A Comprehensive Review of the Avant Credit Card: A Smart Choice for Building Credit

The Avant Credit Card is a popular option for individuals with bad or limited credit histories seeking to improve their credit scores. While it may not be the only option available, it offers unique advantages that make it a standout choice. This comprehensive review will delve into the features, benefits, and potential drawbacks of the Avant Credit Card, providing you with all the information you need to make an informed decision.

Prequalification: A Hassle-Free First Step

One of the standout features of the Avant Credit Card is the ability to prequalify with a soft credit inquiry. This means you can check your eligibility for the card without affecting your credit score. During the prequalification process, Avant will determine the rates and fees for which you are eligible, giving you a clear picture of what to expect before you commit.

The Prequalification Process:

1. Visit the Website: Go to avant.com/activate.
2. Provide Information: Enter your email address, the last four digits of your Social Security number, and your AvantCard number.
3. Receive Results: Based on the information provided, Avant will determine your eligibility and the terms of your card.

Reporting to Major Credit Bureaus

A crucial aspect of building or rebuilding credit is ensuring that your payment history is reported to the three major credit bureaus: Equifax, Experian, and TransUnion. The Avant Credit Card does this, allowing you to improve your credit score with responsible use steadily.

Why Reporting Matters:

• Credit Score Improvement: Regular reporting of on-time payments helps improve your credit score.
• Credit History: Establishing a positive credit history is essential for future financial opportunities.

No Hidden Fees

The Avant Credit Card prides itself on transparency, explicitly outlining all the fees you will be responsible for paying. Unlike many competitors, there are no hidden costs, making it easier to manage your finances.

Fee Structure:

• Annual Fee: $59
• Variable APR: 24.99% for purchases and cash advances
• Late Fees: Up to $39
• Cash Advance Fees: 3% of the cash amount, with a minimum charge of $10

Simple Credit Establishment

If your primary goal is to improve your credit, the Avant Credit Card is a solid choice. By consistently reporting your payment history to the major credit bureaus, Avant helps you build a better credit history over time.

Tips for Building Credit:

• Make On-Time Payments: Ensure all payments are made on or before the due date.
• Keep Credit Utilization Low: Try to use less than 30% of your available credit limit.

Quick Application & Online Pre-Qualification

Applying for a credit card can be stressful, especially if you’re unsure about your eligibility. Avant’s prequalification tool allows you to gauge the likelihood of approval without a hard inquiry on your credit report. This feature provides peace of mind before you proceed with the actual application.

Application Process:

1. Pre-Qualification: Use the online tool to check your eligibility.
2. Submit Application: If prequalified, complete the online application.
3. Hard Inquiry: Avant will perform a hard inquiry upon application submission.
4. Approval: If approved, receive your card and start building your credit.

Travel-Friendly Features

For individuals who travel frequently, the Avant Credit Card offers several travel-friendly features, including no foreign transaction fees. This can result in significant savings compared to other cards that charge 1% to 3% on international purchases.

Benefits for Travelers:

• No Foreign Transaction Fees: Save money on international purchases.
• Wide Acceptance: Use your card at millions of locations worldwide.

Credit Limit Increase Possibility

Starting with a low credit limit can be challenging, but the Avant Credit Card offers the potential for credit limit increases. By making on-time payments and maintaining good credit behavior, you can request a higher credit limit over time.

How to Increase Your Credit Limit:

• Consistent Payments: Pay your bill on time every month.
• Monitor Credit Usage: Keep your balance low relative to your credit limit.
• Request Increase: Contact Avant to request a higher limit after demonstrating responsible use.

Advantages and Disadvantages of the Avant Credit Card

Pros:

• Reports to All Major Credit Bureaus: Helps build credit history.
• Accessible to Those with Mediocre Credit: Easier approval for individuals with limited credit history.
• No International Transaction Fees: Ideal for frequent travelers.

Cons:

• No Rewards Program: Unlike some competitors, the Avant Credit Card does not offer rewards.
• Annual Fee: A $59 annual fee is required.
• High Regular APR: The variable APR of 24.99% can be high for some users.

Avant Credit Card Options and Perks

The Avant Credit Card is straightforward in its offerings but includes a few notable perks that make it an attractive choice for individuals with limited or average credit histories.

Key Perks:

• No Security Deposit: Unlike secured credit cards, no upfront deposit is required.
• Transparent Fee Structure: Clear outline of all associated fees.
• Credit Building: Regular reporting to credit bureaus aids in building credit.

Conclusion: Avant Credit Card Evaluation

In conclusion, the Avant Credit Card is a compelling option for those looking to build or rebuild their credit. Its transparent fee structure, travel-friendly features, and ability to report to all major credit bureaus make it a valuable tool for improving your credit score. While it lacks a rewards program and comes with an annual fee, the benefits it offers, especially for individuals with limited credit history, outweigh these drawbacks.

Ideal Candidates for the Avant Credit Card:

• Young Adults: College students and young professionals starting their credit journey.
• Credit Rebuilders: Individuals with poor or limited credit history looking to improve their scores.
• Frequent Travelers: Those who travel internationally and want to avoid foreign transaction fees.

The Avant Credit Card is a practical and effective solution for those aiming to establish a solid credit foundation and achieve better financial health.