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AvantCard Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Jul 18, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

  • Fast and easy application process

  • No deposit required and no penalty APR

  • 25.49% Variable

Highlights
  • Fast and easy application process
  • No deposit required
  • No hidden fees
  • No penalty APR
  • Report to all three major credit bureaus
  • Zero fraud liability for unauthorized charges
  • Avant branded credit products are issued by WebBank, member FDIC
  • Disclosure: If you are charged interest, the charge will be no less than $1.00

See additional details for AvantCard Credit Card

More Info

Who the card is best for

If you’re new to credit and are looking for a basic credit card, the AvantCard Credit Card is a decent offering. This card is relatively straightforward with no rewards or noteworthy perks, but that may be okay if your main goal is to work toward a good credit score. Just beware this card comes with a $29 annual fee, and although that’s low, you may want to review other options. If you have good or excellent credit, and are looking for a more robust credit card, check out cards with rewards or no annual fee.

Where this card stands out in its category

Designed for consumers with poor/limited/average credit. Many credit cards in the market require good or excellent credit, so you’ll often have a hard time qualifying if you have a less than perfect score. But, with the AvantCard Credit Card, poor/limited/average credit is okay — which is ideal if you’re opening your first card or have struggled to be approved for other cards.

Where this card falls short in its category

$29 annual fee. While $29 is one of the lowest credit card annual fees, if you’re just beginning your credit journey you may not want to pay an annual fee for a credit card — especially since there are plenty of options with no annual fee. But, you may not be able to qualify for those options since they often require good or excellent credit, so the $29 annual fee may be a good investment while you build credit.

High 25.49% Variable (V) APR. This card comes with a high APR at 25.49% Variable (V). We strongly encourage you to pay each statement on time and in full so you avoid carrying a balance and racking up interest charges.

How to use it most effectively

Since you’re most likely new to credit or looking to improve your score, follow the tips below for ways to responsibly manage your credit card:

  • Pay on time and in full. The most important factor of your credit score is payment history, making up 35%. Therefore, it’s key to always make on-time payments and pay your full balance. Besides contributing positive information to your credit report, good payment history helps you avoid late payment fees, interest charges and penalty APRs.
  • Keep a low utilization rate. If you must carry a balance, keep it low. The amount of credit you use divided by your total credit limit is known as utilization. It’s generally recommended to keep your utilization below 30%. That means don’t overspend or max out your card — that will hurt your credit score and risk you falling into debt. To find your current utilization rate, divide the balance on your credit card by your total credit limit. So, if you have a $500 balance and a $1,000 credit limit, your utilization rate is 50%. That’s higher than the recommended 30% so you’d multiply your $1,000 credit limit by .30 to figure out that you should keep spending to $300.

Compare it with the Discover it® Secured

A secured card, like the Discover it® Secured, can be a good alternative.

Secured cards are a great way to build or rebuild credit. They’re different to unsecured (or traditional) credit cards, because they require a security deposit, which becomes your line of credit. If you’re able to set money aside for the security deposit and use the secured card wisely, you may see your credit score rise over time. The Discover it® Secured requires a typical $200 minimum security deposit and has a wide range of benefits.

In addition to providing the basis for improving your credit score, the Discover it® Secured has a $0 annual fee and a cashback program where you can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases. That’s compared to the AvantCard Credit Card with a $29 annual fee and no rewards.

The Discover it® Secured is our top pick for secured cards and is a great choice if you want to earn rewards while you build credit. However, if you can’t afford the security deposit or think you may be tempted to overspend with a rewards card, the AvantCard Credit Card may be a better option.

Here’s a breakdown of the key features of each card:

AvantCard Credit Card Discover it® Secured
Annual Fee $29 $0
Regular Purchase APR 25.49% Variable (V) 24.49% Variable
Rewards None 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, automatically. 1% unlimited cash back on all other purchases.
New Cardmember Offer None Discover will automatically match ALL the cash back you earn at the end of your first year.
Foreign Transaction Fee None None

Bottom line

Consumers with poor/limited/average credit may benefit from the no-frills AvantCard Credit Card that provides the ability to build credit without the distraction of rewards — just keep in mind there’s a $29 annual fee.


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