Credit cards with no deposit are also referred to as unsecured credit cards. These are the credit cards that most people think of when they want to apply for a new card.
In this article, we’re going to be explaining how to apply for credit cards with no deposit
This article is part of our free series on how to apply for US credit cards, including how to get a US credit card with an ITIN number, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Credit Cards With No Deposit
- What Are the Benefits of Obtaining a Credit Card With No Deposit?
- Who Can Apply for a Credit Card With No Deposit?
- Where Can I Apply for a Credit Card With No Deposit?
- How to Apply for a Credit Card With No Deposit?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Credit Cards With No Deposit
Credit cards with no deposit refer to unsecured credit cards, which have an approval process. Not surprisingly, each credit card eligibility is different, but generally speaking card issuers want applicants with a strong credit history.
That said, “bad credit” options do exist for low credit score approval, though credit card applications still need to be completed. In most cases, individuals with a bad credit score are unable to get approved for no-unsecured credit cards. Instead, they typically need to apply for secured credit cards first.
Of course, secured credit cards do not offer the same level of credit card benefits or rewards programs as unsecured cards. This makes secured cards generally less desirable and unsecured credit card offers significantly more attractive. However, it also means that credit card fees for unsecured credit cards are usually higher than those for secured cards.
We’ll discuss the different types of credit cards without deposit below. However, it’s important to note that prospective applicants should always conduct a detailed comparison of credit cards, including how many credit cards they should have, their fees, APR rates, and potential benefits before deciding which card to apply for.
Do I Have to Pay a Fee for a No Deposit Credit Card?
Whether you have to pay a fee for a no-deposit credit card will depend on the specific card you are applying for. This is because most banks offer specific cards, such as unsecured credit cards, with no fees but they also offer credit cards with annual card fees.
Of course, regardless of the card you choose, other fees will apply. In most cases, these fees include different transaction fees, withdrawal fees, foreign currency fees, and the fees related to the interest that has to be paid on the accruing balance.
Do I Need to Provide a Credit History to Obtain a Credit Card Without Deposit?
Yes, you need to provide a credit history in order to obtain a credit card without a deposit. This is because unsecured credit cards are only available to individuals who have proven that they can be trusted with responsibly managing credit and paying back the amount of money that they have borrowed.
What Are the Benefits of Obtaining a Credit Card With No Deposit?
There are several benefits to obtaining a credit card with no deposit, not the least of which is having an inaccessible deposit at the bank held as security. That said, there are a wide range of other benefits to consider as well, which we have shared below.
Benefits of No Deposit Credit Cards
- No requirement for holding a deposit as a security
- Ability to strengthen credit history
- Emergency access to funds
- Lucrative welcome bonuses
- Loyalty rewards programs
- Ongoing travel benefits
- Retail discounts and credits
- Widely accepted internationally
Of course, there are many card-specific benefits offered by unsecured credit cards as well. And, while each card is different, they typically include cash back, member rewards, travel bonuses, support for foreign transactions, and more.
Who Can Apply for a Credit Card With No Deposit?
When it comes to unsecured credit cards, applicants typically need a FICO credit score of at least 580 in order to qualify.
That said, applicants with lower credit scores can still qualify for certain cards. However, these “poor credit” card options generally have limited benefits and come with high fees.
Alternatively, applicants can consider applying for secured credit cards and building up their credit history in order to qualify for better-unsecured credit cards at a later date.
Where Can I Apply for a Credit Card With No Deposit?
If you believe you qualify for a credit card with no deposit, you can apply at any major financial institution in your country of residence. In certain instances, like in the United States, you can also apply as a foreign non-resident. Though you still need to have a credit history to qualify.
How to Apply for a Credit Card With No Deposit
To apply for a credit card with no deposit, you first need to decide which credit card you want to apply for. This includes navigating the specific requirements, benefits, and eligibility criteria of potential credit cards and identifying the specific card that meets your profile and needs.
After you choose the credit card, you then need to complete a formal credit card application with the card issuer. In most cases, this will be completed directly through the card issuer’s website. However, in certain instances, you may need to show up in person to complete the process.
Importantly, if you are unable to meet the requirements or eligibility for an unsecured credit card, you will be denied. With this in mind, here’s a look at the specific requirements that you should consider before applying.
Requirements for Applying for Credit Cards Without a Deposit
- Qualifying credit score
- Suitable annual income
- Appropriate debt-to-income ratio
- Meet legal age requirements
- Government-issued identification
- Proof of address
- Proof of income
- And more
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Frequently Asked Questions
Below are four of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Can I Get an Unsecured Credit Card With No Deposit?
Yes, you can get an unsecured credit card with no deposit. However, in order to qualify for an unsecured credit card you need to have a qualifying credit score. In most cases, this involves a FICO credit score of at least 580.
Can I Get a Secured Card With No Deposit?
No, you cannot get a secured credit card with no deposit. In fact, the nature of a secured credit card is that it is “secured” with a security deposit by the cardholder. This security deposit is then held by the bank in case the cardholder does not repay the balance in line with the terms and conditions of the card.
How to Open a Credit Card With No Money?
To open a credit card with no money you first need to identify a credit card that you are eligible for. In most cases, in order to qualify for credit cards with no deposit you need to have a FICO score of at least 580. If you do not have a FICO score of 580, you may want to consider obtaining a secured credit card and strengthening your credit score first.
Can I Open a Credit Card Without a Deposit?
Yes, you can open a credit card without a deposit as long as you qualify for the card of your choosing. Importantly, in order to qualify you need to meet the eligibility criteria of the card issuer, which may include residency, income level, outstanding debts, and of course credit score, among other variables.
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