Those who have fair credit (which is classified as a score within the range of 580-669) may find it difficult to get their hands on the best credit cards, but this doesn’t mean that there isn’t any hope. In fact, lenders have come to the realization that not everyone has the best credit score in the world.
For those who don’t know much about fair credit credit cards (and even those who do), this rundown is sure to shed some much-needed light on what they are and what they can provide you with.
How Credit Cards for People with Fair Credit Work
While every type of credit card is different, a general rule of thumb is that you have at least 3 years of proving that you’ve used your credit in a responsible manner. However, there are some fair credit credit cards that may be made available for those that don’t have this length of credit history.
When it comes to these types of cards, it’s rare that you’ll find one with a 0% APR and your credit limit may be on the lower side until you prove yourself to be a responsible borrower. Unlike secured credit cards, the ones that fit in this lineup usually don’t require you to make an initial deposit.
The Benefits of Fair Credit Credit Cards
By embracing these types of cards, you’ll find yourself able to embrace:
· An opportunity to build your credit score for better days.
This is just the start of your journey to financial success. It’s where you’re being evaluated as to whether or not you’re a big risk or priceless asset to the credit card company.
· Rewards based upon your credit card usage.
This is where you want to analyze your spending habits, as you’ll want to take advantage of the rewards as much as possible. If traveling is your thing, you might consider a credit card that gives you travel-based rewards.
· Upgrades for those who use their card responsibly.
After proving to your lender that you’re responsible and make your payments on time, they’ll be more apt to provide you with a bigger credit line. Think of it as a trial period when using a credit card for people with fair credit that you could really benefit from.
For those who want a chance to prove themselves, fair credit credit cards provide you with the opportunity to do so. Just make sure that you use it smartly so that you don’t put your score putting you in the category of bad credit.