If you have a less-than-stellar credit score, don’t worry. You can still find great Second Chance Credit Cards with No Security Deposit. Many 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 that you can start rebuilding your credit history and improve your credit score.
So take a look at our top picks below.
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. I have 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 discuss in detail about unsecured second chance unsecured:
Quicksilver One from Capital One
Quicksilver One card is issued by Capital One and is designed for people with average credit, it offers a high reward rate of 1.5% cashback on every purchase.
There are no rotating categories to sign up for, and so you’ll be automatically considered for a higher credit line after just six months. 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.
Here are the Quick facts about the Quicksilver One card from Capital One:
- Card type: Secured
- Rewards rate: Up to 1.5% cash back on every purchase
- Sign-up bonus: Earn a one-time $200 cash bonus once you spend $500 on purchases within 3 months from account opening
- Intro APR period: 0% intro APR for 15 months on purchases and balance transfers
- Regular APR: 19.99% – 29.99%
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 and your credit limit is automatically considered for a credit line increase after just six months of on-time payments.
Petal 2 “Cash Back, No Fees” Visa Credit Card
Petal 2 “Cash Back, No Fees” Visa Credit Card. is one of the best credit cards that you can try to raise your credit score.
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. Petal reports to all 3 major credit bureaus so you can keep tabs on your progress.
Here are some 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: 18.24% – 32.24%
- With the Leap program, earn a credit line increase in 6 months by making qualifying on-time payments.
- Card fees and terms may vary for members acquired before 5/16/23.
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.
Fingerhut Credit Account
Fingerhut Credit Account is our top pick for a second-chance credit card with no security deposit, With an easy online application process and instant decision, it’s a great option for those with limited or no credit history.
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.
But 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: A 90% Approval rate and No security deposit required make 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
- Indigo Mastercard
Let’s check out all the above unsecured second-chance credit cards in detail:
Total Visa Card
Total Visa® Cardcard 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. the one-time program fee is $89 the annual fee for the first year is $75 and 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 they can afford expensive fees.
Here are the Quick facts about the Total Visa Card:
- Card type: Unsecured
- Annual fee: $75 1st yr, $48 after
- No security deposit, simply pay a one-time $95 program fee to open your account.
- $123 in fees starting year two
- Very high APR
- Sign-up bonus: None
- Intro APR period: N/A
- Regular APR: 35.99%
- No Security Deposit is required.
- User-friendly Mobile App.
- Offer not guaranteed but response is provided in seconds.
Why we like it: No security deposit is required
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. 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: $175 1st yr; $49 after
- Monthly Fee→$0 1st yr, $12.50 after
- No Rewards or Intro APR on purchases.
- Membership fees
- $0 liability for unauthorized use
- Sign-up bonus: None
- Intro APR period: N/A
- $700 credit limit
- Regular APR: 35.9%
- Reported to the three major credit bureaus in the U.S.
- $0 security deposit requirement
Indigo Mastercard
If you have bad credit, you may think that getting a second chance unsecured credit card is out of the question. However, some card issuers 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. 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
- A $0 annual fee option exists for those who qualify
- No Rewards or Intro APR on purchases.
- A 1% foreign transaction fee is lower than other cards in this category
- No security deposit required
- Easy pre-qualification without impacting your credit score
- Regular APR: 24.90%
- Does not require a security deposit
Why we like it: No security deposit is needed, $300+ credit limit and account history are reported to the three major credit bureaus.
Bottom Line
If you need 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 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.
