What are the best credit cards for bad credit with no deposit and instant approval?

Question

One of the best credit cards for a 550 credit score is the OpenSky® Secured Visa® Credit Card. There’s no credit check when you apply, so approval is almost guaranteed. You just need $200 for a refundable security deposit and enough income to make monthly payments. This card also reports to all three … read full answer major credit bureaus (Equifax, Experian and TransUnion) every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.

Another good option is the U.S. Bank Cash+® Visa® Secured Card. This card offers 1 - 5% cash back, depending on the type of purchase and has a $0 annual fee.

However, those aren’t the only credit cards you can get with a 550 credit score. In fact, there are two kinds of credit cards for people at that credit level: secured credit cards and unsecured credit cards for bad credit. A 550 credit score is within the bad credit range, unfortunately. Bad credit goes from 300 to 639. But picking the right 550 credit score credit card and using it responsibly could help you improve your score to “fair” territory within 12-18 months.

The best credit cards for a 550 score:

No Credit Check: OpenSky® Secured Visa® Credit Card
Cash Back: U.S. Bank Cash+® Visa® Secured Card
No Deposit: Credit One Bank® Platinum Visa® for Rebuilding Credit
Flat Rewards Rate: Capital One Quicksilver Secured Cash Rewards Credit Card

You can also check our editors’ latest picks for the best credit cards for bad credit on the market to see which one better suits your needs.

Before applying for a card, though, make sure to check out its terms and conditions, or a FAQ page if there is one, just to make sure you fit the criteria for eligibility. You can also try getting pre-approved for a credit card. It won’t hurt your credit, and it will give you a good idea of your odds if you decide to apply.

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Answer 1 · 2022-01-25 15:47:40

Adrian Kaplan, WalletHub Credit Card Consultant

@kaplanlier11 • 01/25/22 This answer was first published on 07/25/18 and it was last updated on 01/25/22.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best credit card for bad credit with no deposit and instant approval is the Credit One Bank® Platinum Visa® for Rebuilding Credit. The Credit One Visa comes with a credit line of at least $300 and offers 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. It charges an annual fee of $75 intro 1st yr, $99 after and is available to people with bad credit. You can apply online, after checking to see if you're pre-qualified.

Keep in mind that while there is a possibility of instant approval with most cards you can apply for online, it’s never guaranteed. Instant approval tends to happen when your credit and income are better than the card’s requirements. Sometimes, issuers may take longer to review a credit card application. There are a few other credit cards for bad credit with no deposit (known as unsecured cards) with instant approval, that are worth considering.

Best credit cards for bad credit with no deposit and instant approval:

Credit One Visa: 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. $75 intro 1st yr, $99 after annual fee. Minimum credit limit of $300. Requires pre-qualification before applying.
Milestone® Mastercard® - Less Than Perfect Credit Considered: No rewards. $35 - $99* annual fee, depending on your credit. Minimum credit limit of $300. Requires pre-qualification before applying.
Indigo® Mastercard® for Less than Perfect Credit: No rewards. $0 - $99 annual fee, depending on your credit. Minimum credit limit of $300. Requires pre-qualification before applying.
Fingerhut Credit Account: No rewards. $0 annual fee. Minimum credit limit varies based on the specifics of your credit. Can only be used on shopping from the Fingerhut catalog.

Keep in mind that unsecured credit cards for bad credit tend to be more costly and less rewarding than their secured counterparts. Make sure you keep your account in good standing by paying your balance on time and preferably in full, every month. This will allow you to improve your credit score and gain access to some of the best unsecured credit cards over time.

Cindy @emilymundo94

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This was so helpful , thank you for taking the time !

Answer 2 · 2020-10-25

Cindy @emilymundo94

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This was so helpful , thank you for taking the time !

Answer 3 · 2022-02-10 17:35:25

heatherpeoples304, Member

@heatherpeoples304 • 02/10/22 This answer was first published on 02/10/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best credit card for bad credit with no deposit and instant approval is the Credit One Bank Platinum Visa for Rebuilding Credit. The Credit One Visa comes with a credit line of at least $300 and offers 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. It charges an annual fee of $75 intro 1st yr, $99 after and is available to people with bad credit. You can apply online, after checking to see if you're pre-qualified.

Keep in mind that while there is a possibility of instant approval with most cards you can apply for online, it%s never guaranteed. Instant approval tends to happen when your credit and income are better than the card%s requirements. Sometimes, issuers may take longer to review a credit card application. There are a few other credit cards for bad credit with no deposit (known as unsecured cards) with instant approval, that are worth considering.

Best credit cards for bad credit with no deposit and instant approval:

Credit One Visa: 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. $75 intro 1st yr, $99 after annual fee. Minimum credit limit of $300. Requires pre-qualification before applying.
Milestone Mastercard - Less Than Perfect Credit Considered: No rewards. $35 - $99* annual fee, depending on your credit. Minimum credit limit of $300. Requires pre-qualification before applying.
Indigo Mastercard for Less than Perfect Credit: No rewards. $0 - $99 annual fee, depending on your credit. Minimum credit limit of $300. Requires pre-qualification before applying.
Fingerhut Credit Account: No rewards. $0 annual fee. Fingerhut catalog.

Keep in mind that unsecured credit cards for bad credit tend to be more costly and less rewarding than their improve your credit score and gain access to some of the best unsecured credit cards over time.

Answer 4 · 2018-08-24 15:11:58

Argan Exsar, Member

@argan_exsar • 08/24/18 This answer was first published on 08/24/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, there are. One of them is the Credit One Bank® Platinum Visa® for rebuilding credit, which even gives you 0 - 1% cash back on your purchases.

What are the best credit cards for bad credit with no deposit and instant approval?

Adrian Kaplan, WalletHub Credit Card Consultant

Best credit cards for bad credit with no deposit and instant approval:

heatherpeoples304, Member

Best credit cards for bad credit with no deposit and instant approval:

Argan Exsar, Member

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