Best Credit Cards for Fair Credit

Details

The Capital One QuicksilverOne Cash Rewards Credit Card comes with an annual fee of $39, but it also allows cardholders to earn unlimited 1.5% cash back on all purchases. While the card doesn’t come with a signup bonus, that kind of cash back is quite good for a card designed for those with fair credit. Cardholders can earn a higher credit line in just six months, and you won’t pay any foreign transaction fees with this card.

Why We Like It

It can be difficult to find a credit card with average or fair credit requirements that also earns strong cash back rewards. However, the Capital One QuicksilverOne Cash Rewards Credit Card does exactly that. In fact, 1.5% unlimited cash back is about as good as you’ll find on a handful of cards for excellent credit. While the $39 annual fee is obviously less than ideal, you’ll only need to spend $2,600 every year to break even. With the opportunity to earn a higher credit line within six months, it’s no mystery why this card is our top pick for those who have fair credit.

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The Petal 1 Visa Credit Card is truly a new age credit card, as many of its features are quite different from traditional cards. For example, you can check to see if you’re pre-approved before submitting an official application. Upon approval, you’ll be granted a credit limit of $500 to $5,000, depending on your creditworthiness. Petal looks at your entire financial picture instead of just using your credit score to make a decision.

This card has no annual or foreign transaction fees, though typical late and returned payment fees may apply. It does not require a security deposit to open either. You can also earn up to 10% cash back at select merchants when you use your card. Plus, Petal reports to all three major credit bureaus so that you can build your credit profile and score.

Something to note about the Petal 1 Visa Credit Card is that it does not offer the ability to complete balance transfers or cash advances. This could be a dealbreaker for some prospective cardholders, as credit cards like this one typically offer these features.

Why We Like It

An interesting and unique credit option, the Petal 1 Visa Credit Card is great for anyone with fair credit who’s looking to build better spending habits and improve their credit score. It also boasts higher potential credit lines than most cards in this category. Add in the fact that the card is designed specifically to help people take control of their finances, and it’s easy to see why it’s a top option.

Petal Credit cards are issued by WebBank, Member FDIC.

Details

The OpenSky Secured Visa Credit Card is a secured card that doesn’t actually require a credit check for approval. The card has a $35 annual fee and it is meant to help those with fair or average credit build good credit habits. OpenSky reports to the three major credit bureaus as well, so if you manage your balance responsibly, you can improve your credit score. The security deposit you put down acts as your credit limit, and it can be anywhere from $200 to $3,000. As a Visa, cardholders will have access to Visa perks, like purchase protections.

Why We Like It

What the OpenSky Secured Visa Credit Card lacks in terms of rewards, it more than makes up for in credit-building opportunities. It’s also one of the rare cards that allows you to get approved without a hard credit pull. The $35 annual fee is manageable, and you’ll have the option of depositing up to $3,000 as your credit line. When it comes to safe, secured cards for those with fair credit, this is a great way to go.

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The Journey Student Rewards from Capital One earns cardholders a decent rate of 1% unlimited cash back on all purchases. In addition to this, you’ll receive an extra 0.25% cash back for every month you pay your statement on time. This card has no annual fee, as well as no foreign transaction fees. If you’re looking to travel during your college years, this card also comes with travel accident insurance, car rental collision damage protections and 24/7 travel assistance services.

Why We Like It

The Journey Student Rewards from Capital One is a great card for students who have yet to reach a high credit score tier. It's an especially attractive option for students who are studying abroad, as the travel protections and lack of foreign transaction fees make it viable outside of the U.S. With a decent cash back program that incentivizes timely payments, students with fair credit should absolutely get value out of this card. Responsible use will also help cardholders build their credit profiles and improve their scores.

Benefits

The Capital One Spark Classic for Business earns cardholders unlimited 1% cash back on all spending. These cash back earnings process immediately, giving you ample access to your rewards. The card also carries no annual fee, meaning you don’t need to worry about any maintenance costs.

This card has a plethora of other benefits, such as $0 fraud liability and security alerts. Plus, you can get additional employee cards at no extra charge. This card does not charge foreign transaction fees, and you can pick your own monthly statement due date.

Why We Like It

When it comes to business credit cards for those with fair credit, the Capital One Spark Classic for Business stands out because of its robust features. The card has no annual fee and earns unlimited 1% cash back on all purchases, much like a handful of other credit cards that are meant for those with stronger credit. So if you’re on the prowl for a cheap, high-value business credit card that doesn’t have exorbitant approval requirements, take a look at this card.