Eric Bank has been covering business and financial topics since 1985, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. Eric's writing regularly appears on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks, Chron, and dozens of other outlets. A former software engineer, Eric holds an M.B.A. from New York University and an M.S. in finance from DePaul University. Show
Student credit cards can be a great way for those with no or limited credit to build a credit history, no deposit required. If you can’t qualify for a no-deposit credit card, a secured credit card may be an alternative. If you have an income and a good credit score, you can apply and potentially be approved for most credit cards with no deposit, including cash back, travel and student credit cards. How to access credit cards with no security depositIf you have limited credit history or no credit history, there are several ways to get a credit card with no deposit. Becoming an authorized user on a credit card account allows you to use someone else’s credit card as if it were your own, even if you can’t qualify for a card on your own. As an authorized user, you don’t have all the account capabilities of a primary account holder, but you can use the cardand make purchases against the credit limit. One of the main benefits of being an authorized user is that if the primary account holder is responsible with their account, the authorized user may reap some of the benefits on their own credit. Many — but not all — issuers report authorized user activity to the credit bureaus, which means you can essentially piggyback off a primary account holder’s good management of the account. For example, when a primary account holder adds a friend or family member as an Authorized User to their Discover® card, they can help them build a credit history, with responsible use.1 On the other hand, if the primary account holder misses credit card payments or keeps a high credit balance — both negative impacts to credit — you risk damaging your credit score by becoming an authorized user on the account. 2. Student credit cards with no down payment are accessibleSome student cards don’t require a security deposit, so this can be a great option to start your credit journey. If you’re a student, no credit score is required to apply for Discover Student credit cards.3 Student credit cards also offer cash back rewards and can help you build a credit history, among several other benefits. If you’re interested in applying for a student card, you’ll want to make sure you have the right information to apply and get the right card for you. 3. Secured credit cards may be an alternative to no-deposit credit cardsIf you can’t find a no-deposit credit card that works for you, an alternative could be to start with a secured card. A secured credit card can help you build your credit with responsible use,2 but will require a security deposit that is used as collateral. The deposit could be as low as a couple hundred dollars, and you may be able to qualify to get the deposit back. The plus side is that you can still earn rewards and build your credit history at the same time. You may want to learn more about how a secured card works before you dismiss it as a viable alternative. before you dismiss it as a viable option. Naomi Bishop Last Updated on: Dec 13, 2022 According to Experian, nine percent of customers have a FICO score below 550; between 2020 and 2021, the average credit score ranged from 578 to 586. If you have a low credit score, you are not alone; however, like many others, you may find getting the credit you need challenging. Several credit card companies and personal lenders approve consumers with poor credit but often charge additional fees, require deposits, or have higher interest rates. What We'll Cover Show
If you need a credit card with at least $500- $1k available credit, and do not have the money to open a secured card, continue reading to learn more about your options. Read: Second Chance Credit Cards: Best Unsecured Options for People with Poor Credit Can I Get a Credit Card With a $500-$1,000 Limit Without Depositing Money?Yes! Several $1,000 credit limit credit cards are available for people with bad credit, and many offers guaranteed approval without depositing a month. Each card company has other requirements before getting the official approval for one of their credit cards. Secured credit cards offer guaranteed credit limits based on how much you deposit; however, if you do not have the money available to make a deposit, you still have a few options to get a $500-$1000 limit credit card in your wallet. Before applying for a credit card, compare side-by-side to determine which cards offer you the best options for your current credit score. Not all cards are alike, and the different cards could vary in interest rates and annual/monthly fees. How Can I Get a Credit Card With No Money Down?If you are looking for an unsecured credit card, there are plenty to choose from; however, those with lower credit scores have fewer options available. But there are still plenty to choose from, especially if you are proactive and work on improving your credit score. Researching companies that offer credit cards for people with poor credit is the best way to see if they have a pre-approval option. In most cases, getting pre-approved does not affect your credit score, but it also does not guarantee approval when you officially apply. If you have a family or friend who trusts you, ask to be an authorized user on their credit card account. Many