Average Credit Cards - What are they and what are their benefits?
"Average" credit cards typically refer to those that cater to individuals with fair to good credit scores, typically ranging from around 580 to 720 or higher. These cards often offer moderate benefits and features compared to premium or luxury cards but can still provide useful perks for everyday spending. Benefits of applying for an average credit card may include:
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Building Credit History: Using an average credit card responsibly can help you establish or improve your credit score over time, as long as you make timely payments and keep your balances low relative to your credit limits.
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Access to Rewards: Many average credit cards offer rewards programs, allowing cardholders to earn points, miles, or cashback on their purchases. While the rewards rates may not be as generous as premium cards, they can still provide value for everyday spending.
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Introductory Offers: Some average credit cards may offer introductory APRs (Annual Percentage Rates) on purchases or balance transfers for a certain period, providing an opportunity to save on interest charges.
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No Annual Fees or Low Fees: Many average credit cards do not charge an annual fee, making them accessible to a wider range of consumers. Even those that do often have lower annual fees compared to premium cards.
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Additional Perks: While not as extensive as those offered by premium cards, average credit cards may still provide benefits such as purchase protection, extended warranties, or travel insurance.
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Purchase APR Rate: 29.99% (variable) - Annual Fee: $0 - Credit Needed: No credit, Poor, Fair - Credit Line: $300-$3000 at time of application - Late Payment Fee: Up to $40
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Purchase APR Rate: See terms - Annual Fee: See terms - Credit Needed: Fair/Good - Foreign Transaction Fee: 1% of each transaction in U.S. dollars.
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Purchase APR Rate: See terms - Annual Fee: See terms - Credit Needed: Poor to Good - Foreign Transaction Fee: 1% of each transaction in U.S. dollars.
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Purchase APR Rate: 0% APR - Monthly Fee: See website for Details* - Credit Needed: Damaged/Fair
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Purchase APR Rate: 35.99%* - Annual Fee: $75.00 1st year, $48.00 after* - Monthly Fee: None 1st year, $8.25 after* - Program Fee: $95.00* - Credit Needed: Fair - Return Payment Fee: Up to $41.00* - Late Payment Fee: Up to $41.00*
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*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions. Apply Online - Click Here |
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Intro (Purchases): N/A - Intro (Balance Transfers): N/A - Purchase APR Rate: 14.99% - 29.99% APR - Annual Fee: $0 - Credit Needed: (620+) Excellent, Good, Fair, Average - Credit Line: See website for Details* - Return Payment Fee: $0 - Late Payment Fee: $0 - Foreign Transaction Fee: Up to 3%
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Purchase APR Rate: 29.99% or 36% Fixed - Annual Fee: As low as $85 - Credit Needed: Fair - Credit Line: Up to $1,000 credit limit subject to credit approval - Foreign Transaction Fee: 3% of each transaction amount in U.S. dollars
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Purchase APR Rate: 29.99% or 36% Fixed - Annual Fee: As low as $85 - Credit Needed: Fair - Credit Line: Up to $1,000 credit limit subject to credit approval - Foreign Transaction Fee: 3% of each transaction amount in U.S. dollars
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*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions. Apply Online - Click Here |
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Intro (Purchases): N/A - Intro (Balance Transfers): N/A - Purchase APR Rate: 14.99% - 29.99% APR - Annual Fee: $0 - Credit Needed: Excellent, Good, Fair, Average - Credit Line: $500 - $25,000 - Return Payment Fee: $0 - Late Payment Fee: $0 - Foreign Transaction Fee: Up to 3%
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Purchase APR Rate: 35.99%* - Annual Fee: $75.00 1st year, $48.00 after* - Program Fee: $95.00* - Credit Needed: Poor/Damaged/Fair - Return Payment Fee: Up to $41.00* - Late Payment Fee: Up to $41.00*
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Intro Rate: See website for Details* - Intro (Purchases): See website for Details* - Transfers: See website for Details* - Intro (Balance Transfers): See website for Details* - Intro APR Period: See website for Details* - Purchase APR Rate: See website for Details* - Annual Fee: See website for Details* - Credit Needed: Average/Fair/Limited/Poor/Good/Excellent
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Intro Rate: N/A - Intro APR Period: N/A - Purchase APR Rate: 29.99% - Annual Fee: $99 - Credit Needed: Fair/Poor/Bad - Return Payment Fee: Up to $41.00 - Late Payment Fee: Up to $41.00 - Foreign Transaction Fee: 3% of each transaction in U.S. dollars
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Intro Rate: N/A - Intro APR Period: N/A - Purchase APR Rate: 29.99% APR (Variable) - Annual Fee: $75 - $125 - Credit Needed: Fair/Poor/Bad/Limited - Return Payment Fee: Up to $41.00 - Late Payment Fee: Up to $41.00 - Foreign Transaction Fee: 3% of each transaction in U.S. dollars
