It’s the time of the year where everyone is out for a good credit card and desperately needs a quick review. There are lots of questions like, Is Avant a Good Credit Card? Should I get an Avant credit card?
What you need to know about AvantCard
There is no such thing as perfection in life, and AvantCard is no exception. Before you apply, there are a few things you should know.
Regular variable purchase APR that could be significant — You should be aware that AvantCard is aimed at people who don’t have a long or perfect credit history. As a result, the standard variable purchase APR of 25.99 percent is quite high. (On Credit Karma, you might see alternative terminology.)
Annual price — Given that this card offers no rewards or points-based incentives, you’ll want to consider the $39 annual fee (you may see different conditions on Credit Karma). However, if you have no other options due to your credit history or credit health, the card’s low annual cost may be more of an investment than an annoyance.
Most helpful avant credit card review on Credit Karma
One user posted;
“While many of the negative reviews I’ve read are unjustified, I disagree with many of them. If your credit were A1, you wouldn’t be here, so here we are. If you’re trying to build or establish credit with a low annual fee and an increase in your credit every six months, this card is ideal.
Even if you pay the minimum each month, you can’t expect your credit score to rise. Because your credit has already indicated that you are a risk, having an Avant card is merely a stepping stone. It’s a good card to start with, in my opinion.
Although I had collections and late payments on my credit report, I was accepted and have since improved my financial situation. I wish you the best.”(source)
Pros of the Avant card
- Quick and easy application process
- Chance to see if you qualify without affecting your credit scores
- No penalty APR
Cons of the Avant card
- You don’t know your exact terms until you apply for the card (they’re available before submitting your application)
- The purchase APR is on the high side
- No rewards
See if you’re eligible without affecting your credit score first.
AvantCard’s application process results in a soft inquiry on your credit. Equifax and TransUnion credit scores can be checked for free on Credit Karma without affecting your credit scores with this type of inquiry.
You’ll be able to see your credit limit and annual fee once you’ve checked to see if you qualify and submit your application.
It’s your decision whether to accept or reject the offer; if you do so, the soft inquiry stands. If you accept the terms, a hard inquiry will be made on your credit report, which could harm your score.
Credit card applications typically result in hard inquiries, so this can be an excellent way to reduce your risk. Understanding the difference between hard and soft credit inquiries before applying for a credit card is critical.
Is Avant a Good Credit Card?
First things first: AvantCard’s rewards aren’t going to blow your mind. However, if you use this card carefully, it can help you build a good credit rating. There are no points or miles here.
Here are some of Avant credit card’s best features.
Help you Start your credit journey with a solid foundation
AvantCard is a useful tool for improving your credit, even though it doesn’t offer many rewards.
If you’re just starting to build your credit, or if you’ve fallen behind and want to get back on track, you may have few options. A lot of the more attractive card offers, such as cashback rewards, travel points, or other perks, may not be available to you. In the credit game, that’s just how things work out.
Submission of information to the three major consumer credit reporting agencies
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Equifax, Experian, and TransUnion are the three major consumer credit bureaus that AvantCard reports your credit card activity to. It’s possible that if you pay your bills on time and avoid taking on more debt than your budget can handle, your credit health will improve over time.
Credit lines may be increased if payments are made on time.
According to AvantCard’s website, you may be eligible for an automatic credit line increase if you have a history of timely payments.
Increasing your credit limit is subject to an eligibility check every six months, according to AvantCard.
You can benefit from having a higher credit limit even if you don’t necessarily need it.
Your credit card utilization ratio is one of the most important factors in determining your credit score. This is a measure of how much of your credit is currently being used.
Experts advise that you keep your overall credit card utilization below 30%, which generally indicates to creditors that you are maintaining a manageable balance of credit to debt.
It’s a good thing if you keep spending and paying off the same amount, but your credit line grows, because that means you’re using less of your credit card.
Overall advice, Take your time before picking a credit card.