A good secured card you can get with no checking account is the OpenSky® Secured Visa® Credit Card. In fact, the OpenSky card doesn’t require a bank account at all. It is open to applicants with bad credit and performs no credit checks for applications. All you'll need is a Social Security number (SSN), annual income and proof of identity.
Remember that to open the card, you'll need to pay a $35 annual fee (deducted from your credit limit) and put down a refundable security deposit of $200, at a minimum. The deposit will act as your credit limit and you can fund it using a debit card, sending a check or money order, or transferring money through Western Union. Your deposit will be refunded if you pay your balance in full and close your account.
Just keep in mind that by paying the security deposit, the issuer will open a deposit account for you. They do not need to notify you of it, but you can request details whenever you like. Feel free to check out the OpenSky dedicated web page to view further details about funding your security deposit.
One of the best secured credit cards with no credit check is OpenSky® Secured Visa® Credit Card because it is among the cheapest options and will likely give you a decision within moments after you apply. There are, however, a few more secured credit cards with no credit check to choose from.
The annual fees on secured credit cards with no credit check range from $29 to $48 per year. The cards require a minimum deposit of $200. All these cards report information to the big 3 major 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 your 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. Plus, while they may do a credit check, most applicants should still get approved.
What You Need to Know About Credit Checks
Keep in mind that the hard inquiry that comes with a credit check shouldn’t be too big of a deal, 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.
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.
You can get a credit card without a job. Most credit card applications have a section for employment information, but you can also put student, homemaker or unemployed. Annual income and assets are more important than employment status when applying for a credit card, though.
Income is usually from a job, but it can also come from other sources like an inheritance or investments. Your assets are anything of value that you own. For example, if you have a rental property, the property would be an asset. And the rent you charge would be part of your income.… read full answer
If you’re under 21 years old, you’ll need your own income source to qualify for a credit card. That could include a regular allowance from your parents, though. If you’re over 21, you can list household income that you have reasonable access to. For example, a stay-at-home parent could list their spouse’s income. Without a job or any income, a credit card will be much more difficult to get.
How to get a credit card without a job:
Put down non-employment income: You can list alimony, disability benefits, certain scholarships, and investment or rental income, for example.
List shared income: If you have consistent access to someone else’s income, you can list that. For example, it could be an allowance from a relative (if you’re under 21 years old) or your partner’s pay (21+).
Become an authorized user or get a joint account with someone else: An authorized user can make charges on someone else’s account. But the primary cardholder owns the account and is legally responsible for paying the bills. This option is the easiest way to get a card and start building credit. You can also get a joint credit card from U.S. Bank without a job, as long as the co-owner has enough income. But in a joint credit card arrangement, both people are liable for the debt.
Get a secured card: To get a secured card, you must put down a security deposit (usually $200+), which serves as the credit limit. Since there is no possibility of borrowing more than you can pay, secured cards are easier for people with limited income or bad credit to get.
You can get a credit card without a job as long as you have enough income or assets to pay your bills. So being out of work doesn’t mean losing out on the opportunity to improve your credit score or enjoy the convenience of plastic.
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