Avant Credit Card Review

The Avant credit card allows you to pay for the things you need while also building credit. It’s an ideal card for those who want to rebuild their credit as your activity will be reported to all three credit reporting agencies. You can also use it if you need to borrow a sensible amount of money or if you are completely new to the credit-building process.

The card comes with a credit limit of $300 to $1,000 and a low annual fee of $29 to $59. Plus, there are no hidden fees and there is no security deposit required. With a zero fraud liability feature, you won’t be held responsible for unauthorized charges. The variable APR ranges from 24.99% to 25.99%. Check out our Avant credit card review below for more information.

What is the Avant Credit Card?

The Avant credit card is provided by the small loan financial provider AvantCredit and issued by WebBank, member FDIC. Avant offers two different products: personal loans for the everyday borrower and the Avant credit card. The Avant personal loans are designed for the middle class. They can help with things like unexpected expenses, high-interest debt, home improvements, and more. The Avant credit card is designed to help you pay for things while you build your credit. It comes with a small credit limit of $300 to $1,000, no hidden fees, and Mastercard benefits.

The company was founded in 2012 as a byproduct of the Y Combinator startup program accelerator. AvantCredit, as the company was officially named, launched with a goal of helping improve the money-borrowing experience for the middle class. Since then, the company has made a reputation for itself as one of the leading responsible consumer lending services around. Avant is backed by many successful investors in the fintech field. So far, the company has helped more than 800,000 people get the money they need.

Avant prides itself on being data-driven. They believe that the customer’s behavior products information for all product decisions. The company relies on data to guide them while prioritizing changes or evaluating a game plan. According to the company’s website, they believe that the best process is iterative and quick. They build their products, test them, and learn from them to find out the best approach without sacrificing the bottom line. They make sure that all voices from within the company are heard regardless of department, job title, or experience. In the end, the best idea wins, which means that the customer gets the best possible service.

What Does The Avant Credit Card Offer?

The Avant credit card allows you to pay for the things you need on a daily basis while also boosting your credit. The company reports your financial activity to all three major credit reporting agencies. When you make payments on time each month, this activity will be reflected on your credit report and can raise your score. On the other hand, making late payments will also show up on your credit history and this can negatively impact your score. The Avant credit card offers low credit limits of $300 to $1,000. This helps keep your payments small so that you can pay them back on time.

Here are the basic rates and terms of the Avant credit card:

Purchase APR

24.99% to 25.99%

APR for cash advances

24.99% to 25.99%

Minimum interest charge

$1.00

Annual fee

$29 to $59

Foreign transaction fee

none

Cash advance fee

$10 or 3% of the amount, whichever is more

Penalty fees

up to $39

Avant also pays tribute to its active duty members by offering SCRA benefits. SCRA stands for the Servicemembers Civil Relief Act. It’s a federal program that allows eligible military personnel who serve on active duty to benefit from financial relief and protection. The purpose of the program is to ease financial burdens of service men and women while they are on active duty. This may include a reduced APR or forbearance of payments while you are on active duty.

You may qualify for Avant’s SCRA benefits if you fit any of the following qualifications:

  • You are a service person in the Navy, Army, Air Force, Marine Corps, Coast Guard or National Guard on active duty. This includes reservists as defined in the United States Code Section 101(d)(1) of Title 10.
  • You are a service person who is not currently attending their active duty responsibilities due to wounds, leave, sickness, or another eligible reason.
  • You are a commissioned officer of the NOAA (National Oceanic and Atmospheric Administration) and PHS (Public Health Service) on active service.

Eligible customers who qualify for Avant’s SCRA program will get a rate of no more than 6% on all credit products, including loans. This will help lower your monthly obligation for installment loans. Also, you will not be charged for certain things, such as non-sufficient funds fees and late fees. You must be under active duty to receive these benefits. Otherwise, you will be charged the full price for your credit terms that were assigned to you when you took our your loan or credit card.

To qualify for SCRA benefits, you must request to enroll in the program within 180 days of the date that you enter active duty. Be sure to contact Avant as soon as you know that you are going on active duty to qualify. You must provide the following documents to Avant to qualify for the SCRA program: a copy of your military or enlistment orders that are calling you into active duty, a properly completed Department of Defense Short Form (you can get this at your local Housing Office or JAG), and a letter from your commanding officer on official letterhead that provides your personal information. Check with the Avant website for a complete list of acceptable forms.

Avant Mastercard Benefits

At the time of this writing, the Avant credit card does not come with a benefits program. However, users will get all the benefits of a regular Mastercard. Here are some of those benefits:

Mastercard ID Theft Program

The Mastercard ID theft program offers several features that protect you against theft. You’ll be notified right away if your card appears to be used fraudulently. Mastercard monitors the surface, dark web and deep web to protect your information. This program comes with the following features:

Online monitoring dashboard

the online dashboard is your primary interface where all of your personal information is stored. Mastercard protects this information by monitoring it to ward off identity theft.

