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Not everyone has a flawless financial record, and that’s perfectly acceptable. On the other hand, a credit score between 580 to 669 is considered fair credit. But, even with less than perfect credit, you have a plethora of options for accessing credit through a flexible and objective banking system. The best credit cards for fair credit are available for people with average creditworthiness.
When it comes to credit, people who have reached the middle of the rankings may have access to perks such as cashback rewards and lower interest rates, although some discrepancies or negative marks appear in their credit reports. To further help those in this category, we have highlighted some good credit cards for fair credit. Come along!
What is a Fair Credit Score?
Considering a scale of 300 to 900, a fair credit score could be between 580 to 66. Some banks use this threshold as a selection criterion to determine whether or not an applicant is eligible for products like unsecured credit cards. On the other hand, others consider applicants with credit scores in the lower end of the middle range.
People who have gone bankrupt or have resorted to a consumer proposal will need to put a lot of effort into reaching this level by using secured credit cards and saving rigorously. Some people who generally have good credit might temporarily find themselves at this level if they fall behind in paying their bills or using the available credit on their credit cards to the limit.
Keeping your credit in good standing is quite a challenge, with many factors affecting credit scores.
What can you do with a Fair Credit Score?
You can access a broader range of financial tools that provide more freedom to spend and save with a fair credit score. It can take a lot of work to reach this threshold if you manage to achieve it – congratulations!
Credit indicates your financial competence, and a fair score allows you to take on more responsibility. Bad credit limits access to finance, while you can use fair credit to obtain a bank loan, a line of credit, or benefit from cards with more favorable terms.
Best Credit Cards for Fair Credit
Today, you can find some great credit cards for fair credit on the market. Due to the enormous number, we have prepared this guide to aid you effectively. Some of these include:
- The American Express SimpleBackTM Select Card
- Best Western Rewards Mastercard
- BMO Prime Rate Mastercard
- BMO AIR MILES MasterCard
- Scotiabank Value VISA card
The American Express SimpleBackTM Select Card
The American Express SimpleBack ™ Select Card is an excellent card for those with fair credit scores. It also has new lower-tier credit cards features, such as cashback and a lucrative introductory bonus.
More of its features include:
- 10% cashback bonus for the first four months
- Earn 2% cashback when your welcome rate ends
- $99 annual fee
Best Western Rewards Mastercard
Hotel expenses are the largest of all costs incurred while on vacation or business travel. So it helps to have a card that reduces the leakage of dollars from your wallet. One such card is the Best Western Rewards Mastercard.
Read More: Best Credit Card for Travel Rewards
You earn 1 point for every dollar spent on qualifying purchases, 5 points for every dollar spent at Best Westerns worldwide, and 20,000 points for the first purchase with the card. That’s already enough for a free night. As if that weren’t enough, this card automatically grants Elite Gold Status. Add in some essential travel insurance benefits and a $ 0 annual fee, and the card gets even more enticing.
More of its features include:
- Earn 5 points for every $ spent at Best Western
- Receive 1 point for every $ spent elsewhere
- Get 20,000 bonus points on the first purchase.
- Immediately obtain Elite Gold Status.
- Add real travel insurance benefits.
- Standard annual interest rates of 19.99% on qualifying purchases, 22.99% on balance transfers and access checks, and 22.99% on cash advances
- No annual fees
BMO Prime Rate Mastercard
Even if your credit rating isn’t quite perfect, you can still get a great rate on purchases and balance transfers with the BMO Prime Rate Mastercard. To apply, you must have a credit score of at least 650, and the low-interest rate is extremely competitive for a card that is available to those with only “average” credit. The main features of the card are:
- $20 annual fee
- 11.9% interest rate on purchases and cash advances
- A promotional interest rate of 3.99% on balance transfers for the first nine months
- 11.9% interest rate on balance transfers after nine months
- Extended warranty and purchase protection for qualifying purchases
BMO AIR MILES MasterCard
The BMO AIR MILES MasterCard is one of the best credit cards for fair credit. Just because your credit rating is not the highest, it does not mean that you cannot enjoy the benefits of the Air Miles program. The BMO AIR MILES MasterCard offers new cardholders an 800 bonus, Air Miles.
In the meantime, they will have the opportunity to collect 1 Air Mile for every $ 25 spent. At any Air Miles sponsored location, the rate doubles. With no annual fee and so many ways to quickly accumulate earnings, it’s ideal for many cardholders – not just those with fair credit. A balance transfer charging just 1.99% interest for nine months is the icing on the cake.
More of its features include:
- Gift of 800 Air Miles as a bonus
- Collect 1 Air Mile for every $ 25 spent
- $ 0 in annual fees
- An interest rate of 1.99% for nine months on balance transfers
Scotiabank Value VISA card
The Scotiabank Value VISA card is not reserved only for those in the upper echelons of solvency. The card grants a competitive interest rate of 11.99% on purchases for those with fair credit. There is still a small annual fee of $ 29.
With the option to transfer your balance and pay only 0.99% for six months, few cards offer such a comprehensive offer to stem the continuing wave of interest. In addition, cardholders will be able to benefit from a reduction of up to 20% when renting vehicles at Avis branches.
- More of its features include:
- 0.99% rate for six months on balance transfers
- A competitive interest rate of 11.99% on purchases
- Annual fee of only $ 29
- Get 20% off at Avis
Frequently Asked Questions
Can I get a Discover card with a 600 credit score?
Usually, a credit score of 700+ is needed to get many Discover credit cards. On the other hand, there’s no minimum credit score required to get a few other Discover cards. For example, you can quickly get the Discover it® Secured Credit Card with a meager credit score.
Can I have 2 Capital One credit cards?
Capital One usually limits its customer credit cards to only two cards per person. On the other hand, customers can possess more than two Capital One credit cards if they have old credit card accounts.
Which bank gives the highest credit limit?
The Bank of America® Customized Cash Rewards Secured Credit Card currently offers the highest maximum credit limit. This amounts to over $4,900. However, the limit can be as little as $350. The bank is also at liberty to set up an initial credit limit based on a customer’s income and repayment ability.
What can I get with a 715 credit score?
A customer having a credit score of 715 is considered to be good. With this, you will quickly get approved for loans and credit cards.
What is the minimum credit score for a Chase card?
The minimum credit score for most Chase cards is 600. This also stands as the primary dividing line between poor and fair credit.
What is the easiest Citi card to get?
Currently, the Citi® Secured Mastercard® is the easiest Citi card to get. This is valid because it stands as the only credit card accepting applicants with a limited credit history.
The Citi® Secured Mastercard® further requires a refundable security deposit of $200 and a $0 annual fee. In all, this card helps its users to build their credit history with prompt reporting to the credit bureaus monthly.
What credit score do I need to get approved for a Chase credit card?
To get approved for a Chase credit card, you need a credit score of 670 or higher. This implies that many Chase credit cards are pretty accessible for consumers with excellent credit scores.
In conclusion, a Fair Credit Score is an essential step toward financial security. Credit cards offered to those with a fair credit score offer much better terms than cards available to less creditworthy people. For those who are just starting their credit journeys, such as immigrants and young adults, it would be a good idea to make use of the best credit cards for fair credit highlighted above.
I am Lavinia by name, and a financial expert with a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.