The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Avant Credit Card
On Avant Secure Website
Good For Build Your Credit
Poor – Average
No Security Deposit – The AvantCard is an unsecured credit card, doesn’t require a security deposit as collateral
Reports to Three Credit Bureaus – extremely important for long term credit
Annual Fee + No Rewards – The annual fee is $29 and there is no rewards plan
The AvantCard is an unsecured credit card, which means that it does not require a security deposit as collateral like many other cards that are like this.
Because this card is designed for people with limited credit, having a card that reports to at least one of the three major credit bureaus is extremely important for long term credit success
The issuer of the AvantCard Credit Card reviews each account periodically to potentially increase your credit limit.
The card doesn’t charge a foreign transaction fee, which can potentially be a money-saver for any card holder that does travel often.
Avant Credit Card – Overview
The AvantCard Credit Card is a great starting place for anyone who is looking to build a line of credit, or has limited credit options due to past credit encounters. Despite the fact that the Avant Card has limited bonus options and perks when compared to other credit cards, it does give a lot of love for people who are looking for a card that can help boost their credit score quickly, especially when it comes to people who are applying for a first credit card.
The AvantCard Credit Card offers an alternative route when it comes to building a credit history, unless you live in Colorado, Iowa, Vermont, West Virginia or Wisconsin. AvantCard Credit Card isn’t available in these states. AvantCard Credit Card is offered through Avant, which is based out of Chicago, Illinois. While there isn’t a security deposit required, AvantCard does has an annual fee. This fee is disclosed to applicants during the pre-qualification process, and while this is generally $29 annually, Avant does state that this can vary depending on market tests.
Avant Credit Card – Benefits
The miles that a cardholder accumulates can be redeemed in a number of ways, which include using miles for travel to over 1,000 worldwide destinations on both one-way and round trips. These miles can also be redeemed to upgrade seats to business and first class on flights, car rentals, hotel stays, and vacation packages. Since there is no limit to the number of miles that a person can accumulate, the trip possibilities are rather endless.
No Security Deposit
The AvantCard is an unsecured credit card, which means that it does not require a security deposit as collateral like many other cards that are like this. As previously mentioned, however, there is an annual fee of $29 for some cardholders.
Reports to Three Credit Bureaus
Because this card is designed for people with limited credit, having a card that reports to at least one of the three major credit bureaus is extremely important for long term credit success. The AvantCard Credit Card reports to all three (TransUnion, Equifax, and Experian), which will record payment history. As long as the card holder makes their payments on time, this can help build a better credit score.
Before an applicant would officially apply for this card, Avant requires the user go through a pre-qualification process that doesn’t impact your credit score. This process gives a closer insight to see the likelihood of getting approved, and states the terms that the card holder would have if they decided to move forward. Although this insight is given, it is not a 100% guarantee of approval. If the applicant likes these terms, then they can move forward and actually have the hard inquiry to get approved for the AvantCard.
No Annual Fee
This card does stand in a category of its own as a rare card that is a co-branded airline credit card that doesn’t charge an annual fee to keep, which is certainly something that is appealing to card holders. The vast majority of travel rewards credit cards do charge an annual fee.
Travel Friendly Benefits
The AvantCard Credit Card is a Mastercard, which means that it will be accepted worldwide. On top of this, it doesn’t charge a foreign transaction fee, which can potentially be a money-saver for any card holder that does travel often.
Periodic Account Review
The issuer of the AvantCard Credit Card reviews each account periodically to potentially increase your credit limit. This can play a key factor in establishing credit, just so long as the card holder doesn’t use too much of their credit.
Avant Credit Card – Drawbacks
Variable Annual Fee
While for some AvantCard Credit Card holders the annual fee may be $29, the company does state that this is subject to change based on market testing. Even within credit building credit cards, there are other options, such as the Petal Visa credit card, that serve as a great credit building tool while not charging an annual fee or security deposit. Along with the 25.99% variable APR, there certainly are some other things to consider.
Because the AvantCard Credit Card’s main purpose is to act as a credit builder, it isn’t a big surprise that there are no types of cash back or travel rewards that come with using this card. Despite the fact that rewards aren’t largely important, there are other starter cards that do offer them. Cards like the Deserve Pro MasterCard offer a 3% cash back on travel and entertainment, 2% cash back at restaurants, and 1% cash back on all other purchases, while offering a $0 annual fee.
Hard set Payment Date
Unlike other cards, the card holder can’t switch their “payment due” date to a more convenient payday. While this isn’t a dealbreaker with the AvantCard Credit Card, it certainly can be an inconvenience having to plan out how to make the payments if they don’t like up with other bills that you pay.
Lower Credit Limit
The credit limit range for the AvantCard Credit Card is ok for a starter card. With this being said, there are other alternatives like the Deserve Pro MasterCard and the Petal Visa that offer higher credit limits that can go as high as $10,000. If a person is looking for more flexibility with their spending limits, these are possible alternatives to consider.
Alternatives to Avant Credit Card
Several other credit cards provide similar rewards to the American Airlines AAdvantage MileUp while also offering a couple of features that the American Airlines AAdvantage MileUplacks.
Deserve Pro MasterCard
The Deserve Pro MasterCard is a card that, like the AvantCard Credit Card, is designed for people who are looking to build credit.
Unlike the AvantCard, however, the Deserve Pro MasterCard does offer a considerable amount of extra rewards that the AvantCard does not. This includes as much as 3% cash back on certain purchases. The Deserve Pro MasterCard also doesn’t charge an annual fee, but it does recommend that you have at least a 650 credit score before applying for this card.
Capital One Secured MasterCard
The Capital One Secured MasterCard stands as a great alternative to the AvantCard Credit Card. This card is designed for people who need to build/rebuild credit, as qualifying applicants can have a credit score Poor (350-629) Credit Score and still qualify.
Like the AvantCard, it too offers no rewards past the basics of owning and properly using a credit card, and doesn’t charge an annual fee. The ongoing APR is 24.99%, which is high for an ongoing APR. With this being said, this is still a slightly better APR than what the AvantCard Credit Card has to offer.
Is the Avant Credit Card Right for You?
The AvantCard Credit Card is a great card for people who are looking for a way to get back to the basics and build a solid line of credit. One of the best things about this card is that it looks past just credit history to determine if the applicant would be eligible for the AvantCard. This, along with the travel-friendly features, no security deposit needed, and the fact that AvantCard reports to all three credit bureaus, makes the AvantCard Credit Card a great stepping stone to better credit.