consumers who choose to do this often ask their parents. Make sure you do not cause problems by not paying for your purchases. Another way to get a credit card with no money down is to step back and take a few months to bring up your credit score. Disputing errors, paying down balances, paying current debts on time, and paying off collection accounts, may raise your score enough to get approved for an unsecured high-limit credit card. What Credit Score is Needed for an Unsecured $1,000 Credit Card?Consumers with credit scores of 700 and above have a greater chance of qualifying for a high limit credit with a limit of $1,000 to $5,000. Though having a higher score helps improve your chances of getting approved for high-limit credit cards, it does not completely disqualify you from getting one. Read: How to Get a 700-750 Credit Score in 3 to 6 Months? (Read this Guide) Below is our top pick of the best $1000 limit credit cards with no security deposit needed reviewed, as well as their credit score requirements. And if you don't have an excellent credit score... Don't worry! we've also included great options for you Best Credit Cards with $500 - $1,000 Credit Limit and No Deposit (Even for People With Fair-Bad Credit)Chances are you have received emails or letters regarding a “guaranteed approval” for credit cards. Though there are not credit cards with $1,000 limit guaranteed approval, there is still an excellent chance you will get approved. Several credit cards for people with poor credit have minimal requirements, which qualifies most applicants. A secured credit card would be the only way to get accepted; however, it would require a deposit. Here are the best credit cards with $1000 limit and other high-limit credit cards: Top Pick Learn More Featured Learn More Featured Learn More 4 Learn More 5 Learn More 6 Learn More 7 Learn More 8 Learn More 9 Learn More 10 Learn More 11 Learn More 12 Learn More 13 Learn More 14 Learn More Card IssuerMinimum Credit RatingSoft Pull Pre-qualificationInitial LimitAutomatic Line IncreasesCapital One Platinum Credit CardFair CreditYes$300 - $3,000Automatic periodic credit line reviews after six monthsCiti Custom Cash℠ Card670+*See details below$500+Can request after 6 monthsCapital One QuicksilverOne Cash Rewards Credit CardFair CreditYes$300-$1,000Automatic periodic credit line reviews after six monthsAspire® Cashback Reward CardBad Credit AcceptableYesup to $1,000Periodic reviews – no automatic increaseCiti Rewards+® Card670+*See details below$1,000+Can request after 6 monthsMerrick Bank Double Your Line® Credit CardFair, poor, or even no creditYes$550 to $1,350Automatic credit line increase after 7 months with on-time paymentsFit Mastercard® Credit CardBad to Fair (300 to 680)Yes$400Eligible for increase up to $2000 after six monthsCiti® Diamond Preferred® Card670+*See details below$500+Can request after 6 monthsFortiva® Credit CardFair Credit (670+)YesUp to $1,000Does not accept requests to increase the credit limit; may offer credit limit increase as a promotionPayPal Cashback Mastercard®690 to 700No$250 to $20,000Reviews monthly; may offer increase after 3 monthsPREMIER Bankcard® Mastercard® Credit CardBad to Fair (300 to 620); not based on score aloneYes; only if it sends out pre-qualified offers based on a soft pull$200 to $700Eligible after 12 months on-time paymentsReflex Mastercard® Credit CardBad to Fair (300 to 680)YesUp to $1,000Doubles with first 6 months on-time paymentsSurge Mastercard® Credit CardBad to FairYesUp to $1,000Doubles with first 6 months on-time paymentsFirst Phase Visa®“less than perfect credit” – fair, poor, or even no creditno$300 to $1,000Can request after 12 months*Citibank has an online pre-qualification page where you can check the chances of being approved for a Citi credit card before you actually apply for one. Even though the odds of getting approved for one of their cards are much higher when you are pre-qualified, it doesn't guarantee your approval.Capital One Platinum Credit CardIf you have fair credit (580+) or need to build it, the Capital One Platinum credit card may be a perfect fit for you. The card is designed for people with average or limited credit, has a pre-approval option and a credit line that can range from $300 - $3,o00. Additionally, the Capital One Platinum credit card has no annual or foreign transaction fee, making it a low cost option unlike most unsecured cards for those needing to build their credit score. However, as the card has a high APR rate of 28.49% (variable) you should avoid carrying a balance and practice a responsible use of the card. Last but not least, if you're not happy with your starting credit line, Capital One will automatically review your account for a credit line increase after 6 months of on-time monthly payments. FeesRates $0 Annual fee28.49% variable APRPros
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Citi Custom Cash℠ CardFor those who loves rewards and bonuses, the Citi Custom Cash card is an incredible option!. The card has an impressive cash back rate of 5% in popular categories like gas, groceries, and restaurants, but the great thing is that you'll automatically earn it on your top elegible spending category each billing cycle (up to $500 in purchases per billing cycle, then 1%). A minimum $500 starting credit limit is guaranteed for those approved for the card, however, you may get a higher limit depending on different factors like credit score, income, etc. Additionally, the card has a sign-up bonus of $200 cash back* when you spend $1,500 on purchases within the first 6 months of account opening, and is a low-maintenance option since the card comes with a 0% introductory APR for 15 months on purchases and balance transfers (then 17.74% to 27.74% variable APR based on creditworthiness) and a $0 annual fee. * The bonus offer is given as 20,000 ThankYou® points which can be remdeemed for $200 cash back. FeesRates• $0 annual fee• Either 5% or $5 (whichever is greater) balance transfer fee0% Intro APR for the first 15 months, then 17.74% to 27.74% variable APR Pros
