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Do you have fair credit? If so, that’s not a good thing. Fair credit sounds innocuous enough, but it can actually severely limit your options in the world of credit.
FICO defines a “fair” credit score as anything between 580 and 669. The card_name exists to help folks with just such a score to improve the state of their credit with on-time payments and low credit utilization.
Avant Credit Card
Avant Credit Card
Pros & Cons:
Reports to the three major credit bureaus.
Pre-qualify to view terms.
Automatic credit limit increases.
Cons:
No rewards for spending.
Up to $59 annual fee.
Very few ongoing benefits.
There’s nothing spectacular about this card, though it’s got a few upsides that customers on the higher end of the “fair” credit scale may benefit from. For example, you can be approved for a credit limit of up to $3,000. Plus, if you use the card responsibly Avant may automatically review your account for credit limit increases.
TIME’s Take
The card_name does exactly what it says it’ll do—nothing more. It’s an elementary credit-building card that offers no pleasant surprises. In other words, this credit card is bland. And that’s OK. The entire purpose of the card is to give those with “fair” credit a chance to build their score so that they can eventually qualify for better credit cards with more lustrous benefits.
The fact that you could be charged an annual fee of up to annual_fee_disclaimer is not great, but people with fair credit can’t be terribly choosy—especially those with sub-600 credit scores.
Avant Credit Card: pros and cons
| Pros | Cons |
|---|---|
Reports to the three major credit bureaus | No rewards for spending |
Pre-qualify to view terms | Up to $59 annual fee |
Automatic credit limit increases | Very few ongoing benefits |
Who is the card for?
If you’ve got fair credit (again, defined as a score between 580 and 669), the card_name is designed for you. But due to the potential for a low credit limit and high annual fee, not to mention the lack of rewards, this card shouldn’t be your first choice. Instead, this card is good for anyone who:
- Doesn’t want a secured credit card (which often requires a security deposit of at least $200).
- Can’t seem to get an approval for other cards targeted toward “average credit” customers.
If your credit score is near the top of the “fair” credit range (mid-600s), you can probably do better than this card. There are plenty of options that offer a potentially lower annual fee and cash back for everyday spending at a reasonable rate.
For example, the annual_fee_disclaimer-annual-fee card_name earns 5% cash back on hotels and car rentals reserved through Capital One Travel. It earns 1.5% cash back on all other eligible purchases.
Features
Reports to all three major credit bureaus
The card_name shares your credit card activity with Equifax, Experian, and TransUnion. These three credit bureaus are where the overwhelming majority of lenders go to look at your credit profile when deciding if you’re a good candidate for their product.
Not all credit cards report to all three bureaus. In fact, some report to just one. The fact that the card_name does means that your commendable credit habits will almost certainly be seen by future lenders.
No foreign transaction fees
A foreign transaction fee is an arbitrary expense that some credit cards charge for spending outside the U.S. It’s usually around 3% of your total international transactions. The card_name doesn’t charge foreign transaction fees, which makes it a good card to bring when traveling abroad.
Automatic account review for credit limit increases
The card_name offers a credit line between $300 and $3,000. Over time, Avant will let you know if you qualify for a higher credit limit. You don’t have to submit a request. This is extra helpful for those who were approved for the card with a low credit limit, as it can be hard to keep credit utilization low when you’ve only got, say, $400 in available credit.
Mastercard benefits
The card_name is a Mastercard. Mastercard confers certain benefits to credit cards on its payment network, including:
- ID theft protection: You can receive alerts for suspicious or potentially dangerous activity surrounding your personal information on the surface, dark, and deep web.
- Global service: If your credit card is lost or stolen, you can cancel your account immediately and receive a temporary card the next day when you’re inside the U.S. and within two business days just about anywhere else.
- Airport concierge: You’ll get a 15% discount on airport meet and greet services, which can escort you through the departure or arrival process. In some cases, it can speed up your airport security experience.
The fine print
The card_name will charge you an annual fee between $0 and $59, depending on your creditworthiness. A annual_fee_disclaimer annual fee is quite exorbitant for the conspicuous lack of features. You’ll also pay a reg_apr,reg_apr_type APR. This is among the highest you’ll find on any credit card—though, if you pay your statement balance in full each month, you’ll never pay interest. If you know you won’t spend beyond your means, this otherwise frightening interest rate won’t affect you in any way.
This card also incurs:
- Late fees (up to $39).
- Cash advance fees ($10 or 3% of the transaction amount, whichever is greater).
- Minimum interest charges (no less than $1).
What could be improved
The prospect of no annual fee for the card_name actually makes it quite competitive among credit-building cards. But the potential for a annual_fee_disclaimer annual fee warrants the shepherd’s hook away from most “best-of” lists for folks with average credit.
This card could also do with some additional credit-building tools. Things like credit-score monitoring and spending analysis are not uncommon among credit cards today. Such an ecosystem can be an enormous help for those that are trying to gain their footing in the world of credit.
Card alternatives
U.S. Bank Cash+® Visa® Secured Card | |||
|---|---|---|---|
| Description | N/A | N/A | $300 |
| APR | reg_apr,reg_apr_type | reg_apr,reg_apr_type | 29.99% Variable |
| Annual fees | annual_fees | annual_fees | $0 |
| Credit score | credit_score_needed | credit_score_needed | Limited |
Bottom line
If you’re looking to build credit, there are far morea number of less appealing choices than the card_name. It’s true that you won’t get valuable ongoing benefits or earn cash back for your spending. But overall, it’s less fee-heavy than many competitors in the category.
Avant Credit Card
Avant Credit Card
Pros & Cons:
Reports to the three major credit bureaus.
Pre-qualify to view terms.
Automatic credit limit increases.
Cons:
No rewards for spending.
Up to $59 annual fee.
Very few ongoing benefits.
Frequently asked questions (FAQs)
Is the card_name legit?
The card_name is totally legit. It’s issued by WebBank, which is a member of the Federal Deposit Insurance Corporation (FDIC).
Does the card_name do a hard credit check?
The card_name will perform a soft credit check to pre-qualify you for the card. This will not affect your credit score. If you want to formally submit your application, Avant will perform a hard credit check, which will drop your credit score by a few points. However, if you practice good credit habits, your score will rebound in a month or two.
Which credit bureau does card_name use?
Avant looks at all three major credit bureaus (Equifax, Experian and TransUnion) when approving you. It also reports your credit card activity to all three.
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