Top 6 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 for 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 six of the top cards for applicants with bad credit in which a deposit is not needed to open an account:Credit One Bank® Unsecured Visa® for Rebuilding Credit allows you to pre-qualify without harming your credit score. Once approved, fees and interest rates will vary based on your credit. The APR on purchases can range from 19.49% to 25.49% Variable, and are slightly higher for cash advances. The fees for cash advances also vary. Those with lower credit will be charged $5 or 8%, whichever is greater, on cash advances, and those with better credit will be charged $10 or 3%, whichever is greater. The annual fee will range from $0 - $99, depending on your credit.
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.First Access Visa® Credit Card has an easy and secure online application. You will be charged a program fee but only if you are approved for the card. Once approved, you will have access to a certain credit limit, and your timely payments will be reported to all three credit bureaus. You may be able to receive your card more quickly with optional Expedited Processing (additional fee applies).
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.Milestone® Mastercard® – Less Than Perfect Credit Considered is offered to applicants with bad credit, and has very reasonable terms for a product of this type. Cardholders receive all of the benefits of the Mastercard including the Mastercard Global Service program, which is available 24 hours a day, 365 days a year. It offers emergency replacement lost or stolen cards, emergency cash advances, ATM location services and account-related information including any applicable card benefits.
The standard interest rate is 24.90%, 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 $35-$99*. The fee you are assessed will depend on your credit worthiness.Official NASCAR® Credit Card from Credit One Bank® allows you to see if you pre-qualify without hurting your credit score. Your interest rate and annual fees will vary greatly based on your current credit score. The APR on purchases will be 19.49% to 25.49% Variable, while the APR on cash advances will be slightly higher. Cash advance fees will also cost $5 or 8%, whichever is greater for some people, or $10 or 3% for others. The annual fee will vary from $0 - $99.
Benefits of the card include 1% cash back rewards on eligible purchases and 2% cash back on purchases made at the NASCAR Shop. 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.