Top 6 Cards For Bad Credit With No Deposit

Top 6 Cards For Bad Credit With No Deposit

August 27, 2019         Written By Jason Steele

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:

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The  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 19.74%-25.74% 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.

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The 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).

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The can help you build your credit history since it reports to the three main credit bureaus, so making your payments on time each month should help to build your credit score. The card has a relatively easy application and applicants should get word on their application in a matter of minutes. Since the card is backed by the Mastercard network, cardholders should not have any trouble using the card anywhere in America. Your initial credit limit could be up to $400. But there is an annual fee on this card which is charged upon approval. This lowers your credit line during the first month of being a cardmember. In addition, there is a one-time processing fee which is assessed to your account. This processing fee is replaced in year two by a monthly maintenance fee. Consumers should be aware that the card has one of the highest APRs in the credit card industry.

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The  allows you to pre-qualify for a card without impacting your credit score. The APR is set at 24.90%, and your annual fee ranges from $0 - $99.

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.

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The 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.

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Offered by Credit One Bank, the  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 19.74%-25.74% 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.

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About Jason Steele

Jason Steele is a freelance journalist and an expert on the credit card industry. He contributes to several of the top personal finance sites, and his work is syndicated to mainstream outlets such as MSN Money, Yahoo! Finance, and Business Insider.
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Top Features : No Annual Fee; Cash Back match at the end of your first year; Social Security Alerts
Top Features : Reports to all three credit bureaus, perfect credit not required for approval
Top Features : Reports to major credit bureaus; initial credit limit of $400; fast application process with results in seconds
Top Features : Reports to major credit bureaus; fast application process with response in seconds; checking account required
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time
Top Features : Monthly reporting to the three major credit bureaus