The Avant Credit Card is an accessible financial tool designed to help individuals with fair to poor credit improve their credit scores. Issued by WebBank, the Avant Credit Card stands out in the crowded market of credit-building cards due to its straightforward approach and minimal fees. Whether you’re looking to rebuild your credit or simply need a reliable card without the hassle of a security deposit, the Avant Credit Card might be an ideal option for you. This guide will cover everything you need to know about the Avant Credit Card, including its benefits, fees, and how to apply.
Key Features and Benefits
1. No Security Deposit Required
One of the most significant advantages of the Avant Credit Card is that it does not require a security deposit. This feature makes it particularly attractive to individuals who may not have the upfront funds to secure a traditional secured credit card. With the Avant Credit Card, you can access a line of credit without tying up your cash in a deposit.
2. Credit Building Opportunities
The Avant Credit Card reports to all three major credit bureaus—Equifax, Experian, and TransUnion. This means that your responsible use of the card, such as making payments on time and keeping your credit utilization low, will positively impact your credit score. Over time, this can help you improve your creditworthiness and qualify for better financial products.
3. No Hidden Fees
The Avant Credit Card is known for its transparency, especially when it comes to fees. While there is an annual fee, which ranges from $29 to $59 depending on your creditworthiness, the card does not charge hidden fees such as over-limit fees or foreign transaction fees. This makes it easier to manage and predict your expenses.
4. Grace Period for Payments
The Avant Credit Card offers a grace period of at least 24 days from the close of each billing cycle. If you pay your balance in full by the due date, you won’t incur any interest charges on purchases made during that cycle. This feature can be especially helpful for those who are working on budgeting and managing their finances responsibly.
5. Access to Credit Line Increases
As you demonstrate responsible use of the Avant Credit Card, you may become eligible for credit line increases. This can further improve your credit utilization ratio, which is a key factor in calculating your credit score. Additionally, having a higher credit limit can provide you with more financial flexibility.
Fees and Rates
While the Avant Credit Card is designed to be user-friendly, it is important to be aware of the fees and rates associated with the card.
- Annual Fee: The annual fee ranges from $29 to $59, depending on your credit profile. This fee is deducted from your available credit upon account opening.
- APR: The Avant Credit Card has a variable APR that ranges from 28.24% to 35.24% based on your creditworthiness. This rate is higher than the average, so it is crucial to avoid carrying a balance whenever possible.
- Late Payment Fee: If you miss a payment, a late payment fee of up to $39 may be charged to your account.
- Returned Payment Fee: In the event of a returned payment, a fee of up to $39 may also be assessed.
- No Foreign Transaction Fees: Unlike many other cards, the Avant Credit Card does not charge foreign transaction fees, making it a good option for those who travel internationally.
Eligibility and Application Process
1. Eligibility Criteria
To be eligible for the Avant Credit Card, you must meet the following criteria:
- Age: You must be at least 18 years old (19 in Alabama).
- Residency: You must be a U.S. citizen or permanent resident.
- Credit Score: The Avant Credit Card is designed for individuals with fair to poor credit, typically those with a credit score between 550 and 670. However, the card issuer will consider other factors, such as your income and debt obligations, when determining eligibility.
2. How to Apply
Applying for the Avant Credit Card is a straightforward process that can be completed online in a few simple steps:
- Visit the Avant Website: Go to the official Avant website, where you can find detailed information about the card and begin your application.
- Pre-Qualification Check: Before submitting a full application, you can check if you pre-qualify for the card without impacting your credit score. This soft inquiry allows you to see your potential interest rate and credit limit.
- Complete the Application: If you pre-qualify and are satisfied with the terms, you can proceed with the full application. You will need to provide personal information, including your name, address, Social Security number, and income details.
- Submit the Application: After reviewing your information, submit the application. In most cases, you will receive an instant decision. If approved, your card will be mailed to you within 7 to 10 business days.
- Activate Your Card: Once you receive your Avant Credit Card, activate it online or by phone to start using it.
3. Approval Odds
The Avant Credit Card is accessible to a wide range of applicants, especially those who may have been turned down for other cards. While approval is not guaranteed, those with a steady income and a credit score within the fair to poor range have a good chance of being approved.
Managing Your Avant Credit Card
Once you have been approved for and received your Avant Credit Card, managing it responsibly is key to maximizing its benefits:
- Make Timely Payments: Set up automatic payments or reminders to ensure that you never miss a payment. This will help you avoid late fees and interest charges while building a positive credit history.
- Monitor Your Credit Score: Regularly check your credit score to track your progress and make adjustments to your credit usage if necessary.
- Keep Your Balance Low: Aim to keep your credit utilization below 30% of your credit limit. This will positively impact your credit score and reduce the amount of interest you pay.
- Utilize Customer Support: Avant offers customer support through various channels, including phone, email, and online chat. If you have any questions or concerns about your card, do not hesitate to reach out for assistance.
Conclusion
The Avant Credit Card is a solid choice for individuals looking to rebuild or establish their credit without the burden of a security deposit. With its straightforward fees, opportunities for credit line increases, and no foreign transaction fees, it offers value to those who manage it responsibly. If you’re looking for a card that can help you achieve your financial goals while providing the flexibility of an unsecured credit line, the Avant Credit Card could be the right fit for you.
