Avant Credit Card Review

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Avant Credit Card

Rates & Fees

REVIEW & APPLY

On Issuer's Site

APR

35.99% variable

Annual Fee

$0 to $75

Recommended Credit

580 – 740 (Fair to Good)

PROS
- No deposit required
- Reports to major credit bureaus
- Easy application process
- Accepts average credit
CONS
- With annual fee
- High standard APR
- No rewards
- Credit Building Features
  - No deposit is needed to open this account.
  - Reports to all three major credit bureaus to help build your credit history.
  - Responsible use can lead to credit line increases upon periodic review.
- Fees and Penalties
  - No penalty APR for late payments.
  - Late fee can be up to $39.
  - Returned payment fee can be up to $25.
  - Cash advance fee is 3%, with a minimum of $10.
  - If charged interest, the minimum charge will be $1.00.
- Application Process
  - Fast and easy application process.
  - Checking your eligibility does not affect your credit score.
- Security and Convenience
  - Zero fraud liability for unauthorized charges.
  - Mastercard ID Theft Protection included.
  - Convenient online payment portal available 24/7.
- Provider Information
  - Avant branded credit products are issued by WebBank, member FDIC.
  - See the provider's terms for more information.

The Avant Credit Card emerges as a sensible solution for individuals aiming to rebuild their credit. This card stands out by offering a no-deposit requirement and reports to all major credit bureaus, making it a valuable tool for enhancing credit scores. Its application process is notably user-friendly, particularly for those with average credit histories.

While it does carry an annual fee and doesn't offer a rewards program, the card compensates with benefits like potential credit line increases and round-the-clock online payment options. It also includes Mastercard ID Theft Protection, ensuring a focus on both credit building and security. This card is ideal for those prioritizing credit improvement and financial safeguarding over rewards accumulation.

Avant Credit Card Overview

When selecting a credit card, thoroughly evaluate its features first, because each can significantly impact your financial health and goals positively and negatively.

Regular APR: 35.99% (variable)
Deposit required: No initial deposit needed
Potential credit limit: $300
Annual fee: $59
Rewards rate: None

Important Card Details

Exploring the Avant Credit Card offers insights into its unique features tailored for you if you're on a credit-building journey. While certain aspects, like no deposit requirement and credit reporting, are advantageous, others, such as the annual fee, require that you evaluate its overall value and suitability for your financial situation.

Annual Fee

The Avant Credit Card carries an annual fee of $59, a common feature among cards catering to fair credit profiles. While this fee is an additional cost, it often accompanies benefits not found in no-fee cards. For those rebuilding credit, this fee can be seen as an investment toward enhancing their credit score, especially if other card options are limited. However, consumers should weigh the cost against their ability to manage and benefit from the card's other features.

Other Fees

Apart from the annual fee, the Avant Card includes fees like a $39 maximum late fee and a cash advance fee of 3% (minimum $10). While these fees are standard across many credit cards, understanding them is important to financial planning. Avoiding cash advances and paying on time can significantly reduce the cost of using the card. Consumers should be mindful of these fees to ensure they don't erode the card's benefits.

Credit Building Potential

One of the Avant Card's key advantages is its credit building potential, because it reports to all three major credit bureaus. This feature is particularly beneficial for those with fair credit profiles — responsible usage can positively impact their credit score. Regular reporting means each on-time payment can contribute to a healthier credit history, a critical step for future financial flexibility. The absence of a penalty APR further supports responsible credit management.

Other Perks

Besides credit building, the Avant Card offers additional perks like zero liability on unauthorized transactions and 24/7 online payment options, enhancing convenience and security. The inclusion of Mastercard ID Theft Protection is a significant benefit, providing peace of mind in today's digital age. These features, combined with the potential for credit line increases through periodic reviews, make the card an attractive option for those seeking to improve their credit while enjoying modern card conveniences.

How the Avant Credit Card Compares

In this comprehensive comparison, we'll meticulously examine the unique features, benefits and potential drawbacks of the Avant credit card with another popular card, providing a clear perspective to make an informed decision.

How This Card Compares

Avant Credit Card

Regular APR: 35.99% (variable)
Deposit required: No initial deposit needed
Potential credit limit: $300
Annual fee: $59
Rewards rate: None
Best for: Those rebuilding credit without an initial deposit, mindful of a high APR and annual fee.

Capital One QuicksilverOne Cash Rewards Credit Card

Regular APR: 30.74% (Variable)
Deposit required: None
Potential credit limit: See terms
Annual fee: $39
Rewards rate: 1.5% cash back on every purchase
Best for: Consumers seeking a no-deposit credit option with a straightforward cash back rewards program, while aware of the high variable APR and modest annual fee.

About Grace Pilling

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
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