Posted on March - 04 - 2011
Best Credit Cards for Your Credit Range
Guest Post: Credit Karma
Picking your next credit card is a lot like shopping for a new outfit.
You could shop according to a familiar name brand, like Discover or Chase. Or shop according to credit card typerewards, travel, low interest, secured, and morethe way you’d shop at specialty stores for a specific garment.
Or you can shop according to your credit score range, sort of like shopping by department stores that fit your budget. You go to Target, because you know you can afford their mid-range offerings. If you can afford to live lavishly, you shop Neiman Marcus.
Likewise, shopping according to your credit range gives you the most diverse selection of options that have one, important thing in commonthese cards are in your reach. The cards recommended for your credit range are the cards you have the biggest chance of approval for. It’s the most practical strategy to narrow your plastic preference.
So, let’s go credit card shopping.
Poor Credit
Plastic preference: A credit card is your #1 tool to establish or rebuild credit. Your options are limited, but a secured credit card is perfect for poor credit consumers because it doesn’t require a credit check, safeguards you against derogatory marks, and reports your activity to the credit bureaus. Maintain on-time payments, and you’ll be able to graduate to an unsecured card in a couple months.
Your best bet: Orchard Bank Classic MasterCard, with an average approved credit score of 599 according to Credit Karma users, is an ideal secured card. While nearly all secured cards have monthly fees, this card has no processing fee and the annual fee is waived for the first year.
Fair Credit
Plastic preference: Credit card issuers are typically on the fence with fair credit consumers, so most credit cards in this range have no rewards program, small credit limits, and fees. You need a solid, low-fee card to help your credit score keep climbing at minimal cost. Stick to using less than 30% your total available credit and pay off in full by the end of the month, and your credit score can get a leg up quickly.
Your best bet: The Capital One Classic Platinum, with an average approved credit score of 609, is a great unsecured card to switch to for its low annual fee, reasonable interest rate, and even a 0% introductory rate.
Good Credit
Plastic Preference: Now that you are on your way to excellent credit, good credit consumers options are wider and credit card terms better. Now is the time to find a good balance transfer credit card, which will add to your available credit and help your credit score, and transfer existing credit card debt so you can pay it down without paying interest. It’s like killing two birds with one credit-healthy stone.
Your best bet: The Citi Platinum Select MasterCard, with an average approved credit score of 702, features a 0% intro APR on balance transfer and purchases for up to 18 months, making it one of the best practical, no-frills credit builders out there.
Excellent Credit
Plastic Preference: You’ve made it! As the cream of the credit crop, excellent credit consumers have the best credit card offers at their fingertips. Now is the time to reward yourself as you climb towards that perfect 850 score. Whether you desire rewards points, airline miles, or cash back, go for a rewards credit card that allows you to benefit and earn back from your credit card purchases.
Your best bet: The Capital One VentureOne Rewards card, with an average approval credit score of 746, is one of the best airline rewards programs available with no-hassle terms and conditions and with no annual fee.
For more credit cards, check out Credit Karma’s recommended cards for consumers of every credit score range, and also dive into credit card reviews with consumer opinions and additional data on average approved credit score, average credit limit, and more.
Good luck on your credit-savvy hunt for new plastic!
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