Avant Credit Card Review, Limit, Rate, and Fee

Check complete information about the Avant Mastercard in this article. What are the credit limit, all types of fees, and charges? What are the features and benefits customers will receive? After reading this article, customers can easily make a decision about whether this card is a good option or not.

Avant credit card

Avant is a Financial Technology company that offers financial products such as loans and credit cards to its customers. Avant issues its credit card in partnership with WebBank and through a license from Mastercard. Watch your credit score climb as you use your card responsibly and pay off your balance on time.

Salient features:

Some of the important features and benefits are mentioned below.

  • Avant is committed to working on its transparent offering and avoiding imposing any hidden fees.
  • Customers will get an initial credit limit in the range of $300-$3,000.
  • There is no over-limit fee, no security deposit, no foreign transaction fee, and no fraud liability.
  • Customers can apply through a simple online application process.
  • Account management is very easy and customers can manage their accounts anytime anywhere through the Avant website and mobile app.
  • Customers can resolve their queries by contacting a dedicated customer service team through chat, phone, and in-app messaging.

Fee & charges:

Fee typeCharges
APR for Purchases25.74% to 29.99% variable
Penalty APRNone
APR for Cash Advances25.74% to 29.99% variable
APR for Balance TransferN/A
Minimum Interest Charge$1
Annual Fee$0 to $59
Balance transfer feeN/A
Cash Advance feeThe greater of $10 or 3% of the amount of the cash advance.
Foreign Transaction FeeNone
Late Payment penalty$289 to $39
Returned Payment PenaltyNone
Over the limitNone

Other fees:

  • There may be an ATM withdrawal fee if a consumer uses any Out-of-network ATM. This fee may be $2.50 per transaction.
  • Withdrawal of money at MoneyPass ATMs will be free.
  • There will be a service fee for expedited delivery of a new card or replacement card.

Note:

  • Offer, pricing, credit limit, and annual fee may vary for different customers and depends on the offer you received.
  • Some customers may get a Mail offer and customers may receive a good offer such as no annual fee and reduced APR, higher credit limit, etc.
  • Please check your cardmember agreement for more details.

Drawbacks:

  • Customers will not get any balance transfer facility.
  • Higher APR on purchases and cash advances.

Customer Service

In case of any general inquiry or technical issues, customers can take help through the below contact details.

Highlights:

ParticularsSummary
Name of credit cardAvant Mastercard
Issued byWebBank
Serviced byAvant, LLC
Credit card network providerMastercard
Number of customers2 Million+
Number of employees500+
Avant’s LLC CEOMatt Bochenek
Credit score requiredFair (600)
HeadquarterChicago, IL
Official websitewww.avant.com

FAQs

How much credit limit does Avant MasterCard offer?

As per the official documentation, Avant offers an initial credit limit in the range of $300-$3,000.

The credit limit will be different for different customers and will be determined after approval according to the customers’ credit profiles.

Avant will assess the credit profile of a new customer and may offer a higher credit limit based on the customer’s creditworthiness.

How can I cancel my Avant account?

You may close your Account at any time by calling the customer service number written on your card and billing statement.
Please note that you have to pay all amounts due including fees, charges, and applicable interest before sending an account closing request.

Avant can also close your account anytime without any prior notice so it is advised to keep your account in good standing by paying all due amounts every month.

What credit score is good to get an Avant card?

Avant made their products for middle-income customers and requires a low to fair credit score to get a new card.

Does Avant offer a balance transfer facility?

Currently, Avant is not offering any balance transfer facility to its customers.

Can I withdraw cash from the Avant credit card?

Customers will get a cash advances facility through their credit card. Avant will also issue convenience checks to its customers. Customers can use convenience checks or visit the nearest ATM to withdraw cash.

A PIN is required to withdraw money from ATM. If you don’t have a PIN, Please call the customer service number to request a new PIN. Your PIN will be delivered through Mail.

Please note that Avant will charge interest on the cash advances from the date of the transaction. The current interest rate for cash advances is 25.74% to 29.99%.
A cash advance fee of $10 or 3% of the amount of the cash advance whichever is greater will also apply.

There will be a cash advance limit which is a part of the total credit limit.

What if I spent more than my credit limit?

If you use your account to purchase above your credit limit then Avant may honor the transactions but your account will be in a default state and you must pay the required amount as soon as possible.

Does Avant provide monthly statements?

All customers will receive their monthly statement through Mail. Customers can also enroll in the paperless statement facility to receive statements through electronic mode.

Transactions In Foreign Currencies

There is no foreign transaction fee on Avant’s credit card. If there is a transaction done in foreign currency then Mastercard will convert all currencies into U.S. Dollars according to their conversion methods.

How can I Update my Email and Phone number?

All Avant customers must provide correct contact information to the customer services team to avoid suspending or blocking your account. Customers can edit and update their contact number and email address by calling the customer service number written on their statement or by sending an email.

Can I assign someone as an authorized user?

Yes, you can add an authorized user who can use your credit card account to make transactions. The primary user will be liable to pay for all transactions done by the authorized user.

What if I lost my Avant card?

If your card is stolen or card information has been compromised then immediately contact the customer service team and inform them about the card loss. You will not be liable for any unauthorized transaction. Customers may also use the “Lock It” feature available in the Avant mobile app to lock their cards temporarily.

Avant LLC

Avant formerly known as AvantCredit was founded in 2012 with a mission to provide innovative credit solutions to consumers and help them in their financial journey. Avant primarily targets middle-income group consumers and helps them by providing funding through its lending platform through a better and more transparent borrowing experience.

Currently, more than 500 employees are working in Avant LLC and serving around 2 Million customers across the United States. Avant has proved itself through its different approach by combining finance and technology and offering innovative solutions to consumers.

Since Avant LLC is not a bank so it offers its credit and banking solutions in partnership with other financial institutions that have required licenses.

Evolve Bank & Trust provides all Banking services and a Visa-powered Avant debit card on behalf of Avant. WebBank issues Mastercard-powered Avant credit card.

Final review and conclusion

Avant offers its credit products to target middle-income consumers where consumers will get a Mastercard-powered credit card with a decent credit line. Mastercard can be used anywhere Mastercard is accepted.

Although Avant does not offer a rewards program to all customers, if you want to build your credit score then an Avant credit card could be a good option. Avant provides rewards points opportunity but it is not available for all customers and depends on the offer you receive. Rewards program terms will be shared with the customers if they are eligible for it.

If you are looking for a better option then you may also look to Ollo Rewards Mastercard if you have a better credit score. Ollo Rewards Mastercard also offers a reward program where customers will earn 2% rewards points on all purchases.

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