Another great option is the Petal® 2 Visa® Credit Card. This card offers 1 - 1.5% cash back, depending on the type of purchase. The Petal 2 Card also comes with a $0 annual fee and reports monthly to the major credit bureaus.
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.
2023'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.
One of the best unsecured credit cards for fair credit is the Upgrade Cash Rewards Visa® Card because it offers unlimited 1.5% cash back on all purchases (after you pay the bill) and a $0 annual fee.
Another good unsecured card for fair credit is the Petal® 2 Visa® Credit Card. This card offers at least 1% cash back on all eligible purchases, up to 1.25% back after 6 months of on-time payments, and 1.5% cash back after 12 consecutive months of paying on time.
The best secured credit card with a low deposit is the Capital One Platinum Secured Credit Card. You may be able to put down $49, $99 or $200 in return for a $200 credit line, which could make the card only partially secured. The higher your credit score is, the more likely you are to be assigned one of the lower deposit amounts. Capital One Platinum Secured also has a $0 annual fee.
Most other secured cards don’t have the potential to be quite as cheap, but...
No, you cannot get a secured credit card with no deposit. In fact, having to place a security deposit is the only thing that’s unique about secured credit cards. Apart from that, there are no other differences between secured and unsecured credit cards. 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.
WalletHub is committed to transparency and editorial independence. The information about the following cards has been independently collected by WalletHub: Citi® Secured Mastercard®, Bank of America® Customized Cash Rewards Secured Credit Card, Chime Credit Card, Petal® 2 Visa® Credit Card, and Chase Freedom Rise™ Credit Card
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