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Second Chance Credit Card With no Security Deposit – All You need to Know

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Have you had issues with your credit card in the past? 

If your response is yes, with a second chance credit card with no security deposit you can qualify for a second chance credit card to help in rebuilding your creditworthiness.

Second chance credit cards can help you improve your credit health

Second chance credit cards may help you improve your credit health, especially if you have a bad one. Positive payment history can help boost your credit score afterwards.

Generally, credit cards are classified into two:

  • Secured – usually demand a security deposit.
  • Unsecured – unsecured card do not require any security deposit upfront.

Second Chance Credit Card With No Security Deposit

To help you pick the best option, we have listed the top Second Chance Credit Card With No Security Deposit below:

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1. Platinum Mastercard from Capital One

The Capital One Platinum Mastercard we’ve found to be the best second chance credit card with no security deposit for no annual fee. Annual fees are common with second chance credit cards with no security deposit.

Second chance credit card with no security deposit - all you need to know - ng job alerts

The Capital One Platinum Credit Card is the best option for those with average credit. Because it is considered as the best second chance credit card with no security deposit, $0 annual fee plus, $0 foreign transaction fees. 

Another great benefit it offers, and why is most preferred by many is the chance to earn a higher credit limit after making on-time payments in as little as six months.

You can use the Platinum Mastercard from Capital One to work on improving your credit without worrying about any yearly costs. You can use it to build up as long as your goal is building your credit up. If however, you are looking for a second chance credit card with no security deposit that offers rewards, you may opt for another one, because, Platinum Mastercard from Capital One doesn’t offer rewards.

However, with Platinum Mastercard from Capital One, you can enjoy automatic reviews for a higher credit limit in as few as six months. You also have an option to create virtual credit card numbers.

Note: Capital One’s variable purchase APR stands at 26.99%, which is considered high. So, it’s advisable that you pay your balance in full and as at when due to avoid interest charges, or you risk a late payment fee of up to $40.

2. QuicksilverOne from Capital One

Second chance credit card with no security deposit - all you need to know - ng job alerts

Second on our list is the QuicksilverOne. It is one of the best for cashback rewards.

It offers an unlimited 1.5% cash back on every $1 spent purchasing items. So if you are looking for a Second Chance Credit Card With No Security Deposit that offers rewards while building and improving your credit, QuicksilverOne might be the best option for you.

QuicksilverOne has a card reward program; you can qualify for automatic reviews for a higher credit line in as few as six months, provided you pay on time.

Unlike the Platinum Mastercard from Capital One, there is an annual fee of $39, which you can offset if you spend at least $2,600 each year.

Other benefits include;

  • zero foreign transaction fees
  • Ability to create virtual credit card numbers when shopping online to keep your actual card number more secure. 

Note: Capital One’s variable purchase APR stands at 26.99%, which is considered high. So, it’s advisable that you pay your balance in full and as at when due to avoid interest charges, or you risk a late payment fee of up to $40.

3. Indigo Platinum Mastercard

Second chance credit card with no security deposit - all you need to know - ng job alerts

The Indigo Platinum Mastercard is designed as a second chance credit card with no security deposit for borrowers with bankruptcy and individuals with poor credit

It is an unsecured credit card thus no security deposit is required.

It is an annual fee between $0 to $99. It’s still okay though, especially if you have bad credit and need a credit card to attend to an emergency

Indigo Platinum Mastercard has a high APR of 24.90%.

Although the Indigo Platinum Mastercard does not provide welcome bonuses or cashback schemes, It is ideal for people with poor credit or no credit history, offers cash advance fees, late or returned payment fees, and minimum interest rates.

4. Credit One Platinum Visa Card

Second chance credit card with no security deposit - all you need to know - ng job alerts

The Credit One Bank Platinum Visa for Rebuilding credit is perfect for everyday purchases and rebuilding credit The Credit One Platinum Visa for Rebuilding Credit is an unsecured credit card.

With a Credit One Bank Platinum Visa card, you get 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, including internet, cable and satellite TV services.

Applicable fees are $75 the first year, then $99 ($8.25 per month) annual fee

The regular APR rate stands at 23.99 per cent (variable)

Here are the pros…

Pros

  • no upfront security deposit is needed.
  • no monthly fee at least not one that is levied in addition to an annual fee.
  • suitable for persons with weak credit.
  • It also provides cash back incentives (1 percent cash back on eligible gas, grocery, mobile phone service, internet service and cable and satellite TV service purchases), and credit bureau reports regularly.

Cons

  • $75 annual fee the first year, then $99 ($8.25 per month)
  • Confusing card terms and application process filled with additional fees and restrictions
  • Limited cash back compared to some other credit-building cards
  • The Credit Protection Program can be more of a risk than a protection

Secured Sable ONE Credit Card

The Secured Sable ONE Credit Card is a terrific credit card for repairing damaged credit since there is no credit check when you apply, account ownership is affordable, and you gain incentives.

Second chance credit card with no security deposit - all you need to know - ng job alerts

Sable one credit card is a secure card designed to help by repairing damaged credit cards. There is no credit history check. Account ownership is affordable and comes with incentives.

If you are in search of a second chance credit card with no security deposit, Sable offers one. You can use your Sable credit card to build your US credit history fast.

Some of the benefits include:

  • 1% to 2% cash back on your favorite brands, a 2X first year cash back match, and practical perks like car rental insurance and Cell Phone Protection.
  • Cardholders receive 2% on Amazon, Hulu, Netflix, Spotify, Uber, Whole Foods purchases, and 1% on all other transactions.
  • Zero annual charge.
  • Secured Sable ONE Credit Card offers a relatively low-interest rate of 10.24 per cent.

In addition, it’s possible to get your money back plus a bonus for using your account well and improving your creditworthiness.

You also get a dollar-for-dollar reward match the first year, tripling anything you earn.

Tips to building your credit with a Second Chance Credit Card With no Security Deposit

  • Second Chance Credit Card With no Security Deposit is an opportunity to build your credit. As soon as you apply and you get your card by mail, you should try to maintain it, keep to terms and conditions, and in the case of an unsecured credit card, make sure you track your purchases.
  • Try to pay your monthly bill on time (and in full, if possible).
  • Ensure that you keep your balance low – relative to your available credit.
  • A positive payment history can help boost your credit score and one way to go about that is by setting up automatic payments, which will be deducted on a monthly basis. Or you can also request an alert when your bill is due.
  • To avoid unnecessary Interest charges, consider paying the card in full and on time.
  • Avoid maxing out your card each month; your credit utilization rate is an important factor in your credit scores. If your credit use is too high, a new account could hurt your credit instead of helping it.
  • Find out when your credit card issuers report your account activity to the consumer credit bureaus and make a payment before that date.

These are useful tips that can help build your credit over time, offering you a better chance and qualifying you for a better credit card or a loan with more favourable terms and conditions in the near future.

Oladoyin Falana

Oladoyin Falana, a graduate of OAU, is an SEO Specialist, and IT business developer. He is the owner and content editor of ngjobalerts.com, a platform that focuses on providing information on career, recruitment updates, exams, and admission updates, including general (How-to) information.

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