A credit card is a plastic or metallic card that allows you to borrow money from the card issuer. The cards are from financial companies such as banks and credit unions. You always have to apply for the cards for you to get them. Usually, the cards appear like debit cards, although they differ in how they operate. A debit card allows you to use finances from your checking account instead of borrowing. We shall look at credit cards for fair credit with high limits later.
Credit cards need you to meet some requirements before getting them. Unsecured credit cards require you to have credit scores to get them. Credit scores are numerical expressions that show your creditworthiness. You usually get the form from your past loans and lines of credit repayment behavior. The better you pay your credit card debts and loans, the higher your scores. There are other factors that determine the scores you get.
You must be at least 18 years old to get a credit card. Since the cards allow you to borrow finances, it requires you to be able to make an informed decision. People under 18 years cannot decide well on how to use their money. They may end up misusing the money meant for beneficial activities. After all, most people below 18 years are not employed and thus cannot repay debts.
How to get a credit card?
You can get a credit card from various financial companies. Some issue the cards online, while others issue them at their physical branches. If you apply for a credit card online, things are usually straightforward. You need to fill out the application form with the correct details and wait for approval. You will need to manually fill out an application form at a branch and submit it for approval.
Before getting a credit card, you should decide on the type of credit card you want. There are unsecured and secured credit cards, and each one of them has different requirements to get them. You can get a secured credit card for rebuilding credit or an unsecured credit card for your transaction activities.
When getting an unsecured card, you must check your scores to ensure that you apply for the right card. Remember that applying for an unsecured credit card affects your scores and you should not apply for cards randomly trying to see the one which will approve your application.
What are the factors to check when applying for a credit card?
There are various factors you should check when applying for a credit card. They include the following.
i) Credit limit
The credit limit refers to the maximum amount of money you can borrow from your card issuer. Various cards have different limits meaning that some have high limits while others have low limits for the same scores. It is essential to see the card with high limits so that you can have a large amount of money to borrow from.
ii) Credit scores
It is essential to check the scores needed for a particular card. Each card has various scores, and it is good to see if yours can match the card you want. If you find the card for your scores, you can apply for it. The higher your scores, the higher the credit limit and vice versa. There is no need to worry if you have bad scores since we have financial companies that offer instant credit card approval for bad credit with no deposit.
iii) Fees
Most card issuers charge fees on the cards issued. It is advisable to check your issuer’s fees to get the right card. Some card issuers charge high fees while others charge a little. Various fees you can get from card issuers include monthly fees, annual fees, late payment fees, foreign transaction fees, etc. Getting a card with fewer fees can be helpful.
Which are the nine best credit cards for fair credit with high limits?
Having done comprehensive research, I have come across various credit cards for fair credit and high limits. They include the following.
1) Capital One Platinum Credit Card
If you are looking for a card with no annual fees, you have the Capital One Platinum Credit Card. It charges a Regular APR of 26.99% variable. It is a lovely card as it allows you to access your account 24 hours a day and 7 days a week. You can build credit fast if you use the card responsibly.
The card issuer can automatically consider you for a higher credit line within 6 months of the card usage. Interestingly, you can manage your card online over a mobile app. Unfortunately, the card doesn’t offer cash back, miles, or points. It requires a credit of 580-740 (i.e., Fair to Good)
2) Mission Lane Cash Back Visa® Credit Card
The card has unlimited 1-1.5% cashback on all your purchases, and thus you will be able to see the value of your money. Its Regular APR is 26.99% – 29.99% variable, and the card charges no annual fees whatsoever. Moreover, you can enjoy free access to online credit scores. You also get an immediate decision on your application, so do not stay waiting for long.
There is no interest on purchases when you make your payments in full on time each month. You can access your account anytime, anywhere with a mobile app. The card requires a credit of 580-740 (i.e., Fair to Good). Unfortunately, the card has no balance transfer intro APR.
3) Capital One Walmart Rewards® Mastercard®
If you want a card with rewards, you can have Capital One Walmart Rewards® Mastercard® since it has a lot of rewards that you get from using the card. You can earn 5% cashback on online Walmart purchases, including pickup and delivery, and 2% cashback on purchases in restaurants, Walmart stores, and travel purchases.
Moreover, you can get 2% cash back in Walmart stores and Murphy USA Fuel Stations. There is also a 1% cashback on all other purchases anywhere Mastercard® is accepted. The card charges no annual fees and has and has no introductory APR.
4) Discover it® Cash Back
The card does not charge annual fees and gives you a 12.24%-23.24% Variable APR. Also, the card is among the best balance transfer cards for fair credit. It allows you to transfer your balance and enjoy a 0% intro APR for 15 months on your purchases and balance transfers. You can apply for the card online on the issuer’s website and get the card at your place.
Furthermore, the card allows you to earn 5% cashback on your everyday purchases at various places each quarter, such as Amazon.com, 8 grocery stores, etc. The card requires at least 670 credit scores to apply.
5) Capital One Walmart Rewards® Mastercard®
The card has numerous rewards that you can get by using the card. You can earn 5%cashback on purchase at Walmart.com, including pickup and delivery. Also, you can earn 2% cashback when you purchase at restaurants, Walmart stores, and travel purchases, and 2% cashback in Walmart stores and Murphy USA Fuel Stations.
The card also allows you to earn 1% cashback on all other purchases anywhere else Mastercard® is acceptable. The card has no annual fees. It gives you a regular APR of 17.99% – 26.99% variable. If you have 580-740 credit scores (Fair to Good), you can apply for the card.
6) Capital One QuicksilverOne Cash Rewards Credit Card
Unlike many other cards. The card charges an annual fee of $39. It does not offer any balance transfer intro. The Regular APR is a 26.99% variable, while the recommended credit score is
580-740 (Fair to Good). You will earn unlimited 1.5% cashback on all your purchases every day with the card. Also, you can earn cash rewards without signing up for the rotating categories. You can get a higher credit line within 6 months if you use your card well. Above all, the card has a $0 fraud liability if you lose your card.
7) Journey Student Rewards from Capital One
The card is best for college students and young adults. It has no annual fees, nor does it have a balance transfer option. It gives you a 26.99% Variable APR, and you can apply for the card online on Capital One’s website. You will also benefit from 1% cashback on all purchases.
8) Avant Credit Card
Another credit card you can get for a fair credit card is the Avant Credit Card. It has an annual fee of $59 and does not offer cash back, miles, or points. The card’s regular APR is
25.24% variable. The recommended credit score is 580-740 (i.e., Fair to Good). You can make your application online on the Avant’s secure site.
9) Deserve® EDU Mastercard for Students
The card is best for international students since it requires no credit history. It charges no annual fees and has a 19.49% variable APR, and its rewards rate is 1%. Unfortunately, the Deserve® EDU Mastercard for Students card has no introductory offer. You can get up to $59 of Amazon Prime Student subscription reimbursement after using $500 in the first three months of getting the card.
Bottom line
Credit cards allow you to borrow funds from issuers such as banks and credit unions. Once you get a card, you can use it for various transactions and repay its debt at the end of the month. When applying for a credit card, you should consider various factors such as credit limit, scores needed, and fees. Most cards for fair credit have no annual fees. You can always get a higher limit when you use your card well.
