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Capital One credit cards for fair and poor credit
Build your credit and earn cash back on all of your purchases.
Capital One is one of the rare credit card providers that offer several credit cards for fair and poor credit, even for students and businesses. Most of these cards don’t have an annual fee, and some even offer unlimited cashback rewards on purchases.
However, no matter which card you choose, don’t expect to get a high credit limit.
Compare Capital One credit cards for fair and poor credit
In Capital One’s portfolio of credit cards for fair and poor credit you have the:
- Capital One® Platinum Credit Card. A simple, no-annual-fee card for fair credit, with no rewards program.
- Capital One® QuicksilverOne® Cash Rewards Credit Card. A cashback credit card for fair credit, with an annual fee.
- Capital One® Secured Mastercard®. A secured credit card for poor credit, without an annual fee.
- Journey® Student Rewards from Capital One®. A cashback credit card for students with fair credit, without an annual fee.
- Capital One® Spark® Classic for Business. A cashback credit card for small businesses with fair credit, without an annual fee.
Pros and cons of Capital One credit cards for fair and poor credit
Credit cards for fair and poor credit can be extremely beneficial if you’re trying to build credit without paying an annual fee. But there are some downsides to consider as well.
Pros
- Build your credit score
- Monitor your credit score
- Earn cash back, depending on the card
- No foreign transaction fees
- No annual fee, except for QuicksilverOne
Cons
- No intro APR period
- Relatively high APR
- Low starting credit line
- Requires a deposit (for the secured card)
Is Capital One credit cards for fair and poor credit right for me?
Capital One credit cards for fair or poor credit can be a solid starting point for getting your finances in order. This is especially true if you’ve had financial difficulties in the past — like defaults on your payments or bankruptcies — or if you’re a student getting a first credit card.
How to choose a Capital One credit card for fair and poor credit
When looking at the Capital One credit card selection for fair and poor credit, ask yourself:
- Do you want a no-annual-fee card? Most credit cards in this category have no annual fee. But if you’re looking to get the Capital One® QuicksilverOne® Cash Rewards Credit Card card, expect to pay a small annual fee of $39. Make sure the fee is worth the card benefits.
- Do you have poor credit? Capital One offers a secured card for poor credit. But unlike similar cards, you won’t pay an annual fee for the card. Also, the secured deposit starts as low as $49 and the APR isn’t astronomical.
- Are you a student? Students get to apply for one of the best beginner credit cards where you earn flat cash back on all purchases without paying an annual fee.
- Do you need a business credit card? Capital One is one of the rare major credit card providers that offer a business credit card for fair credit.
If you can’t get approval for any of these cards, you may want to shop for credit cards like Capital One. In this case, here’s what to look for:
- Annual fee. It’s hard to find a no-annual-fee card for building credit, but at least make sure the fee you’ll pay is low.
- Hidden fees. Some credit cards for building credit come with a host of hidden fees. Make sure you read the card’s terms and conditions before you apply. As a rule of thumb, if the card requires a secured deposit, there are no additional fees, but if the card is unsecured, it may come with an annual fee, a monthly fee and a program fee.
- Reports to credit bureaus. Make sure the card provider reports your card activity to all three credit bureaus — Experian, Equifax and TransUnion.
Bottom line
If you have poor or fair credit, consider applying for a Capital One credit card. Your options include a secured credit card, a student card, a business card, a cashback card and no-annual-fee cards.
But if you don’t find any of these cards appealing, compare other secured credit cards or unsecured credit cards for building credit until you find the right card for your needs.
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