A secured credit card with no deposit wouldn’t be a secured credit card. Secured stands for security deposit, and a credit card without one is unsecured. So, no, you cannot get a secured credit card with no deposit. You can, however, get a secured card with a low deposit. Plus, there are some credit 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 the best secured credit cards for low deposits:
Lowest Deposit: Capital One Secured Mastercard – $49, $99 or $200 minimum deposit
This is what’s known as a partially secured credit card because your credit limit ($200 to start) could be higher than the deposit you’re required to place. There’s no annual fee.
Rewards: Discover it Secured – $200 minimum deposit
You get 2% cash back at restaurants and gas stations, up to $1,000 spent per quarter, plus 1% everywhere else. And Discover doubles all the rewards you earn the first year.
No Credit Check: OpenSky Secured Visa – $200 minimum deposit
You don’t have to worry about a hard pull further damaging your credit with OpenSky Secured. As long as you’re at least 18 years old and can fund the deposit, you should be good to go. There’s a $35 annual fee.
No Fee: Citi Secured Mastercard – $200 minimum deposit
There’s nothing special about this card, save for its low deposit requirement and no annual fee. But that’s really all you need.
Unsecured: Credit One Visa – $0 deposit
This isn’t a secured credit card, but it’s worth mentioning. It offers a $300 minimum credit line, up to $75 of which could initially be used up by your first-year fee. The annual fee could be up $99 from the second year on. And the APR could be above 25%.
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.