There are plenty of options to pursue as far as credit cards for no credit with no deposit go. But if you find yourself rejected for the first one or two you apply for, you should consider going with a secured credit card. They have much higher approval odds, and your security deposit is fully refundable as long as you pay off your balance. Secured credit cards can help you build credit just as well as unsecured credit cards, so you shouldn't rule them out entirely.
2021's Best Credit Cards for People with No Credit
Quite a lot, actually, especially if you're a student. If not, my cousin started with Credit One Platinum, and he's pretty happy with it. Just look for any card that doesn't have "Secured" in the name, and with "Limited History" as the requirement.
The best secured credit card with a low deposit is the Secured Mastercard® from Capital One because new cardholders may be able to put down either $49, $99 or $200 and still get a $200 credit line, which would make the card only partially secured. And there’s a $0 annual fee.… read full answer
Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 deposit minimum. That’s still pretty low compared to the many secured cards that ask for $300-$500+.
Here are the best secured credit cards with low deposits:
Discover it® Secured Credit Card: $200 minimum deposit ($2,500 max). $0 annual fee and 0% foreign transaction fee. 2% cash back on the first $1,000 spent at restaurants and gas stations per quarter. 1% back everywhere else. First year’s rewards matched.
The Secured Mastercard® from Capital One doesn’t guarantee a low deposit, but it does offer the chance of one. If your credit is toward the bottom of the bad credit range, you’ll probably still have to put down a $200 deposit. But the higher your credit score is, the better chance you’ll have of being assigned a $49 or $99 deposit.
A secured credit card with no deposit wouldn’t be a secured credit card. Secured stands for security deposit, and a credit card without one is unsecured. So, no, you cannot get a secured credit card with no deposit. You can, however, get a secured card with a low deposit. Plus, there are some credit cards with no deposit for people with bad credit. But they tend to be more expensive in the long run, thanks to high fees that you don’t get back.… read full answer
Here are the best secured credit cards for low deposits:
Lowest Deposit:Capital One Secured Credit Card – $49, $99 or $200 minimum deposit. This is what’s known as a partially secured credit card because your credit limit ($200 to start) could be higher than the deposit you’re required to place. There’s no annual fee.
Rewards: Discover it Secured Credit Card – $200 minimum deposit. You get 2% cash back at restaurants and gas stations, up to $1,000 spent per quarter, plus 1% everywhere else. And Discover doubles all the rewards you earn the first year.
No Credit Check:OpenSky Credit Card – $200 minimum deposit. You don’t have to worry about a hard pull further damaging your credit with OpenSky Secured. As long as you’re at least 18 years old and can fund the deposit, you should be good to go. There’s a $35 annual fee.
No Fee:Citi Secured Credit Card – $200 minimum deposit. There’s nothing special about this card, save for its low deposit requirement and no annual fee. But that’s really all you need.
Unsecured: Credit One Visa – $0 deposit. This isn’t a secured credit card, but it’s worth mentioning. It offers a $300 minimum credit line, up to $75 of which could initially be used up by your first-year fee. The annual fee could be up $99 from the second year on. And the APR could be above 23%.
Any of these cards will help you rebuild your credit if used responsibly. Most importantly, that means paying on time every month.
Finally, it’s worth noting that although you can’t get a secured credit card without a security deposit, you can keep one – sort of. After months of responsible use, your card’s issuer may offer to refund your deposit. They may graduate you to a better offer or give you an unsecured line of credit on your existing account.
Both cards offer a minimum starting credit limit of $300. They also share a feature where you may get access to a higher credit line after making your first 5 payments on time. Plus, Capital One cards don’t have foreign transaction fees.
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