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Credit Cards For Fair Credit – Overview & 3 Of The Best Credit Cards

April 7, 2012

Credit Cards For Fair Credit

credit cards for fair credit

Before we jump into information on credit cards for fair credit, you may be wondering exactly what fair credit is and if the term applies to yourself. Well someone who has fair credit is someone who:

  1. Makes the majority of their credit card payments on time each month but has missed of few payments.
  2. Small to medium amount of debt, but not so much that they are in over their head.
  3. They have a debt to income ratio that is categorized as low.
  4. Have fallen behind when it comes to paying their monthly dues.
  5. As well as one who has a credit score that is in between around 640 to 680.

The good news about having fair credit is that it will not bar you from obtaining a credit card contrary to popular belief, which the same perks apply to fair credit individuals like being able to get rewards points, cards offering cash back on purchases, credit cards for small businesses and more. Keep this in mind, when setting out to apply for credit cards for fair credit as you have very good chances of obtaining your preferred credit card as most people think they will get denied but would have ended up getting approved, but there are still drawbacks as you may not enjoy all the terms that one would enjoy with a excellent credit score, but don’t be afraid to negotiate better terms as many lenders are inclined to so due to the fact that creditors like that they aren’t the only one participating in the issuing process, showing that you care about your financial situation.

Some Of The Best Credit Cards For Fair Credit

Below are 3 options that you can consider when searching for credit cards for bad credit, which these are known as some of the best for those with fair credit.

  1. Bank of America Accelerated Rewards American Express (TM)- Created for those with fair credit and provides eligible applicants with a fixed interest rate of 9.9 percent, fixed meaning that it will NEVER change throughout the entire time you use it. This credit card for fair credit also comes with no yearly fee as well as 0 percent APR for the first year. They also have rewards program where you get 1.25 points for every dollar spent with the card on a variety of different purhases.
  2. Citi Platinum Select Card – This is another great option for those looking for credit cards for fair credit as it offers rates as little as 10.9 percent, a 0 percent intorductory rate when it comes to balance transers.
  3. Iberia Bank Visa Classic Card – This card offers you the chance to enjoy only 4 percent purchases rates and and free transfers and is highly regarded as the best credit card for average credit.

Other Information On Credit Cards For Fair Credit

Credit cards for fair credit are designed to rebuild credit scores but come with fair terms as well, meaning that it can include:

  • Less freedom when it comes to your line of credit.
  • Fees for yearly use.
  • Above average interest rates.

But if you endure these so called negative aspects and be sure to make your monthly payments on time each month, you will soon have a much better credit score and be able to become eligible for a card that offers more favorable terms and is a lot more lenient to what you can do with it. The opportunity also poses itself that you can be aloud to better terms with the company that you received your fair credit score credit card through if you make ontime payments as you will establish good trust with the company, making them more inclined to provide you with more favorable terms.

So when you go to apply for a credit card the credit card company is going to take into account things like how much debt you have, your job and how much you earn as well as most importantly your capability to pay back your debt. Make sure to come with all the documents needed and fill out the application in it’s entirety as this will give you the best chance at getting the best terms and rates. If possible having money saved up in the bank can provide you with a better chance for being approved for credit cards for fair credit as well as a budget that shows that you can easily repay the monthly payment each month

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