The Avant Credit Card is a credit card designed for individuals with fair to poor credit who are looking to build or improve their credit scores.
With a simple and straightforward application process, the Avant Credit Card offers an opportunity for those with less-than-perfect credit to gain access to a revolving line of credit and begin their journey toward better financial health.
The card is issued by WebBank and is accepted wherever Mastercard is accepted, making it a convenient option for those seeking to establish or rebuild their credit history.
Reasons to Choose the Avant Credit Card
Easier Approval for Fair Credit
The Avant Credit Card is designed for individuals with fair credit or limited credit history, making it easier for people who have faced challenges in the past or are new to credit to be approved.
If your credit score falls in the 300 to 650 range, this card can be a good option to start or rebuild your credit.
No Security Deposit Required
Unlike many cards designed for people with poor credit, the Avant Credit Card does not require a security deposit.
This means you don’t need to tie up your money upfront, unlike secured cards where you need to deposit an amount equal to your credit limit.
This can be a significant advantage for those who want to build credit without having to provide a deposit.
Credit Reporting to All Three Major Credit Bureaus
One of the key benefits of the Avant Credit Card is that it reports your account activity to all three major credit bureaus—Equifax, Experian, and TransUnion.
This means that responsible use of the card, such as making timely payments, will help build your credit score.
Conversely, missed payments or high balances could negatively impact your credit score.
Mobile App for Easy Account Management
The Avant Credit Card comes with access to a user-friendly mobile app that allows you to manage your account on the go.
You can make payments, check your balance, review transactions, and track your credit progress all from your smartphone.
This convenience makes it easier to stay on top of your finances and avoid late payments.
Reports to Improve Your Credit Score
Regular, on-time payments are reported to credit bureaus, which can help boost your credit score over time.
For those looking to rebuild their credit or establish a good payment history, this card provides the tools needed to improve creditworthiness.
Just be sure to avoid carrying a balance or missing payments to maximize your benefits.
Moderate Annual Fee
The Avant Credit Card comes with a moderate annual fee, which varies depending on your creditworthiness.
While not as low as some other credit cards, it’s relatively affordable compared to other options available to those with fair or poor credit.
For those who are able to use the card responsibly, the fee is a small price to pay for the opportunity to build or rebuild credit.
Access to Credit Limit Increase Opportunities
After demonstrating responsible card usage and making timely payments, you may become eligible for a credit limit increase.
This can help lower your credit utilization ratio, which is a factor in your credit score.
A higher credit limit can also provide more flexibility for larger purchases and emergencies.
Negative Factors of the Avant Credit Card
High APR
The Avant Credit Card comes with a relatively high APR, typically ranging from 24.99% to 29.99%, which is higher than many other credit cards, especially those designed for individuals with better credit.
This means if you carry a balance from month to month, interest charges can accumulate quickly, making it expensive to maintain a balance.
For this reason, it’s important to pay off your balance in full each month to avoid costly interest payments.
Annual Fee
While the annual fee is moderate compared to some other cards for fair-credit consumers, it still represents an additional cost to cardholders.
The fee can range from $0 to $59, depending on your creditworthiness, and is charged every year, regardless of how much you use the card.
This fee can reduce the overall value of the card if you’re not able to take full advantage of its benefits.
Limited Rewards Program
Unlike other credit cards that offer robust rewards programs, the Avant Credit Card does not have a rewards structure.
This means you won’t earn cashback, points, or miles for your purchases, which could be a downside if you prefer cards that allow you to earn rewards for your spending.
While the card is more focused on credit-building, those looking for a rewards credit card may want to explore other options.
What Are the Requirements to Apply for the Avant Credit Card?
To apply for the Avant Credit Card, you need to meet certain criteria:
Credit Score:
The Avant Credit Card is intended for individuals with fair to poor credit. Applicants with a credit score in the 300 to 650 range may qualify for the card.
Even those with no credit or a limited credit history may be considered for approval, though the credit limit and fees may vary.
Income:
There is no specific income requirement listed, but your income will be taken into consideration when you apply.
Having a stable income will improve your chances of approval, though individuals with low to moderate income can still be eligible for the card.
Age Requirement:
You must be at least 18 years old (or 19 in some states) to apply for the Avant Credit Card.
U.S. Citizenship or Legal Resident Status:
You must be a U.S. citizen or a permanent resident to apply for this card.
Social Security Number (SSN):
You’ll need a valid Social Security Number (SSN) to apply.
Fees and Costs
- Annual Fee: $0 to $59, depending on your creditworthiness
- APR on Purchases: 24.99% to 29.99% (Variable)
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Fee: 5% of the amount (min. $10)
- Foreign Transaction Fee: 3%
- Late Payment Fee: Up to $39
- Returned Payment Fee: Up to $39
Frequently Asked Questions
Can I use the Avant Credit Card to build my credit?
Yes, the Avant Credit Card reports to all three major credit bureaus, so responsible usage (on-time payments and low credit utilization) can help improve your credit score over time.
What’s the credit limit for the Avant Credit Card?
The credit limit varies depending on your creditworthiness. It may start low, but after responsible usage, you could qualify for a credit limit increase.
Is there a rewards program with the Avant Credit Card?
No, the Avant Credit Card does not offer a rewards program. It’s designed primarily for individuals looking to build or improve their credit.
What happens if I miss a payment?
Missing a payment could result in a late payment fee of up to $39, and it could negatively affect your credit score. It’s important to make your payments on time to avoid these consequences.
Can I use the Avant Credit Card for international purchases?
Yes, you can use the Avant Credit Card internationally, but there is a 3% foreign transaction fee for purchases made outside the U.S.
Conclusion
The Avant Credit Card is an excellent option for individuals with fair to poor credit looking to build or rebuild their credit score.
With no security deposit required, credit reporting to all three major bureaus, and a moderate annual fee, it offers a straightforward approach to improving your financial standing.
However, the high APR, foreign transaction fees, and lack of rewards may be downsides for some applicants.
For those who want a simple way to establish credit without upfront costs, the Avant Credit Card can be a valuable tool in your credit-building journey.
Just be sure to use the card responsibly, pay on time, and manage your credit wisely to see the best results.
