7 Best Second Chance Credit Cards with No Security Deposit: Our Top Picks (Ranked)

If you have a less-than-stellar credit score, don’t worry. You can still find a great Second Chance Credit Cards with No Security Deposit. In fact, m

any of the top credit card issuers offer cards specifically designed for people who need a second chance.

These cards report your payment behavior to the three major credit bureaus, so you can start rebuilding your credit history and improve your credit score. Plus, there are a variety of low fees, rewards, and flexible payment options available.

So take a look at our top picks below!

What are second chance credit cards and why do you need one?

A second chance credit card is a type of credit card designed for people with bad credit or no credit history. Because these people are considered to be high-risk borrowers, they often have to pay higher interest rates and fees than people with good credit.

However, second chance credit cards can help people rebuild their credit scores by demonstrating that they can handle a line of credit responsibly.

In addition, these cards often come with low limits and fewer perks than traditional cards, which can help keep borrowers from getting in over their heads.

“While second chance credit cards may not be ideal, they can be a valuable tool for rebuilding your credit score”.

How to find the best second chance credit card for your needs.

Second chance credit cards offer people with less-than-perfect credit an opportunity to rebuild their credit score. However, not all second chance credit cards are created equal. It’s important to compare features and fees before you apply, in order to find the card that best suits your needs. Here are a few things to look for:

Annual fee: Some second chance credit cards come with an annual fee, while others do not. If you are charged an annual fee, make sure that the benefits of the card outweigh the cost.

Credit limit: Second chance credit cards typically have lower credit limits than traditional cards. If you need a higher limit, you may want to consider a secured credit card.

APR: The APR (annual percentage rate) is the interest rate you will be charged on any balance you carry over from month to month. Look for a card with a low APR to save money on interest charges.

Rewards: Many second chance credit cards do not offer rewards programs, but some do. If you plan to use your card regularly, it may be worth looking for a card that offers rewards such as cashback or travel miles.

Be sure to read the fine print before you apply for a second chance credit card. This way, you’ll know exactly what you’re getting into and can make an informed decision about whether or not the card is right for you.

The benefits of having a second chance credit card.

One of the most difficult things to overcome in life is a bad credit score. Whether it’s the result of poor financial decisions in the past or sudden circumstances beyond your control, a low credit score can make it hard to get approved for loans, credit cards, and other types of financing.

A second chance credit card is designed for people with bad credit, and it can be a useful tool for rebuilding your credit score. Second chance cards typically have high-interest rates and low credit limits, but they can help you improve your credit history if used responsibly.

By making regular on-time payments and keeping your balance well below your credit limit, you can gradually improve your score and eventually qualify for a better card. In the meantime, a second chance credit card can give you the financial flexibility you need to get by.

Best Second Chance Credit Cards with No Security Deposit
Best Second Chance Credit Cards with No Security Deposit

Our top picks for second chance credit cards with no security deposit

Now that you know what to look for in a second chance credit card, it’s time to compare your options. We’ve compiled a list of our top picks to help you get started.

Best Second Chance Secured Credit Cards

Here are three second chance credit cards with no security deposit that can help you rebuild your credit score:

  • Quicksilver One from Capital One
  • Petal 2 “Cash Back, No Fees” Visa Credit Card
  • Fingerhut Credit Account

Let’s start with the best second chance unsecured credit card:

#1. Quicksilver One from Capital One

If you’re looking for a second chance at credit, you may want to consider the Quicksilver One card from Capital One. This card is designed for people with average credit, and it offers a high rewards rate of 1.5% cashback on every purchase.

There are no rotating categories to sign up for, and you’ll be automatically considered for a higher credit line after just six months. Plus, you can use the CreditWise app to monitor your credit profile for free.

The Quicksilver One card also comes with $0 fraud liability, so you can rest assured that your information is safe.

However, this card does have an annual fee of $39 and a high APR, so be sure to carefully consider all the fees before applying.

