Getting a good credit card with bad credit can seem impossible at times, putting you in a very difficult situation. Credit cards help you build credit. Which in turn helps you with other financial transactions like getting car loans, education loans, mortgages, paying medical bills, etc.
Typically, credit card issuers are lenient, while offering credit cards to applicants with a bad credit history. However, these offers usually have some pernicious agenda, making them risky and undesirable for customers. For example, one of the most common and easiest to qualify for credit cards, with bad or poor credit. i.e, secured credit cards come with the requirement of depositing huge amounts of cash as security or caution money.
Similarly, those looking to avoid upfront cash deposits face different challenges. Ultimately, the choice of a guaranteed credit card approval no deposit option comes down to credit cards like student credit cards, store cards with limited credit usage limits, or unsecured cards. All of which come with multiple types of fees and very high-interest rates. Given the trend, the popularity of guaranteed credit card approval with no deposit is perhaps no surprise.
If giving an initial cash deposit is your last choice, then the limitations that come with unsecured credit cards may be worth your time.
To be absolutely sure of your choices regarding the credit card tailored perfectly according to your needs. You must compare your available options in various different aspects, here is a table to help you with selecting top-rated guaranteed credit card approval with no deposit:
|Surge® Platinum Mastercard®||Milestone® Mastercard®||Indigo® Mastercard® for Less than Perfect Credit||Fit Mastercard®||Reflex® Platinum Mastercard®|
|Application Length||9 minutes||8 minutes||2-3 minutes||N/A||5 minutes|
|APR||29.99% APR (Variable)||24.9%||24.9%||29.99%||29.99% APR (Variable)|
|Annual Fee||$75 – $125||$35 – $99||$0 – $99||$99||$75 – $125|
|Credit Needed||Bad, Poor Credit||Poor, Bad Credit||Bad, Poor Credit||Fair, Poor, Bad Credit||Bad, Fair, or No Credit|
What are Guaranteed Approval Credit Cards for Bad Credit No Deposit?
Are there credit cards with zero deposit and instant approval for bad credit borrowers? Credit cards generally come in different types, with different benefits and corresponding downsides. Student credit cards, secured credit cards, unsecured credit cards, etc. are a few examples. The type of credit card that allows you to avail of its services, without making an upfront cash deposit, is called an unsecured credit card.
Unsecured credit cards come without the requirement of any collateral, hence, you don’t need to pay any security deposit. Instead, you are expected to pay a high amount in annual fees. Guaranteed approval credit cards for bad credit: no deposit is a form of an unsecured credit card with bad credit no deposit, that has numerous complications like minimum due amount, hidden cost, over usage, etc. Which puts these cards in the perfect position to get instant approval from the issuer. Despite having multiple downsides, unsecured credit cards offer guaranteed credit card approval no deposit bad credit for willing people.
What are Some Benefits of Having a Credit Card with No Deposit Required?
With an unsecured credit card, which essentially requires you to deposit no upfront cash, and guarantees you instant approval, you can receive multiple benefits like cashback and reward points with every purchase you make with your bad credit credit cards guaranteed approval no deposit card.
Unlike secured credit cards, unsecured credit cards do not require you to pledge collateral or deposit security money, which is a common deal breaker for many, when it comes to secured credit cards. Apart from cashback, reward points, and other perks, you can also have the benefit of guaranteed instant approval as the issuer is bound to benefit from the transaction in the long term. Guaranteed credit card approval no deposit options can be very beneficial if managed carefully.
Best Guaranteed Approval Credit Cards for Bad Credit With No Deposit
To present you with the best options to choose from for a no-deposit credit card guaranteed approval here is a list of the best Unsecured credit cards the market has to offer:
1. Surge® Platinum Mastercard®
The Surge Platinum Mastercard is an appropriate credit card for first-timers. This credit card can also help you build a strong credit history as the issuer of this card allows the approval of applicants with bad or poor credit. However, the Surge Platinum Mastercard comes with a very high APR of 29.99%.
This card can also provide you with a larger credit limit initially about $1000 credit card limit, but taking advantage of it and misusing it can entrap you in a loop of paying finance charges, be careful about your allotted credit limit and do not saturate it. If you maintain your credit utilization ratio this card can further help you in qualifying for other loans and a lower interest rate. This card can prove to be one of the better credit cards with no deposit if you can avoid interest charges.
- Reports monthly to three major credit bureaus.
- Quick and easy streamlined application process.
- You can check if you’re pre-qualified without impacting your credit score.
- A high APR of 29.99% is applied.
2. Fit Mastercard®
The FIT® Platinum Mastercard® is a good unsecured credit card for borrowers with poor or limited credit history but it can be a little on the expensive side compared to the rest. The borrower has to pay a one-time fee of $89 before the opening of the account, followed up by a $99 annual fee and a monthly fee after the completion of 12 months. Borrowers get a $400 credit limit in return, monthly reporting of their credit activity to the three major credit bureaus, and a reasonable annual fee. You can also get an increase in your credit score by obtaining a free credit score by paying your bills on time along with an increase in your credit limit by pledging security collateral in 6 months.
