If you are a consumer who has mediocre credits and is looking for a card that will help build your credit score, the Avant card could be an excellent option. This card is unsecured, reports to the three main credit bureaus and has a low credit limit.
The website has an application form that you can fill out to apply for the Avant Card. The company will look over your finances and determine if you're eligible for the card. The application takes only 60 seconds.
Avant allows you to access your account at any time of day or night. You can manage your account through a mobile app or a web-based platform and you can even set up autopay for your bills.
It also offers 24/7 monitoring for your card so that you know where your money is and what it's being used for. It also doesn't charge foreign transaction fees, so you can shop abroad and make purchases in the currency of that country without paying additional charges.
Approval for the Avant card is also easy. The company looks at your income, bill payment history and other factors to determine if you qualify for the credit line you're offered.
The minimum starting credit limit is $300, but it's possible to increase it in six months. You can then link the card to your checking or savings account for automatic payments.
Your credit line can be higher when you make timely repayments and don't exhaust your available balance. Using this extra breathing room will help you keep your debt to credit ratio lower and improve your credit score.
If you've been using your card for more than six months, or have had it open for longer than one year, you can get a credit boost. These reviews are posted in your account dashboard and on the card website.
You can still be approved for the Avant card with a bad score. However, it may take a little longer. The company will review your account and offer a credit limit upgrade, which can be up to $3,000.
The only drawback to the Avant card is you will not receive any welcome bonuses or sign-up offers. Although the $59 fee is not as high as many other credit cards that build credit, it's still a reasonable amount.
This company also shares the account data with three credit bureaus. It is a good way to rebuild or establish credit. However, you should use the card only for essential purchases.
You cannot use the Avant credit card for a home or car purchase. You will need a valid ID and proof of income to open an Avant credit card.
Like with any other credit card, it is important to pay on time. This helps you avoid charges and interest. Also, you shouldn't exceed your credit card limit.