Here are the Quick facts about the Quicksilver One card from Capital One:

  • Card type: Secured
  • Annual fee: $39
  • Rewards rate: Up to 1.5% cashback on every purchase
  • Sign-up bonus: None
  • Intro APR period: N/A
  • Regular APR: 26.99%

Why we like it: The Quicksilver One card from Capital One is a great second chance credit card for people with average credit. It offers a high rewards rate of up to 1.5% cashback on every purchase, and there is no annual fee.

and your credit limit is automatically considered for a credit line increase after just six months of on-time payments.

#2. Petal 2 “Cash Back, No Fees” Visa Credit Card

If you’re looking for a second chance at building credit, there are a few secured credit cards that can help you on your way. One option is the Petal 2 “Cash Back, No Fees” Visa Credit Card. ‘

This card doesn’t require a deposit, and you can see if you’re pre-approved within minutes without impacting your credit score. Once approved, you’ll get 1% cash back on eligible purchases right away, and 1.5% cash back after making 12 on-time monthly payments.

You’ll also get 2% – 10% cash back at select merchants, and your credit limit will be anywhere from $300 to $10,000.

Plus, Petal reports to all 3 major credit bureaus so you can keep tabs on your progress. So if you’re looking for a second chance at building credit, the Petal 2 “Cash Back, No Fees” Visa Credit Card could be a great option for you.

Here are the Quick facts about the Petal second chance credit card:

  • Card type: Secured
  • Annual fee: $0
  • Rewards rate: Up to1 % 1.5% cash back on eligible purchases, and up to 2%– 10% cash back at select merchants
  • Sign-up bonus: None
  • Intro APR period:​N/A

Regular APR: 13.24%-27.24%

Petal 2 “Cash Back, No Fees” Visa Credit Card offers are enticing, but they come with a few disadvantages.

One is that there’s usually no intro APR offer, so you’ll be charged interest on any balance right away.

Another potential downside is that you won’t be able to get cash advances or transfer a balance from another card, which can be helpful in an emergency.

Finally, keep in mind that applicants with a damaged credit report may not qualify for this type of card.

Why we like it: The Petal second chance credit card doesn’t require a deposit, and you can see if you’re pre-approved within minutes without impacting your credit score.

#3. Fingerhut Credit Account

If you’re looking for a second chance credit card with no security deposit, our top pick is the Fingerhut Credit Account. With an easy online application process and instant decision, it’s a great option for those with limited or no credit history.

Plus, you’ll get free 24/7 access to your FICO® Score and reports from all three major credit bureaus.

While there are no membership fees or rewards with the Fingerhut Credit Account, it doesn’t require a security deposit like some other second chance cards. And with a 90% approval rate, it’s one of the most accessible second chance options out there.

Just keep in mind that the regular APR is on the high side, so you’ll want to avoid carrying a balance if possible.

Here are the Quick facts about the Fingerhut Credit Account:

Card type: Second chance Secured Credit Card

  • Annual fee:​$0
  • Rewards rate: ​None
  • Sign-up bonus: ​None
  • Intro APR period: ​N/A
  • Regular APR: 29.99%

Why we like it: 90% Approval rate and No security deposit required makes this card very accessible. Who’s it good for: Those with limited or no credit history.

Best Second chance unsecured credit cards for bad credit

Here are a few second-chance unsecured credit cards to consider:

  • Total Visa Card
  • Milestone Mastercard 
  • OppFi® Card
  • Indigo Mastercard

Lets check out all the above unsecured second chance credit cards in detail:

#4. Total Visa Card:

If you’re looking for a second chance credit card with no security deposit, then you’ll want to consider the Total Visa® Card. This card is specifically designed for people with bad credit, and it comes with some great benefits. For starters, there is no security deposit required.

This means that you can get started right away without having to put up any collateral.

However, there are some drawbacks to this card. Namely, the one-time program fee is $89 and the annual fee for the first year is $75. Additionally, there will be a $6.25 monthly fee starting in the second year.

Overall, the Total Visa® Card is a good option for people with bad credit who are looking for a second chance at building their credit if you can afford expensive fees.

Here are the Quick facts about the Total Visa Card:

  • Card type: Unsecured
  • Annual fee:​ $75 1st yr, $48 after
  • $89 one-time program fee
  • $123 in fees starting year two
  • Very high High APR
  • Sign-up bonus: ​None
  • Intro APR period: ​N/A
  • Regular APR: 34.99%
  • No Security Deposit required.

