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Best Credit Cards with No Deposit

Credit cards with no deposit requirement do exist for consumers with poor scores.

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Updated February 13, 2024
Written by Rachel Alulis
Here at MoneyFor, our goal is to help you make informed financial decisions. We are committed to accuracy and impartiality in all our content. It’s important to note that articles may reference products from our partners who compensate us. This influences which products we feature and their presentation on our site, not our evaluation.

Key takeaways

  • Find the best cards with no security deposit. Look for cards that align with your goals and consider factors like fees, interest rates, and benefits.
  • Cards with no deposit for low scores tend to have lower credit limits and higher fees. These reflect the increased risk lenders are taking.
  • Use your card responsibly by making timely payments and keeping balances low. Responsible use can lead to score improvement over time.

Credit cards with no deposit can help you access credit and improve your score when you don’t have the cash for a security deposit. Not everyone has hundreds of dollars available to be locked away for a deposit.

If you have a low score and don’t want a secured card, your best bet is to get a second-chance card. These cards are designed for people with poor or no credit history to help you improve your score with responsible use.

Let’s explore the best credit cards with no security deposit for poor scores and see if there’s one for you.

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Easy approval unsecured cards

Types of unsecured credit cards

A traditional credit card is unsecured, meaning it does not require a security deposit. Most cards fall into this category. There are a variety of types of cards including cash back, travel rewards, and balance transfer cards plus plain old credit cards. Most rewards cards are aimed at people with good credit but you can find a few that accept applicants with low scores. Like all rewards cards, these will come with a higher interest rate and often will have an annual fee as well.

A cash back rewards card is good for earning a little extra with everyday purchases. A travel rewards card is the right choice if you go abroad a lot. You will earn points or miles, and most do not charge a foreign transaction fee. A balance transfer card is ideal if you want to consolidate debt. Most also offer a promotional 0% APR (annual percentage yield) for a few months, so you can make purchases and not be charged interest.

You can even find some cards that are no credit check credit cards with no deposit. These are usually unsecured cards designed specifically for improving your score. These cards usually have lenient requirements but higher interest rates and fees. They are a good place to start out from. Use them to improve your rating and then move on to cards with more rewards and fewer fees.

Take a look at the offers above, there’s likely an unsecured credit card with no deposit that fits your needs.

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How to select the best unsecured credit card for bad credit

Choosing the right unsecured card when you have a poor score involves careful consideration of several key factors. Firstly, look for cards that cater specifically to individuals with poor ratings. These cards often have more lenient approval requirements. Many are geared towards consumers with poor scores. Do not choose just any card. Pay close attention to the annual percentage rate (APR). It’s very common for these cards to have higher APRs than average. Aim to find one with the lowest rate possible.

Next, examine the fees associated with the card. Many unsecured cards for poor scores come with annual fees, processing fees, and monthly maintenance fees. Compare these fees across different cards to find the most cost-effective option. Note that the card will likely have a late payment fee, returned payment fee, and foreign transaction fee. These fees are standard no matter your score but are good to be aware of so that you can avoid them.

Additionally, check if the card offers any benefits like cash back, rewards, or credit-building tools, as these can add value despite higher fees.

Consider the card issuer’s reputation and customer service. Look for reviews and ratings to ensure you’re dealing with a reliable company. Finally, ensure the card issuer reports to all three major credit bureaus. Reporting is the only way that your score will grow. You want the issuer to report to all three bureaus. Every time you apply for a financial product, the institution will pull your score. You never know which bureau they will pull your score and report from. Therefore, it’s very important to have your payment history and usage reported to all three bureaus.

By focusing on these factors, you can find an unsecured card that helps you manage your finances while working towards a better rating.

Wondering when you’ll get your new card?

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What credit limit and interest rate can you expect?

When considering credit cards for low credit with no deposit, it’s important to set realistic expectations regarding limits and interest rates. Limits on these cards tend to be relatively low, starting between $200 and $1,000. Some issuers promise to raise your limit after six months of responsible use. This is a good offer and will help you access a much higher limit. A higher limit not only increases your spending power but makes it easier to raise your rating.

Interest rates on subprime unsecured cards tend to be on the higher side. Expect to find APRs starting at 24.99%, which is well above national average. An APR of 35% is not uncommon. The good news when it comes to APRs is pay your balance in full and you won’t have to pay a cent in interest.

The low limits and high APRs reflect the increased risk that card issuers take on by accepting applicants with low scores without a deposit. Applicants with scores in the poor or fair range have a much higher chance of default – not paying their bills – than ones with ratings above 670. This is why issuers are so cautious and charge a lot up front.

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Can you get an unsecured credit card after bankruptcy?

Obtaining a card after bankruptcy be challenging, but it’s not impossible. Secured cards are easier to be approved for since they require collateral. If you have your heart set on an unsecured card, you’re not out of luck. A number of financial institutions will consider applicants who have a past bankruptcy filing on their credit report.

