With fair credit you sit right in the middle – best credit cards are still out of your reach, but you already have a decent choice of available offers. Finding a right credit card with fair credit – with no annual fee and high credit limit is not easy. Card features such as interest rates and annual fees can be confusing. Understanding the role your own credit score plays in your credit-worthiness can make a big difference in your overall success.
What is Fair Credit?
What exactly is “fair credit?” From an industry perspective, most merchants and lenders consider someone whose credit falls between a FICO score of 600 and 720 to have “fair” or “average” credit. Any lower than this and you have an increased risk; any higher and you probably enjoy good credit offerings much of the time.
High Limit Cards for Average Credit
Getting a high limit card on average credit does usually require some work and time. While cards with higher initial limits do exist, they are more difficult to qualify for and you should expect a trade-off in the way of interest and fees. Your increased risk status will naturally result in a higher yearly fee and a greater interest rate in nearly all cases. Fortunately, even if you initially qualify for a low credit limit, you can usually build up to a higher limit over time.
Most banks offer a credit limit increase option after 6 months of responsible card use.
It’s important to not only build a relationship with the credit card issuer but also to manage your account responsibly. This means making your payment on time every month and following the credit card issuer’s guidelines.
One of the high limit options is the Emporium card – technically a store card with the credit limit up to $5,000 and instant credit approval.
Cards for Poor to Fair Credit
People with poor to fair credit are often considered to be in the rebuilding stage. This includes those who have declared bankruptcy in the distant past and those who don’t have any credit at all, such as college students. If you fall into this category, you will most likely have to take a secured credit card with a low limit first and prove you can use the credit responsibly. Even unsecured cards with no annual fee often start at a lower limit until at least the first six months.
This unsecured card requires no deposit and can help build your credit
Receive opportunities for credit line increases, a fee may apply
See if you Pre-Qualify in less than 60 seconds
Receive 1% cash back on eligible purchases, terms apply
$0-$99 annual fee
Best Cards for Students
Students usually have no credit history, which technically puts them in the average credit range.
Best credit cards for students can be found with no annual fee as well. Some of the best examples are Discover it Chrome for Students, Citi Thank You preferred for Students and BankAmericard Cash Rewards for Students.
no annual fee
2-3% cash back on gas, groceries, and wholesale club purchases
no annual fee
no credit needed
5% cashback on changing categories
double first year cashback