The Avant Credit Card is designed for individuals with fair credit, offering a straightforward solution to build or improve their credit scores. It does not require a security deposit, reports to all three major credit bureaus, and has no penalty APR. While it provides a minimum credit limit of $300 and easy online account management, it lacks rewards, balance transfer options, and product terms can vary, requiring careful consideration of its suitability for your financial needs.
Key Features
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No Deposit Required. Unlike many credit cards designed for those with less-than-perfect credit, the Avant credit card does not require a security deposit. This makes it accessible to a wider range of consumers who might not have the funds to secure a traditional secured credit card.
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Reports To Three Major Credit Bureaus. Avant ensures that your credit activity is reported to all three major credit bureaus: Equifax, Experian, and TransUnion. This is crucial for building or improving your credit score, as positive credit behaviors will be reflected in your credit reports.
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No Penalty APR. One of the standout features of the Avant credit card is the absence of a penalty APR. This means that if you miss a payment, your interest rate will not increase as a penalty, which can help you manage your debt more effectively and avoid spiraling costs.
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Minimum Credit Limit Of $300. The Avant credit card offers a minimum credit limit of $300, providing a reasonable starting point for those looking to establish or rebuild their credit. This limit can also help cardholders manage their spending and maintain a healthy credit utilization ratio.
Pros and Cons
Pros
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Check To See If You Pre-Qualify. Avant allows you to check if you pre-qualify for the credit card without a hard inquiry on your credit report. This means you can explore your options without negatively impacting your credit score.
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Aimed At Those With Fair Credit. The Avant credit card is specifically designed for individuals with fair credit. This makes it an accessible option for those who may not qualify for premium credit cards but still want to build or improve their credit history.
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Reports To All Three Major Credit Bureaus. Avant reports your credit activity to all three major credit bureaus: Equifax, Experian, and TransUnion. This is essential for building or improving your credit score as positive behaviors are recorded across all major credit reporting agencies.
Cons
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Product Terms May Vary. One downside of the Avant credit card is that the product terms can vary based on where you receive your offer. This variability can make it difficult to know if you are getting the best possible terms and conditions.
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Balance Transfers Not Allowed. The Avant credit card does not allow balance transfers. This can be a disadvantage for those looking to consolidate their credit card debt onto a single card with a lower interest rate.
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No Rewards Or Other Meaningful Perks. Unlike many other credit cards, the Avant credit card does not offer rewards or other significant perks. This means you won't earn points, cash back, or travel benefits from your spending, which can be a drawback for some users.
How to Apply for an Avant Credit Card
Online
Go to website
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Go To The Website. Visit the Avant website to begin the application process for the Avant credit card.
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Go To The Credit Cards Section. Navigate to the section of the website dedicated to credit cards to find the Avant credit card application.
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Click See If You Qualify. Click the button that says "See If You Qualify" to start the pre-qualification process without affecting your credit score.
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Enter Your Personal Information. Provide your name, address, email address, and date of birth. This information is necessary to determine your eligibility for the card.
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Provide Housing Information. Indicate whether you rent or own your home and specify your monthly housing payment. This helps Avant understand your financial obligations.
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Create An Account. Set up your account by creating an email and password. This will allow you to manage your credit card account online.
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Enter Financial Information. Input your Social Security Number (SSN), income type, monthly net income, the purpose of the loan, and the desired loan amount. This financial information is crucial for assessing your creditworthiness.
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Agree And Check Your Loan Options. Click "Agree and Check Your Loan Options" to submit your application. Avant will then review your information and present you with your loan options if you qualify.
Branch Application
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Go To The Website. Visit the Avant website to begin the application process for the Avant credit card.
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Go To The Credit Cards Section. Navigate to the section of the website dedicated to credit cards to find the Avant credit card application.
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Click See If You Qualify. Click the button that says "See If You Qualify" to start the pre-qualification process without affecting your credit score.
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Enter Your Personal Information. Provide your name, address, email address, and date of birth. This information is necessary to determine your eligibility for the card.
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Provide Housing Information. Indicate whether you rent or own your home and specify your monthly housing payment. This helps Avant understand your financial obligations.
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Create An Account. Set up your account by creating an email and password. This will allow you to manage your credit card account online.
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Enter Financial Information. Input your Social Security Number (SSN), income type, monthly net income, the purpose of the loan, and the desired loan amount. This financial information is crucial for assessing your creditworthiness.
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Agree And Check Your Loan Options. Click "Agree and Check Your Loan Options" to submit your application. Avant will then review your information and present you with your loan options if you qualify.
Infographic
Eligibility Requirements
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Age Requirement. Applicants must be at least 18 years old to apply for the Avant credit card.
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Social Security Number. A valid Social Security number is required for all applicants. This is essential for identity verification and credit assessment purposes.
Reasons You May Be Denied a Credit Card
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Low Credit Score. A low credit score can be a significant factor in being denied a credit card. Lenders use credit scores to assess your creditworthiness, and a score below their threshold can lead to rejection.
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High Debt-To-Income Ratio. If your debt-to-income ratio is too high, it indicates that you may have difficulty managing additional debt. Lenders look for a healthy balance between income and existing debt obligations.
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Recent Negative Credit History. Recent negative marks on your credit report, such as late payments, collections, or bankruptcies, can lead to a credit card denial. Lenders view these as signs of financial instability.
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Insufficient Income. If your income does not meet the lender’s minimum requirements, you may be denied a credit card. Lenders need assurance that you have sufficient income to repay your credit card debt.
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Too Many Recent Credit Applications. Applying for multiple credit cards or loans in a short period can negatively impact your credit score and signal to lenders that you may be in financial distress. This can result in denial of your credit card application.
How to Pay Off Credit Card Debt
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Register Your Checking Or Savings Account. You can register your checking or savings account with Avant to facilitate payments. This allows for easy management of your repayments through their online platform.
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Set Up Recurring Payments Through AutoPay. Utilize Avant’s AutoPay service to set up recurring payments. This ensures that your payments are made automatically on the due dates, helping you avoid late fees and maintain a good payment history.
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Initiate One-Time Payments. You can also initiate one-time payments on the dates you prefer. This gives you flexibility in managing your payments according to your financial situation.
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Submit Paper Check Or Money Order Payments. Alternatively, you can send paper check or money order payments to the following address: Avant, LLC, PO Box 1429, Carol Stream, IL 60132-1429.
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Provide Required Information On Checks. When submitting paper check payments, make sure to include gull name as it appears on your statement and last 4 digits of your credit card account number. This ensures that your payment is properly credited to your account.
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Payment Deadlines. Payments must be received by 5 pm Central time to be credited as of that day. Ensure timely submission to avoid any late payment penalties.
Editorial Opinion
The AvantCard offers a practical solution for individuals with fair credit seeking to build or improve their credit scores. Its key features, such as no deposit requirement and reporting to all three major credit bureaus, make it accessible and beneficial for credit-building purposes. However, the lack of rewards and balance transfer options, along with varying product terms, may limit its appeal for those looking for more comprehensive benefits. Overall, the AvantCard serves its purpose well for its target audience, but potential applicants should carefully consider their needs and compare it with other available options.
Additional Resources
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Required documents
APR
Credit Limit
Credit Score
Age
