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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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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 Rates & Fees | |
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Purchase APR Rate: 24.64% (variable) - Annual Fee: $35 - Credit Needed: No credit, Poor, Fair - Credit Line: $200-$3000 at time of application - Late Payment Fee: Up to $41 | |
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Purchase APR Rate: 35.99%* - Annual Fee: See Terms* - Program Fee: $95.00* - Credit Needed: Fair/Bad Credit | |
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Purchase APR Rate: 28.99% (variable) - Annual Fee: $24 during the first year, paid in installments of $2 per month. $36 after the first year, - Credit Needed: No credit, Poor, Fair - Credit Line: $100- $1,000 - Return Payment Fee: See Terms* - Late Payment Fee: Up to $41 - Foreign Transaction Fee: 3% | |
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Purchase APR Rate: 28.99% - 33.99% Variable - Annual Fee: $0 - Credit Needed: Fair, Limited History, No History, Limited, No Cre - Return Payment Fee: Bounced payment fee up to $29. - Late Payment Fee: Late fees up to $29 for first late payment, $40 for second late payment. - Foreign Transaction Fee: $0 | |
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Purchase APR Rate: 36% Fixed - Annual Fee: $85-$175 first year, $229 thereafter - 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: 36% Fixed - Annual Fee: $85-$175 first year, $229 thereafter - 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 | |
*See Card for Details Learn More | |
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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Purchase APR Rate: 35.90% - Annual Fee: $250 the first year; $99 thereafter - Monthly Fee: $0 the first year (billed $0 each month); $231 annually thereafter (billed $19.25 each month) - Credit Needed: Fair - Late Payment Fee: Up To $41 - Foreign Transaction Fee: 1% of each transaction in U.S. dollars | |
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Purchase APR Rate: 35.90% - Annual Fee: $250 the first year; $99 thereafter - Monthly Fee: $0 the first year (billed $0 each month); $231 annually thereafter (billed $19.25 each month) - Credit Needed: Fair - Late Payment Fee: Up To $41 - Foreign Transaction Fee: 1% of each transaction in U.S. dollars | |
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Purchase APR Rate: 35.90% - Annual Fee: $175 the first year; $49 thereafter - Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month) - Credit Needed: Fair - Late Payment Fee: Up to $41 - Foreign Transaction Fee: 1% of each transaction in U.S. dollars | |
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Purchase APR Rate: 35.90% - Annual Fee: $175 the first year; $49 thereafter - Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month) - Credit Needed: Fair - Late Payment Fee: Up to $40 - Foreign Transaction Fee: 1% of each transaction in U.S. dollars | |
Welcome Bonus Disclosure: *To qualify for the welcome bonus, you must open and fund a new Rewards Checking Preferred account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Preferred account within 60 days of the date the Rewards Checking Preferred account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Preferred account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Preferred 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 Preferred account as a one-time payout credit within 60 days after meeting the conditions. This one-time bonus is available through this Upgrade Card offer and may not be available for other Upgrade Card offers. Learn More | |
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: May apply - Foreign Transaction Fee: Up to 3% Rates & Fees | |
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Purchase APR Rate: 35.99%* - Annual Fee: See Terms* - Program Fee: $95.00* - Credit Needed: Poor/Fair Rates & Fees | |
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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: See Terms* - Program Fee: $95.00* - Credit Needed: Fair | |
*See site for details Learn More | |
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) Rates & Fees | |
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Purchase APR Rate: 28.99% - 30.99% Variable - Annual Fee: $0 - Credit Needed: Excellent, Good, Limited History, No History, Limi - Late Payment Fee: $0 | |
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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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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: N/A - Intro APR Period: N/A - Purchase APR Rate: 35.90% Fixed - 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 Rates & Fees | |
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Intro Rate: N/A - Intro APR Period: N/A - Purchase APR Rate: 35.90% Fixed - Annual Fee: See terms - 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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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: 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: 28.99% (variable) - Annual Fee: $0 - Credit Needed: No credit, Poor, Fair - Credit Line: $300-$3000 at time of application - Late Payment Fee: Up to $41 | |
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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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Purchase APR Rate: 35.99%* - Annual Fee: $75.00 1st year, $48.00 after* - Program Fee: $95.00* - Credit Needed: Poor/Damaged/Fair | |
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Purchase APR Rate: 35.90% - Annual Fee: $175 the first year; $49 thereafter - Monthly Fee: $0 the first year (billed $0 each month); $150 annually thereafter (billed $12.50 each month) - Credit Needed: Fair - Late Payment Fee: Up to $40 - Foreign Transaction Fee: 1% of each transaction in U.S. dollars. | |
Welcome Bonus Disclosure: *To qualify for the welcome bonus, you must open and fund a new Rewards Checking Preferred account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Preferred account within 60 days of the date the Rewards Checking Preferred account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Preferred account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Preferred 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 Preferred account as a one-time payout credit within 60 days after meeting the conditions. This one-time bonus is available through this Upgrade Card offer and may not be available for other Upgrade Card offers. Learn More | |
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: May apply - Foreign Transaction Fee: Up to 3% Rates & Fees | |
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Purchase APR Rate: 36% Fixed - Annual Fee: As low as $99 - Credit Needed: Fair/Poor - Credit Line: Up to $1,000 credit limit subject to credit approval - Foreign Transaction Fee: 3% of each transaction amount in U.S. dollars | |
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/. **Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Learn More | |
Purchase APR Rate: 7.99% - 35.99% - Credit Needed: Fair, Good, Excellent | |
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%