The OppFi Card is a pretty good unsecured credit card for people with bad credit who need to borrow up to
$1,000 and don’t mind paying a
$99 annual fee or a
35.99% APR. The OppFi Card has a credit limit of
$1,000, and it does not offer rewards.
Although the OppFi Card is expensive compared to most secured credit cards, it does not charge the expensive monthly fees or application-processing fees that other unsecured cards for bad credit are known for. Plus, the OppFi Card is pretty easy to get since there’s no hard credit check when you apply, and you can begin making purchases right after being approved.
Below, you can find more information that should help you decide whether or not to apply for the OppFi Credit Card.
OppFi Credit Card Review Highlights
Applying does not affect your credit score
The OppFi Card does not do a hard inquiry into applicants’ credit history, so applying will not hurt your credit and a bad credit history shouldn’t hurt your chances of getting approved. The OppFi Card uses credit report info from
Clarity Services and
Experian to evaluate applications but does not obtain the info through a
hard credit check.
No security deposit
The OppFi Card is not a secured credit card, so you don’t need to fund your own spending limit with a refundable security deposit. The tradeoff is that you do have to pay a non-refundable annual fee. In contrast, many secured cards have no annual fee.
Instant use
If you apply for the OppFi Credit Card and get approved, you will receive your card information right away, before the actual card arrives in the mail, allowing you to immediately make purchases online or by phone. You can also add your card to a mobile wallet.
No monthly or one-time fees
Unlike many other unsecured cards for people with bad credit, the OppFi Card does not charge either an extra monthly fee on top of its annual fee or a one-time fee prior to account opening. That gives the OppFi Card a leg up over the competition.
$1,000 credit limit
The OppFi Card’s starting credit limit of
$1,000+ makes the card suitable for emergency expenses. This is at least twice as high as the limits on most other unsecured cards for bad credit.
Your exact credit limit will depend on your overall creditworthiness.
$99 annual fee
The OppFi Card’s
$99 annual fee makes it several times more expensive than the average credit card offer, which charges
$22.29. If you want to minimize the cost of owning a credit card and you plan to pay your bill in full every month, you’re probably better off with a secured card.
35.99% APR
You don’t want to carry a balance for too long with the OppFi Card, as its
35.99% APR is a lot higher than average. The average APR among new credit card offers right now is just
22.89%.
You can use WalletHub’s free
credit card payoff calculator to plan out your path to debt freedom.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.