Your options will be limited and you will likely face higher fees and a higher APR. Do not expect to get a rewards card or a special balance transfer offer. You will have to start off with a basic subprime card and work your way up from there. With responsible use, you can improve your score and get more favorable terms in the future.

Read more about credit cards!

How to use my card to rebuild credit?

Rebuilding your score takes time but it’s not that difficult. What you have to do is consistently show responsible financial behavior. That means paying bills on time and not spending too much. It can be tough, especially if you have a low limit or are on a small income. The good news is, once you improve your score you can qualify for cards with higher limits making it easier to maintain the rating you worked so hard for.

  • Make payments on time
  • Reduce your debt
  • Keep your balance below 30%
  • Don’t close old accounts
  • Apply sparingly
  • Have both loans and cards

Some steps will work faster than others. The best thing to do is try all at once.

It can feel like a lot when you’re just starting out. Let’s go over each of the points in detail.

Make payments on time

The single most important factor in calculating your score is payment history. Always pay your bills on time. Even one late payment can set you back by a lot and stay on your report for up to seven years. The negative effect does lessen over time.

Everyone makes mistakes, it’s human nature. Set up autopay or payment reminders to avoid missing a payment. If you think you’re going to be late, tell your issuer. Most don’t report a late payment until it’s over 30 days past due. You may be able to catch them and work out a deal before they report you.

Pay down debt

Work towards reducing your overall debt. A lower debt-to-income ratio makes you more attractive to lenders. It will help your score and help you qualify for more favorable terms on the next loan or card you apply for.

Aim to pay more than the minimum due each month. This will help your score by improving your credit utilization ratio and is will save you money on interest. Interest is only charged on your remaining balance. If you pay your entire balance in full, you’ll lower your debt and not pay any extra.

Overall, lowering your debt is a smart financial move.

Maintain a low balance

Strive to keep your balances low. Just because you have the money in your account, doesn’t mean you should spend it.

A good rule of thumb is to use less than 30% of your available credit. Lenders don’t want you to be reliant on them and they want to be sure you can afford to pay the bill each month. Having a low usage rate demonstrates that you can handle borrowing responsibly and are not overextended financially.

Your usage rate should be low, but you don’t actually want it to be 0%. Lenders need to see that you can borrow and repay responsibly. To show them that, you do need to use your card. The idea is not to max it out.

If you ever need to spend more in a month but want to keep your usage low, don’t worry there’s a trick for that. Your usage is only reported at the end of the billing cycle. Charge what you need on your card and then pay it off before the billing cycle ends. That way your issuer will report a low usage rate to the bureaus.

Keep old accounts open

The length of your credit history impacts your score. This is because it gives lenders more data to assess you by. To get a long credit history takes time, you just have to wait and have patience.

The one thing you can do to improve your average account age is keep old accounts open and active. Put a small recurring charge on an old account and set up autopay so you never miss the bill. That way the issuer won’t close it due to it not being used.

Maintaining old accounts will also give you a higher cumulative limit. Your utilization ratio is calculated both on an individual card basis and across all your cards. A higher cumulative limit will help you keep your usage low.

The exception to the rule is if the account has a lot of fees, and many accounts for consumers just starting out do. Then it may be a good idea to close the account and save money. Your score will take a hit, but it will go up again. How long you’ve had open accounts is not nearly as important as paying your bills on time or maintaining a low usage rate.

Don’t apply too often

Each application for a loan or card results in a hard inquiry. The hard inquiry causes your score to dip temporarily. It will bounce back after a few months of responsible use.

Apply only as needed to avoid unnecessary hits to your score. A good rule to follow is to wait six months between applications. That gives your score time to recover and demonstrates to lenders that you’re not desperate for credit.

Have a mix of credit

A diverse mix of accounts, including loans and cards, can positively affect your score. This variety shows that you can handle different types of borrowing responsibly. It’s a small factor, though, so don’t go applying for anything you don’t need.

How to make the most of second-chance cards with no security deposit?

Take advantage of the opportunity and use unsecured cards to practice good financial habits and build up your score as soon as possible. First, establish a positive payment history.

  • Set up automatic payments each month
  • Request alerts when your bill is due
  • Only use your card for small manageable purchases you can pay off each month
  • Consider paying your entire balance to avoid interest charges

Whatever you do, avoid maxing out your card each month. Credit utilization – how much of your limit you use – is an important factor. If you find yourself using more than 30% of your limit, make multiple payments throughout the month to keep your utilization low.  

If you find it very difficult to keep your usage below 30% of your limit, you can request a limit increase. Your request is more likely to be granted if you’ve received a raise at work or have established a positive payment history. Most issuers want to extend you more credit but need to be sure that you can pay.

Credit cards for damaged credit with no deposit offer a chance to improve your score. Take advantage of them and get your score up into the good range so you can graduate to cards with more rewards.

