Even people with bad credit may need a credit card to process certain types of payments, to avoid constantly carrying large amounts of cash around, and to help rebuild their damaged credit.
Thankfully, there are many credit card companies that cater to this sector of the lending market. And that shouldn’t be surprising since about a third of U.S. adults (who have a significant credit history) have a poor or bad credit score.
And many people who are fully able and willing to pay their credit card bill on time, and who have been financially responsible for years, nevertheless have a lingering bad credit score.
Secured Credit Cards For Bad Credit
There are many credit cards for bad credit that require some king of a deposit. The rules on these deposits vary greatly.
Usually, the deposit amount will determine your credit line (the credit line will be the same as the deposit or, perhaps, two or three times that amount.) Other times, the deposit amount and credit line might both be based simply on your credit score.
You will also find numerous schemes by which you can climb to a higher credit limit, lower deposit requirement, or convert over to an unsecured card after making so many on-time monthly payments.
When you can’t get an unsecured card that accepts bad credit customers, a secured card is the next best option. But what about credit cards for bad credit no deposit needed?
Credit Cards For Bad Credit No Deposit Required
If you have bad credit, you may still qualify for a number of credit cards for bad credit with no deposit needed and not just for secured cards.
A higher interest rate, and perhaps, an annual fee may pertain, however. And there will almost certainly be tight restrictions on your credit limit. Typically, the exact terms with tighten or loosen based on your exact credit score.
Some try to avoid both secured and unsecured bad credit credit cards by using a prepaid debit card. But that route will not help rebuild your credit status since prepaid cards involve no credit line.
But a third option that falls within the pale of credit cards for bad credit NO DEPOSIT is the payday loan credit card. This type of card makes it fast and convenient to take out a payday loan and to repay it.
A payday loan NO DEPOSIT credit card, such as we help you find at Bonsai Finance, will make it easy to make all your payments on time since payments are auto-deducted from the card (onto which your paycheck will be auto-loaded.)
If you need more than just a way to process payments (you need an actual loan too) and you don’t like the idea of deposits, a payday loan unsecured credit card may be a good option for you.