Avant Card – Avant Credit Card Review Issued by MasterCard
The Avant card is a solid choice for people in the fair credit range. People in this area may have difficulty finding some cards, but the Avant credit card isn’t one. Whether you’re new to the fair credit score category or you want to diversify your cards, this one’s for you. We’ll outline the Avant card benefits and drawbacks. It turn, you’ll have all the information you need to make an informed decision.
Avant Credit Card Benefits
1. No Deposit is Required With the Avant MasterCard
Applicants rejoice! You won’t need a deposit to open this card. It does look at your credit score to help determine your deposit amount. However, you won’t have to worry about coming up with a deposit. You’ll simply be able to get a line of credit based on your fair credit score. For people who are used to secured cards, this is a huge bonus.
2. Avant Credit Card Application is Easy and Fast
The Avant MasterCard has a very streamlined and easy application process. You can apply online in a matter of minutes. You simply input your relevant information and let it run. The lender will check to see if you pre-qualify first without impacting your credit score. You’ll know in a matter of minutes whether or not your credit score qualifies you for the Avant card.
3. Reports to All Three Major Credit Bureaus
Unlike some credit cards, the Avant credit card reports to all three major credit bureaus. This means that using it responsibly can increase your score. You do want to make your payments on time and watch your utilization ratio. Try not to use more than 30% of your total limit. These things can boost your score.
4. No Penalty APR With Avant
Once you get your APR, it doesn’t move. You won’t get a higher rate if you accidentally miss a payment. This is great for when life gets busy, and you forget to schedule your payment. You’ll pay the same interest rate. Additionally, everyone pays the same interest rate. You won’t pay more each month if your credit is on the low end of the fair spectrum.
5. No Hidden Fees Charged
Some lower credit cards come with hidden fees. These can be things like interest increases, fees to open an account, or balance increase fees. However, you don’t have to worry about this with the Avant card. There are no hidden fees with this card. What you do pay, the lender will spell out for you.
6. Automatic Credit Line Increases
Avant’s lender will reward you for practicing good credit habits. They’ll review your account for credit increases automatically. This usually involves making five or six payments by the due date. They’ll notify you when they decide to give you a credit line increase.
7. Avant MasterCard is Widely Accepted
The Avant card is a MasterCard application. This means that any vendor that accepts MasterCard will accept your Avant credit card. It’s useful if you don’t plan to carry a bunch of cards with you. Instead, you can just take one card and use it anywhere that you would use any other MasterCard. This is great for people who don’t want to worry about potentially losing a lot of cards.
8. No Foreign Transaction Fee
If you plan to travel and need a credit card, you can with the Avant MasterCard. There is no foreign transaction fee with using this card. This means that you won’t pay extra if you use it for purchases through a non-US bank. Also, you can use it at ATMs around the world without paying an extra percentage for it. This is rather unusual. Other than the Capital One Platinum Card most other credit cards for fair credit charge foreign transaction fees.
9. Zero Fraud Liability on Unauthorized Purchases
Should you have unauthorized purchases on your card, you won’t pay for them. The Avant MasterCard offers zero fraud liability for their cardholders. It’s a safety net if your card gets lost or stolen. You report it to them, they close the card, and they reverse the charges. You’ll get a new card issued to you without paying anything extra for it.
10. Payment Convenience With a Variety of Payment Options
You can pay a variety of ways with this card. You’re allowed to mail your payment in. However, you do want to make sure you give it ample time to get there. There’s also a payment portal. You can access it from your phone, tablet, or PC. Your payments post within 24 hours, so it’s great for last-minute ones.
Avant Card Drawbacks
1. Annual Fee
This card will charge an annual fee each year you have it open. You’ll pay $29 a year for this card. While this isn’t a large amount, there are no rewards to balance it out either. This fee will appear on the first statement of the year. You simply pay it when you pay your bill.
2. Not Available in All States
One odd quirk about the Avant credit card is that it isn’t available in all 50 states. Residents of Colorado, Iowa, Vermont, West Virginia, and Wisconsin can’t apply for this card. Don’t bother trying to apply for it if you’re in one of these states. The lender will reject your application for it.
3. Higher APR
If you’re on the higher end of the fair credit spectrum, the APR can be high. Everyone with this card gets an APR of 26.24%. If you carry a balance every month, this can very quickly add up. However, you can avoid it by paying your balance in full. It’ll teach you responsible use at the same time.
4. Credit Score
A fair credit score ranges between 600 and 700. This is according to the Avant card. It’s not terrible, but it’s high enough to knock some people out of the running. If your credit is below 600, you won’t be able to get this card. You can apply once you meet the minimum requirements.
5. No Introductory APR
There is no introductory APR period with this card. You’ll start paying the monthly APR from the first month you have the card open. Again, paying your balance off each month can help you avoid it. However, it’s also a way for you to get a lot of additional money added to your balance.
Avant MasterCard Bottom Line
For someone with fair credit, the Avant card can be a viable option. It’s a great tool to help you continue to build up your credit. The Avant credit card application process is also another bonus. You know within minutes whether or not you get the card. All in all, I’d recommend taking a look at it if you have fair credit. Just remember to use it responsibly.
Latest posts by Monica Kowollik (see all)
- Avant Card – Avant Credit Card Review - June 8, 2019
- Best Credit Cards for Young Adults to Build Credit - May 17, 2019
- Fortiva Credit Card Review – Fortiva MasterCard - May 7, 2019