Credit Card Reward Rate Welcome Offer Annual Fee APR Credit Needed

Bank of America® Customized Cash Rewards

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1% - 3%tooltip-i-icon3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. You€™ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. close-icon $200$018.24% - 28.24%Good

U.S. Bank Cash+® Visa Signature® Card

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2% - 5%tooltip-i-icon5% cash back on your first $2,000 in combined eligible purchases each quarter on two categories you choose. 2% cash back on one everyday category, like gas stations and EV charging stations, grocery stores or restaurants;3 1% cash back on all other eligible purchases close-icon $200$019.49% - 29.74%Good

U.S. Bank FlexPerks® Gold American Express® Card

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1x-5xtooltip-i-iconEarn 5x reward on prepaid hotels and car rentals booked directly in the FlexPerks Rewards Center, 3X on dining, takeout and restaurant delivery, 2X at airlines, gas stations and EV charging stations, 1X on all other eligible purchases close-icon 30,000 Points$85 19.49% - 29.49%Good

U.S. Bank Altitude™ Reserve Visa Infinite® Card

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1x - 5xtooltip-i-iconEarn 3x points on eligible travel purchases and mobile wallet spending on Apple Pay, Google Pay and Samsung Pay; 1x points on all other eligible purchases and 5x points on prepaid hotels and car rentals booked directly in the Altitude Rewards Center close-icon 50,000 points$400 22.24% - 29.24%Excellent

Bank of America® Premium Rewards®

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1.5x - 2xtooltip-i-icon2 points per $1 spent on travel and dining purchases. 1.5 points per $1 spent on all other purchases. close-icon 60,000 Points$9520.24% - 27.24%Good

Pros and cons of getting a credit card with a cosigner

Pros

  1. Increased approval chances: If you have a limited or poor credit history, having a cosigner with a strong credit profile can increase your chances of getting approved for a credit card.
  2. Access to higher credit limits: With a cosigner, you may be eligible for higher credit limits than you would qualify for on your own.
  3. Building or rebuilding credit: By making timely payments and managing your credit responsibly, a credit card with a cosigner can help you build or rebuild your credit history.
  4. Learning financial responsibility: Having a cosigner on your credit card can serve as a valuable learning experience. It provides an opportunity to understand the importance of responsible credit usage, budgeting, and timely repayment. This can help you develop good financial habits and become more independent in managing your finances.

Cons

  1. Shared responsibility: When you have a cosigner, both you and the cosigner are equally responsible for repaying the debt. If you fail to make payments or use the credit card irresponsibly, it can negatively impact the cosigner’s credit history, potentially straining your relationship.
  2. Potential strain on relationships: Cosigning a credit card involves a level of trust and responsibility. It is crucial to have open and honest communication with your cosigner to ensure both parties are aware of their obligations.
  3. Limited autonomy: With a cosigner, you may have limited control over certain aspects of your credit card account. For example, changes to the credit limit or account closure may require the consent of both the primary cardholder and the cosigner.

Are cosigner credit cards right for you

Determining whether a cosigner credit card is right for you depends on your circumstances and financial goals. Here are a few factors to consider:

  1. Credit history: If you have a limited or poor credit history, a cosigner credit card can help you establish or improve your credit. Having a cosigner with a strong credit profile can increase your chances of approval and provide access to better credit terms.
  2. Responsibility and communication: It is crucial to have a clear understanding and open communication with your potential cosigner. Both parties should be aware of their responsibilities and obligations, as well as the potential impact on their credit. Ensure that you have a strong level of trust and a solid relationship with your cosigner.
  3. Financial goals: Consider your long-term financial goals. If building credit is a priority and you are committed to responsible credit usage, a cosigner credit card can be a helpful tool. However, if you are not prepared to manage credit responsibly, it may be best to explore other options.

Methodology

The methodology used to calculate the best cards for fair credit relied on several factors, with the most prominent of those being:

  • The required credit score to apply successfully for the card
  • The additional benefits offered by the card beyond rewards
  • The rewards rate of the card, if applicable
  • Overall difficulty in securing a credit card with fair credit
  • The history of the card issuer itself
  • Any potential costs associated with owning the credit card

The product information provided here is based on research conducted up to a specific date and may have changed. For the latest and most accurate information, we recommend you to visit the respective card’s website before proceeding.

FAQs

Yes, you can build credit with a cosigner on a credit card. When you have a cosigner on a credit card, both your payment history and the cosigner’s payment history are reported to the credit bureaus. As long as you make timely payments and manage your credit responsibly, this can positively impact your credit history and help you build a stronger credit profile.

A cosigner is legally responsible for the credit card debt and shares equal liability with the primary cardholder, while an authorized user has no legal obligation for the debt but can use the credit card with permission.

At a Glance

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