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Second Chance Credit Cards With No Security Deposit

Second chance credit cards with no security deposit will help build a strong credit history over time that can lead to good credit scores.
second-chance-credit-card-with-no-security-deposit
second-chance-credit-card-with-no-security-deposit

Credit can be easy to damage but often difficult to rebuild.

A second chance credit card with no security deposit will help you build a strong credit history over time that can lead to good credit scores.

Having a low credit score does not mean you can't get approved for a credit card from a bank. Fortunately, you have some options even with poor credit.

Charge only what you can afford, pay your bill on time each month and don't take on too many credit cards.

Use a second chance credit card with no security deposit to get a fresh start.

Second chance credit cards with no security deposit

1. Upgrade Visa® Card


The Upgrade Visa® Card* can help improve credit without the requirement of a security deposit but it doesn't have rewards like the best secured credit cards that have a cash-back feature.

The Upgrade Visa Card is a no-frills credit card with the unique feature of combining the convenience of a credit card with the payment plan of a personal line of credit. You can pay off the balance in equal monthly installments at a fixed rate.

Features

  • $200 welcome bonus if you open the Upgrade Rewards Checking account.
  • $0 annual fee.
  • No foreign transaction fees.
  • No late fees.
  • FDIC insured.

 

APPLY NOW

2. The FIT® Platinum Mastercard®


The FIT® Platinum Mastercard® is an expensive unsecured credit card for people with poor or limited credit. It charges a $89 one-time fee, a $75 annual fee (billed at $6.25 per month).

In return, cardholders get a $400 credit limit and monthly reporting to the three major credit bureaus. There are no rewards or other perks but you can double your credit limit from $400 to $800 by making the first 6 monthly minimum payments.

Features

  • $400 credit limit doubles to $800! (Simply make your first
  • 6 monthly minimum payments on time)
  • All credit types welcome to apply
  • Monthly reporting to the three major credit bureaus
  • Initial Credit Limit of $400.00 (Subject to available credit)
  • Fast and easy application process; results in seconds
  • Use your card at locations everywhere Mastercard® is accepted
  • Access to your Vantage 3.0 score from Experian (When you sign up for e-statements)
  • Checking Account Required
 

APPLY NOW


3. Surge® Platinum Mastercard®


The Surge® Platinum Mastercard® will double your credit limit by making your first 6 monthly minimum payments on time, for example if the initial credit limit is $1,000 it will be doubled to $2,000 in 6 months.

The card reports to all 3 major credit bureaus to help people build or re-establish credit history.

Features

  • Up to $1,000 credit limit doubles up to $2,000! (Simply make your first 6 monthly minimum payments on time)
  • All credit types welcome to apply!
  • Monthly Credit Score – Sign up for electronic statements, and get your Vantage 3.0 Score Credit Score From Experian
  • Initial Credit Limit of $300 – $1,000 (subject to available credit)
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Online account access 24/7
  • Checking Account Required
 

APPLY NOW

4. First Digital Mastercard®

The First Digital Mastercard® is a genuine Mastercard® credit card that doesn't require perfect credit and gives you 1% Cash Back on all payments. That means you'll only earn those rewards when you pay your bill, not when you make purchases.

The card reports to all 3 major credit bureaus to help people build or re-establish credit history plus, earning rewards is a perk on a credit-building card.

Features

  • Get the security and convenience of a full-feature, unsecured MasterCard® Credit Card – accepted at millions of merchant and ATM locations worldwide and online.
  • Designed to help overcome credit issues; you may be approved even if you’ve been declined elsewhere.
  • You may be eligible for a Credit Line Increase after 12 months.
  • Easy and secure online application – It takes just moments to apply.
  • If approved, just pay the one-time Program Fee to gain access to your new account and credit line (subject to available credit).
  • Receive your card more quickly with optional Expedited Processing (additional fee applies).
  • Get a result in as little as 60 seconds upon completion of the online application.
  • Online Customer Center available 24 x 7.
  • Issued by Synovus Bank, Member: FDIC

APPLY NOW

Benefits of second chance credit cards with no security deposit

Instead of using cash for a secured credit card, invest that cash in a high interest savings account with compound interest to build an emergency fund.

As you practice good credit habits, your chances of getting a better credit card or a loan with more favorable terms increases. 

Having a low credit score does not mean you can't get approved for a credit card from a bank. Fortunately, you have some options even with poor credit.

How to manage a second chance credit card with no security deposit

The number one action to help your credit scores using credit cards is to make all of your payments on time, every time.

Payment history is the number one factor making up a credit score.

The number two action is to keep credit card balances low and pay in full every month.

Credit utilization ratio, or balance-to-limit ratio is the second most important factor in a credit score.

Staying on top of payments and maintaining a low balance demonstrates that you consistently manage debt well and can add positive points to your credit scores.

Plus, when you pay the balance in full each month, you avoid paying interest or finance charges on revolving balances.

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Disclaimer: A OneUnited Checking Account is required to apply.

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