More financial tips on MoneyFor.

Can a secured credit card become unsecured?

A secured card is a good way to boost your score, but your security deposit limits you. Luckily, many secured cards do let you graduate to an unsecured card, but not all. It depends on the card issuer’s policies and your financial habits. If this is the path you want to take, make sure the issuer you choose offers an upgrade to an unsecured card.

To upgrade to a traditional card you much show that you can responsibly pay what you owe. Establish a positive payment history and keep your usage low. This will serve to raise your rating. Paying all your bills on time and not using too much of your limit will help you maintain a positive relationship with your issuer so that they are more likely to grant an upgrade request. If you feel that you’re ready to move onto an unsecured card, then inquire about an upgrade.

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Are secured or unsecured credit cards best for rebuilding credit?

When rebuilding your score, both secured and unsecured cards offer distinct advantages and disadvantages. Secured cards are often recommended for those with poor scores because they are easier to get. Secured cards require a security deposit, which serves as collateral and usually equals the credit limit. This reduces the risk for the issuer and makes approval easier. The main benefit of secured cards is their accessibility; almost anyone can qualify regardless of their rating. Additionally, responsible use of a secured card, with on-time payments and low balances, can positively impact your score over time.

On the other hand, unsecured cards do not require a deposit. These cards are harder to qualify for if you have a poor score. Most issuers prefer applicants with good to excellent scores. There are unsecured cards specifically designed for individuals with poor scores. The ones for poor ratings often come with higher interest rates and extra fees. You will likely have to pay an annual fee and a monthly maintenance fee. Plus, the APR will be higher than average. Still, subprime unsecured cards offer a viable option for improving your score without the need for upfront funds.

In general, secured cards are generally a safer and more accessible option for those who want to improve their score. Unsecured cards are another effective option but require careful selection to avoid high costs. Ultimately, the best choice depends on your financial situation and ability to manage borrowing responsibly.

Whichever type of card you choose, be sure that the issuer reports payments and usage to all three major credit bureaus: Equifax, Experian, and TransUnion. This is the only way the card will help your score. Also, remember to keep your usage low and pay your bills on time. Missing payments or overextending your limit will do damage to your rating.

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Frequently asked questions

1. What Is the easiest card to get approved for?

The easiest cards to be approved for are store cards and secured cards. If you have your heart set on an unsecured card there are easy to get credit cards with no deposit. Look for cards with lenient score requirements and less stringent approval criteria. While they may come with higher interest rates and lower limits, they can help boost your score without an upfront deposit.

2. What credit score do I need for approval?

Some companies offer unsecured cards to individuals with scores as low as 500 or less. It’s important to note that these cards often come with lower limits, higher annual fees, and higher APRs. Your chances of approval increase when your score is 600 or higher. If you have fair or poor credit and are looking for a card with no deposit required, don’t despair, it is possible to find one.

3. Can I get a credit card without depositing money?

Yes, you can get a card without depositing money by opting for an unsecured card. These cards do not require a security deposit and there are options for consumers with poor scores. Most subprime cards come with higher interest rates and additional fees. Carefully compare offers to find the best terms and benefits suitable for your financial situation.

4. Can you get a credit card with bad credit and no money down?

Yes, it is possible to get a card with a bad rating and no money down by choosing a subprime unsecured card. These are designed for consumers with low scores. These cards do not require a security deposit, though they often come with higher interest rates and extra fees. While it’s tempting to get a card without a deposit, it’s not always the most cost effective solution. All the fees of a subprime unsecured card can add up quickly while a security deposit is fully refundable.

5. Can I get a credit card with a 500 credit score?

Yes, you can get a card with a 500 score. Options include unsecured cards specifically designed for bad ratings and secured cards that require a deposit. Unsecured cards may have higher interest rates and fees, while secured cards are easier to obtain. Both can help raise your rating with responsible use.

Bottom line

If you need an unsecured card and you have a bad score, you are not out of luck. There are plenty of card issuers who have designed cards just for you. Concentrate on feasible choices, prequalify before you apply, and always read terms before you sign. Do not accept a card whose fees you cannot afford.

Prequalifying lets you see if you are eligible without a hard inquiry. It does not guarantee approval, but it shows you your chances. Try to prequalify with multiple cards. That way you can compare offers – fees, APRs, potential rewards, and choose the one you like best. Next, officially apply for that card. This will help you limit your applications and increase your chances of approval.

For those ready to take the first step, applying for a credit card for bad credit with no deposit could be the gateway to a brighter financial future.

Once you have your card, use it responsibly and build your score so you can move up to a card offering higher rewards and lower fees.

For those ready to take the first step, applying for a credit card for bad credit with no deposit could be the gateway to a brighter financial future.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.           Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.           Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
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10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
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16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
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28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
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36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
* EarnIn is not available for Connecticut residents
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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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