Best No Deposit Credit Cards for Bad Credit

Credit Cards / Credit Cards for Bad Credit

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Last Updated:May 05, 2023

Best No Deposit Credit Cards for Bad Credit

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Building credit can feel a bit like a catch-22 — you have to have credit to get credit. But where do you start if you have no credit or if you’re trying to rebuild your credit score and improve your financial situation? This situation can feel overwhelming to dig your way out of.

Secured credit cards are often touted as the answer. Since these cards let you fund your credit line, they’re low risk to lenders and often easier to apply for. In fact, your credit score might not even factor into a qualification decision.

While secured cards may be great for some, they’re not ideal for everyone. The credit lines can be small and some even require a credit check, which defeats the whole purpose of these cards. With requirements like this, you might be better off applying for a credit-building credit card that doesn’t require upfront money.

If you’re looking for the best credit cards to repair your bad credit, l’ll take you through the best options available in 2022.

Want ways to earn more money fast? Take a look at these legit ways to boost your earnings quickly.

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Summary of best credit cards for bad credit with no deposit

Credit Card	Best For
Petal	Best overall
Discover	Best for students
Capital One Platinum Credit Card	Best no-frills option
Credit One Bank	Best for very low credit scores
AvantCard	Best basic credit building card
Chime	Best for no credit checks

Raise Your Credit 80 Points

Raise Your Credit 80 points*

5 star service trusted by over 450,000 members
Have processed over $11,000,000 in bill payments for members
No deposit, no credit check, no interest
New member promotions available

*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.

Raise Your Credit 80 Points with StellarFi

Best credit cards for bad credit with no deposit

Petal® 2 "Cash Back, No Fees" Visa® Credit Card

Petal 2

Card Name

Petal 2

APR

18.24% – 32.24%

Recommended Credit Score

None

Annual Fee

Rewards Rate

You can earn up to 1.5 percent cash back on eligible purchases (with 12 on-time payments).

Why We Like It

No credit history need; build your credit
No annual fees
No late payment or returned payment fees

Card Details

Credit limit of $300 to $10,000

Read a full review on Petal 2 Visa Card.

Discover it® Student Cash Back

Card Name

Discover it® Student Cash Back

APR

18.24% - 27.24%

Annual Fee

Intro Offer

0% Intro APR for 6 months on purchases

Rewards Rate

Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.

Why We Like It

No annual fee.
Redeem for cash in any amount, any time. Even use your rewards to shop for whatever you need at Amazon.com or at millions of online stores with PayPal.

None the first time you pay late. After that, up to $41.Read a full review on Discover Credit Cards.

Capital One Platinum Credit Card

Capital One Platinum Secured Credit Card

Card Name

Capital One Platinum Secured Credit Card

APR

29.99%

Recommended Credit Score

Limited, Bad

Annual Fee

Special Offer

No annual or hidden fees.

Special Offer Terms

See if you're approved in seconds.

Rewards Rate

N/A

Terms

See Terms

Why We Like It

No annual or hidden fees.
You could earn back your security deposit as a statement credit by making on-time payments.
Be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
Monitor your credit score for free with CreditWise from Capital One.

Read a full review on Capital One Credit Cards.

Credit One Bank Platinum Visa

Card Name

Credit One Bank Platinum Visa

APR

29.74%

Annual Fee

$0 to $95

Rewards Rate

1% Cash Back Rewards on Eligible Purchases. Get up to 10% More Cash Back Rewards from some of the nation’s top retailers!

Why We Like It

Get rewarded for responsible credit use! Credit One reviews your account regularly for credit line increase opportunities to ensure you get all the credit you deserve.

AvantCard

Card Name

AvantCard

APR

29.24%–35.99%

Annual Fee

$0 - $59

Why We Like It

Pre-qualification doesn't affect credit score

Card Details

No hidden fees, no hassle. Pay for what you need while building your credit with responsible use with credit limits ranging from $300 to $3,000.

Chime® Credit Builder Secured Credit Builder Visa® Card

Card Name

Chime® Credit Builder Secured Credit Builder Visa® Card

APR

29.99%

Recommended Credit Score

N/A

Annual Fee

Rewards Rate

Credit Builder is a secured credit card. The money you move to the Credit Builder secured account is how much you can spend with the card. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account.

Why We Like It

No annual fee or interest
No credit check to apply
No minimum security deposit required

Chime® Credit Builder Secured Credit Builder Visa® CardRead a full review on Chime Credit Secured Credit Builder Visa credit card.

Raise Your Credit 80 Points

Raise Your Credit 80 points*

5 star service trusted by over 450,000 members
Have processed over $11,000,000 in bill payments for members
No deposit, no credit check, no interest
New member promotions available

Raise Your Credit 80 Points with StellarFi

FAQs

Should I apply for a secured or unsecured credit card?

There are two types of credit cards you should consider if you have poor credit. If you have a low credit score, it’s often easier to get approved for a secured credit card, which allows you to fund your credit limit with an upfront security deposit. These deposits are generally refundable, and many card providers allow you to upgrade to unsecured cards over time. You can still apply for an unsecured card, like the ones on this list, but your options will be much more limited. The Petal 2 card will be the easiest for many to apply for and since it also earns rewards and qualification isn’t solely based on your credit score, it tops our list as our number one pick for bad credit.

What does it mean to pre-qualify for a card?

When you pre-qualify for a credit card, you’ll enter some basic personal and financial information and the credit card companies will let you know if you’re likely to qualify for a specific credit card. In some cases, they may offer other card products you’re more likely to qualify for at this time. The pre-qualification process does not require a hard pull on your credit, which can be helpful if you want to compare different credit cards and see which ones you’re most likely to be approved for.

Can you get approved with a 500 credit score?

It’s possible to get approved for a credit card with a 500 credit score. While every credit card provider has their own requirements, some like the Chime Credit Builder card, do not even require a credit check. And, others, like the Petal 2 Visa card allow for alternative payments to be considered, such as bills and rent. That said, it can be more difficult to apply for a traditional, unsecured credit card or a balance transfer card with a credit score of 500. You should opt to prequalify, and if you’re not having any luck getting pre-approved, you might consider a secured credit card without minimum credit requirements.

How can I rebuild my credit fast?

There’s no shortcut to rebuilding your credit score, but using a credit card as a tool is a great start. To show you’re financially responsible and help improve your score even faster, stick to these tips: Try to utilize less than 30% of your credit limit; enroll in AutoPay so you never have a late payment; and only charge items to your credit card that you can afford to pay back in full at the end of your billing cycle. After you’ve demonstrated six months to one year of on-time payments, ask your credit card company to consider increasing your credit line — which boosts your available credit and likewise, helps your FICO score

The bottom line

A bad credit score won’t stop you from getting a credit card. While secured credit cards are popular options for rebuilding your credit, they’re not the only ones. There are a handful of unsecured credit cards you can apply for, regardless of your current credit score.

To figure out which card is best for you, pull your free credit report from annualcreditreport.com and find out where your credit score stands. Depending on what you find, see if you prequalify for the card of your choice or opt for a card that doesn’t rely as heavily on your credit history. Using a credit card responsibly and keeping your account in good standing can help you develop a healthy credit profile.

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JoyWallet has partnered with CardRatings for our coverage of credit card products. JoyWallet and CardRatings may receive a commission from card issuers.

Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.

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