1.Secured Neo Mastercard
Neo Financial
- 5%Cash back at Neo partners
- 4%Cash back on recurring bills
- 3%Cash back on gas/EV charging
- 1%Cash back on all other purchases
Get an exclusive $25 bonus through FinlyWealth upon approval.
Earn up to 5% cash back at Neo partners, 1% on gas and groceries.
19.99%-29.99%
22.99%-31.99%
The Secured Neo Mastercard stands out as the top choice because it offers guaranteed approval and the ability to earn cash back on everyday purchases, making it an excellent option for those looking to build credit while enjoying rewards.
Pros:
- Guaranteed approval with a security deposit
- Earns cash back on everyday purchases
Cons:
- Higher interest rates compared to some unsecured cards
- Requires a refundable security deposit
2.Tangerine Money-Back Credit Card
Tangerine
- 2%Cash back in chosen categories
- 0.5%Cash back on all other purchases
Get 10% cash back on purchases for the first two months, up to CA$100.
Earn 2% cash back in up to three categories and 0.5% on everything else.
20.95%
22.95%
What sets the Tangerine Money-Back Credit Card apart is its customizable reward categories, allowing cardholders to maximize their cash back based on their spending habits, making it a versatile choice for savvy consumers.
Pros:
- No annual fee
- Flexible reward categories
Cons:
- Limited to three 2% categories
- Cash back is lower on non-category purchases
3.Simplii Financial Cash Back Visa Card
Simplii Financial
- 4%Cash back on restaurants
- 1.5%Cash back on groceries, gas, and drugstores
- 0.5%Cash back on all other purchases
Earn 8% cash back on restaurants for the first 3 months, up to CA$80.
Earn 4% cash back on restaurants and 1.5% on groceries, gas, and drugstores.
21.99%
22.99%
The standout feature of the Simplii Financial Cash Back Visa Card is its high cash back rate on dining, making it an attractive option for food lovers who want to earn rewards while enjoying their meals.
Pros:
- No annual fee
- High cash back on dining
Cons:
- Limited to specific categories for higher rewards
- Cash back is issued annually
Final Words
As you consider the best credit cards for fair credit this January, remember to prioritize options that not only meet your approval needs but also help you build your credit score over time. Take time to compare the features and benefits of different cards to make an informed decision that aligns with your financial goals.
Frequently Asked Questions
The Secured Neo Mastercard offers guaranteed approval with a refundable security deposit, making it ideal for building credit. Additionally, you can earn up to 5% cash back at Neo partners, 1% on gas and groceries, and it features purchase protection and insurance.
The Tangerine Money-Back Credit Card provides a welcome bonus of 10% cash back on purchases for the first two months, up to CA$100. This is a great incentive for new users to maximize their rewards early on.
With the Simplii Financial Cash Back Visa Card, you earn 4% cash back on restaurants and 1.5% on groceries, gas, and drugstores. Additionally, you receive 0.5% cash back on all other purchases, making it versatile for everyday spending.
Many credit cards designed for individuals with fair credit offer no annual fees, making them more accessible. However, some cards may charge fees for premium features, so it's essential to read the terms carefully.
When selecting a credit card, consider factors such as the card's rewards structure, annual fees, and any additional benefits like travel insurance or purchase protection. Also, assess your spending habits to choose a card that maximizes your rewards.
Applying for a credit card typically involves filling out an online application where you provide personal and financial information. Many issuers offer a quick approval process, and some cards may guarantee approval for individuals with fair credit.
Credit limits for cards designed for fair credit can vary significantly, often ranging from CA$500 to CA$10,000. Be prepared for lower limits initially, as this can help manage risk and build your credit over time.
