By Jacob Wolinsky. Originally published at ValueWalk.
The Avant Credit Card is conceived for consumers with fair or average credit scores or for those who don’t have an ample credit record. No deposits are required and perks are limited. Still, when used carefully, it can help people build credit and go beyond a debit card or a savings account.
The Avant Credit Card is unsecured and boasts a decent initial credit limit, higher than that of many other similar products in comparison. With a $59 annual fee and a variable 24.99% regular APR, it also allows you to check for any pre-approvement without a hard credit inquiry —which will have no impact on your credit score.
If you want to increase the card’s limit, the bank can periodically review your credit behavior and make a decision.
The company started in 2012 with headquarters in Chicago and currently, you can borrow Avant personal loans —another financial product— and get your credit card. The company’s main objective —as expressed by its executive director in a CNBC interview— is to take down the barriers and costs that middle-class customers face when seeking credit.
That’s why you can get a loan with a lower-than-average FICO score of just 580 and a gross payment of $ 20,000 annually.
So, if you’re one happy Avant Credit Card customer we’ll show you how to make a payment —also recurring payments— utilizing all the different alternatives you have at your disposal!
Online Account Access
One simple payment method for your Avant Credit Card is by having and making use of an online account —also available on the mobile app.
Avant Credit Card Online Login
You can make your Avant Credit Card payment by logging into the online bank account, which you can access on login.avant.com. If you have your account set up, just enter your login credentials consisting of your username and password.
The account is useful not only to make payments but to manage your account and keep track of all the transactions you do with your Avant Credit Card.
Avant Customer Service
If you ever need support from Avant Credit Card customer service, you can pick up the phone and get the help you need. Also, you can execute payments through the department.
Avant Customer Service Number
The Avant Credit Card customer service telephone number is 855-752-7012 —for accounting or billing. You must bear in mind that you cannot execute payments by phone!
Avant Mailing Address
The Avant Credit Card allows you to make payments via mail b. To do so, you can address your check or money order to Avant, LLC —PO Box 1429, Carol Stream, IL 60132-1429.
“When submitting paper check payments, we request that you provide the following information on the check: Full name as it appears on your statement and last 4 of your credit card account number.”
Customer Service Hours
Avant Credit Card customer service hours are Monday to Friday between 9 am-5 pm EST. The best time to contact the department is 9 am. The average wait time is 2 minutes, and the current wait is 7 minutes.
If you prefer to send an email relating to payments of your Avant Credit Card, you can do so at creditcards@avant.com.
FAQs
How Long Does It Take A Payment to Post On Avant Credit Card?
An Avant Credit Card is not an acceptable method of repayment for the Avant Credit Card debt. Also, “Payments must be received by 5 pm Central Time to be credited as of that day.”
There is a reason for your Avant Credit Card payments to appear as “pending” —the status will appear for overnight processing. As stated, if you start your payment before 5 pm CT, you will get credit for paying that day.
Still, “the payment itself may be in a pending status until the funds are received and have cleared from the customer’s financial institution. Once the payment clears, the customer’s current balance will be adjusted to reflect the payment amount they’ve initiated.”
It is important to say that AvantCard does not offer clients the possibility to change their payment due date.
However, clients will have the possibility to register a valid account to their AvantCard account and enroll in AutoPay. The bank account will be automatically debited in one of two amounts on the repayment date as follows: Total Minimum Payment Due, or Statement Balance.
Still, “You will not have the option to set up autopay for anything outside of these 2 options.”
AvantCard’s autopay feature will not go into effect before the next statement period end date. For instance, if your statement period end date is May 1st and the payment due date is May 25th, you must enable autopay before May 1st to schedule an automatic payment on May 25th.
“However, if autopay is enabled on April 2nd, the first scheduled automatic payment will post on May 25th. ”
Is Avant Credit Card A Real Credit Card?
Indeed it is. Your Avant Credit Card operates as any unsecured credit card, with its benefits and drawbacks. When applying for one, Avant will weigh your credit score like any other credit card issued by any financial institution —however, given the type of customer it is addressed to, it will also take into account your account balance.
To qualify for an Avant Credit Card, you will require a Social Security number and provide contact information like email, phone number, and address.
At present, “AvantCard only permits one applicant per AvantCard application. Additionally, only the applicant will be registered to utilize the AvantCard at all times.”
Does Avant Do a Hard Pull for A Credit Increase?
The Avant Credit Card carries out a “hard” inquiry on your credit report when you apply. But before you submit an official application, you go through a pre-qualification process “that doesn’t affect your credit score.”
Still, if you pass the prequalifying stage and want to get the Avant Credit Card, “you will need to submit an actual application which will result in a hard pull.”
In general, if you apply for a credit increase the bank can easily do a hard pull on your credit record with possible negative consequences —more so if you have a short credit history.
In the case of the Avant Credit Card, it’s best to ask customer service via telephone or email if you might face a hard pull when asking for a credit increase.
What Cards Are Issued by WebBank?
WebBank issues cards for both Avant and Petal either on MasterCard or Visa, which means WebBank is the one that grants approval for any of these products.
WebBank is very much like Synchrony Bank or Comenity Bank, card issuers that partner with several co-branded credit cards for retail store chains.
“WebBank cards feature some of the most recognizable names in the credit card space. These options include credit building credit cards, like the Fingerhut Credit Card, balance transfer and debt consolidation card, and the Avant Card.”
Is WebBank a Real Bank?
Indeed it is, as explained above. “WebBank, chartered in 1997 in Utah, is involved in traditional banking business. In terms of credit cards, it issues multiple products aimed at people with short credit histories, also called ‘thin’ credit files.”
These are the main benefits:
- The minimum account balance is just $ 1,000.
- The WebBank account does not require the payment of a monthly fee.
- The APY, which is quite competitive and will be available starting at $ 0.01.
- The interest payment is monthly and is reflected on the last business day of the month.
The WebBank account is subject to a $ 25 fee for outgoing bank transfers. While it does not charge a maintenance fee, the bank will close the account and return the money to you if the balance falls below $ 1,000.
Unfortunately, you will not be able to access the account through a mobile application and you will not be allowed to make withdrawals through the ATM. This means that all the deposits and withdrawals that you want to make will have to be made by means of a bank transfer or an ACH transfer.
In summary, it is safe to do business with WebBank as bank deposits are insured by the Federal Deposit Insurance Corp, and it has very thorough legal requirements at federal and state levels.
Final Considerations
Regardless of other opinions expressed online, the Avant Credit Card is a good option for those with a fair or average credit level. It’s also a decent option if you can overlook some of its cons.
AvantCard customers are often screened for eligibility to increase their credit line, so the bank can establish that you fulfill the requirements for a credit line increase and may automatically adjust your credit limit.
Despite the fact that you can qualify with average credit reports and it offers no foreign transaction fees, the card requires an annual fee, has a high APR, a fairly low credit limit, and doesn’t offer many rewards.
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