Guaranteed Approval Cards With No Deposit Required

Finding a credit card that suits your financial situation when you have bad credit can be difficult. Guaranteed approval cards with no deposit required provide a valuable option for individuals seeking to rebuild their credit without needing to pay a deposit upfront. This article explores what guaranteed approval cards are, how they work, and tips on applying for these cards online.

What is a Credit Card?

A credit card is a financial tool issued by banks or financial institutions that allows you to borrow money to make purchases. Cardholders must repay the borrowed amount, either in full by the due date or through minimum payments with interest added. Credit cards often come with features like rewards, cashback, and credit-building opportunities.

What Are Guaranteed Approval Cards?

Guaranteed approval cards are designed for individuals with poor credit or no credit history. These cards increase the chances of getting approved because they have minimal requirements. While approval is likely, there are still some eligibility criteria, like having a regular source of income or a bank account.

What is an Instant Approval Credit Card?

An instant approval credit card provides immediate feedback on whether your application is approved or declined. The approval process is fast, sometimes only taking minutes, allowing you to start using the card (or a virtual version) almost immediately if approved.

How Do Guaranteed Approval Cards With No Deposit Required Work?

Guaranteed approval cards without a deposit allow individuals to access credit without the need to provide a refundable security deposit, as required by secured credit cards. These cards typically cater to those with bad credit, offering lower credit limits and charging higher interest rates or fees. However, they still report your activity to the credit bureaus, giving you the opportunity to rebuild your credit.

Do Credit Cards Offer Guaranteed Approval?

While some cards are marketed as "guaranteed approval," it’s important to understand that no credit card offers absolute guaranteed approval. Applicants still need to meet certain basic requirements, such as age and income, but the chances of approval are much higher with guaranteed approval cards than with traditional credit cards.

Guaranteed Approval Cards With No Deposit Required

Here are seven guaranteed approval cards that do not require a deposit:

Aspire? Cash Back Reward Card

The Aspire? Cash Back Reward Card is a popular choice for individuals looking to build their credit while earning rewards. This card offers cash back on purchases, providing an incentive for regular use. The card is designed for people with poor credit, and the approval process is relatively straightforward.

Aspire? Cash Back Reward Card Benefits

• Earn cash back on purchases, making everyday spending more rewarding.
• Higher approval rates for those with poor credit, providing an accessible option for credit building.
• No security deposit required, reducing the upfront cost of obtaining the card.

Fortiva Mastercard

The Fortiva Mastercard is another option for individuals with low credit scores. This card reports to all three major credit bureaus, helping users build their credit history with responsible use. The application process is simple, and the card offers credit lines up to $1,000.

Fortiva Mastercard Benefits

• Reports to all three major credit bureaus, which is crucial for building a positive credit history.
• Provides credit lines up to $1,000, offering flexibility in spending.
• No security deposit required, making it accessible for individuals without savings for a deposit.

Milestone Mastercard

The Milestone Mastercard is known for its easy pre-qualification process, which doesn’t impact your credit score. This card is suitable for individuals with a poor credit history, offering a fixed annual fee and no requirement for a security deposit.

Milestone Mastercard Benefits

• Pre-qualification process that doesn’t impact your credit score, allowing you to check your approval odds without risk.
• Fixed annual fee, providing predictable costs.
• No security deposit required, making it accessible for those with limited funds.

Revvi Card

The Revvi Card stands out by offering 1% cash back on payments, a rare feature for cards in this category. The application process is straightforward, and approval decisions are typically quick, making it a convenient option for those looking to build credit.

Revvi Card Benefits

• 1% cash back on payments, providing an incentive for timely payments.
• Easy application process with quick approval, making it accessible for urgent credit needs.
• No security deposit required, reducing the upfront cost for applicants.

First Access Visa? Card

The First Access Visa? Card is designed for individuals with poor credit, offering a fast and simple online application process. This card reports to all three major credit bureaus, helping users build their credit over time. It does not require a security deposit, making it an accessible option for many.

First Access Visa? Card Benefits

• Fast and simple online application, allowing for quick and easy access to credit.
• Reports to all three major credit bureaus, aiding in the credit-building process.
• No security deposit required, lowering the barrier to entry for applicants.

FIT? Platinum Mastercard?

The FIT? Platinum Mastercard? offers credit lines up to $400 and is designed for individuals with low credit scores. The application process is straightforward, and the card does not require a security deposit. This card provides an opportunity to build credit with responsible use.

