Credit Card Issuers Woo Customers With Fair Credit

Monday, February 29th, 2016
Updated: February 29th, 2016
The content is accurate at the time of publication and is subject to change.

The uptick in the American economy is good news for people seeking lines of credit. While the recent Federal Reserve interest rate some people saw hike as bad news, it’s actually a sign of economic recovery. For credit-seekers, especially those whose credit score is not stellar, this is good news.

“Banks may have a greater incentive to loan out reserves at higher interest rates, and the increased flow of additional credit would boost economic growth,” said the director of the Institute for Economic Competitiveness at the University of Central Florida.

Higher interest rates might not sound like great news, but in fact, for people with fair credit seeking a line of credit, it’s not so bad. The key is not to carry a balance on the credit card. That way, the interest rate is irrelevant.

For people with fair credit, finding a credit card or getting any type of loan can be difficult. But while it’s not as easy as it would be for folks with excellent credit, it is far from impossible. The current economic climate makes that even more true. During the housing crisis and the government bailouts of the big banks over the past decade, it became extremely difficult to get a credit card or a mortgage if your credit was not close to flawless. However, these days lenders are a little more lenient.

Consumers have the chance to improve their credit scores

Credit cards for people with fair credit may come with fewer rewards and incentives, and may have a few more fees and a higher interest rate, but getting one of these cards is a good opportunity to improve credit.

To achieve a better credit score, people should do the following:

• Make all payments on time
• Keep balances low—ideally don’t carry a balance over from month to month
• Keep accounts open for a longer credit history
• Have a mix of types of credit
• Don’t apply for too many cards at once

The most important things on this list are to make payments on time and keep balances manageably low. If people are having trouble getting out of debt and making a plan to pay off their debts, they can seek credit counseling from one of the many nonprofit agencies across the country.

Another option is to transfer a balance to a 0% APR balance transfer card. These cards offer introductory promotions that make paying off debt faster and cheaper. They are generally available to people with fair or good credit.

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.

Latest Fair Credit Credit Card News

Tuesday, July 2nd, 2019

Once your credit score crossed the “fair” line, on the one hand, you may feel a sense of relief, since you finally got out of bad credit. On the other hand, good credit may still seem so distant.

Tuesday, April 30th, 2019

The new Apple Card credit card has already managed to make a stir. If you are among those who have thoroughly studied all its main features, who fall asleep and wake up dreaming of the 3% cash back* and are counting days till the card’s release this summer, then you must have one more question – “Can I qualify for it?”

Friday, April 5th, 2019

It’s hard to imagine life without credit cards or loans these days. Everyone around participates in the race for a good credit score. It is as important for us as nothing else, that’s why you should start building it as early as possible.

Wednesday, August 29th, 2018

No one likes being in debt, but a recent study from Fidelity showed that having high levels of credit card debt, medical bills, student loans, and other financial stressors could actually be hazardous to your heath. Not only that, but being in debt can actually sap workers of productivity, preventing them from doing the very thing that could help them climb out of debt: excel at work.

Tuesday, February 27th, 2018

Coffee drinkers are in for a treat with the new Starbucks Rewards Visa card, a co-branded credit card for folks who love coffee – and credit card rewards.
Whether you have fair credit, are just starting to build a credit score, or already have good credit, you can apply for the new Starbucks Rewards Visa card from Chase. The card is integrated directly into the Starbucks Rewards customer loyalty program, so it’s easy to redeem rewards. The card is accepted worldwide everywhere that accepts Visa, and rewards can be redeemed for free drinks and snacks at over 8,000 Starbucks locations around the globe.

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