Lost wallet assistance

this feature can help you if you lose your wallet. Mastercard will help you cancel your cards and replace missing information, such as your driver’s license, credit or debit cards, passport, and social security number card.

Monthly risk alert newsletter

Mastercard holders will receive a monthly newsletter that indicates their risk score and provides tips for keeping their information safe.

URL and domain monitoring

this feature monitors and protects up to 10 domains or URLs related to your business. This service monitors email addresses and URL names associated with the links you provide and you will be alerted if a data breach is attempted.

Identity monitoring

Mastercard’s ID theft program will search the web to determine if your information is at risk. They will alert you via email if any action needs to be taken. Items that are monitored include your email address, debit or credit cards, bank accounts, web login usernames and passwords, medical insurance cards, driver’s license, loyalty cards, affinity cards, passport, social security number, and vehicle insurance cards.

Single bureau credit monitoring

Mastercard will monitor your credit report from TransUnion for any changes that could indicate potential fraud, including new inquiries for credit cards, an address change, or a new account opened in your name. You will be sent an alert anytime a hard inquiry is performed on your TransUnion credit report so that you can take the necessary actions if you suspect fraud.

Financial account takeover

Mastercard will monitor your high-risk transactions with more than 300 of the largest nations in the company to detect takeover attempts. These transactions include brokerage accounts, debit or credit cards, bank accounts, healthcare portals, workplace intranets and more.

Resolution services

this feature provides you with a team of specialists that are available 24 hours per day, 365 days of the year. They will help you identify your identity theft incident and take the necessary steps to resolve the problem. Resolution service representatives speak English, French, and Spanish.

Mastercard Global Service

This service provides you with 24 hour assistance. You can use it to report lost or stolen credit card information, emergency card replacement, or lost wallet assistance. When you call Mastercard, they will immediately suspect your account so that your money and information can’t be stolen. They will also send you a temporary card the next day so that you can make cash advances. Also, remember that you won’t be held responsible for fraudulent charges as long as you report it.

Mastercard Airport Concierge

This feature allows you to take advantage of a 15% discount on airport meet and greet services. You can arrange for a meet and green agent to meet you and escort you through the airport at over 700 airports all over the world. You can also be expedited through the security or immigration process.

How Does The Avant Credit Card Work?

The Avant credit card looks at a number of factors to determine your creditworthiness, including your income, credit history, and debt. Your available credit is the credit that you are open to buy with. This amount might not reflect payments on your bill that are pending. You can request to have your credit limit increased by contacting Avant directly after you open an account and practice responsible behavior. Avant will not charge you a fee if you exceed your credit limit.

However, the company recommends staying within your credit limit to avoid potential collections activity. Missing payments also hurts your credit score. Avant may also decline transactions that go over your credit limit. Keep in mind that customers can only have one Avant product at a time. If you have the Avant credit card, then you cannot take out a loan.

Avant Credit Card: Pros and Cons

The Avant credit card is a good card for building credit or establishing new credit. It’s designed with the middle class in mind and allows you to borrow modest amounts of $300 to $1,000. The biggest benefit of the Avant card is that it reports to all three credit reporting agencies. Many companies only report to one or two. This allows your credit reports to be uniform throughout all three agencies.

The ideal Avant customer has a credit score of 600 to 700. Avant will use your credit history and other factors to determine many of your credit terms, such as your annual fee, APR, and credit limit. However, you can request to adjust your credit limit if needed. If you have excellent credit or need a card with a higher credit limit, then you may want to find another card. The Avant card is perfect for everyday purchases. Here are some other pros and cons to consider.

PROS

  • Your activity is reported to all three major credit reporting agencies (not just one or two)
  • You can boost your credit while paying for the things you need every day anyway
  • There are no hidden fees, including no foreign transaction fees and no fees if you go over your credit limit
  • Active duty members can benefit from Avant’s SCRA program
  • Your card comes with all Mastercard benefits, including ID theft protection, airport concierge, and global resolution services
  • The card comes with a low annual fee of $39 to $59
  • Low credit limits of $300 to $1,000 helps you stay on track, make payments on time, and boost your credit score
  • You can request to adjust your credit limit if it’s too high or too low

CONS

  • The APR of 24.99% to 25.99% is higher than average for most credit cards. However, you can avoid paying interest by paying on time each month.

How To Apply

According to the Avant website, most of their customers have a credit score of 600 to 700. However, you can check to see if you quality online within minutes. Doing so won’t impact your credit score. When you’re ready to apply, go to the Avant website and apply online. You can see if you qualify in just two steps.

You will need to enter your full name, date of birth, social security number, phone number, and email. The next step asks you to enter more information about your income and bank account number. After you enter in all the required information, Avant will let you know if you qualify. You can also contact Avant directly if you have any questions about the application process.

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Disclaimer

CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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