FIT? Platinum Mastercard? Benefits

• Credit lines up to $400, offering flexibility in spending.
• Easy application with a quick decision, making it convenient for applicants.
• No security deposit required, making it accessible for those without savings for a deposit.

Surge? Platinum Mastercard?

The Surge? Platinum Mastercard? offers the potential for credit line increases with responsible use. This card reports to all three major credit bureaus and does not require a security deposit, making it a good option for individuals looking to rebuild their credit.

Surge? Platinum Mastercard? Benefits

• Potential for credit line increases with responsible use, offering growth in credit availability.
• Reports to all three major credit bureaus, helping build a positive credit history.
• No security deposit required, reducing the upfront cost for applicants.

How to Apply for Guaranteed Approval Cards With No Deposit Required Online

Applying for a guaranteed approval card is usually straightforward:

1. Research Cards: Find cards with no deposit requirement that suit your financial needs.
2. Pre-Qualification: Many card issuers allow you to check if you pre-qualify without impacting your credit score.
3. Submit the Application: Once you choose a card, fill out the online form with accurate details.
4. Receive an Instant Decision: In many cases, you'll receive an immediate decision on your approval.

How To Increase Your Chances of Instant Approval

To boost your chances of instant approval, follow these tips:

1. Check Your Credit Report: Ensure your credit report is accurate before applying.
2. Improve Your Credit: Pay off existing debts and lower your credit utilization before applying.
3. Use Pre-Qualification Tools: Many issuers offer pre-qualification checks, which won’t hurt your credit score but give you an idea of approval odds.

What Guarantees Can Credit Card Applicants Get?

While no credit card offers 100% guaranteed approval, guaranteed approval cards offer the closest alternative. As long as applicants meet the minimum requirements—such as being 18 years old, having a steady income, and not having a recent bankruptcy—their chances of approval are high. However, card features like interest rates and fees may vary based on creditworthiness.

Pros and Cons of Guaranteed Approval Cards With No Deposit Required

Pros:

• No Deposit: No need for a security deposit to open an account.
• Easier Approval: High approval odds, even for people with bad credit or no credit history.
• Credit Building: These cards report to major credit bureaus, allowing you to improve your credit with responsible use.
• Fast Access to Credit: Instant approval allows for immediate use in some cases.

Cons:

• High Fees: These cards often come with high annual or monthly fees.
• Low Credit Limits: Initial credit limits tend to be low, sometimes starting at $300.
• High Interest Rates: APRs are often significantly higher, which can make carrying a balance costly.
• Few Rewards: Many guaranteed approval cards lack robust rewards programs compared to standard credit cards.

Alternatives to Guaranteed Approval Cards With No Deposit

If you’re not ready for a guaranteed approval card, consider these alternatives:

1. Secured Credit Cards: Although they require a deposit, secured cards often have lower fees and better terms than guaranteed approval cards.
2. Credit Builder Loans: These are small loans designed to help build or rebuild credit.
3. Authorized User on Someone Else’s Account: Being added as an authorized user on someone else’s credit card can help improve your credit profile without applying for a new card.
4. Retail Store Cards: Store credit cards often have lenient approval criteria and may help you build credit while shopping at your favorite retailers.

FAQs

1. What is a Guaranteed Approval Card?

A guaranteed approval card is designed to give people with bad or no credit a higher chance of approval compared to traditional credit cards. While not 100% guaranteed, these cards typically have lenient requirements.

2. Do Guaranteed Approval Cards Require a Credit Check?

Some guaranteed approval cards perform a soft credit check during the pre-qualification process, which doesn’t affect your credit score.

3. Can I Get a Guaranteed Approval Card With No Deposit?

Yes, several cards offer guaranteed approval with no deposit required, making them accessible even to those without funds for a secured credit card.

4. What Are the Interest Rates on Guaranteed Approval Cards?

Interest rates on guaranteed approval cards tend to be higher than on traditional credit cards. APRs can range from 20% to 30%, so it’s important to avoid carrying a balance.

5. How Can I Improve My Credit Score With a Guaranteed Approval Card?

Make on-time payments, keep your credit utilization low, and avoid applying for too many cards to improve your credit score over time.

Conclusion

Guaranteed approval credit cards with no deposit required can be a great option for individuals looking to rebuild their credit without the need to provide an upfront deposit. These cards offer a higher chance of approval for those with poor credit, and they report to credit bureaus, helping users improve their credit scores over time. However, it’s important to consider the high fees, low credit limits, and higher APRs associated with these cards. By managing your card responsibly and making on-time payments, you can use these cards as a stepping stone toward better credit and more favorable financial options in the future.