We have compiled a list of the 4 best credit cards for fair credit.
Best Credit Cards for Fair Credit
Frequently Asked Questions
What's the Minimum Credit Score to Get a Card?
The lowest possible credit score is 300. Although you will have limited choices on which credit cards you can apply for, cards are still available for those with a bad credit score or no credit file.
Having the minimum credit score will impact the following:
- Credit limit: If you’ve got a low credit score, you’ll be considered a risk to lenders. So, you may be offered a lower credit limit at first. However, you can find credit cards that go up to £1,200. Credit limits will vary between credit card issuers.
- APRs: The credit cards you’ll be available for may have higher APRs, between 27% and 60%.
- Eligibility: There are only a few options for bad credit, but some credit card issuers will accept bad or no credit applications.
That said, a bad credit score isn’t the end of the world. You can build your credit file to gain a higher credit line.
What's the Easiest Card to Get Approved?
A secured credit card is the easiest to approve as it doesn’t require a credit check. The idea is that you fund this credit card, so you deposit an amount that determines the limit on the card.
Secured cards are designed so the money you deposit acts as security for the lender, so if you miss a payment, the lender can take the money you owe from the initial deposit you made. A secured credit card is good for credit building, but only if you can afford the initial deposit.
How Fast Can I Get a Credit Card in the UK?
The time frame for getting a credit card in the UK will vary between issuers. Usually, card issuers provide instant approval when you apply online. If the process goes smoothly and you’re accepted, you can expect to receive your credit card within five to 10 days of applying.
If your credit card arrives and you change your mind, issuers usually give a 14-day cooling-off period where you can contact them to cancel the agreement. However, if you’ve used the balance on your credit card, you can only cancel the card once you’ve paid the outstanding balance.
What is the Average Credit Limit on a UK Credit Card?
The average credit limit on a credit card in the UK is between £3,000 and £4,000. However, it’s essential to know that credit limits vary from one person to another. Your credit file and your credit score determine your credit limit.
The average credit score in the UK is between 797 and 999. The higher your credit score, the higher the credit limit you’ll be offered.
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