Second Chance Credit Cards With No Deposit
Second chance credit cards with no security deposit will help you build a strong credit history over time that can lead to good credit scores.
- November 6, 2024
- Credit Cards
Create Your Opportunity
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 doesn’t mean you can’t get approved for a credit card. Fortunately, you have some options even with poor credit.
Use a second chance credit card with no security deposit to get a fresh start, then charge only what you can afford and pay your bill on time each month.
Second chance credit cards with no security deposit
APRs
No interest charges
Fees
(3) Membership options
Credit Needed
No credit check
Annual Fee
None
The GrowCredit card offers a traditional line of credit that allows you to establish credit as you pay for qualifying monthly subscriptions that include eligible bills, TV, music and other streaming services.
You pay off the bill in full each month that is reported to the major consumer reporting agencies (Experian, Transunion, and Equifax).
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“Build” membership (free for the first 12 months): This plan offers a $17 monthly spending limit on subscriptions like Netflix, Hulu, Spotify and Pandora, to name a few. After 12 months, you’ll pay $3.99 per month for this plan.
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“Grow” membership ($6.99 per month): The Grow membership offers a $50 monthly spending limit and access to “premium” subscriptions that include payments at Verizon Wireless, AT&T, Sprint, T-Mobile and Coursera.
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“Accelerate” membership ($12.99 per month): This plan offers a $150 monthly spending limit toward these same premium subscriptions.
APRs
No interest charges
Fees
3% of the full transaction amount
Credit Needed
No credit check
Annual Fee
None
- You must open a Current account before applying for the Build Card. Funds transferred into the Current account become your security deposit.
- Build credit with every swipe.
- Get paid up to 2 days faster.
- Earn points on swipes for cash back.
- No credit checks or history required.
APRs
No interest charges
Fees
(2) Membership Plans: $9 monthly or $72 annual
Credit Needed
No credit check
Annual Fee
None
The Ava Card is strictly a credit builder card that cannot be used like a regular card. It’s designed to give you a generous credit limit that reports to major credit bureaus. But you’ll only be able to use a small portion of that credit limit.
This can help your credit score by showing a high limit credit card with low utilization rate. Keep in mind that low utilization shows you’re responsible with your credit and not maxing out your cards and that utilization accounts for 30 percent of your overall credit score.
- Credit limits up to $2,500.
- Ability to spend part of your limit on 60+ online merchants approved by Ava (e.g., Netflix, Spotify, Amazon Prime) or the Ava Store.
- No interest charges.
- No hard credit check.
- Credit card and credit-building loan.
- Reports to all major bureaus.
APRs
21.96% - 29.99%
Annual Fee
$39
Credit Needed
Poor / Fair / Good
Intro Purchase APR
N/A
- $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
- Combine the flexibility of a card with the predictability of a personal loan
- No touch payments with contactless technology built in
- See if you qualify in minutes without hurting your credit score
- Mobile app to access your account anytime, anywhere
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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