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 depositThere’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.
You won’t be able to find a secured credit card with no deposit, because the deposit is what makes the card secured. But if you don’t want to put down a big deposit, you can get a partially secured card (such as Capital One Secured), or an unsecured card for bad credit. But you may want to rethink the secured cards. They generally charge lower annual fees than unsecured cards, and some even offer rewards. For example, the Discover it Secured Card offers 2% cash back at gas stations and restaurants and 1% everywhere else.
The Fingerhut Credit Account is the easiest unsecured card to get. 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.
Here are the easiest unsecured credit cards to get:
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.
Most secured credit cards require a deposit of at least $200. And the minimum deposit required is always a good place to start. Simply opening an account is the most important thing at this point, as it will allow you to begin rebuilding your credit. In other words, depositing the minimum lets you get started right away without having to worry about giving up too much cash.… read full answer Plus, the beauty of using a secured credit card is that you can add to your deposit over time. That gives you a higher spending limit, which allows you to improve your credit utilization and boost your credit score. In general, the more available credit you have, the more favorably credit scores treat you. Just bear in mind that most secured credit card issuers won’t allow your total deposit to exceed $5,000.
You can get your secured credit card deposit refund when closing your secured credit card. But closing a credit card may not be the smartest move, especially if you have one with no annual fee. Many issuers can graduate you from a secured card to an unsecured card and refund your initial deposit then, too.… read full answer
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