| Last updated on February 13th, 2024
Avant Credit Card
Avant Credit Card
- 35.99% Regular Purchase APR
- 35.99% Cash Advance APR
At a Glance
The Avant Credit Card is a beginner-friendly credit-building tool that intentionally omits the bells and whistles. Perfect for someone looking to get their first credit card but is equally adept at rebuilding a dinged credit score.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No deposit required
- Reports to all three major credit bureaus
- No penalty APR
- No hidden fees
- Late Fee up to $39
- We may periodically review your account for credit line increases
- Fast and easy application process
- Help strengthen your credit history with responsible use
- Zero fraud liability for unauthorized charges
- Conveniently pay your card through our online portal, 24/7
- Get Mastercard® ID Theft Protection by Mastercard
- Disclosure: If you are charged interest, the charge will be no less than $1.00. Cash Advance Fee 3%, Min: $10
- Checking your eligibility does not affect your credit score
- Avant branded credit products are issued by WebBank, member FDIC
- See the Provider's terms for more information
- Regular Purchase APR: 35.99%
- Cash Advance APR: 35.99%
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of the cash advance, whichever is greater
- Annual Fee: $0 to $59
- Late Payment Penalty Fee: Up to $39
- You are looking to build credit for the first time
- You do't require more than a $1,000 credit limit
- You will pay off your card balance in full each month
- You want to check for pre-qualification prior to applying
In-Depth Review: Avant Credit Card
The Avant Mastercard is a worthy option for those looking to open their first credit card, improve a low (but not damaged) score, or build good credit card habits.
Who Can Benefit From the Avant Credit Card?
The Avant Card is an unsecured credit card that offers a great alternative for individuals who may not qualify for the best offers from banks like Chase or Bank of America. This credit card is specifically designed to cater to individuals with fair credit scores, allowing them to improve their creditworthiness.
How to Get Avant
Quick Online Pre-Qualification
A great part of the Avant card experience is that you are automatically reviewed to see whether you pre-qualify before applying—it’s built into the application process. This feature particularly benefits the applicant who has already faced several application rejections and is concerned about getting more inquiries on their credit report without approval.
If you find the card terms favorable, you can submit an application that will cause a hard pull. Keep in mind that pre-qualification offers are never hard and fast guarantees. These are meant to indicate one’s likelihood for approval.
Like many things with Avant, approval requirements are non-traditional, which is a huge advantage to people with no credit history. Instead of relying on a score, Avant considers factors like income and bank account balances when deciding. So, while it may not be the most exciting starter card on the market, credit newbies have much better odds of being approved than traditional beginner cards from major issues.
The basic application requirements are standard. The card requires a FICO Score of at least 580 for approval. Additionally, applicants must be 18+ years of age, a United States citizen, or a permanent resident with a Social Security Number (SSN). An ITIN is not accepted. Applicants must also provide a verifiable U.S. deposit account to prove income and available funds.
The Avant credit card does not currently allow for co-signers or co-applicants (for joint accounts), and thus, neither can be used to increase the likelihood of approval. While applying solo can leave first-time applicants feeling nervous about their odds, Avant’s commitment to transparency helps to demystify the process.
Avant Card Benefits
The Avant card is similar to other unsecured credit cards for people with average credit. The card provides unsecured credit with few frills to help establish a strong payment history with responsible use.
Manageable Credit Limits
Like other credit builder options, the Avant Credit Card features manageable starting credit limits and a proactive approach to limit increases. The card comes with a $300 to $3,000 starting credit line, with most applicants getting $300. Fortunately, Avant is highly proactive in monitoring your credit growth and, as such, consistently monitors for the chance of a credit limit increase.
Avant reports to all three credit bureaus, Experian, Equifax, and Transunion, and has a reputation for reporting to them immediately. Cardholders can also initiate a review by contacting Avant to request a credit limit increase (although this method may result in another inquiry on your credit report).
