Tangerine World Mastercard
- Enjoy a 10% cashback welcome bonus
- Earn unlimited cashback with no caps on earning potential
- No annual fee
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Looking for the top credit cards for fair credit in Canada? A fair credit score sits between 560 and 659 — just a tier below a “good” score, which lies between a score of 660 to 724.
In our guide to credit cards for fair credit, below, you can compare a number of Canadian credit cards that are suitable for anyone with a credit score of 660 and below. Plus, learn more about what your credit score means, and learn useful time on how to improve your score and why keeping your credit score high is critical for lowering your borrowing costs.
|Credit card||Estimated minimum credit score|
Neo Financial Mastercard
|Tangerine Money-Back Credit Card||600|
|Tangerine World Mastercard||600|
RBC Cash Back Mastercard
BMO CashBack Mastercard
|Cash Advance Rate||22.99% - 28.99%|
|Balance transfer APR||N/A|
|Welcome offer||Get $25.00 when you apply for the Neo Financial Mastercard. Plus, get up to 15% cashback on your first purchase.|
|Rewards||Earn an average cash back of 5% at thousands of local and national Neo partners including most major gas and grocery stores, restaurants, gyms, coffee shops and more. Earn a guaranteed 0.5% cash back on all spend at non-partners.|
|Cash Advance Rate||19.95%|
|Balance transfer APR||1.95% intro for the first 6 months (then 19.95% )|
|Welcome offer||Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months. Valid until July 5, 2023.|
|Rewards||Earn 2% cash back in two Tangerine credit card categories of your choice (or three categories if you open a Tangerine Savings Account and directly deposit your cash back into the account), and 0.5% cash back on everything else.|
|Balance transfer APR||0.99% intro for the first 9 months (then 22.99% )|
|Balance transfer fee||2%|
|Rewards||Earn cash back at a standard rate of 3% on groceries, 1% on recurring bill payments and 0.5% on all other eligible purchases.|
Credit scores in Canada range from 300 to 900 points. The “magic number” is said to be around 660 – a credit score higher than 660 is regarded as being in the “good”, “very good” or “excellent” range, while anything under 660 is regarded as “fair” or “poor”. A fair credit score sits just below the “good” credit range, starting at around 560 and going up to 659.
In simple terms, a fair credit score in Canada means that you pose a medium level of risk to banks and other lenders when it comes to defaulting on your loan. The lower your score is, the more risk lenders perceive and the less money you’ll be able to qualify for. That’s why it’s important to maintain your score and take measures to improve your ranking where possible.
There are very few credit card options on the market for fair credit scores. If you’re finding it difficult to get approved for credit cards with your current credit score, it’s worth considering some other types of plastic you are much easier to qualify for and can even help build up your credit score while you use it.
With a prepaid credit card, for example, you can only spend what you put down on your card. You can think of this type of card almost like a debit card. Unfortunately, your prepaid card payments aren’t reported to the credit bureaus, so you won’t be able to rebuild your credit this way. The upside is just about anyone can qualify, so you’ll still be able to access the benefits of having a credit card, like being able to make purchases online.
You can also consider getting a secured credit card. For this type of card, you’ll need to put down a deposit, which becomes your credit limit. The deposit is used to secure the balance on your account. If you default on your payments, the bank can use your deposit to pay off your outstanding balance. Otherwise, you’ll get it back when you close out your account. Your payments will be reported to credit bureaus, so these cards can help increase your credit score over time.
Credit builder loans are specialized loans that are designed to help rebuild your credit. Lenders of these types of loans report your on-time payments to the credit bureaus – ensuring that every payment gets logged and your credit score increases faster than it would with a regular loan.
The downside of credit builder loans is that they sometimes come with higher interest rates (because most people applying for one have bad credit). You should generally try to avoid providers that charge excess fees to set up your credit builder loan.
A fair credit score will still let you qualify for many credit cards, but your options will be more limited and you won’t be able to take advantage of some of the most generous credit card offers on the market. However, a fair credit score places you very close to a good score, which means with a little budgeting and effort, you could improve your credit score and open yourself up to more financial products.
From personal and payday loans to lines of credit, compare loans for bad credit in Edmonton.
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