An unsecured card that you may qualify for with no credit history.
- Get this card if you’re rebuilding your credit.
- Pick something else if you don’t want to pay an annual fee or share your bank account information.
- Customers new to credit are welcome to apply.
|Product Name||Deserve® Classic Card|
|APR (Annual Percentage Rate) for Purchases||24.74% variable|
|Cash Advance Fee||None|
|Interest Free Period||Up to 23 days|
|Late Payment Fee||$25|
|Returned Payment Fee||$37|
|Additional Cardholder Fee||$0|
|Minimum Age||18 years of age|
It can be difficult to get an unsecured credit card if you have no credit history or a credit score under 670. At the same time, you might not want to put down a deposit for a secured credit card.
That’s where the Deserve® Classic Card can help. Because Deserve uses proprietary methods to gauge how responsibly you’ll use your card, you may qualify for this product with less-than-perfect credit. You’re also welcome to apply with no credit history at all.
Unlike other subprime cards, the Deserve® Classic Card doesn’t charge exorbitant membership fees. You’ll pay a $39 annual fee, but you may see that as a fair price to pay for the chance to build your credit. And, if you use your card responsibly, you may be able to upgrade to one of Deserve’s other credit cards.
When you apply for a Deserve card, you’ll need to connect your bank account. Deserve will look at your transaction history and weigh your ability to afford card payments.
When other banks say no, Deserve may welcome you
Deserve has a non-traditional process for customer screening. When considering your application, it looks at factors like your education, future employability and projected earnings — not just your credit score. This could help you get a credit card when other banks might deny you.
No deposit required.
If you’re in a credit-building phase, you may be mostly limited to secured credit cards. These require you to put down a security deposit. Meanwhile, the Deserve® Classic Card can help you build credit, no deposit necessary. This can be very helpful since you won’t have to lock down $200 or $300 you’d otherwise deposit for a secured card.
No prior credit history required.
Don’t be scared away if you have no credit history. Deserve welcomes customers who are new to credit, and it uses proprietary methods to assess how responsible of a cardholder you’ll be.
Up to $1,500 credit limit.
Any credit line over a few hundred dollars is a good deal for a credit-building product, especially as you might need to provide a security deposit with another card. To get a $1,500 credit limit with a secured card, you’d need to put down a deposit of $1,500 or more.
Upgrade to the Deserve® PRO or Deserve® Edu Card with good credit behavior.
The Deserve® PRO and Deserve® Edu Card offer cash back, higher maximum credit limits and no annual fees. You may be able to upgrade to them with good credit behavior, such as paying your bills on time and staying within your credit limit.
You’ll also like …
No foreign transaction fees.
An unexpected but welcome perk. You won’t pay a fee when you use your card abroad or at a foreign website.
No overlimit fees.
You won’t be charged a fee if you go over your credit limit. That’s good news if you feel you’ve had trouble managing your available credit in the past.
Mastercard purchase and travel benefits.
When you pay for your wireless bill with your card, your phone is covered against damage or theft up to $600.
Eligible purchases you make with your card will receive price protection and extended warranties. You’ll also get access to travel assistance services when you’re traveling 50 miles or more from home.
Contact roadside assistance whenever your car breaks down on the road. Also, when you pay for your car rental with your card, you’ll receive a complimentary collision damage waiver.
What to watch out for
Annual fee: $39.
The card doesn’t require a security deposit, but the tradeoff is the $39 annual fee. This is standard among so-called subprime unsecured cards — cards that are available to customers with lower credit scores.
No balance transfers or cash advances.
This isn’t entirely a bad thing, as this card is mainly for building credit. Balance transfers can be tricky, especially when it comes to transfer fees and avoiding interest. Cash advances typically come with sky-high APRs, which can also put a damper on your ability to build credit.
The 24.74% variable purchase APR is a relatively high interest rate. The average credit card APR is around 16%. Consider paying off your balance each month to avoid accruing interest on your balance.
Consider other cards if …
You want a secured credit card.
The next best thing to an unsecured subprime card might be a secured card. Luckily, you can choose from many excellent options.
You don’t want to pay an annual fee.
Unfortunately, you’ll rarely find a subprime card that doesn’t charge an annual fee. If you’re alright with paying the deposit for a secured credit card, you’ll find plenty of great products without annual fees.
You want a lower APR.
Most subprime unsecured cards have high APRs — that’s because providers want higher returns for taking on customers they deem risky. However, there are many secured credit cards with low APRs.
You’re a college student.
You may want to check out the many student credit cards on the market. Providers that offer these products are often willing to accept customers with no credit history, and you might not have to pay an annual fee.
If you’d like a Deserve product, consider the Deserve® Edu Card. It’s a great student card with no annual fee, 1% cash back and a credit for your Amazon Prime Student subscription.
The Deserve® Classic Card vs. a secured credit card
What should I know before I apply?
To apply for the Deserve® Classic Card, you must be at least 18 years old.
Information you’ll need
- Your full name and contact information.
- Your residential status.
- Your annual income, source of income and employment information.
- Your Social Security number and mother’s maiden name.
- Your current bank account information if you’re a US citizen or permanent resident.
What credit score do I need?
If you don’t have a credit history, you’re the target customer for this card and more than welcome to apply.
If you have a credit history, you’ll have a better chance of approval if you apply with at least a fair credit score of 620 to 669. If you have a good to excellent score of 670 or higher, consider applying for a more powerful card.
What do customers say about the Deserve® Classic Card?
Many customers say this card is helpful for building credit. However, other customers say they’ve run into logistical difficulties: poor customer service, bills erroneously reported as unpaid, difficulty getting replacement cards and more. Some also say they feel uncomfortable linking their bank accounts.
Deserve is accredited with the Better Business Bureau (BBB). It currently has six complaints on its profile, all of which have been resolved or answered according to the BBB.
How to apply for the Deserve® Classic Card
- Go to the Deserve website and click Apply for Classic.
- Complete the application with details like your name, address, annual income and Social Security number.
- You may be asked to connect your bank account. This lets Deserve read and analyze your financial records to determine an appropriate credit limit. The company can’t make changes to the linked bank account.
- Review and submit your application.
How long will it take to get my [CREDIT CARD NAME]?
The Deserve website has automated conditional approval, so you’ll often get a decision within a minute. In some cases, more information may be needed and you’ll have to wait a few business days to a few weeks to receive a response.
If you’re approved, you’ll likely receive your new card in the mail within 7 to 10 business days.
I got the card. Now what?
- Make your payments on time. Pay one-off card bills online at the Deserve website, or enroll in autopay to avoid missing payments.
- Avoid interest. You can take advantage of the 23 day grace period to pay your balance. If you do, you won’t pay interest on your purchases.
- Avoid fees. Late payments come with fees of up to $25, and returned payments have fees of up to $37.
- Customer service. If you have questions, contact Deserve support at 1-800-418-2362. Representatives are available Monday through Friday from 7 a.m. to 4 p.m. and Saturday from 7 a.m. to 12 p.m., Pacific Standard Time.
Pound for pound, the Deserve® Classic Card isn’t the most high-powered product. It doesn’t come with perks like rewards or a signup bonus, and it charges a $39 annual fee.
However, that may be the price of admission if you’re new to credit and don’t want to put down a deposit. Because Deserve has a non-traditional method for customer screening, it could be one of the few companies that approves you for an unsecured card. What’s more, this product could be your path to more lucrative cards.
Still not convinced this is the right card for you? Visit our comprehensive guide to credit cards and compare your options.