Best Average Credit Cards for 2015

By on May 26, 2014

What are the best credit cards for average credit in 2015?

If you’re a consumer or business professional with average credit, there are several credit card issuers who offer card products that can earn you both rewards and help you build your credit. That said, don’t get down on yourself if your credit is average! We’re here to help, and you have many options. I’ll walk you through some of the best credit cards for average credit as well as the nuances associated with getting and maintaining the right average credit card.

Is your credit average?

First things first. If you’ve made it here, chances are you already know your credit score and you’ve come to the right place. (Skip this paragraph if you know your score.) If you don’t, no worries. You should visit one of our recommend free credit reporting partners and find out if you really have average credit. It’s important you have a fairly good idea of what your true credit score is. Whenever you apply for a credit card, the issuing company will run a credit check on you. Doing this is what they call a “hard pull.” Whenever an inquiry of this nature is run on you, it will actually lower your score slightly, typically between 3-10 points. Therefor, you want to have a good idea of the score required for approval with the card you’re interested in applying for. There’s no need for your score to take a hit for no reason. Keep in mind that every single person who has a credit card has suffered this minor set back! With responsible credit card use, you’ll not only bounce back from that 3-10 point loss, but you’ll dramatically increase it. Once you find your score out, come back here and read on.

Best Credit Cards for Average Credit 2014

1. Top PickBarclaycard Rewards MasterCard for Average Credit

Bulleted Breakdown:

  • No annual fee
  • Earn 2 points per $1 on gas, grocery, and utility purchases and 1 point per $1 everywhere else
  • Use the points you earn like cash to pay for almost any purchases you’ve made.
  • No blackout date, no redemption fees, no limit on the points you can earn and no complicated set up.
  • Reports to all 3 major credit bureaus monthly providing you the opportunity to rebuild your credit score
  • Complimentary FICO® Scores as a benefit to active cardmembers. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.

 

Our thoughts:

We chose this as our best average credit card in 2014 because of its versatility for consumers in this credit range. Most “average” credit cards don’t offer any form of reward or redemption options. This card will give you 2x the points on extremely common spending categories, including your electricity and cable bills, groceries and gas purchases. This allows for fast point accrual. Separately, you’ll automatically earn 1 point per $1 spent everywhere else, similar to many popular rewards cards. Any points you earn can be redeemed through the Barclaycard online interface as a statement credit. Separately, this card is hassle free. If you’re responsible and pay your balance off in full every month, your responsible behavior will be recognized and your score will increase rapidly. Lastly, and this is a new feature with this product – you can get your complimentary credit score instantly through the online account portal. This is hands down the best average credit credit card this year. It is recommended for consumers who have a credit score between 590 and 700. You can apply here at the Barclaycard website.

2. Runner Up – Capital One Secured Mastercardwww-flagship-gray-mc-angled-90x75

Bulleted Breakdown:

  • Build credit with responsible use with no processing or application fees
  • Regular reporting to the 3 major credit bureaus
  • Your security deposit can get you a line up to $3,000
  • You may qualify for a credit line increase based on your payment history and creditworthiness
  • Build a financial foundation you can stand on with a card that gets you started
  • Use it like any MasterCard credit card, accepted at millions of locations worldwide

 

Our thoughts:

We picked the Capital One Secured MasterCard as our second best average credit card because it’s easy to manage.  It’s a secured card, which means your credit line is based on the amount you deposit onto the card.  For example, if you deposit $1,000 into your account, you can charge up to $1,000 on the card.  This way, you know what you’re spending, and the card issuer is at much less risk.  We like this card because its very straight forward, you know how much you should be spending each month, and Capital One will reward you by reporting your responsible use to the three major bureaus.  It’s also a MasterCard, meaning you can use it at most locations globally.  There are also many convenient mobile features with this card, including receiving updates on what your balance is by text.  This card does come with a $29 annual fee.  We recommend this card for consumers with a credit score between 500 and 600. You can apply and read more about the terms of this offer at the Capital One website.

3. First Progress Platinum Elite MasterCard® Secured Credit Card600926

Bulleted Breakdown:

  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $300 — $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account

 

Our thoughts:

We chose this as our third choice for average credit because it’s very easy to be approved for. Most secured credit cards don’t require much of a credit history, because your credit line is based on your security deposit. First Progress recently updated their application process, making approval for this card not only easy, but fast. You’ll have your card within days. This is also a MasterCard processed product, which means it’s accepted at most locations world-wide. This card also comes with a $29 annual fee, and reports to all three major credit bureaus. You can apply at the First Progress secure site.

We chose the best credit cards for average credit in 2014 with the idea that every consumer is different. Your financial situation is relative to many factors, whether you’re in a credit slump, have no credit history, or are just looking for rewards with average credit – these products are trusted by many and we believe they can help you too. We’re here to help if you have any questions regarding the above credit card products or with general credit related inquiries. Feel free to reach out in the comment section below.

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