What are fair credit cards and how are they beneficial?

Answered on October 07, 2010
Updated on October 07, 2010
The content is accurate at the time of publication and is subject to change.
James Williams James Williams
Fair credit refers to a credit history which is neither bad nor very good. A fair credit rating for an individual falls between 575 and 600 or slightly more. Fair credit cards are credit cards awarded to credit card customers with credit rating in the fair credit range. There are quite a few companies which approve fair credit cards with decent terms and regulations. However, one thing that clearly stands out between fair credit cards and credit cards rewards to individuals with very high credit rating is that while the latter can help customers make good savings through great credit rewards, the former does not have a lot of attractive prospects as far as rewards are concerned. Fair credit cards are taken by credit card customers who are generally trying to build their credit history and improve their credit rating until they can considered as credit card customers with excellent credit and become eligible for attractive rewards. Fair credit cards do not have massive interest rates but they still have rates slightly higher than 14% or so, which is greater than the average annual percentage rates on credit cards for excellent credit rating customers. However, fair credit cards have their own share of benefits, including loyalty points which can be redeemed in the form of discounts by the credit card customers at select merchants or brands. Fair credit cards are beneficial for those credit card customers whose applications for reputed credit cards have been rejected. The problem with too many rejections is that it shows up on the credit report drawn by the credit bureaus which will make the credit card customer look desperate for credit, thus making it even more difficult to get credit. Hence it is not a bad idea to apply for fair credit cards which are easily approved even if your credit rating is not exceptional but through consistency in monthly bill payments and if possible, avoiding outstanding dues of any kind, one can slowly take their credit rating higher. Fair credit cards in fact, help customers to build their credit rating and monitor it by providing tools such as monthly expense reports which are detailed and give the card holder an idea about what expenses were extravagant and hence could be eliminated. Fair credit cards sometimes also offer 0% introductory interest rates on balance transfers as well as purchases for a fixed period as an incentive to customers.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

User Comments about This Question


There is no universal credit card offer that is definitely the best one for someone with fair credit. The thing is we all have different financial situations and credit histories even though they are all tagged as “fair credit”. Moreover, your needs and the way you manage your credit cards also determine which credit card is good for you. For example, if you need a credit card to improve your credit and you tend to overspend, we would not recommend you a credit card with rewards but a card without an annual fee and without rewards instead. However, if you pay off the card balances...
If you are someone with fair credit, your credit score lands you between “poor” and “good.” FICO is the most popular scoring system now. It is often used by major issuers to make an approval decision. According to the FICO credit score range, fair credit falls between 640 and 699±. If your credit score falls within this range or close to this range, then your credit can be considered fair. There are plenty of credit cards suitable for average credit. If you build your credit, you'll be able to qualify for premium credit cards and get exclusive perks and offers. ±Credit scores are...
To get an unsecured card you should show sufficient income and have a stable job. The banks should see that you can manage credit cards: make on time payments and stay within limits. The length of your credit history is important as well: little credit experience may result in denied credit card application. For most credit card issuers your credit is fair. And if you apply for a wrong credit card, for a card which requires a higher credit score than you have, you will be denied. To avoid this consider credit cards for fair credit.

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There is a credit card for any credit and for any purpose. Whether you want to start building your credit from scratch or earn rewards on purchases, save on gas or travel for free, you can find a good credit card offer for that.