No, Credit One does not have a secured credit card at this point in time. Credit One only offers unsecured credit cards, which are credit cards that do not require the cardholder to put down a refundable deposit in order to open the account.
It’s worth noting that Credit One does issue unsecured credit cards to people with bad credit. While these cards are relatively easy to get approved for, the downside is that they’re more expensive than secured cards.
The annual fees on secured credit cards with no credit check range from $29 to $49 per year. All of the cards require a $200 security deposit. And they all report information to the big 3 credit bureaus each month. So any of them can help you immediately begin rebuilding your credit.
Still, it’s important to note that even a secured credit card with no credit check has some approval requirements. You have to be at least 18 years old, for one thing, and you need enough money for the refundable security deposit as well as monthly bill payments.
Why You Shouldn’t Rule Out Secured Cards With a Credit Check
Before you apply for a secured credit card with no credit check, make sure you actually need it. Even secured cards that require a credit check are pretty easy to get. They’re meant for people with bad credit, and the refundable security deposit you place reduces the risk for issuers.
Individual issuers may have specific requirements that rule some people out. For example, you can’t get most secured cards with a non-discharged bankruptcy on your credit report. But there are plenty of other cards whose main requirement is that you have enough money to fund the security deposit. And while they may do a credit check, most applicants should still get approved.
The hard inquiry that comes with a credit check shouldn’t be too big of a deal, either, if you end up opening an account. The score damage will be temporary. And you won’t be able to qualify for any worthwhile loans until you improve your score anyway. So if you don’t need the best possible score right now, taking a short-term hit to achieve long-term gains is the way to go.
Finally, if you’re nervous about getting rejected, you can check for pre-approval before applying. Pre-approval doesn’t mean you’re guaranteed an account. But it is a sign that your odds of approval are extremely high. If after all that you’re not confident in your ability to get approved, you can always go for a secured credit card with no credit check.
One of the best secured credit cards with a low deposit is the Secured Mastercard® from Capital One 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 deposit minimum. That’s still pretty low compared to the many secured cards that ask for $300-$500+.
Here are some good secured credit cards with low deposits:
Capital One Secured: $49, $99 or $200 minimum deposit. $0 annual fee and $0 foreign transaction fee. $200 starting credit limit.
Capital One 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.
The best secured credit card for bad credit is Discover it® Secured Credit Card because it has a $0 annual fee, rewards you with 1 - 2% cash back on purchases, doubles the rewards you’ve earned after the first year, and doesn’t require a minimum credit score. The Discover it® Secured Credit Card Card’s main approval requirements are being 18+ years old and having enough income to afford monthly bill payments, plus a refundable security deposit of $200 or more.… read full answer
OpenSky® Secured Visa® Credit Card is the best secured card for people with very poor credit because the issuer won’t check your credit history when you apply. As long as you’re at least 18 years old with a U.S. mailing address, an SSN, and income that exceeds your expenses, you should be approved. And the Secured Mastercard® from Capital One is great for people with bad, but not terrible, credit because you have the opportunity to get a credit limit that’s higher than the amount of the deposit you put down. The starting credit limit is $200, and you might be approved for a deposit of as low as $49. This card also has a $0 annual fee.
In general, secured credit cards are the best type of credit card for people with bad credit. Secured cards offer the highest approval odds of any credit cards, and they tend to be a lot cheaper in the long run than unsecured cards for bad credit.
You just have to make sure to pay your bill on time every month. If you do that, your credit should steadily improve. And that should help you qualify for a credit card upgrade sooner than you might think.
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