Apart from the already mentioned, there aren’t many more rewards or other distinguished perks for this guaranteed credit card approval no deposit credit card although the APR and foreign transaction fees applied are pretty high.
- Qualify with limited or no credit history.
- Does not require a security deposit.
- High APR is applied.
- A Foreign Transaction fee is applied.
3. Milestone Mastercard
The Milestone Credit Card is a decent card for you if you have a credit score below 640 and don’t want to put down a security deposit. The Milestone Card can be worth the trade because it requires an absolutely $0 security deposit while offering a $300 credit limit, alongside an annual fee of $35 – $75 in the first year. This can ease out any financial emergencies you might face, though a very high APR is applied to any balance that you might end up carrying from one month to the next month.
Moreover, this card has no processing fee and can be the perfect choice for people facing bankruptcy. From the second year on, the Milestone Card can also charge an annual fee that is sometimes as high as $99, so you don’t want to consider switching to other cards and avoid keeping this card for long.
- No processing fees or monthly fees.
- This is available to people having bad credit, even after bankruptcy.
- Relatively low APR for the segment.
- High regular APR.
- A foreign transaction fee is applied.
4. Total Visa Card
The Total Visa guaranteed approval credit cards for bad credit no deposit can be comparatively an expensive unsecured credit card if you’re someone looking for a credit card with no deposit with bad credit. The Total Visa Credit Card has no requirements for pledging any money as a refundable security deposit. It comes with very high fees. It starts with charging an $89 program fee that you have to pay even before opening an account.
They also charge a $75 annual fee in the first year, which is then switched with a total of $123 in monthly and annual fees each following year. Despite the charges this card allows you to qualify for its services with bad or poor credit.
- Even people with bad credit can qualify for these bad credit credit cards guaranteed approval no deposit.
- Does not require a security deposit.
- A high APR rate is applicable.
5. Capital One Platinum Credit Card
The Capital One Platinum Credit Card is an excellent credit card for building credit at an easy and affordable cost. The card comes with multiple positive perks and is easily worth your while. The Capital One Platinum credit card offers a $0 annual and monthly fee along with a starting credit limit of $200 in return for pledging a refundable security deposit that could go as low as just $49.
Although the refundable security deposit could go as high as $99-$200. With this card, you face a $0 Fraud Liability. In case of any unauthorized transaction, you won’t be held accountable. The Capital One Platinum Credit does not provide any rewards or offers, excluding the ones mentioned, and comes with a higher-than-average interest rate.
- No annual or monthly fees.
- The credit line starts at $200.
- Great for credit-building.
- No rewards are offered.
- Higher-than-average interest rate.
6. Capital One QuicksilverOne Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards Credit Card is pretty similar to the Capital One Platinum card mentioned above except this card comes with tons of cashback opportunities. These credit cards with no deposit allow you the opportunity to earn unlimited cash back on every eligible purchase in return for a small amount of annual fee.
On a positive note, as long as you do on-time payments and do not let your monthly balance carry over to the next month you can avoid interest charges and your reward earnings may exceed your annual fee charges with a charge of $217 each month.
The Capital One QuicksilverOne Cash Rewards Credit Card allows you to earn unlimited cashback of 1.5% cash back on every eligible purchase along with a $0 fraud liability.
- You can earn unlimited cashback of 1.5% on all eligible purchases.
- You can increase your credit limit with on-time payments in as little as 6 months.
- Enjoy $0 fraud liability.
- A high APR rate of 29.74% is applied.
- An annual fee is applied to this card.
7. Tomo Credit Card
The Tomo Credit Card is an excellent choice for benefits like rewards, alongside getting guaranteed approval credit cards for bad credit: no deposit. It is issued by Community Federal Savings Bank and is tailored for those with poor to no credit. This card helps you earn 1% cash back on every eligible purchase. May even offer a possible increase in credit limit, of up to $10,000, depending on your eligibility.
The company behind the card, known as TomoCredit, possesses a proprietary technology. It combs through and considers many data points. This includes your current or potential income, current account balances, your identity proof, contact information, etc. This data is then assessed to determine your eligibility as a candidate for their guaranteed credit card approval no deposit service.
- No APR is applied.
- No security deposit is required.
- No credit check is required.
- No annual fees or foreign transaction fees are applied.
- They report to all three major credit bureaus.
- Carrying over balances from one month to the next is not allowed.
- Has features that aren’t useful for everyone.
8. Indigo Mastercard for Less-than-Perfect Credit
The Indigo Credit Card is an appropriate unsecured credit card created for people with bad or poor credit. This card offers a $300 plus credit limit, with no requirement for a security deposit. The Indigo Card charges an annual fee of $0 – $99, which is worth the trade if you want guaranteed approval credit cards for bad credit: no deposit and do not want to pay a security deposit upfront.
