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 eight months of on-time payments.
Another good secured credit card for no credit is the Secured Mastercard® from Capital One. This card guarantees you a $200 credit limit, in return for a deposit of $49, $99 or $200, depending on your credit standing. This means the card could be "partially secured."
In general, secured credit cards offer high 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.
The best store credit card 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 Account is an inexpensive store credit card for people with no credit or 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.… 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 the best store credit cards for no credit:
Fingerhut Credit Account: $0annual fee. No monthly or one-time fees. 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 card reports to the credit bureaus on a monthly basis.
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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.