5 Best Second-Chance Credit Cards With No Security Deposit

woman doing online shopping at home with credit card and smartphone.
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Even if your credit score leaves a lot to be desired, that doesn’t mean you have to settle for a secured credit card that requires a deposit. There are unsecured credit cards that can give you a second chance to build or rebuild your credit profile. While it takes time to build credit, second-chance credit cards with no security deposit will provide you with an opportunity for a fresh financial start.

Second-chance credit cards with no security deposit — also known as unsecured credit cards — are built for people with low credit scores, making it easier to get approved than for a regular unsecured credit card. Keep reading to learn more about some of the best second-chance credit cards on the market today — none of which require a deposit to be approved.

Best Second-Chance Credit Cards

To help you find a credit card with no money down, here’s a look at the five best second-chance credit cards with no security deposit.

Best for No Annual Fee: Capital One Platinum

  • Annual fee: None
  • APR:

The Capital One Platinum card is targeted toward users with fair credit, which is a score between 580 and 669, according to FICO. The card doesn’t offer cash back or rewards, but it also doesn’t have an annual fee or require a security deposit, which will help you save money. Plus, Capital One will consider your account for a credit line increase in as little as six months.

However, in the interest of rebuilding your credit, you’ll want to pay off your purchases promptly — the card has a high APR and charges a late fee of up to $40.

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If you’d like to know your chances of being approved for Capital One Platinum card before you apply, you can check to see if you’re pre-approved with no risk to your credit score.

Best for Unlimited Cash Back on Every Purchase: Capital One QuicksilverOne

  • Annual fee: $39
  • APR:

Capital One’s QuicksilverOne credit card is also intended for users with fair credit and does not require a security deposit. However, unlike the Capital One Platinum card, it offers unlimited 1.5% cash back on every purchase.

The card also has a $39 annual fee, but the cash back rewards and other benefits it provides, such as a complimentary Uber One membership for six months, might make it worth it. For example, if you spend $500 per month, you’ll earn $90 in cash-back rewards per year.

Like the Capital One Platinum card, this card has a high APR and a late fee of up to $40.

Best for a Higher Credit Limit: Petal 1 Visa Credit Card

  • Annual fee: None
  • APR: 24.49% – 33.99% variable

The Petal 1 Visa credit card is targeted at users who are looking to establish credit or rebuild their score. It has no annual fee, no required security deposit and offers credit limits of $300 to $5,000.

Additionally, it offers 2%-10% cash back at select local and national merchants. The card also offers the opportunity for a higher initial credit limit for eligible applicants. However, it involves linking your bank account so that Petal can assess your current cashflow before extending a higher credit line.

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If you don’t qualify for as high of a credit limit as you would like, you can qualify for a credit limit increase after making six months’ worth of on-time payments for the minimum amount or equal to 15% of your balance — whichever is greater.

The APR for this card is also high, and it has up to a $40 late fee.

Best for Picking a Payment Date: Credit One Bank Platinum Visa For Rebuilding Credit

  • Annual fee: $75 for the first year, then $99
  • APR: 28.24% variable

Credit One Bank’s Platinum Visa For Rebuilding Credit offers 1% cash back on everyday purchases, including gas, groceries, internet, cable and more. You can also choose a payment due date that works for you — and Credit One Bank gives you the flexibility to change it.

While there’s no security deposit required, this card has a $75 annual fee for the first year. After that, it’s $99 annually, which will be billed at $8.25 per month. In addition to this, the card has a high variable APR.

Best for a Very Low Credit Score: Premier Bankcard Mastercard

  • Annual fee: $50 – $125
  • APR: 36.00%

If you have a credit score of 500 or so, you will likely find it challenging to get approved for an unsecured credit card. However, First Premier Bank will consider you for its unsecured Premier Bankcard Mastercard, making it one of the easiest unsecured cards to get approved for. Note that you will have to pay a one-time program fee of $55 to $95 to offset its risk if approved.

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Also, be forewarned that the APR for this card is extremely high at 36%. This means you should only use this card for purchases that you can pay off before the interest accrues each month. Additionally, the annual fee will be between $50 and $125, depending on your creditworthiness, and a monthly fee of up to $10.40 may also apply.

After 12 months of on-time payments, you will be considered for a credit limit increase.


It’s common to make financial mistakes that can impact your credit score, but repeating them could make things worse. Fortunately, second-chance credit cards can help you build your credit over time and have a healthier credit profile.


  • Which credit cards do not require a deposit?
    • If you're looking to rebuild your credit with an unsecured credit card, consider the following cards:
    • Capital One Platinum
    • Capital One QuicksilverOne
    • Credit One Bank Platinum Visa For Rebuilding Credit
    • Petal 1 Visa
    • Premier Bankcard Mastercard
    • While most credit cards do not require a security deposit, your approval is generally contingent on your credit score and other financial information. The cards listed here offer options for those who might not otherwise be approved for a card.
  • How can I get approved for a credit card with no money down?
    • Look at unsecured credit cards – these are cards that do not require any money down. Be wary of the higher APRs that tend to come with these cards, though, and make sure you'll be able to pay off your balance each month to avoid interest.
  • What is the easiest unsecured card to get?
    • The Premier Bankcard Mastercard considers applicants with poor credit scores, making it among the easiest unsecured cards to get. However, you may end up with a very high annual fee and APR.
  • Can you get a secured credit card without a deposit?
    • You cannot get a secured credit card without a deposit. Secured cards are "secured" because the deposit stands as your credit limit.
    • Unsecured cards, on the other hand, do not require a deposit.

Lydia Kibet contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 24, 2023.

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