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Unsecured credit cards for bad credit with no deposit
5 Sep 2017

Unsecured credit cards for bad credit with no deposit

Have you been thinking about getting a credit card but have bad credit? You might think that you won’t qualify for a credit card, but you certainly can. There are unsecured credit cards for bad credit with no deposit available right now. These are the most common credit cards for no credit out there, and the cards that you are probably most familiar with.

  • First Progress Platinum Select MasterCard® Secured Credit Card

    First Progress Platinum Select MasterCard® Secured Credit Card
    Issuer Synovus Bank
    • Receive Your Card More Quickly with New Expedited Processing Option.
    • No Credit History or Minimum Credit Score Required for Approval.
    • Quick and Complete Online Application.
    • Full-Feature Platinum MasterCard(R) Secured Credit Card.
    • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
    • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History.
    • Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application.
    • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time.
    • 24/7 Online Access to Your Account.
    • Nationwide Program though not yet available in NY, IA, AR, or WI.
    *See Card Terms. Show more
    Issuer Synovus Bank
    Regular APRAnnual FeeCredit LineCredit Recommended
    Regular APR14.74%
    Annual Fee$39
    Credit Line$2,000
    Credit RecommendedDamaged/Fair

Secured Credit Cards vs Unsecured Credit Cards for Bad Credit with No Deposit

It is not difficult to find an unsecured credit card, even if you have bad credit. Most lenders and banks have several options available. As you start your research, you likely have come across both secured and unsecured credit cards. What’s the difference?

When you have an unsecured credit card, you don’t have to pay a deposit to get the card. If you default on your credit card, the creditor cannot take your security deposit because there isn’t one. However, with a secured credit card, you must put down a deposit, and that deposit turns into your credit line. In this case, if the person with the secured credit card defaults, they can lose their entire security deposit, even if they haven’t used all of it for credit.

Obviously, it’s best to get unsecured credit cards for bad credit with no deposit instead of a secured card. These cards often have lower interest rates, reward programs, and other perks that secured credit cards don’t have. Of course, you also don’t have to put several hundreds of dollars down as collateral.

Qualifying for an Unsecured Credit Card

People who have no credit or bad credit might have a more difficult time qualifying for an unsecured credit card than those who have fair or good credit. Creditors look at a person’s credit history and might not be willing to take the risk. If your credit score is really low, you might not qualify for an unsecured credit card until you bring it up.

How can you bring it up? One of the best ways is to get a secured credit card. Put $300 down as collateral, use the card, and then pay it off. Eventually, your credit score goes up and you now qualify for an unsecured credit card. Oftentimes, you can even convert your secured card into an unsecured card and get your deposit back. Most lenders offer this after the borrower makes on-time monthly payments for 12 to 18 months.

You might improve your chances of qualifying for an unsecured credit card by using a secured card for a few months, reducing your debt, and paying off any accounts that are late. You also can get a co-signer who can get the credit card with you. This person would be responsible for your debt, but you wouldn’t have to put down any collateral and your credit score would increase.

If you are having troubles getting an unsecured credit card but still need cash in a hurry, a personal loan can help, too. We have these online loans available, even if you have bad credit. You also don’t have to put any collateral or deposit down to qualify.

Credit cards for no credit or bad credit borrowers seem like an empty hope to many. but there is a way to obtain financing that serves as an answer.  The truth is that the way to get loans and credit cards for no credit and bad credit borrowers must be understood before it can be obtained.

  • Bonsai Finance

    Our take: Online marketplace that searches through lenders to find the best offer for your personal situation Show more
    Credit ScoreLoan Size/AmountLoan TermAPROrigination Fee
    All can apply$100 - $15,0001 - 604.99% - 1,386%Varies by lender
    Credit ScoreAll can apply
    Loan Size/Amount$100 - $15,000
    Loan Term1 - 60
    APR4.99% - 1,386%
    Origination FeeVaries by lender

No Credit and Bad Credit Have an Impact on Borrowing

Credit is a peculiar system.  In fact, you typically cannot borrow money in the form of a loan or credit line, even through credit cards, if you have a poor credit history.  It limits your options with traditional banks and lenders.

Yet, there is still hope for those who have a negative credit history or no credit history to speak of at all.

Options for Loans and Credit Cards for No Credit or Bad Credit

For borrowers with no credit or bad credit, there are options available to you.  You need to understand that these options are not predatory nor are these options complex and complicated.

We work with lenders to provide online options for people in the same position as you who want access to cash at reasonable rates with clearly stated terms.  This primarily comes in the form of online personal loans from a wide variety of lenders.

How to Qualify for Online Personal Loans and Other Finances

The online request process is simple and straightforward.  The terms are defined and clear.  The rates are competitive in comparison to other loans and financial products.  There is no origination fee.  No credit check or report is required.

What you need for the online request:

  • U.S. residency
  • Age = Between 18 years old to 65 years old
  • An active cell phone that can receive both voice and SMS text messages
  • A checking or savings account for verification of a regular source of income
  • A debit or credit card that can serve as a backup form of payment

How to Use Online Options to Your Advantage

The truth is that you can use the funds at your own discretion.  You are not limited or restricted to certain terms for usage of the funds.  You decide and determine how you will use the funds.

Some possible ways to use the funds include but are not limited to:

  • Paying off or paying down long term and high interest debt such as other loans or credit cards
  • Taking an extended vacation with family or friends
  • Buying or leasing a new or used car
  • Making home improvements or necessary repairs on your home

When you look at all of the options that are available to those without credit or with bad credit, these options available online seem to provide some hope.  Those who truly want to have access to these types of funds need to consider this online option as the starting point to getting back on their feet.