The Best Credit Cards With No Deposit (Last Quarter Of 2023)

Loans & Credit BY Soumava Sep 09, 2023
credit cards with no deposit

If you are a starter and want to build your credit history, you can start by choosing credit cards with no deposit options. This is because, in secured credit cards, there is a high upfront cost, and there is also a need for a high credit score, which someone who is taking a credit card for the first time cannot have. These starter credit cards provide you with a revolving line of credit where no security deposit is needed to activate a new account.

In this article, you will learn about some of the best credit card options with no deposit feature at the end of 2023. The cards in this article are mostly of an unsecured nature. However, the credit card issuers are established. We will explain some of the best features of these cards, including interest rates, type of card, and more. Hence, to learn more about them, read on through to the end of the article.

What Are Credit Cards With No Deposit?

There are some credit card options that do not require a security deposit upfront. This is very useful for someone taking a credit card for the first time or someone who has a low credit score or has been a credit defaulter.

According to the Forbes Advisor,

Credit cards offer major conveniences for many users. Unfortunately, receiving approval for a credit card isn’t always easy, especially for those with poor credit scores, those who recently filed for bankruptcy, or those carrying major debt. Thankfully for some, there are still options for second-chance credit cards that don’t require a security deposit up front.

One of the best things about these cards is that you will be able to apply for these cards online, and you will get a credit decision to make within a few minutes. If you are lucky, you can get the credit decision even within seconds. Hence, you will have a chance to qualify for a credit card as a starter.

Furthermore, according to Cardrates.com,

Banks understand that you have to start somewhere. That’s why most create entry-level credit cards for consumers who have no or limited credit history. These cards may not have a lot of bells and whistles, but they’re a great way to build a credit history and work your way up to more lucrative rewards credit cards.

In other cases as well, you will also have to check whether you qualify for a credit card before you officially apply. With some credit card providers, you will get even a prequalifying tool, which takes a few minutes to complete, and lets you find out whether you are eligible or not. All you have to do here is to share some basic information, SSN, and income information. The financial institution will then check your credit score.

However, these financial institutions do a soft credit pull. Hence, you do not need to worry about your credit score getting low.

Read More: The Best Guaranteed Approval Credit Cards With $1,000 Limits For Bad Credit

The Best Credit Cards With No Deposit Options In 2023

Many credit card with no deposit also offers reapproval options. In this case, the Forbes Advisor adds –

Some issuers offer preapproval or pre-qualification—processes by which you may submit some basic information and see whether or not the issuer deems you likely to be approved or not. While preapproval or pre-qualification can help give you some idea of the likelihood of approval, neither offers a guarantee.

The following are some of the best credit card options with no deposit that you can find in 2023:

1. Capital One Platinum Credit Card

Credit LimitUp to $3,000
Initial Credit Limit$300- $3,000 (determined by the report of the cardholder)
Regular APR30.74% (Variable)
Other FeaturesNo annual or hidden fees.With timely payments, you can be considered for higher credit within six months

The best thing about them is that they will monitor your account every six months to check whether you are eligible for higher limits or not.

2. Capital One QuicksilverOne Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card
Credit LimitUp to $5,000
Initial Credit Limit$300- $5,000 (determined by the report of the cardholder)
Regular APR30.74% (Variable)
Other FeaturesUnlimited 1.5% cash back on every purchaseNo rotating categories nor any limits to how much you can earn

This one lets you earn unlimited cashback with every qualifying purchase.

3. Discover it® Student Cash Back

Discover it® Student Cash Back
Credit LimitAt least $500
Initial Credit LimitDepends on your creditworthiness
Regular APR18.24% – 27.24% Variable APR
Other FeaturesThere is no annual fee, and you can build your credit with responsible use.No credit score is required to apply.

Here, you will get a competitive APR on balances that you haven’t paid off each billing cycle. Plus, you do not need to pay an annual fee.

4. Surge® Platinum Mastercard®

Surge® Platinum Mastercard®
Credit LimitUp to $1,000 (credit limit doubles up to $2,000 once you make first six monthly payments on time)
Initial Credit Limit$300 – $1,000 (subject to available credit)
Regular APR29.99% APR (Variable)
Other FeaturesYou can check prequalification without any impact on your credit score

This is the best option for people with bad credit, and it gives you a chance to build your credit from a zero or a bad position.

5. Reflex® Platinum Mastercard®

Credit LimitUp to $1,000 (credit limit doubles up to $2,000)
Initial Credit Limit$300 – $1,000 (subject to available credit)
Regular APR29.99% APR (Variable)
Other FeaturesYou can check whether you are qualified or not without any impact on your credit score

Although a pretty expensive option, it can still allow you to raise your credit well.

Read More: JPMCB Card Services: Why Does It Appear On Your Credit Report?

Wrapping Up

Hope this article was helpful for you in getting a closer look at the best credit cards with no deposit options. Hence, if you are a beginner who is opting for credit, this is a great option for you to choose. Apart from that, these credit cards are also great for individuals looking for opportunities to pay down debt or rebuild their poor credit scores.

There are many credit card options to match any financial goal, and hence you will be able to take advantage of it by responsible use and credit management. Do you have any more recommendations regarding credit cards with no deposit options? Share your information with us in the comments section below.

Read Also:

A passionate writer and an avid reader, Soumava is academically inclined and loves writing on topics requiring deep research. Having 3+ years of experience, Soumava also loves writing blogs in other domains, including digital marketing, business, technology, travel, and sports.

View All Post

Leave A Reply

Your email address will not be published. Required fields are marked *

You May Also Like