Credit can be very easy to damage but often difficult to rebuild. A second chance credit card with no security deposit will help you build a strong credit history over time that can lead to good credit scores.
Use a second chance credit card with no security deposit to get a fresh start. Instead of using cash for a secured credit card, invest that cash in a high interest savings account with compound interest to build an emergency fund.
As you practice good credit habits, your chances of getting a better credit card or a loan with more favorable terms increases. Good credit habits look something like this:
Charge only what you can afford, pay your bill on time each month and don’t take on too many credit cards.
Having a low credit score does not mean you can’t get approved for a credit card from a bank. Fortunately, you have some options even with poor credit.
Second chance credit cards with no security deposit
The Upgrade Card automatically puts your balance into an installment plan with a fixed monthly payment. There are no rewards with the Upgrade Card, it’s strictly designed to help cardholders finance purchases while keeping interest payments under control.
- Combine the flexibility of a card with the low cost and predictability of a loan
- $0 fees – $0 annual fee, $0 activation fees, $0 maintenance fees
- No touch payments with contactless technology built in
- See if you qualify in minutes without hurting your credit score
- Access to a virtual card while you wait for your card to arrive in the mail
- Great for large purchases with predictable payments you can budget for
- Mobile app to access your account anytime, anywhere
- Enjoy peace of mind with $0 Fraud liability
The First Digital Mastercard® Credit Card
- Get the security and convenience of a full-feature, unsecured MasterCard® Credit Card – accepted at millions of merchant and ATM locations worldwide and online.
- Build up your credit history with a card that reports to all three major credit bureaus every month.
- Perfect credit not required for approval; we may approve you when others won’t.
- Easy and secure online application – It takes just moments to apply.
- Issued by Synovus Bank, Member: FDIC
How to manage a second chance credit card with no security deposit
The number one action to help your credit scores using credit cards is to make all of your payments on time, every time. Payment history is the number one factor making up a credit score.
The number two action is to keep credit card balances low and pay in full every month. Credit utilization ratio, or balance-to-limit ratio is the second most important factor in a credit score.
Staying on top of payments and maintaining a low balance demonstrates that you consistently manage debt well and can add positive points to your credit scores. Plus, when you pay the balance in full each month, you avoid paying interest or finance charges on revolving balances.