Avant Credit Card Review 2022: Can It Help You Build Your Credit?

GOBankingRates Score

Quick Take: The Avant credit card fulfills its purpose as a way to build better credit. Despite this, the lack of rewards is problematic when it comes to weighing up all available options. All features are somewhat standard and the perks are limited.

  • Fees

  • APR

  • Benefits

  • Rewards

How did we calculate this?

Pros

  • Annual fees start at $ 0
  • Encourages responsible credit management

Cons

  • No rewards
  • High APR
  • Relatively low credit limits

Avant Credit Card Overview

The Avant credit card, or AvantCard, is an unsecured credit card. This means no security deposit is required when submitting an application. It is designed for those who want to build better credit by paying their bills on time. New customers can apply online by filling out their details and there is no effect on their credit score.

Key Features

The Avant credit card was created for those who want to improve their credit score. It has a downloadable app where customers can track their credit and payments. One downside, however, is that Avant credit cards are not integrated with Apple Pay or Android Pay.

In regard to value for money, all of the details about the AvantCard can be found below.

Fees

The Avant credit card’s annual fees range from $ 0 to $ 59. Exact pricing is disclosed once an application is submitted. If a new customer is in possession of a promotional code or a special offer, they can visit Avant’s website to redeem it when submitting their application.

Other fees charged by Avant are cash advance fees and late fees. Avant defines a cash advance as going beyond the credit limit on a card which can be as much as 25% more than the defined limit. Either a $ 10 or 3% fee will be incurred as a penalty, whichever is greater.

As for late fees, the Avant credit card will charge $ 28. However, if a late payment occurred in the prior six months, it will rise to $ 39.

APR

APRs for the AvantCard vary from 25.74% to 29.99%. The minimum interest chargeable is always at least $ 1. To avoid paying interest, customers need to pay down credit 23 days in advance of the billing cycle. Customers can pay down some or all of their balance at any time.

Benefits

Avant credit cards are partnered with the Mastercard payments network. Mastercard has broad acceptance worldwide, so AvantCards should be accepted at almost any location.

The main selling point of an Avant credit card is its use as a tool for building credit. It shares credit data with all of the major credit bureaus and returns a credit report to customers after billing cycles. If a customer uses their card responsibly and pays bills on time, it may be reflected in their overall credit score.

Starting out, all customers will receive a credit line between $ 300 and $ 3,000. Limits can then increase if a cardholder qualifies. Customers can also link to a checking or savings account to set up autopay for recurring bills.

Rewards

There aren’t any visible rewards such as cash back or discounts for Avant cardholders. Its primary function is to offer credit building for consumers that want to improve their credit score.

How Does the Avant Credit Card Stand Out?

The Avant credit card stands out for its use as a credit-building mechanism. It’s been designed for people who want to boost their creditworthiness. So, there’s a good chance of application approval for the average consumer.

Comparable Options

Here are some other credit-building credit cards people may consider as alternatives to the AvantCard.

Discover It Secured Credit Card

The Avant credit card does not require any security deposit, but the Discover it credit card does. Discover it refunds the deposit, however. On the other hand, the Discover it credit card gives cash back rewards up to 2%, whereas the AvantCard has no similar reward offered.

Petal 2 Visa Credit Card

The Avant credit card has a maximum starting credit limit of $ 3,000. In comparison, customers can get up to $ 10,000 with the Petal 2 Visa Credit Card. The Petal 2 card has no annual fees either compared to as much as $ 59 with Avant. Additionally, Petal provides customers with cash back rewards of up to 1.50% and its APR rate starts at 5.24% in comparison to Avant’s lowest rate at 25.74%.

How To Apply

New customers can apply for an Avant credit card directly through its website. Simply visit the homepage, and fill out the application details required. Eligibility criteria taken into account includes credit history, income and debt obligations. Applying will not affect credit scores.

Who Is the Avant Credit Card Best For?

Someone who wants to improve their credit score could benefit from an Avant credit card. It can act as a good building block for those who want to eventually move up to a card that provides greater benefits.

Final Take

The Avant credit card is a suitable option for anyone trying to improve their overall financial well-being. Despite this, the competitor offerings discussed above illustrate that there are several other options to choose from that may have more attractive perks.

AvantCard FAQ

Here are some further questions people ask about the Avant credit card.

  • Is Avant’s credit card a real credit card?
    • Yes. The AvantCard is a secured credit card for those with less-than-perfect credit.
  • What credit score do you need to get an Avant card?
    • Avant credit cards are for people who want to improve their credit. As such, those with fair and above credit scores are likely to qualify.
  • What is the highest limit on the Avant credit card?
    • The highest starting limit on an Avant credit card is $ 3,000.
  • Does Avant affect your credit score?
    • Submitting an application for an AvantCard does not affect credit scores. Once approved for a card, it will begin reporting details to credit bureaus.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Aug. 30, 2022.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyzes, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

About the Author

David is a qualified financial advisor in the Republic of Ireland. He has a bachelor’s degree in business and entrepreneurship, as well as over five years of investing experience.

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