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Capital One QuicksilverOne Cash Rewards Credit CardMost credit cards for people with fair-bad credit tend to have high fees and/or APR and don't offer good enough rewards either. However, the Capital One QuicksilverOne credit card is another great options with generous rewards that offer 1.5% cash back on every purchase and 5% cash back on rental cars and hotels when you book them through Capital One Travel. Not to mention that you can also check if you're pre-approved without hurting your credit score. The Capital One QuicksilverOne card credit line is between $300 - $1,000, however, as the Capital One Platinum card, after 6 months your credit line can be considered for an increase automatically when using it responsibly. FeesRates $39 Annually28.49% variable APRPros
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Aspire® Cashback Reward CardThe Aspire® credit card is a great option that provides a credit limit of up to $1,000. Despite that the card have high fees and APR rate compared to other unsecured/no-deposit options, this card helps consumers looking to rebuild their credit while still receiving solid rewards FeesRates • $85 to $175 1st year; $29 to $49 after• $0 monthly fee 1st yr, $7.25 to $12.50 after29.99% variable APR Pros
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You may also like: No Interest Credit Cards For 24 Months: Best Options Citi Rewards+® CardIf you're looking for a card that has at least $1,000 credit limit, The Citi Rewards+ Card is a great option for you. Since the card has a starting credit limit of $1,000 or more, this amount is guaranteed for those that get approved for the card. Additionally, the Citi Rewards+ is a $0 annual fee card that allows cardholders to earn great rewards on their everyday purchases. You'll earn 2 ThankYou points per $1 spent at gas stations and supermarkets (up to $6,000 annually in purchases, thereafter 1 point per $1 spent), and 1 ThankYou point per $1 spent on all other purchases. Another great thing is that the card has a distinctive feature that rounds up your ThankYou points earned on every purchase to the next multiple of 10 (so, 5 points earned on a purchase will be rounded up to 10 points), and the following bonuses:
For a limited time: Earn in your first 12 months 5 ThankYou points pear each dollar spent at restaurants (on up to $6,000 in spending, then 1 point per dollar spent) Pros
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Merrick Bank Double Your Line® Credit CardMerrick Bank Double Your Line® offers a credit card for consumers with bad credit or little to no credit, reporting activity on your account monthly to all three major credit bureaus. Initial credit limits range between $550 and $1,350, but here's the thing: With on-time payments during the first seven months, Merrick Bank® will automatically double your credit limit. FeesRates• $0 to $75 One-time fee• First Year: $0 to $72 Annual Fee, $0 after • $0 Monthly Fee the first year, $0 to $6 after21.70% to 30.70% Variable APR Pros
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Fit Mastercard® Credit CardFit Mastercard® Credit Card offers credit card options for consumers with poor credit or little credit history while reporting all account activity to all three credit bureaus. Like some of the other cards listed, Fit Mastercard® Credit Card starts most users out with a $400 credit limit, but with on-time payments, this amount can double (or more) within six months. Compared to some of the other credit cards for those with bad credit, Fit Mastercard® Credit Card offers a higher starting limit than most. FeesRates• One-time fee of $89• $99 Annual fee • $0 Monthly fee 1st year, then $6.35/month29.99% variable APR Pros
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Citi® Diamond Preferred® CardDespite that the Citi Diamond Preferred Card lacks a rewards program, it has a terrific 21 months 0% intro APR offer on balance transfer* and 0% introductory APR on purchases for the first 12 months (then 16.74% - 27.49% variable APR on both balance transfer and new purchases ) that allows cardholders to hit pause on high monthly interest charges. As a result, the card is considered a great option for those needing to pay off credit card debt. * Balance transfers must be completed within 4 months of account opening FeesRates• $0 Annual fee• 5% or $5 min balance transfer fee16.74% - 27.49% variable APRLimited Time Offer: Earn a $150 Statement Credit when you spend $500 on purchases in the first 3 months of account opening Pros
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Fortiva® Credit CardThe Fortiva® Credit Card is an unsecured option for those with bad credit that will help improve/build your credit score when using it responsibly, as the card reports to all three major credit bureaus. Comes with zero fraud liability, but fees and APR rate is something that you have to take into consideration if you want to apply for this card as there are cheaper alternatives. FeesRates• $48 to $175 for the first year. $0 to $49 after that• No monthly feee for the first year, after that $5 to $12.50/month22.74% to 36% variable APR Pros
