Editor
Finding a credit card with bad credit can be a challenge, especially when searching for options that offer guaranteed approval and do not require a deposit. While no credit card can guarantee approval for everyone due to individual financial situations, some cards are designed specifically to help individuals with poor credit histories rebuild their credit. Here’s a look at some of the top options available that meet these criteria.
1. Indigo® Platinum Mastercard®
Overview:
The Indigo® Platinum Mastercard® is tailored for individuals with poor credit. It offers a straightforward application process and does not require a deposit.
Features:
- Credit Limit: Varies based on creditworthiness; potential for up to $10,000.
- Annual Fee: $0 – $99, depending on credit profile.
- Rewards: No rewards program.
- APR: Variable APR ranging from 24.90% to 29.90%.
Pros:
- No Security Deposit Required: This card does not require an upfront deposit.
- Flexibility: Offers credit to those with various credit scores.
Cons:
- High APR: Interest rates can be quite high.
- Annual Fee: The fee can be significant based on your credit profile.
2. Credit One Bank® Platinum Visa®
Overview:
The Credit One Bank® Platinum Visa® is designed to assist those with less-than-perfect credit. It offers potential for higher credit limits without requiring a deposit.
Features:
- Credit Limit: Up to $10,000, though limits are based on individual creditworthiness.
- Annual Fee: $0 – $99, depending on credit profile.
- Rewards: 1% cash back on eligible purchases.
- APR: Variable APR ranging from 17.99% to 23.99%.
Pros:
- No Deposit Required: Allows for building credit without an upfront deposit.
- Cash Back Rewards: Earn rewards on eligible purchases.
Cons:
- High APR: The APR can be relatively high.
- Annual Fee: The annual fee can vary and may be significant.
3. OpenSky® Secured Visa® Credit Card
Overview:
The OpenSky® Secured Visa® Credit Card is a secured card that requires a deposit but is included here due to its high limit potential and availability for those with poor credit. If you can afford a deposit, this card is a strong option.
Features:
- Credit Limit: Up to $10,000, based on the amount of the security deposit.
- Annual Fee: $35.
- Rewards: No rewards program.
- APR: Variable APR of 19.64%.
Pros:
- High Credit Limit: Offers substantial limits with a deposit.
- No Credit Check: Approval does not rely on credit history.
Cons:
- Requires Deposit: A deposit is needed to secure the credit limit.
- Annual Fee: There is a yearly fee to maintain the card.
4. AvantCard Credit Card
Overview:
The AvantCard Credit Card is designed for individuals with poor credit. It provides access to credit without requiring an upfront deposit.
Features:
- Credit Limit: Up to $10,000, based on credit profile.
- Annual Fee: $0 – $59, depending on creditworthiness.
- Rewards: No rewards program.
- APR: Variable APR ranging from 24.99% to 29.99%.
Pros:
- No Security Deposit Required: Ideal for those who cannot afford a deposit.
- Credit Building: Helps in rebuilding credit with responsible use.
Cons:
- High APR: Interest rates can be high.
- Annual Fee: The fee varies and can be substantial.
5. Milestone® Gold Mastercard®
Overview:
The Milestone® Gold Mastercard® is another option for individuals with bad credit. It is designed to provide access to credit without requiring a deposit.
Features:
- Credit Limit: Up to $5,000, though actual limits are based on creditworthiness.
- Annual Fee: $35 – $99, depending on the credit profile.
- Rewards: No rewards program.
- APR: Variable APR ranging from 24.90% to 29.90%.
Pros:
- No Security Deposit Required: Suitable for those who cannot pay a deposit.
- Access to Credit: Provides an opportunity for credit building.
Cons:
- High APR: Interest rates can be relatively high.
- Annual Fee: The annual fee may vary and can be significant.
Conclusion
While finding a credit card with guaranteed approval and no deposit can be difficult, the options above offer viable solutions for individuals with poor credit. The Indigo® Platinum Mastercard®, Credit One Bank® Platinum Visa®, and Milestone® Gold Mastercard® provide opportunities to build or rebuild credit without an upfront deposit. For those who can afford a deposit, the OpenSky® Secured Visa® and AvantCard Credit Card offer substantial credit limits and can be beneficial for improving credit scores. Always review the terms and fees associated with each card to ensure it aligns with your financial situation and goals. Responsible use of these cards can help in improving credit scores over time.
