Am I guaranteed approval for a secured credit card?

No, you are not guaranteed approval for a secured credit card. Credit card companies do not guarantee approval for secured cards because applicants for any type of credit card must meet certain minimum eligibility requirements, including being at least 18 years old and having enough income to pay the bills.

A lot of people falsely assume they are guaranteed approval for a secured credit card because secured cards are, in fact, among the easiest credit cards to get approved for. Secured cards require cardholders to put down a refundable security deposit and usually limit spending to the amount of the deposit. This, minimizes the risk for the card’s issuer. As a result, if you fulfill the basic eligibility requirements, you’ll usually get approved for a secured credit card, even if you have limited or bad credit.

To be eligible for a secured card:

• You must be at least 18 years old
• You must have a U.S. mailing address
• You must have a Social Security number (SSN) or an Individual Taxpayer Identification number (ITIN)
• You must have enough income to make a security deposit and monthly payments
• You must not have an ongoing or recent bankruptcy case (specifics vary by card)

If you want to minimize your risk of rejection even more, consider applying for a secured card that does not check credit. You’ll still need to fulfill the eligibility requirements, but your credit history does not matter at all for these cards. The card issuer won’t even conduct a hard inquiry when you apply. Keep in mind, though, that cards with no credit check almost always have an annual fee.