If you have fair credit and need to apply for a card, you may be worried about how your score will impact your ability to get approved. Luckily, there are a number of credit cards out there that are for people with credit scores in the fair range.
Credit scores are reported on a scale of 300 – 800. Although there isn’t a set standard for what constitutes a ‘fair’ rating, many lenders consider scores between 620 and 679 to fall into this category. Generally, the lower your rating, the more interest you’ll pay. Most cards for people with fair credit have interest rates of between 20% and 29%.
Here are five of the easiest credit cards to get approved for if you have fair credit.
1. Capital One Quicksilver Cash Rewards
The biggest perk of this card is that it offer 1.5% cashback rewards on all purchases, regardless of their category. Rewards don’t expire, so you can redeem them when you’re ready. It also provides 9 months of 0% interest on purchases and balance transfers when you first sign up. After that, there is a variable interest rate of 23.24%. There’s no fee to make a balance transfer. The main drawback of this card is that there is an annual fee of $39.
2. Barclaycard Rewards MasterCard
This card allows you to earn unlimited reward points in all categories. Users get 2% cashback on everything they spend on groceries, gas, and utilities and 1% on all other purchases. Points can be redeemed at the $10 level. There’s no annual fee, and you can look at your FICO score for free. However, at 25.24%, the variable interest rate is rather high, especially if you plan on carrying a large balance. It’s probably the best option if you want to get reward points and plan on paying the balance off before interest can accrue.
3. Chase Slate
The Chase Slate card is ideal for people with fair credit who want to transfer their balance from a high-interest card. It offers a 15-month introductory period of 0% interest for both purchases and balance transfers. There is no fee for transfers made within 60 days of opening an account. After the introductory period is over, users pay an interest rate of 13.24% – 23.24%. The downside of this card is that it doesn’t offer any opportunities to earn rewards.
4. Capital One Platinum
The card charges no annual fee and rewards you for making on-time payments. If you make your first five payments on schedule, you’ll see your credit limited increased automatically. However, it doesn’t offer any rewards, and the variable APR is 24.99%. Despite these drawbacks, this card is a good option for someone seeking to build their credit history. Using it to make purchases and paying the balance off on time could see you raise your credit score from fair to good.
5. Journey Student Rewards from Capital One
This card is specifically designed for students who have a limited credit history. It’s an ideal option for student’s with fair credit scores who have never had a credit card before and wish to establish themselves as being reliable with payments. Users get 1% cashback on all purchases, but if you make payments on schedule, you’ll get 1.25%. The amount of rewards you can earn is unlimited, and there’s no annual fee. The variable APR is 20.24%. Unlike other cards, there is no interest-free introductory period.