Second-Chance Credit Cards with No Security Deposit
| Credit Card | Best For | Credit Score | Annual Fee | Welcome Bonus |
|---|---|---|---|---|
| Overall | 300–669 | $39 ($0 for the first year if you set up autopay) | ||
| No Checking Account | 300–669 | $0–$49 | ||
| No Annual Fee | 580–739 | $0 | ||
| Rebuilding Credit | 300–669 | $75-$99 | ||
| Guaranteed Approval | 300–669 | $75 for the first year ($48 after) |
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Getting back on your feet after experiencing financial difficulty is tough, especially when you’re working with a bad credit score. However, using a credit card to build your credit is an effective strategy for getting your borrowing history back on the up and up.
Unfortunately, credit card companies offer very few credit cards to borrowers with bad credit histories. There are even fewer choices available if you’re not willing to put down a security deposit on a credit card. However, unsecured (no deposit) second-chance credit cards do exist, and we’re here to help you find the best one. Check out our top 5 picks for second-chance credit cards with no security deposits.
What’s a second-chance credit card?
A second-chance credit card is a credit card that’s available to borrowers with bad credit histories. For example, if you have a low credit score, defaulted loans, bankruptcies, foreclosures, or other derogatory marks on your credit report, you may have a bad credit history.
This makes qualifying for a loan or line of credit difficult. However, some banks and credit card issuers offer cards specifically for borrowers with this type of credit, giving them a second chance at borrowing responsibly.
Even better, many of these are designed as credit cards for building credit, helping borrowers with bad histories build back their credit and qualify for better loans in the future.
How do I get a second-chance credit card?
There are two ways you can get a second-chance credit card:
- Put down a security deposit: Most second-chance credit cards are secured credit cards, meaning they require a security deposit. The deposit acts as collateral in case you don’t pay your bills, so lenders are more likely to qualify borrowers with bad credit for these cards.
- Apply for an unsecured credit card: If you don’t want to pay a security deposit, there are still borrowing options available. However, they’re more limited and often come with high fees and interest rates (listed as the credit card’s APR). Look for an unsecured second-chance credit card that reports to the three major credit bureaus (which is important for building credit), offers high approval odds, and doesn’t have exorbitant fees or APR.
The following second-chance credit cards are all unsecured, meaning they don’t require a deposit. To qualify, you’ll most likely need to go through a pre-approval process, then submit an official application. Many of the following cards offer instant approval, making the application process fast and allowing you to start rebuilding your credit with a credit card as soon as possible.
5 best second-chance credit cards with no security deposits required
Here are the 5 best credit cards without security deposits for people who need a second chance at borrowing responsibly.
