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Bad credit can be one of the most stressful financial situations that you can find yourself in. Bad credit is a condition that makes it difficult for you to obtain a loan or open a bank account, but it doesn't mean that you have to live your life without any sort of financial tools. One of the best ways to improve your bad credit is by getting a no deposit credit card.
What Applies as a Bad Credit?
Having a credit score (FICO) that falls below 579 for a number of reasons can negatively affect your ability to get loans or get financing. Defaulting on debts and not paying them back can negatively affect your credit score as much as opening too many credit cards. If you become the victim of identity theft or credit card fraud, your credit score may suffer, making it harder to get the financial products and services you need. This is when opening a no deposit credit card is an option.
What is a No Deposit Credit Card?
If you have bad credit or no credit, many credit card issuers will require that you pay a small deposit to open an account. These are known as secured credit cards. Some credit cards do not require you to put down a full deposit before you can get a line of credit. They are called unsecured credit cards. Generally, unsecured credit cards do not require a deposit or any other security to open an account. They are generally considered extremely risky by credit card issuers. You should have at least fair credit to get a low-fee card. Credit limit depends on the income and credit profile of the credit card issuer.
Best No Deposit Credit Cards For Bad Credit
Credit One Bank® Platinum Visa® Card
The Credit One Bank® Platinum Visa® Credit Card is excellent for individuals who want to build their credit. It gives you cash back rewards on purchases made with this card in certain categories. The annual fee for the Platinum Visa® Card will vary based on your credit history, and it will be charged before you even start making purchases with the card, reducing your available credit. There is a credit limit of up to $300 with this card, which is dependent on your credit history.
Total Visa® Card
It's easy to apply for the Total Visa® Card online, and the approval process is quick – you'll be able to decide your eligibility within minutes. All applicants pay a one-time application fee to get the Total Visa® Card, and once approved, they can borrow up to $300 on the card (regardless of their creditworthiness). There is also an annual fee that you are charged with.
The Revvi Card is a popular credit card because it allows you to open a line of credit for as little as $300. The amount of your credit is determined by your available credit, and you have the option to request that your credit limit be increased after a year. It's simple to apply for this card online and you'll get cash back rewards when you make purchases using your Revvi Card.
First Access Visa® Card
The First Access Visa® Card is also a product that charges a monthly or annual fee. If you get the card, you will have to pay a fee each year before you begin to use the card, which will affect your available credit. Both cards have an annual fee and will continue to charge you monthly after the first year.
PREMIER Bankcard® Mastercard® Credit Card
The PREMIER® Bankcard® Mastercard® Credit Card is easily one of the easiest credit cards to get. You can apply online, and the credit limit will increase depending on your credit score. Even applicants who have poor credit of 400 will get a credit card. However, that credit card comes with a high APR and an expensive annual fee.
PREMIER Bankcard® Grey Credit Card
Grey Credit Card is just as easy to get as its card sibling — but it's also very expensive. If you have really bad credit and want to open an account with a card company that issues an unsecured line of credit, a card from the PREMIER Bankcard® credit card line may be the perfect option.
The Surge Mastercard® offers a lower interest rate than most of the cards above. You can see if you are eligible before you apply on the card issuer's website.
The Milestone® Mastercard® has a fair rate for people who have poor credit, and it reports to all three major credit bureaus. It's a great choice for people who are trying to build their credit. As a reminder, the annual fees for this card may vary depending on your credit score.
If you have bad credit and want to avoid having to pay a big deposit to get a credit card that is secured, the Reflex Mastercard® is a great choice. There is a prequalification form that lets you know your credit worthiness before you even start applying for a card. If you are not approved for a card with a credit line that is fully unsecured, you may have to pay a small amount down on the card to secure it.
Indigo® Unsecured Mastercard®
Indigo® Unsecured Mastercard® lets you be prequalified for a credit card without having to pay a deposit. This card provides a fixed interest rate and charges a fee each year based on your creditworthiness. The card provides you with protection in the event that your card is lost or stolen, and it also gives you access to your account on a mobile device. Also, your credit report is sent to each of the three major credit bureaus.
In this article, we've provided you with the top credit cards for individuals with poor credit. The process of applying for these cards is quick and easy, and they offer a wide range of benefits to individuals who have bad credit. Before applying for any of these cards, it's important to know your credit score and how you can improve it.