Build Credit without Hassles
It makes up for what Avant lacks in frills (like reward points or signup bonuses) with accessibility and ease of use. It’s a well-thought-out—and low-cost—alternative to a secured card that prizes transparency and simplicity. Although the card carries an annual fee, it’s reasonable, and cardholders won’t have to worry about maintenance fees or any other costs commonly associated with cards for limited credit histories.
Other notable features of the Avant Card include basic Mastercard protections and security benefits, including:
|Zero Liability Protection
|Mastercard Global Services
|ID Theft Protection
How does the Avant Card stack up with other subprime options? Here is the Avant Mastercard side-by-side with two other popular options:
|Applied Bank® Visa®
|$75 1st year, $48 after
|$0 to $59
|$300 – $3,000
|1% back on Revvi payments
The Aspire® Cashback Rewards Credit Card is another versatile option. Aspire earns up to 3% cash back while building credit, with no security deposit required. Cardholders with Aspire earn 3% cash back on gas, grocery, and utility bill payments, with 1% back on all other purchases. Even better, there is no cap on the number of rewards earned.
Credit Boosting Tips
Here are a few handy credit-building tips to get you on your way with Avant:
|Check your credit file
|Checking your credit report is a great way to better understand your financial well-being. Checking your credit report helps you maintain an accurate credit history, protect against identity theft, and make informed financial decisions. You can ask for a free credit report from a credit-reporting agency every 12 months.
|Keep credit utilization low
|Aim to keep your credit card balances well below your credit limit. High credit card utilization, or the amount of your credit limit you actually use, can negatively impact your credit score. A general rule is to keep credit utilization below 30% of your credit limit.
|Pay on time
|Always pay your bills on time. Your payment history is a significant factor in your FICO Score and VantageScore credit scores. Always pay your bills, including credit cards, loans, and utilities, on time. Late payments can hurt your credit and may result in reduced credit limits or closed accounts.
|Become an authorized user
|Becoming an authorized user on someone else’s credit card account can help supercharge your credit growth. When you’re added as an authorized user, the card’s payment history and credit utilization are often reported on your credit report, potentially boosting your credit score if the primary cardholder manages their credit responsibly.
|Limit new applications
|Always try to avoid applying for too many credit cards in a short timeframe. Each time you apply for credit, it results in a hard inquiry on your credit report, which can temporarily lower your score. Be selective about applying for new credit and you will rpotect your credit score.
What We Like About the Card
The Avant credit card offers a range of impressive features that make it stand out from the competition. One notable feature is the card’s low-interest rate, which allows cardholders to save money on their purchases, should they need to carry a balance.
No Foreign Transaction Fee
The Avant Credit Card also stands out as it charges no foreign transaction fees. A foreign transaction fee is an additional charge that certain credit cards impose when purchasing outside the United States. Typically, this fee amounts to approximately 3% of the total value of international transactions. However, the Avant Credit Card avoids this charge, making it an excellent choice for individuals who frequently travel abroad and wish to avoid unnecessary expenses.
Things to Consider
While Avant offers plenty to get excited about, there are drawbacks. For starters, Avant doesn’t let users select their preferred payment date. Instead, the company has a set date that cannot be changed.
The card also features an annual fee of up to $59. Some applicants will receive an offer with no annual fee, but most can expect an annual fee up to that maximum. Most near-prime and subprime cards charge an annual fee, and Avant’s yearly charge is modest – and well below some other options.
What are Avant and WebBank like card issuers and account servicers? Here is a selection of expert and consumer ratings for the pair:
Should You Apply for the Avant Credit Card?
Simple and straightforward to use, the Avant credit card was designed with first-time and intermediate credit card users in mind. Yes, card functionality is restricted to purchases and cash advances (no balance transfers), and credit limits are intentionally low, but it’s a small price to pay for the ability to check for pre-approval and having fewer fees than many other starter credit cards.
This card is a great alternative to a secured card and a decent option for someone wanting to open a credit card for credit-building purposes (rather than trying to finance large purchases). The Avant card can potentially help fix bad credit, but it’s better suited for building credit– not necessarily repairing it. The deliberate card caps are meant to encourage credit beginners to become familiar with using credit and help establish good habits with minimal distractions.
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