Having fair credit, within the 650-699 range, isn’t a bad thing. But it still can cause some difficulties when applying for a credit card. You can find a card, but it might not have the features that you’d like. It can feel like an un-winnable cycle—you have fair credit, apply for a credit card so you can use it to improve your fair credit and get rejected because of your fair credit.
Don’t despair! This is where simple starter cards, like the Avant credit card, come in handy. With no security deposit, a quick and easy application and no credit score needed to apply, you can use this card to rev up your credit score and meet your personal financial goals. The Credit.com team has compiled all the facts you need to know about the AvantCard, so you can decide if it’s right for you.
The Nitty Gritty
Here’s a brief rundown of the ins and outs of the Avant Credit Card:
- No deposit required
- No penalty APR
- No hidden fees
- Fast and easy application process
- Help strengthen your credit history with responsible use
- Disclosure: If you are charged interest, the charge will be no less than $1.00. Cash Advance Fee: The greater of $10 or 3% of the amount of the cash advance
- Avant branded credit products are issued by WebBank, member FDIC
- Reports to all three major credit bureaus
- Annual fee of $39.
- 25.99% (variable) ongoing APR.
You’ll Love this Card If
If you either have fair credit or you’re looking to build your credit, the Avant card is a good fit for you. Avant’s quick and simple application process makes it a great first card for those just getting introduced into the world of credit scores. Using this card responsibly can help you build good credit over time.
Finding a decent credit card can be difficult when you have less-than-ideal credit. That’s where the Avant credit card comes in. If you have fair credit, lying somewhere between 650-699, consider taking a look at the Avant credit card.
The Full Review
Much like any card, the Avant credit card has both benefits and drawbacks to keep in mind. It all depends on your preferences, financial goals, lifestyle, etc. Keep reading to find out if this is the right card for you.
One of the bigger benefits of the card is that is requires no security deposit. The Avant credit card is unsecured, meaning that it doesn’t require a security deposit. Most secured credit cards will use your security deposit as your credit limit.
The Avant credit card, on the other hand, offers a credit limit between $300 and $1,000—the actual amount will depend on your credit worthiness. You also have the opportunity to increase your credit line if you use it responsibly. If you do go over your credit limit, Avant won’t ding you—that is, they won’t charge you a fee.
Periodically, Avant reviews your account. Don’t panic—if you’re making your monthly payments on time, you have nothing to worry about. When Avant sees that you’re using your card responsibly, it considers increasing your credit limit. With continual responsible use, you can boost fair credit score to good credit.
Another great feature that the Avant credit card brings to the table is the qualification process. You can see if you quality for the card without affecting your credit score. Initially, Avant only makes a soft-inquiry on your credit, and you’re given the credit line you qualify for. If you like what you see, you can apply. Only then does Avant make a hard inquiry on your credit.
Once you have your card and are using it, Avant reports to all three major credit bureaus. This is a huge plus if you’re using the card responsibly and are trying to build your credit history. The credit bureaus compile your credit reports. Each bureau compiles a different credit report, letting potential lenders see how much of a risk it is to grant you a loan or a new credit card.
Don’t expect any bells or whistles from the Avant credit card—it offers no rewards or points perks. This might not be a deal-breaker for those looking to build their fair credit. But this could be a turn-off for those who love racking up points with their credit cards.
Unfortunately, there’s some bad news for those who live in Colorado, Iowa, Vermont, West Virginia or Wisconsin—the Avant credit card isn’t available in any of these states.
Those who do have access to the Avant credit card might balk at the $39 annual fee. It might seem unnecessary considering that this is a no-frills—and some may say—no-fun, card. However, if you’re struggling to qualify for credit cards due to your fair credit, you might be willing to look past the annual fee.
Another important thing to keep in mind is your credit limit. Since it falls in between $300 and $1,000, depending on your credit score, some might find the lower credit line limiting. It’s important to keep in mind that this credit limit is relatively good for a starter card. And, it could stop you from making bigger purchases with your card.
Is the Avant Card Worth It?
This is a great simple card for those who with fair credit. If you don’t mind paying an annual fee, and if you’re fine with the lack of rewards, then the Avant credit card could work for you and your situation. Just make sure to make every payment on time monthly, and Avant’s account reviews could potentially boost your credit limit. Ultimately, it depends on what your financial and credit needs are.
At publishing time, the cards mentioned are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved or otherwise endorsed by the issuer(s).
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.