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PayPal Cashback Mastercard® Credit CardWith the PayPal Cashback Mastercard® you can earn 3% cash back on your purchases when using PayPal, and 2% on all other purchases. No security deposit needed and no annual fee. However, you'll need a PayPal account to apply for the card. Additionally, people with good - excellent credit scores are more likely to qualify, and since it doesn't have an intro APR offer, it is better for those that plan to pay in full their monthly balances. FeesRatesNo annual fees17.24% to 29.24% variable APRPros
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PREMIER Bankcard® Mastercard® Credit CardThe PPREMIER Bankcard® Mastercard® Credit Card offers an unsecured card for people wanting to establish or rebuild credit. There is no security deposit requirement; however, cardholders have some hefty fees. Also, the starting credit limit is low, starting at $200, with an available line of credit of $75 to $150 after all starting fees are charged to the card. FeesRates• $55 to $95 one-time program fee• $50 to $125 for the first year (based on creditworthiness), then $45 to $49 annually • No Monthly fee for the 1st yr (introductory), then $6.25 - $10.40 per month36% APR Pros
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Reflex Mastercard® Credit CardReflex Mastercard® Credit Card helps those with limited or no credit history and people with bad credit looking to start over; however, this card comes with costly fees. Consumers needing credit may find better options that do not charge as many or as high of fees. FeesRates• Annual fees between $75 and $99 the 1st year, then $99 annually• $0 Monthly 1st year, then $10 monthly maintenance fee24.99% - 29.99% Variable APR Pros
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Surge Mastercard® Credit CardSurge Mastercard® Credit Card offers credit card options for consumers with fair and bad credit that report monthly to all three credit bureaus. This card helps those with poor credit rebuild their credit and raise their FICO score. Fees can be high, but those struggling to get approved for a credit card will most likely qualify for a Surge Mastercard® Credit Card. FeesRates• Annual fees between $75 and $99• Monthly fees up to $10 (no fees during the first year)24.99% - 29.99% variable APR Pros
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First Phase Visa® Credit CardThe First Phase Visa® credit card is a great option to help improve credit scores, with a credit line of $300 - $1,000 with no security deposit requirement, and a fast, easy and secure online application (you can get your results 1 min after completing your application). However, compared to other credit cards, it is quite expensive. FeesRates • $75 annual 1st year then $48• Application fee $89 • $6.25 monthly after first year34.99% variable APR Pros
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Can I Get a High-limit Credit Card with Fair to Bad Credit?Obtaining a high-limit credit card can help pay for emergencies and give you access to immediate cash flow. Additionally, having a high-limit credit card can help with your credit score, primarily if you only use 10 to 20 percent of the available credit. Some things to do to help improve your chances of qualifying for a high-limit credit card include:
If you would like to get a "high-limit" credit card, but you're struggling to get one (and/or even a $1k limit credit card) due to your fair to bad credit score, check out this helpful guide about how you can improve your credit scores in three to six months. You may also want to read: The Easiest Credit Cards to Get For Immigrants (No SSN or Credit Score Required) Post ID: W3OODbAjj Category ID: OM3w2rA To find all the details about the terms and conditions of an offer, check the online credit card application. We put a lot of effort to present you accurate and up-to-date information; however, we do not guarantee the accuracy of all credit card information presented. Editorial Disclosure: All reviews/opinions expressed here are author's alone, and have not been reviewed, approved, or otherwise endorsed by any advertiser included within our content. The information presented on this page is accurate as of the posting date; however, some of the offers mentioned below may have expired. Check the issuer's website for the most recent information. The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered. What is the easiest instant credit card to get?Credit Cards You Can Use Instantly After Approval. Top credit cards you can use instantly after approval.. Blue Cash Preferred® Card from American Express.. Chase Sapphire Preferred® Card.. Bank of America® Premium Rewards® credit card.. Amazon Prime Rewards Visa Signature Card.. United℠ Explorer Card.. SoFi Credit Card.. Can you get a credit card without direct deposit?If you have an income and a good credit score, you can apply and potentially be approved for most credit cards with no deposit, including cash back, travel and student credit cards.
What is the easiest unsecured card to get?What Is the Easiest Unsecured Credit Card to Get Approved for?. Credit One Bank Platinum Visa: The Credit One Bank Platinum Visa offers cash-back with no security deposit required. ... . Total Visa: The Total Visa is an unsecured credit card designed for people who don't have perfect credit.. |