The best secured credit card for no credit is the Discover it® Secured Credit Card because it has a $0 annual fee, gives 1 - 2% cash back on purchases, and doubles the rewards cardholders earn the first year. The Discover it® Secured Credit Card requires a refundable security deposit of $200 or more, for a credit limit equal to the deposit amount. But it also offers the chance to graduate to an unsecured card after at least seven months of on-time payments.
In general, secured credit cards offer good approval odds to people with limited or no credit. They're designed for rebuilding credit, after all, and even people with bad credit scores can get approved. But even the best secured credit cards should only be a backup plan for people with no credit.
There are also unsecured credit cards for no credit with no deposit required. Student credit cards are the best deals, with $0 annual fees and more than 1% back on purchases. But other people with limited credit should be able to find a good offer, too. So, you might want to try for an unsecured card for no credit first and then settle for a secured card if you don't get approved.
One of the best store credit cards for no credit is the Fingerhut Credit Account because it has easy approval and a $0 annual fee. There are no one-time fees or monthly fees, either. But even though the Fingerhut Credit Card is an inexpensive store credit card that accepts people with no credit or even bad credit, there are limitations. You can only use it to make Fingerhut purchases. And while Fingerhut is as an online retailer that sells a wide range of products similar to what you’d find in a department store, it doesn’t have everything. You’ll also want to pay your balance in full every month because there’s a super high APR (29.99%).… read full answer
Most store credit cards require fair credit or better for approval. There are, however, a number of co-branded cards for no credit. They’re affiliated with a particular store or company but can be used anywhere.
Here are some of the best store credit cards for no credit:
Fingerhut Credit Account: $0 annual fee and $0 monthly fees. One-time fee: $0. Reports to all three major credit bureaus. Can only be used at Fingerhut.
Montgomery Ward Credit Account: $0 annual fee. Although it only works for Montgomery Ward purchases online or through the company’s catalogue, the Montgomery Ward Credit reports to the credit bureaus on a monthly basis.
Credit One Bank® NASCAR® Credit Card: $39 - $99 annual fee. 2% cash back at the NASCAR Shop and 1% back on eligible gas and automotive purchases. Can be used anywhere VISA cards are accepted. This card reports to the major credit bureaus monthly.
Harley-Davidson® Secured Credit Card: $0 annual fee. 1 point per $1 spent on all purchases. $300 deposit required to open account. Can be used anywhere VISA cards are accepted. It reports to credit bureaus on a monthly basis.
If you can’t find a suitable store credit card for no credit, consider a normal credit card designed for people with limited or no credit history.
Secured credit card approval is pretty easy to come by, no matter which card you apply for. A secured card is the easiest type of credit card to get simply because you have to place a refundable security deposit, the amount of which usually becomes your spending limit. As a result, secured cards prevent you from spending more than you put down, making it less risky for credit card companies to approve people with damaged credit. And since you pretty much pre-pay for your purchases with a secured card, past payment problems should not keep you from getting approved.… read full answer
Given their safeguards, you might assume that secured credit cards offer guaranteed approval. But that’s not the case. There are certain requirements that anyone must satisfy to get a credit card.
Here are the basic secured credit card approval requirements:
18+ years old
$200+ for a refundable security deposit
Enough income for monthly bill payments
U.S. mailing address
Social Security number (ITIN or passport accepted in some cases)
Some secured credit cards are harder to get than others, though. Requirements vary by credit card company. And some issuers won’t approve anyone with a non-discharged bankruptcy, a tax lien or certain other types of negative records on their credit report.
But there’s a flip side to that, too. Secured credit card approval is very easy to get if you choose the right offer. A handful of cards don’t even do a credit check when you apply.
Here are the best easy approval secured credit cards:
If you’re less concerned with easy approval than getting the best terms, you should also consider the Capital One Secured Mastercard and the Discover it Secured Card. Neither charges an annual fee, and Discover it offers pretty good rewards.
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