Yes, there are credit cards for bad credit with no deposit and instant approval. But it’s not quite as simple as it sounds. Credit cards for bad credit with no deposit are unsecured cards. There are lots of them. And there’s the possibility of instant approval with any card you can apply for online. But it’s never guaranteed. Instant approval tends to happen when your credit and income are better than the card’s requirements. You’ll also need to make sure all your personal information is correct. The company needs to verify it to instantly approve you.
The best credit cards for bad credit with no deposit and instant approval are the Credit One Bank® Visa® Credit Card and the Official NASCAR® Credit Card from Credit One Bank®. The Credit One Bank® Visa® Credit Card offers a credit line of at least $300 and charges $0 - $99 in fees per year. The Official NASCAR® Credit Card from Credit One Bank® also gives you a $300+ spending limit and charges $0 - $99 per year. Both are available to people with poor credit and let you apply online, and both give you at least 1% cash back on all purchases.
First Access VISA® Credit Card: No rewards. $95* one-time fee. Monthly fee: None 1st year, $6.25 after*. Annual fee: $75 1st yr, $48 after*. Minimum credit limit of $300.
Total VISA® Credit Card: No rewards. $89* one-time fee. Monthly fee: None 1st year, $6.25 after*. Annual fee: $75 1st yr, $48 after*. Minimum credit limit of $300.
As you can see, several cards come with a one-time fee. Most cards call this a “processing fee” and make you pay it before you can use your account. It’s basically like an extra annual fee for just the first year.
The best credit card 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 major credit bureaus every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.… read full answer
The Discover it® Secured Credit Cardis another great 550 credit score credit card. It has a $0 annual fee and actually rewards you for making purchases. A 550 credit score won’t keep you from getting approved either. But a pending bankruptcy will.
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.
Before applying for a card, 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.
The easiest unsecured card to get is the Fingerhut Credit Account. 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® Visa® Credit Card 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.
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.
The easiest credit card to get with no credit is the OpenSky Secured Credit Card because there’s no credit check when you apply. As long as you’re 18 or older, can afford at least a $200 deposit, and can make monthly bill payments, you’ll probably get approved. With secured credit cards, your limit is usually the amount of your initial deposit. The OpenSky Credit Card has a $35 annual fee.… read full answer
The easiest unsecured credit card to get with no credit is the Capital One Platinum Credit Card. The major upsides to this credit card are its $0 annual fee and its minimum credit limit of $300, which Capital One may increase after your first 6 months. However, the regular APR is a steep one at 26.99% (V), so it’s best not to carry a balance on this card.
The bottom line is there’s a number of good starter credit cards and credit cards for people with no credit that easily can help you start building a great credit score. You just have to use the one you pick responsibly.
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