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.
2022'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 secured credit cards with a low deposit is the Capital One Platinum Secured Credit Card 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 minimum deposit. That’s still pretty low compared to several secured cards that ask for $300-$500+.
Here are some good secured credit cards with low deposits:
$200 minimum deposit. 1.5% cash back on every purchase. $0 annual fee. $0 foreign transaction fee.
Capital One Platinum Secured 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 low deposit.
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; there is no other difference between secured and unsecured credit cards. You can, however, get a secured card with a low deposit. Plus, there are some … read full answercredit 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.
Here are some of the best secured credit cards with low deposits:
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.