • The APR of this card is high at 23.74%.

What is Fair Credit Score?

Fair credit score means an average credit score that is not all about good or not also bad.

FICO scores (credit scores) range from 300 to 850. According to Experian, a bad credit score is 579 or less, while an exceptional score is 800 or more.

Used in 90% of credit decisions, FICO scores are a good indicator of where your credit is and how lenders see it as a candidate.

Here is a quick breakdown for credit score:

  • 800: Exceptional
  • 740 to 799: Very good
  • 670 to 739: Good
  • 580 to 669: Regular
  • 579 and down: Bad

Conclusion: Best Credit Cards For Fair Credit:

If you are also looking for Best Credit Cards For Fair Credit so here I shared about the topmost Best Credit Cards For Fair Credit. Choosing the best credit card can save your money annual fee and other stuff also. You can get cash back on online shopping & bill payment. You can also apply for a travel credit card if you wanna travel with your credit card. 

You do not need a credit history or a minimum credit score to qualify for a commercial loan with us. You just have to meet some minimum requirements. However, remember that a solid credit history will allow you to receive lower interest rates. In addition, we offer advantages such as:

  • Fast financing
  • Loan amounts greater than the credit cards we have shown you.
  • Fixed monthly payments, so you know exactly what you should pay each month and have control of your finances.
  • Interest rates lower than most credit cards.
  • There are no hidden fees. In addition to interest, you will only have to pay a closing fee.
  • Our loans are unsecured: that means you don’t have to present a guarantee to guarantee your loan.
  • We report all your payments to Experian, so you can build your credit history.

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