2019 Best Unsecured Credit Cards?

2019 Unsecured credit cards for bad credit do not require a security deposit for approval. But that doesn’t make them better than secured creditcards (some offers are from WalletHub partners). The absence of a deposit show more results in tougher approval requirements, higher fees and very little spending power beyond what you can already afford in cash. Unsecured credit cards for people with bad credit tend to have low spending limits, after all. And you can’t increase your credit limit simply by paying more, as is the case when you add to a secured card’sdeposit. So we recommend getting a secured cardunless you absolutely need an emergency loan of $200 or less

To help you keep your costs down, WalletHub compared all of the unsecured credit cards for people with bad creditin our database of 1,000+ offers. And we identified the cardswith the least-bad rates and fees

Total VISA® CreditCard– Instant Approval.

Fingerhut CreditAccount – No Checking Account Needed.

If you decide to apply for one of the unsecured cards listed above, make sure you have a plan for repaying what you spend.… show more Unsecured credit cards for people with bad creditcharge more than twice as much interest as the average creditcard,according to WalletHub’s latest CreditCardLandscape Report . So the sooner you pay, the less you’ll have to spend. show less.

Get the security and convenience of a full-feature, unsecuredVisa® CreditCard– accepted at millions of merchant and ATM locations nationwide and online.

Reporting monthly to all three major creditreporting agencies.

Easy and secure online application.

If approved, pay a Program Fee and you can access the $300 credit limit (subject to available credit).

Receive your cardmore quickly with optional Expedited Processing (additional fee applies).

Get a result in as little as 60 seconds upon completion of the online application.

Select your favorite carddesign from our gallery, for free!

Additional Info.

See if you Pre-Qualify without harming your credit score.

Track your progress with free online access to your Experian credit score, terms apply.

Looking to rebuild credit?We report to the major credit bureaus monthly.

Accounts are automatically reviewed for credit line increase opportunities.

Make paying your bill easier with the ability to choose your payment due date, terms apply.

Stay in-the-know with customizable account alerts via email and text.

Fast and easy application process; response provided in seconds.

Manageable monthly payments.

If approved, simply pay a Program Fee to open your account and access your available credit.

Reports monthly to all three major credit bureaus.

Monthly reporting to the three major credit bureaus.

Initial Credit Limit of $500.00!* (subject to available credit).

Fast and easy application process; results in seconds.

Additional Info.

See if you Pre-Qualify without harming your credit score

No need to fret—you’re covered by $0 Fraud Liability.

Accounts are automatically reviewed for credit line increase opportunities.

Choose your monthly payment due date for added convenience, terms apply.

Monitor your creditwith free online access to your Experian credit score, terms apply.

Looking to rebuild credit?We report to the major credit bureaus monthly.

This cardrequires a one-time up front Processing Fee of $95.00 to be paid in full before the Credit Account is opened. If the Processing Fee is not paid in full within 85 days, the application will be withdrawn.

If your credit limit is $300, the annual fee will be $75 in the first year. After that, you will pay a $45 annual fee and $6.25 per month.

If your credit limit is $400, the annual fee will be $100 in the first year. After that, you will pay a $45 annual fee and $6.25 per month.

If your credit limit is $500, the annual fee will be $125 in the first year. After that, you will pay a $49 annual fee and $10.40 per month.

Your account history reports to the major Consumer Reporting Agencies.

Use your cardeverywhere Mastercard® cardsare accepted.

Each time your Credit Account is eligible for and approved for an unsecured credit limit increase, a Credit Limit Increase Fee in the amount of 25% of the amount of the credit limit increase will be assessed to your Credit Account.

*We are not affiliated with or authorized by First PREMIER Bank. The information herein has not been reviewed or approved by First PREMIER Bank.

Fraud protection for stolen or lost cards.

Ad Disclosure.

We’re sorry, but after searching our extensive database, we were unable to locate any credit cards that match the following criteria: {{tag.tag}}{{$last ? ” : ‘, ‘}}.

More Filters Fewer Filters.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Actual terms may vary. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

† Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that creditwill be extended.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation “Sponsored”, where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer.

The best unsecured credit card for bad creditis the CreditOne Bank® Platinum Visa® for Rebuilding Creditbecause it has a $300 minimum credit limit, its annual fee could be as low as $0 (or as high as $99), and you don’t have to put down a security deposit. The CreditOne Platinum Visa also gives cardholders 1% cash back on select purchases. Plus, this cardis made for people with bad credit.It reports to the major credit bureaus on a monthly basis, giving cardholders the chance to build better credit scores by making on-time payments.

But the pickings are pretty slim, unfortunately. That’s why we recommend reconsidering secured credit cards, which tend to be far cheaper in the long run. Short of that, try to avoid cardswith one-time fees and focus on offers with just a small annual fee. That’s how our editors whittled down a list of 1,000+ credit cardoffers to their picks for the best credit cards for bad credit with no security deposit.

No matter which cardyou end up getting, you can track your credit improvement for free on WalletHub . You will also benefit from personalized money-saving advice.

Comparing can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines . Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered….show moreshow less.

In terms of selecting a specific card,you can check out unsecured options here , and the CreditOne Visa in particular is pretty decent. But even decent is expensive when it comes to unsecured credit cards for people with bad credit,and your annual fee could be as high as $75 the first year and $99 thereafter, so you may also want to consider the Capital One Secured MasterCard, which has the potential to be “partially secured,” providing a creditline as high as $3,000 for a deposit as low as $49.

