What's the best secured credit card with no annual fee?

Yes, you can be denied for a secured credit card, but it’s typically avoidable by choosing the right card to apply for. Secured credit cards are much easier to get than unsecured cards because they require a refundable deposit that also serves as your credit limit. Because there’s less risk for the issuer, secured cards are able to offer nearly guaranteed approval, even to people with damaged credit. But that doesn’t mean everyone is accepted. The … read full answermost common reasons people are denied for a secured credit card are having a bankruptcy or tax lien on their credit report, not having enough income to meet their monthly obligations, and having an extremely low credit score. Past delinquencies with the issuing bank, current delinquencies anywhere, and invalid application information could all be reasons as well.

The specifics vary by card, though. Some secured credit cards don’t even check your credit when you apply. So you’ll only be denied if you don’t have a U.S. mailing address, a Social Security number or Individual Taxpayer Identification Number, or enough money to fund your deposit.

With that being said, if you’ve already been denied for a secured card, you will receive a rejection letter explaining why. And that will help you determine what to do next.

Here’s what to do if you were denied for a secured credit card:

• Apply somewhere else: Just because you didn’t meet one credit card company’s requirements doesn’t necessarily mean you’re disqualified from every secured card on the market. And if your credit is already damaged, another hard inquiry shouldn’t be too big of a concern.
• Become an authorized user: If someone adds you to their account as authorized user, you’ll get a card and be able to make charges, but the primary cardholder will be responsible for paying them. And if they pay on time, your credit standing will improve.
• Get a co-signer: Bank of America and Wells Fargo both allow you to get a credit card with a co-signer. The co-signer is legally responsible for payment if you default, and it’s their credit rather than yours that determines acceptance.
• Focus on your open accounts: If you have a mortgage, student or auto loan, or an open line of credit, making your payments on time will help build up your credit score.
• Apply for a credit builder loan: Many credit unions and banks offer small loans to help people build or rebuild their credit. Much like a secured card, you’ll need to make a deposit when you apply for one.

If you were denied for a secured credit card, don’t lose hope. Just get one of the several secured cards with no credit check. Signing up for WalletHub’s free credit analysis can help you get back on track as well.

The Fingerhut Credit Account is the easiest unsecured card to get. But it won’t suit everyone’s needs. Fingerhut is an online marketplace, and its card can only be used to make purchases on the site. So while it will give you an unsecured line of credit, it won’t really help you cover emergency expenses.… read full answer

If you’re looking for a card that can be used for anything, the Credit One Bank® Platinum Visa® is your best bet. You can get approved for it with bad credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.

Those aren’t your only options, though. WalletHub’s editors compared all of the unsecured credit cards in our database of 1,000+ offers. And we selected our favorite easy-to-get offers.

Here are the easiest unsecured credit cards to get:

• Overall: Fingerhut Credit Account
• Rewards: Credit One Bank® Platinum Visa®
• Small Business: Capital One® Spark® Classic for Business​

The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.

Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.

To learn more, check out WalletHub's complete list of 2018's easiest credit cards to get approved for​.