Our pick for a low deposit: Citi® Secured Mastercard®
from $200
Security deposit
- No annual fee: A rare feature for a secured card
- Build credit with reporting to all 3 major credit bureaus
- Deposit between $200 - $2,500
Should you decide to close your account before that, the bank will return your deposit as long as you don’t have outstanding debt. If a $200 deposit sounds like a lot, you can get a secured card with a deposit as low as $50, while still getting a $200 credit line. That said, it’s unlikely that you’ll qualify for such a low deposit if you have poor credit. But don’t despair, there are alternatives.
The most common secured card deposit is $200. Anything below that is considered a low deposit. As of January 2021, the Capital One® Secured Mastercard® is the only secured card with the lowest deposit of $49, while still providing a $200 credit limit. However, if you have a poor credit score or no credit history, you will likely have to deposit either a $99 or a $200 to get a $200 credit limit with this card.
Technically, a secured card with no deposit is an unsecured card. There are unsecured cards for building credit, but they often come with higher annual fees than a secured card.
Here are three secured cards with low security deposits. See which ones you might qualify for based on your credit score.
Deposit | Minimum credit score | Annual fee | |
---|---|---|---|
Capital One® Secured Mastercard® | $49, $99 or $200 depending on your credit score | 580 | $0 |
Justice Federal Credit Union (JFCU) VISA Classic Secured Card | $100 | 300 | $0 |
Self Visa® Credit Card | $100 | 300 | $25 |
If you can’t afford to shell out $200 right away, consider an unsecured card. Unsecured cards for building credit can cost anywhere from $0 to $299 annually. The cards that cost $299 are often paid in monthly instalments, but it’s best to avoid them altogether as they often come with many hidden fees.
Those who have good financials but don’t have a credit history, should consider applying for the Petal® 1 “No Annual Fee” Visa® Credit Card. It has no annual fee and it looks beyond your credit history to determine your eligibility.
The security deposit you put down for a secured card doesn’t have to wipe out your bank account. Even a $50 deposit secured credit card can help you rebuild your credit if you spend responsibly and pay off your balance at the end of each month. Check out our full secured credit card guide to learn more about how to use secured credit cards.
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What would you consider to be the best secured card for someone who has no bank account and a card that require no credit check to ensure getting approved?
Hi Larry,
Thanks for getting in touch with Finder. I hope all is well with you. :)
As a comparison website, we are not permitted to provide specific recommendations. However, I can help you by providing you options.
As of now, we don’t have a list of secured credit cards for a person who doesn’t have a bank account. Nevertheless, we have a page that lists secured credit card providers that don’t require a credit check.
On that page, you will see a list of secured credit cards that don’t require a credit check. On the same list, you will read about their description to help you know more about their offer. You can directly get in touch with your chosen provider and ask them if they require a bank account.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I was inquiring about the DCU secured card and was told by their representative they had a minimum deposit of $300, is this true?
Hi Ray,
Thanks for getting in touch.
The deposit for DCU Visa Platinum secured credit card works a little differently from other secured cards. Your deposit isn’t held separately as collateral. You borrow against your savings account, so this card acts more like a debit or checking card. Your deposit isn’t held and then returned after closing the account; it’s always available.
You need to have at least $5 in your account, and then however much you have up to your credit limit is how much you can put on the card. For example, if your limit is $300, you’d need at least $300 in your account, which includes the minimum $5.
Hope this helps!
Best,
Nikki
What would be the best card to gain better credit standing overall? Does any card in particular provided more credit worthiness?
Thanks in advance,
-Mike
Hi Mike,
Thanks for leaving a question on finder.
Credit card providers will carefully consider any “bad credit” details – such as late payments or defaults – that are listed on your credit report. So, if you want to apply for a credit card to help improve your credit rating, sticking to basic options can improve your chances of getting approval.
Another option is to consider credit cards with no annual fee or a low standard interest rate. These kinds of cards can help keep the cost of the account down and make it easier for you to avoid late payments, defaults and other problems that lead to bad credit.
Cheers,
Joel