Why we like it: No security deposit required

#5. Milestone Mastercard 

When your credit is bad, it can feel like you’re stuck in a financial rut. It’s tough to get approved for new loans or lines of credit, and even if you are approved, the terms are often less than favorable. But it is possible to get a second chance at credit-building, even if you have bad credit.

Milestone® Mastercard® is our top pick for second chance unsecured credit cards for bad credit. There’s no processing or monthly fee, making it very affordable.

Additionally, it’s available to people with bad credit, even after bankruptcy. The relatively low APR is also a plus.

However, there are some drawbacks to consider. Milestone Credit Card has membership fees, and there are no rewards or intro APR on purchases. Overall, though, this is a good option for someone looking to rebuild their credit.

Here are the Quick facts about the Milestone Mastercard:

  • Card Type: Unsecured
  • Annual Fee: $99 – $299
  • No Rewards or Intro APR on purchases.
  • Membership fees
  • Sign-up bonus: ​None
  • Intro APR period: ​N/A
  • Regular APR: 24.9%
  • Reported to the three major credit bureaus in the U.S.

Why we like it: No processing or monthly fee, available to people with bad credit, and relatively low APR.

#6. OppFi® Card

OppFi Card is our top pick for a second chance unsecured credit card for bad credit. First, there’s no security deposit required, so you can qualify even if you have bad credit.

Additionally, there’s no impact to your FICO® credit score when you apply, so you can shop around for the best rate without damaging your credit.

And finally, there’s no intro APR on purchases, so you won’t have to worry about interest charges accruing on your balance.

The only downside to the OppFi Card is the membership fee, but we think it’s worth it for the peace of mind and flexibility that comes with having an unsecured credit line.

Here are the Quick facts about the OppFi Card:

Card Type: Unsecured

  • Annual Fee: $99
  • No Intro APR on purchases.
  • Membership fees may apply
  • Sign-up bonus: ​None
  • Intro APR period: ​N/A
  • Regular APR: 35.99%
  • You can qualify with bad credit
  • Does not require security deposit

Why we like it: No security deposit required, no impact to your FICO® credit score when you apply.

#7. Indigo Mastercard

If you have bad credit, you may think that getting a second chance unsecured credit card is out of the question. However, there are some card issuers who are willing to give you another shot, even if your credit score is low.

One of these issuers is Indigo. They offer a second chance unsecured credit card with no security deposit needed and a $300+ credit limit.

Plus, their account history is reported to the three major credit bureaus in the U.S., so using their card responsibly can help you improve your credit score over time.

And if your card is ever lost or stolen, they have fraud protection in place to help keep you safe.

However, there are some drawbacks to this card. For example, they charge membership fees and there are no rewards associated with this card.

So if you’re looking for a second chance unsecured credit card with no security deposit and no annual fee, Indigo may not be the best option for you.

Here are the Quick facts about the Indigo Mastercard:

  • Card Type: Unsecured
  • Annual Fee: $0-$99
  • No Rewards or Intro APR on purchases.
  • Membership fees may apply
  • Sign-up bonus: ​None
  • Intro APR period: ​N/A
  • Regular APR: 24.90%
  • Does not require security deposit

Why we like it: No security deposit needed, $300+ credit limit, and account history is reported to the three major credit bureaus.

Is It Possible to Get a Credit Card with a 500 Credit Score?

A credit score is a numerical representation of your creditworthiness. It’s based on your credit history, which is a record of how you’ve handled debt in the past. The higher your score, the more likely you are to get approved for loans and credit cards and to get favorable terms.

A score of 700 or above is considered excellent, while a score of 550 or below is considered poor. So, what about a score of 500? Is it possible to get a credit card with a 500 credit score?

The short answer is “yes.” While you might not be approved for the best cards out there, there are still some options available to you.

For example, there are several “secured” credit cards that require a deposit equal to your credit limit. This deposit acts as collateral in case you default on your payments. There are also a few unsecured cards specifically designed for people with bad credit. These tend to have high interest rates and fees, but they can help you rebuild your credit if used responsibly.