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Intro Rate: See website for Details* - Intro (Purchases): See website for Details* - Transfers: See website for Details* - Intro (Balance Transfers): See website for Details* - Intro APR Period: See website for Details* - Purchase APR Rate: See website for Details* - Annual Fee: See website for Details* - Credit Needed: Average/Fair/Limited/Good/Excellent
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Intro Rate: See website for Details* - Intro (Purchases): See website for Details* - Transfers: See website for Details* - Intro (Balance Transfers): See website for Details* - Intro APR Period: See website for Details* - Purchase APR Rate: See website for Details* - Annual Fee: See website for Details* - Credit Needed: Good/Excellent
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Purchase APR Rate: 35.99%* - Annual Fee: $75.00 1st year, $48.00 after* - Program Fee: $95.00* - Credit Needed: Fair/Bad Credit - Return Payment Fee: Up to $41.00* - Late Payment Fee: Up to $41.00*
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Purchase APR Rate: 9.99% Fixed - Annual Fee: $48 - Credit Needed: Poor/Fair/Limited/Damaged - Credit Line: $200 - $1,000
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Intro Rate: N/A - Intro (Purchases): N/A - Intro (Balance Transfers): N/A - Intro APR Period: N/A - Purchase APR Rate: 35.9% - Annual Fee: $175 - $199 - Credit Needed: Bad/Poor/Fair - Foreign Transaction Fee: 1% of each transaction in U.S. dollars
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Purchase APR Rate: 35.99%* - Annual Fee: $75.00 1st year, $48.00 after* - Program Fee: $95.00* - Credit Needed: Fair - Return Payment Fee: Up to $41.00* - Late Payment Fee: Up to $41.00*
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Purchase APR Rate: 29.99% or 36% Fixed - Annual Fee: As low as $85 - Credit Needed: Fair - Credit Line: Up to $1,000 credit limit subject to credit approval - Up to 3% Cash Back Rewards; 3% Cash Back Reward on Gas, Groceries and Utility Bill Payments. 1% Cash Back Reward on all other eligible purchases.
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*See site for details Apply Online - Click Here |
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Purchase APR Rate: 0% APR - Monthly Fee: See website for Details* - Credit Needed: Damage credit to Fair credit - Credit Line: $750 Limit (Usable only at TheHorizonOutlet.com)
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*See Card for Details Apply Online - Click Here |
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Purchase APR Rate: 0% APR - Monthly Fee: See website for Details* - Credit Needed: Damaged credit to Fair credit - Credit Line: $750 Limit (Usable only at TheHorizonOutlet.com)
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Average Credit Cards: What You Need to Know
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Average Credit Card Debt:
- In the third quarter of 2022, the average credit card debt per borrower was approximately $5,474, which is about $617 higher than the previous year.
- Unfortunately, this represents a move in the wrong direction due to inflation, resulting in a 15% year-over-year increase—the largest change in two decades
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Credit Card Usage Trends:
- Credit cards were used for 28% of all payments in 2021, the highest level since the study began in 2016.
- Households with higher income tend to use credit cards more frequently. For example:
- 34% of households earning $100,000 to $149,999 primarily use credit cards for payments.
- 44% of households earning over $150,000 rely on credit cards.
- Recent surveys indicate that only 9% of Americans primarily use cash for purchases, with debit and credit cards being the dominant payment methods
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Advantages of Using Credit Cards:
- Security Benefits:
- Credit cards offer protection against fraudulent transactions. If your card is stolen or misused, you’re generally not liable for unauthorized charges.
- Some cards provide additional security features such as purchase protection (covering damaged or stolen items) and extended warranty coverage.
- Convenience:
- Carrying a credit card is more convenient than carrying cash.
- It allows you to make online purchases, pay bills, and manage expenses easily.
- Rewards and Incentives:
- Credit cards often come with rewards programs. Here are two popular types:
- Cash Back Credit Cards: Earn a percentage of your spending back as cash rewards.
- Travel Rewards Credit Cards: Accumulate points or miles for travel-related expenses.
- Rewards can add up over time, especially if you pay off your balance in full each month.
- Credit cards often come with rewards programs. Here are two popular types:
- Security Benefits:
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Types of Credit Cards:
- Rewards Credit Cards: These cards offer rewards (cash back, points, or miles) for spending. They’re great if you pay your balance in full and want to earn benefits.
- Low Interest and Balance Transfer Cards: These cards are useful if you’re carrying a balance. They often have lower interest rates and may allow balance transfers from other cards.
- Credit-Building Cards: Designed for individuals with limited or poor credit history, these cards help improve your credit score.
- Secured Credit Cards: These require a security deposit and are ideal for building or rebuilding credit.
- Retail Credit Cards: Issued by specific stores or brands, they offer discounts or rewards for purchases within that store.
- Zero Percent APR Credit Cards: These provide an introductory period with no interest on purchases or balance transfers.
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Average APRs for Different Card Types:
- Classic Cards: Average APR of 11.94%.
- Platinum Cards: Average APR of 12.76%.
- Rewards Cards: Average APR of 13.23%