Avant
5.0
Author: Kaitlyn Short
Ideal for those looking to build credit for the first time or rebuild damaged credit, the Avant Credit Card is an unsecured credit card offering reasonable prices with no hidden fees, no security deposit, and no required credit score.
However, if you are an established credit borrower with an excellent credit score, this card may not be the best option for you, as the credit limit is low, ranging from $300 to $1,000, and the card offers no rewards or points, which can be a great perk if you already have a good credit score.
Continue reading for a complete breakdown of pros and cons, as well as Avant Credit Card reviews from real customers.
Top Ranked Companies
The Good
- No Security Deposit
- No Required Credit Score
- Fast and Easy Qualification Process
- Reports to Main Credit Bureaus
No Security Deposit
As an unsecured card, the Avant Credit Card does not require a security deposit, which can be a beneficial option to borrowers looking to build or rebuild credit. For borrowers with bad credit scores, unsecured credit cards are generally one of the better options available for credit cards, but they require a security deposit which becomes the credit limit on the card. Therefore, with the Avant Credit Card, borrowers can bypass this extra expense.
No Required Credit Score
Avant does not disclose a minimum credit score requirement for its credit card, suggesting that borrowers of any credit background can be approved. Poor credit scores below 650 could have a difficult time receiving approval, but it may not hurt to check your eligibility with Avant nonetheless, as your credit score will not be affected by this process.
Fast and Easy Qualification Process
The Avant Credit Card application is done online, and it only takes a couple of minutes to check your eligibility. This check will trigger a soft credit pull that will not affect your credit score. A hard credit pull will only be made if you like what you see in the pre-qualification and decide to apply.
Reports to Main Credit Bureaus
The Avant Credit Card reports to the three main credit bureaus: Experian, Equifax, and TransUnion. This is a large plus if you are seeking to build or rebuild your credit and are using the card responsibly. Each credit bureau will receive a report of your card activity which is compiled into a credit report that potential lenders can view to assess risk in lending to you.
The Bad
- Only One Credit Card Offered
- Credit Limit
- Annual Fee
- No Rewards
Only One Credit Card Offered
Many other credit card lenders have multiple card offerings to accommodate various types of borrowers, but Avant currently only offers the one credit card. Thus, if you already have good to excellent credit there could be more options available to you with another credit card issuer.
Credit Limit
For some borrowers the credit limit of $300 to $1,000 could be quite low and limiting. If you have an established credit history, a card with limited credit as low as this could hurt your credit overall. However, for borrowers with bad credit or no credit, this limit is relatively good for a starter card and could save you from making larger purchases that you may have more difficulty paying back, which could save you from credit debt in the future.
Annual Fee
Avant charges an annual fee ranging from $29 to $59. There are various credit cards available with other companies that do not charge an annual fee, but for borrowers with bad or damaged credit, it could be in your best interest to look past the fee because you may not be approved elsewhere for a credit card.
No Rewards
The Avant Credit Card has no rewards or points. Rewards credit cards are a great option for established credit borrowers because they can earn cash back, points or miles that they wouldn’t otherwise, thus increasing the incentive to use a credit card for purchases.
The Bottom Line
The Avant Credit Card is widely considered as a simple starter card that can help first-time borrowers build credit. For those with damaged credit looking to rebuild, we recommend the Avant card because it offers the ability to build credit without a secured credit card which will generally require a security deposit.
For those who have good to excellent credit, this credit card may not be the best option, as it has no rewards or points and has a relatively high interest rate of 25.99 percent APR. If you have good credit you could likely get lower fees and rates on a card, including rewards, from another credit card company, which could help you save money in the long run. However, it is important to note that financial stability and debt avoidance with a credit card is dependent on your ability to make on-time payments each month.
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Alivia Bui Dallas, TX
2 years ago
