Top 5 Cards For Bad Credit With No Deposit
Do you have bad credit? Then you know it is very hard to qualify for a credit card that is not a secured card which requires a deposit. But at the same time, being approved for a credit card is vital to your efforts to rebuild your credit. Having a credit card will help you to increase your account history and develop a payment history, both of which are necessary to improving your credit score.
Certainly, secured cards are offered to those with bad credit, but they require a deposit that becomes your credit limit, and these products can have very high interest rates and fees. Thankfully, there are now several standard, non-secured credit cards that are available to people with bad credit which don’t require a deposit. In addition, there are prepaid debit cards that offer much of the convenience and security of a credit card. With prepaid cards, customers must load funds in advance, which can then be used to make purchases where debit or credit cards are accepted. And thankfully, there is no way to incur debt or interest charges when you use a prepaid card.
Here are the top five cards for applicants with bad credit in which a deposit is not needed to open an account:
The standard interest rate is 23.9%, and there is a 25-day grace after the close of each billing cycle during which cardholders can avoid interest by paying their balance in full. The annual fee for this card is either $35, $59, or $99 (with a $75 fee the first year). The fee you are assessed will depend on your credit worthiness.
Credit lines will range between $300 and $3,000, depending on the applicant’s credit, and timely payments mean your credit line could increase, though additional fees may apply. Perks of the Credit One Bank Unsecured Visa include 1% cash back rewards, $0 fraud liability, the ability to change your due date, and a mobile app that allows you to manage your account. Additionally, Credit One reports to all three major credit bureaus, and you can monitor your Experian credit score online for free.
You will have to pay an annual fee of $75 in the first year and $48 per year after that. Additionally, you will have to pay a monthly servicing fee of $6.25 after the free introductory year.
Perks of the card include fraud protection for lost or stolen cards and mobile account access. Your account history is also reported to the three major credit bureaus.
Benefits of the card include 1% cash back rewards on eligible purchases and 2% cash back on purchases made at the NASCAR.com superstore. The card also offers fraud liability, and you can monitor your Experian credit score for free. If you maintain a positive payment history, you may be granted a credit increase, though fees may apply.