If you’re looking to get a credit card with a 500 credit score, know that it’s possible – but be prepared to pay higher interest rates and fees. And always remember to use your card responsibly to avoid damaging your credit further.

Read on for our list of the best credit cards for people with a 500 credit score.

Which Unsecured Credit Card is the Easiest to Get?

It can be difficult to get approved for a credit card, especially if you have bad credit. However, there are a few unsecured credit cards that are designed for people with less-than-perfect credit. The Total Visa Card Credit Card is one option that you may want to consider.

This card has no credit check necessary for approval and you can get started with a $300 credit limit. Additionally, there is no deposit required so you can get started using your card right away. One thing to keep in mind, however, is that this card does come with a few fees. There is an annual fee of $75, a monthly servicing fee of $48, and a one-time program fee of $89. So, this card may not be right for everyone.

How to rebuild your credit rating with a second chance credit card?

Maybe you’ve been through bankruptcy, or had some other financial trouble that’s left your credit rating in shambles. Or maybe you’re just starting out and don’t have any credit history at all.

Either way, a second chance credit card can help you rebuild your credit rating so that you can eventually qualify for a traditional card with better terms.

When you’re shopping for a second chance credit card, look for one with low fees and a reasonable interest rate. You’ll also want to make sure that the card reports to the major credit bureaus, so that your payment history will be reflected on your credit report.

And finally, be sure to use your card responsibly by making payments on time and keeping your balance low. With some effort and discipline, you can use a second chance credit card to establish or re-establish a good credit history – and then enjoy the benefits that come with having good credit.

Things to avoid when using a second chance credit card?

When used correctly, a second chance credit card can be a great tool for rebuilding your credit score. However, there are a few things you should avoid if you want to make the most of this opportunity. First, don’t miss any payments.

Second chance cards typically have higher interest rates than regular cards, so it’s important to pay off your balance in full each month. Second, don’t use too much of your credit limit.

It’s important to keep your balances low in order to improve your credit utilization ratio.

Finally, don’t close the account once you’ve been approved for a regular card. Keeping the account open will help to improve your credit history.

If you follow these simple tips, you can make the most of your second chance credit card and get back on track to maintaining a good credit score.

Bottom Line

If you’re in need of a second chance credit card, or are looking to rebuild your credit rating, we’ve got you covered.

Our list of top picks for unsecured second chance cards comes with no security deposit required. So, whether you’re just starting out or have had some financial trouble in the past, there’s sure to be a card on this list that’s right for you.

Do you have a second chance credit card? Let us know in the comments below.

Frequently Asked Questions about Second Chance Credit Cards

What is a second chance credit card?

A second chance credit card is a type of credit card that is designed for people with bad or limited credit. These cards often have higher interest rates and fees than regular cards, but they can be a good way to rebuild your credit score.

How do credit card security deposits work?

A security deposit is a payment that is made to a credit card company in order to secure a credit limit for the card. The security deposit may be refundable once the cardholder has met certain requirements, such as making on-time payments for a predetermined period of time.

Do all credit cards require a security deposit?

No, not all credit cards require a security deposit. However, second chance credit cards often do require a security deposit in order to secure a credit limit for the card.

Can you get a credit card without a deposit?

A second chance credit card is a type of credit card that is designed for people with bad or limited credit. These cards often have higher interest rates and fees than regular cards, but they can be a good way to rebuild your credit score.

However, not all second chance credit cards require a security deposit in order to secure a credit limit for the card. There are a few second chance credit cards that do not require a security deposit, which means you can get a credit card without having to put down a deposit.

No credit history. What card do I start with and how do I use it effectively?

When you’re just starting out, it’s important to use your credit card responsibly in order to build a good credit history. That means making on-time payments and keeping your balances low. Using your credit card wisely will help you improve your credit score and get approved for better cards in the future.

How long does it take to rebuild credit with a second chance credit card?

The length of time it takes to rebuild your credit will depend on a number of factors, including how bad your credit is to begin with and whether you use your second chance credit card responsibly. However, if you make on-time payments and keep your balances low, you should see a significant improvement in your credit score within a few months.

Leave a Comment