Credit card companies extend lines of credit to those they believe have a better than average chance of paying off the debt they accumulate. That is why those companies do a credit check on all applicants. According to Lucy Lazarony, a fair credit score is one in the 600 to 650 range. A score below that is a poor credit score, and a score higher is an average or above average score. Several credit card companies now offer cards designed for those with fair credit.
Nerd Wallet calls the Chase Slate card the best card for those with fair credit who want to transfer the balance from a card with a higher interest rate. Chase offers a zero percent interest rate for the first 15 months that a user has this card. That 0% APR applies to both any purchases made with the card and any balance transfers made. The APR Chase charges after the introductory period expires depends on credit worthiness. It can range from 13.24% to 23.24%. As Chase uses a variable model, it can increase or decrease that rate based on the worthiness of the card holder. The Chase Slate card also allows card holders to check their FICO scores once a month for free and transfer balances without paying any additional fees.
Capital One Quicksilverone Cash Rewards Credit Card
Many people know about the Capital One Quicksilverone Cash Rewards Credit Card because of the series of television commercials that star Samuel L. Jackson. This card allows holders to earn 1.5% cash back on all purchases made with the card, including those made at grocery stores, gas stations and even online. It comes with a standard APR of 23.24%. Introductory rates allow card holders to make purchases without facing any interest rates or fees for up to nine months. Holders can also transfer balances from other cards for free. Capital One will not charge interest on those balances for the first nine months.
Credit One Platinum Visa
Though not as well known as some credit card companies, Credit One offers a Platinum Visa card for those with fair credit. It comes with 1% cash back on all qualifying purchases, and the company will deposit those funds into card holders’ accounts at the beginning of the following month. Those who apply online can complete the pre-approval process and find out if they qualify for the card in as little as 60 seconds. Credit One charges an annual fee of up to $99 and charges a variable APR of 15.65% to 24.15%.
Primor Secured Visa Gold Credit Card
Wallet Hub recommends the Primor Secured Visa Gold Credit Card for those with poor, bad or fair credit. As a secured card, it requires that those who complete the application and receive approval put down a deposit to secure that card. The total amount put down is the line of credit given to that individual. It has a much lower APR of 9.9% and does not charge any upfront fees. Card holders must put down a minimum of $200 when taking out the card. The card also comes with an annual fee of $49.
Secured credit cards are one option for those with a lower credit score who have a hard time getting a traditional unsecured line of credit. A fair credit score in the low 600s though can help applicants qualify for standard credit cards from top companies. Capital One and Chase are among the top companies who offer credit cards that are popular among those with fair credit. These cards come with variable interest rates and may charge an annual fee.