In the past, if you needed a credit card most financial institutions required that you either have a good or excellent credit history. To ascertain this they used different credit scoring models with the most popular ones being, VantageScore and FICO score. Of the two FICO scores are the ones that were mostly used and still being used by most lenders when making credit decisions. On the other hand, VantageScore was brought into the scene by the three major credit bureaus to rival FICO.
However, getting a credit card now days is as easy as feeding your information into an online application form and clicking “submit.” Regardless of whether you have a low credit score, you can still qualify for a number of different credit cards. Some of the cards include:
Chase Slate is the ideal credit card to use in balance transfers for people who have low to great credit scores. The card has numerous benefits among them:
- Offers $0 Annual Fee
- Access to monthly FICO score and Credit Dashboard at no charges
- No penalties. Paying late will not result in a rise in your interest rate (APR)
- The card offers 0% Introductory APR for 15 months on balance transfers and purchases made.
- Chase slate offers $0 introductory balance transfer fee for transfers conducted during the first 60 days upon opening the account
Capital One QuicksilverOne Cash Rewards Credit Card
Capital One QuicksilverOne is a great credit card for an individual with fair credit, particularly if you wish to transfer a balance but want to retain the rewards. Other benefits associated with this card include:
- The card allows you to earn a daily unlimited 1.5% cash back for every purchase made
- The card has 0% intro APR on purchases made for a period of 9 months
- The card has a fraud cover
- It allows you to access a higher credit line immediately after making your payments on time for the first 5 months
- The card requires no sign ups or rotating categories to earn cash rewards.
- The cash back has no expiry date and there is no limit on the maximum amount you can earn
For individuals who have low to great credit scores and spend a lot on gas, groceries, and utilities, Barclaycard Rewards MasterCard might be probably what you need. The card entails numerous advantages among them:
- The card allows you to receive 2X points on grocery, utility, and gas store purchases (excluding Walmart and Target) and 1X points for all other purchases made
- Your points do not expire as long as your account is active, open, and in a good state
- The card comes with no annual fee
- Allows you to freely check your FICO credit score online and notifies you of any changes in your score
- The card comes with $0 Fraud Liability coverage that insures you against unauthorized charges
Business people with average or fair credit normally do not have many options. However, Capital One Spark Classic can be a great start for them. The following are some of the advantages associated with it:
- The card has no foreign transaction charges implying its ideal for business travels
- The business credit card is normally packaged with higher credit lines compared to personal credit cards, allowing your business to access a large pool of capital
- The card allows you to enjoy some business benefits like end-year summaries, experienced customer service for small businesses, and employee card tags at no extra cost.
- It also has a fraud cover
Journey Student Rewards from Capital One is the ideal choice for students who are planning to get their first credit card. The card offers a number of benefits to its users among them:
- It allows the student to pick the monthly due date that best suits him/her
- Allows access to higher credit line after the first 5 months payments have been made
- Has no foreign or annual transaction charges
- Has a fraud cover