Mar 5, 2018 • @cindercard.

Partially secured credit cards have spending limits that are bigger than the refundable security deposit held by the issuer as collateral. For example, the Capital One Secured Mastercard can be partially secured since your deposit could be as low as $49 while your spending limit starts at $200.

With a partially secured credit card,a credit card company only has a partial guarantee that they will be repaid if the cardholder maxes out the card.That’s why it’s rare for a secured cardto be partially secured from the start.

It’s more common for a secured credit card to become partially secured or unsecured after a while. This happens when the issuer gives the cardholder a credit-limitincrease. Or, they may give a deposit refund as a reward for consistently paying on time.

The Capital One Secured Mastercard is the only cardavailable right now that can be partially secured from the start.

Best Partially Secured Credit Card

The Capital One Secured Mastercard is the only partially secured credit card.

All Capital One Secured cardholders start with a $200 credit limit.

The deposit you’re required to place could be $49, $99 or $200, depending on your credit worthiness.

If your credit history, income and debt situation are all really bad, you’ll probably have to put down the full $200. But if you’re closer to fair credit or have limited experience, it may be partially secured.

Capital One secured has no annual fee, regardless of what your deposit winds up being.

Don’t get too bummed out about the lack of partially secured credit card options, though. As far as credit building goes, there’s no difference between a fully secured credit card,a partially secured credit card and an unsecured credit card.The amount of your security deposit, if you have one, is not listed on your credit reports.

There are only a couple of added benefits that a partially secured credit card provides relative to a fully secured card.For one thing, they offer the ability to borrow. You can’t really get a loan from a fully secured credit card because you have to fully prepay your purchases. And with a partially secured credit card,you get to keep more of your money out of the credit card company’s custody.

Apr 29, 2018 • @cindercard.

The best secured cardthat reports as unsecured is the Discover it Secured cardbecause it has a $0 annual fee and gives 1% to 2% cash back on purchases. Discover also doubles the first year’s rewards as an anniversary present. It gives 1% back on all other purchases. But there are plenty of other secured credit cards that report as unsecured.

In fact, every secured carddoes. Credit cards are never labeled “Secured” or “Unsecured”on your credit reports. They just show up as open creditcardaccounts, no matter what type of cardthey are. The big difference between secured and regular creditcardsis that secured cardsrequire a security deposit, which acts as your spending limit. So they’re easier to get.

Secured cardshave the exact same credit-buildingpotential as unsecured cards If you make all your payments on time and don’t rack up a lot of debt, you should eventually be able to qualify for unsecured cards with more attractive terms. And there are plenty of good options currently available, all of which report to all three credit bureaus every month. That means any of them can help you improve you creditif used carefully.

Cash rewards: Discover it Secured Card. Reports to all three major credit bureaus. $0 annual fee. $200 minimum deposit. 2% cash back on the first $1,000 spent per quarter on gas and restaurants and 1% on all other purchases.

Low deposit: Capital One Secured Mastercard. Reports to all three major credit bureaus. $0 annual fee. Minimum deposit of $49, $99 or $200, depending on your credit worthiness.

Low APR: Green Dot primor Secured Visa Gold Card. Reports to all three major credit bureaus. $49 annual fee. $200 minimum deposit. 9.99% fixed APR.

No credit check: OpenSky Secured Visa Credit Card. Reports to all three major credit bureaus. $35 annual fee. $200 minimum deposit.

Those aren’t the only secured credit cards that report as unsecured,since all secured cards do that. But they provide some of the most attractive terms on the market. And remember, any type of creditcardcan help improve your creditscore. You just have to pay your bills on time and keep your spending low.

Exactly which type of secured cardis best for you depends on your preferences. But it’s probably best to focus on no annual fee first. Then, you can worry about other things like rewards.

Based on that logic, the best secured cardsreally fall into order. For example, you might rank them like this.

You can find a list of available unsecured credit cards for bad credit here . Keep in mind that most of these cardswill charge high fees without providing you with much spending power.

Yes, it is possible, but we don’t recommend it unless you truly need access to an emergency line of credit.So-called unsecured credit cards for bad credit tend to charge prohibitive fees without offering much spending power in return. Nevertheless, you can check them out here . If you’re mainly interested in a way to build credit,you may want to reconsider your stance on security deposits. You’ll get the full amount back if you close your account with no balance, and the presence of this deposit is the reason why you can find secured cardswith no annual fee. You can compare secured cardshere . Hope this helps.

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Ask the Experts.

Ask the Experts: Do Unsecured Cards& Bad Credit Mix?

Building your way back from bad credit can be tough, not to mention expensive, especially if you have the wrong creditcard.To help you better understand your options, choose wisely and continue to make the right moves once your account is open, we posed the following questions to a panel of personal finance experts. You can see who they are and what they recommend doing below. .

Why are unsecured credit cards for people with bad credit so expensive? And why are there so few options?

Does it ever make sense to get an unsecured credit card if you have bad credit,considering the high rates and fees as well as the low spending limits?

What’s the most important thing to look for in an unsecured credit card if you have bad credit?

Lawrence J. White.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Actual terms may vary. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

† Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation “Sponsored”, where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

 

Source: https://wallethub.com/credit-cards/unsecured/

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