What Are Credit Cards For Fair Credit?

We all know that credit card often comes with four different levels: poor, bad, fair and excellent. When we are applying for certain credit cards, the issuers will take many factors into consideration to determine our credit levels, including spending capabilities, shopping items, the amount of open accounts and many other factors. The issuers will decide the type and form of our credit cards after the estimation.

So, if we want to get a very favorable credit card, we should own fair or excellent credit scores. Only when we have gained fair credit rating can we obtain certain level of credit. And only when we have accumulated very reliable credits are we able to apply for some quality credit cards. There are actually a lot of banks and financial centers now offering credit cards for fair credit owners now in the market.

Credit cards for fair credit usually bring more benefits and bonus rewards for card owners. However, they have more limitations and requirements on credit scores as well. Common credit cards are usually available to all the individuals, no matter with poor credit history or zero credit score. But credit cards for fair credit are only accessible to people owning at least 640 credit score. The technically defined range for a fair score is between 640 and 680. So, if we want to get a credit card for fair credit, we must accumulate 640 credit score or more.

Two Typical Types of Credit Cards for Fair Credit

Basically, there are two typical kinds of credit cards for fair credit: one is the charge credit card and the other is called the basic credit card. The charge credit cards are only available to people who have accumulated fair credit scores, and the basic credit cards have strict requirements on the spending compatibilities of the card owners. Charge credit card owners would not need to worry about the amount of money they can use every month. In other words, charge credit cards do not have limitations on the maximum amount of money people can spend every month.

Owners of basic credit cards must make certain spending with the card every month. Besides, basic credit cards will charge some annual fees, while charge credit cards do not have any annual fee. As for the payments, these two kinds also have different requirements: charge credit cards require the card owners to pay off all the debts before the deadline date. But basic credit card holders can choose to pay off the loans with certain periods, such as half a year or more.

Recommended Credit Cards for Fair Credit

One of the most famous credit cards for fair credit is Citi Platinum Select MasterCard. This credit card offers 0% annual percentage rate transfer balance for six months. The interest rates for this credit card could be as low as 9.99%. Besides, it also offers some bonus benefits such as rental insurance, fraud protection as well as travel insurance. Accelerated Rewards Credit Card from Bank of America is also a good choice for people with fair credits. This card features a 9.9% fixed interest rate. Plus, it requires no annual fees.