The pre-qualification process for these Indigo bad credit credit cards guaranteed approval no deposit cards is simple and convenient, causing absolutely no impact on your credit score. The Indigo Credit Card reports to all three major credit bureaus and helps you build your credit for a better financial future.
- You can qualify even with bad credit.
- Does not require a security deposit.
- Reports to all three major credit bureaus.
- A high regular APR is applied.
- A foreign fee is charged.
What Credit Limit and Interest Rate Can I Expect with Unsecured Credit Cards?
Unsecured credit cards allow you to build credit without depositing any money upfront as security. Hence, the issuer lacks collateral for security with unsecured loans. This lack of collateral gives rise to complications such as high-interest rates and low credit limits. Even then, the credit limit on an unsecured credit card with aspects like guaranteed approval credit cards for bad credit no deposit is typically determined by the issuer. It might not always be to your liking. Some cards have a higher credit limit which can be a bad thing. Borrowers are more likely to mismanage their limit and carry a balance to the next month resulting in much higher interest rates.
How Do I Use My Credit Card to Rebuild My Credit?
If you are a person with bad credit history, you can use your unsecured credit card for guaranteed credit card approval no deposit bad credit to rebuild your credit by paying your bills on time, every single month. Make you pay off your balances every single month to avoid carrying off and paying charges. Paying on time and clearing your monthly balance helps you build credit and keeps you from getting too close to your credit limit. In contrast, carrying it over to be repaid the next time impacts your credit status negatively and increases your risk factor.
What Credit Score Do I Need for Approval?
You would need a credit score of approximately 550 to get approval for a zero-deposit credit card. Additionally, the higher your credit score is, the more services, offers, and rewards you can avail of with your unsecured credit card, along with the chances of you getting approved increasing.
If you are an applicant with a credit score lower than 550, you might want to consider opting for a secured credit card, instead of an unsecured one. However, if you’re set on getting a credit card with zero deposit, then there are zero deposit guaranteed approval credit card options available, although these guaranteed approval credit cards for bad credit: no deposit options typically come with low credit limits, high fees, and high-interest rates.
Some Tips to Improve the Chances of Approval of No Deposit Credit Cards
With a bit of accurate information and consistent commitment, you can build the right behavior that helps you improve your chances of one day getting approved for a no-deposit unsecured credit card. Here are some tips that can help you start the process of acquiring your own bad credit credit cards guaranteed approval no deposit eventually.
- Become an Authorized User
An authorized user is when the primary user of a card adds you as a secondary user of their account and takes liability for your financial actionṣ in regard to said account. The primary user is legally responsible for any debt you accrue or any transaction you make. Becoming an authorized user will allow you to use another person’s card as if it were yours without being accountable or liable for any transactions made with the primary user’s card even if you aren’t qualified for your own card.
- Student Credit Cards
Student credit cards are an easy and accessible way to build credit and strengthen your credit history if you’re a student and new to building credit. Some student credit cards do not require security deposits or have a minimum credit score requirement to get started and avail of the offers and rewards.
How to Choose the Right Credit Card with Instant Approval and Zero Deposit for Yourself?
Checking your options for pre-approval is one of the best ways to choose your perfect credit card designed according to your needs. Avoid secured credit cards if you’re not willing to pay a security deposit and compare all your options to deduct your best fits.
Ask for advice if needed and look for the most suitable card based on your financial situation. Research for the best rates and most flexible conditions the top-rated cards in the market can offer. Consider cards that fit your credit rating range although there are plenty of unsecured credit card options for borrowers with bad credit scores. Check into pre-approval and pre-qualification conditions and rewards before signing up for a card.
Q1. Can I get a credit card without paying a deposit?
Yes, you can get a card without direct deposit if you opt for unsecured credit cards. Unsecured credit cards allow you to build your credit without any security deposits. Moreover, they provide you with installation approval on the application.
Q2. What kind of credit card does not require a deposit?
Unsecured Credit Cards typically do not require a deposit. They require you to pay higher interest rates with lower credit limits. If you are hesitant to pay money upfront for secured deposits for a secured credit card Unsecured Credit Cards can be an appropriate choice for you.
Q3. How can I get approved for a credit card with no money down?
You can get approval to have a credit card and other alternatives by putting zero money down, regardless of your credit history. Some options that can help you achieve your requirements with minimal alterations are unsecured credit cards, authorized user cards, and student credit cards.
A card with no deposit and guaranteed approval i.e, an unsecured credit card with guaranteed credit card approval no deposit bad credit may not be the boon you think it is. If you bring its downsides into the fold. Regardless, these guaranteed approval credit cards for bad credit: no deposit can be worth the trade if you do not want to pay collateral at any cost, and are looking for instant approval with bad credit.
Additionally, these cards provide plenty of rewards and cashback, adding another reason to be considered a good option. Cards in this niche allow you to build credit how you want, so, you can always get a different card later if they don’t work out for you. However, be sure to educate yourself well about such markets and loans as you should always be careful when investing your money and divulging your personal information, whether on the internet or off it.