Credit cards are a form of revolving credit with a credit limit. The minimum payment on a credit card depends on the outstanding balance of the customer’s account. The First Premier Bank provides Credit Cards for Fair Credit. They have a strong reputation that serves individuals, organizations and businesses by offering comprehensive banking and trust services. Their credit cards offer low credit scores.
Suppose, if an individual has a credit score of 600, it will put him in the “fair” credit range. This limits the credit card choices provided by various banks. However, with this credit range the First Premier Bank offers not just one, but different credit cards. One of the highlights of this bank is that they offer credit cards for fair credit as it helps improve the financial health of individuals.
Another perk of having a credit card is that there is no term on revolving debt. For example, a housing loan may have a set term limit such as seven years or so. With a credit card, a consumer can continue to use the card as long as the balance does not exceed the credit limit of the card.
Here are a few types of credit cards that offer fair credit:
- Secured Credit Cards: These credit cards for fair credit are designed for people with little credit. Secured credit cards function just like the regular credit cards. However, this credit card would require an upfront security deposit.
- Student Credit Cards: As the name implies, these credit cards are designed for college students. Such cards are available for people with limited credit.
- Store Credit Cards: Stores offer these credit cards that help in earning rewards and gain perks when the consumer shops with a particular store. Most cards are reserved for consumers with good credit.
- Balance Transfer Credit Cards: These types of credit cards require good credit balance. Such cards can provide an interest-free period on balances that are transferred from other credit cards.
- Low-interest credit cards: These types of credit cards are just the opposite of credit cards for fair credit. An individual would need very good or exceptional credit to get approved for one of these cards.
- Small Business Credit Cards: If you own a small business, you can take advantage of this card. It can help in managing the expenses and allows you to take advantage of certain business-related perks.
Tips to improve credit before applying for a credit card
Every individual would love to have credit cards for fair credit. However, take a look at the following tips to improve your credit before applying for a credit card:
- Pay high credit card balances at the earliest
- Avoid applying for new credit unless it is essential or rather unavoidable
- Make sure to pay all your bills on time
- Pay off any pending or past-due payments
- Avoid closing of old credit card accounts
- Review the credit reports
- Always aim for 30% credit utilization or less
- Use credit monitoring services to track the progress
- Dispute inaccuracies
- Pay down the current debt
- Become an authorized user with solid credit history
- Increase the credit limits
- Keep your balance low on credit cards and other rotating credit
- Avoid applying for excess credit which may result in multiple inquiries