Unsecured Credit Cards For Bad Credit or No Credit

bad-credit-225If you have bad credit and want a credit card, it’s difficult to be approved for an unsecured credit card with no deposit required. The list below, however, features unsecured credit cards to consider even with bad credit. Approval is not guaranteed, but these are cards that either work with average to poor credit people, or have been rumored to give a second chance to those with bad credit.

If your credit isn’t too bad, consider:

  • Capital One Platinum – This card has a high interest rate (as high as 26.74%!) and no rewards. While it markets itself to “average” credit customers and not “bad” credit customers, its definition of average credit is pretty lenient, including some people that have defaulted on a loan in the past 5 years.
  • Capital One QuicksilverOne Rewards – Offers the same interest rate as the card above, but it has a rewards program as well as a $39 annual fee. That rewards program gives you a 1.5% rebate on all purchases you make with the card.

Store Credit Cards or Catalog Cards

Credit cards from retail stores and catalog cards (that give you credit only to buy their products) are often easier to be approved for on an unsecured basis, but they also usually carry very high interest rates and are of limited use if not accepted outside that single retail chain. For example:

  • Staples Credit Card – You can probably get approved for this card, which will let you stock up on office supplies at a sky-high 29.49% interest rate!
  • TJ Maxx Credit Card – Another unsecured credit card but with a 28.49% APR (annual percentage rate).
  • JCPenney Credit Card – May approve bad credit customers for an unsecured credit card, but the interest rate is an astounding 27.49%!
  • Best Buy Credit Card – Electronics superstore offers an unsecured credit card, including a Visa or store-only credit card, but the interest rate is 26.74%!
  • Macy’s Credit Card – May approve less-than-perfect credit customers, but notice the 26.74% interest rate.
  • American Eagle Credit Card – Unsecured store credit card has a 27.49% interest rate.
  • GAP Credit Card – Unsecured card that can also be used at Old Navy and Banana Republic and Athleta in addition to the GAP. Carries a 27.49% interest rate.
  • Chevron / Texaco Visa – Unsecured gas credit card has a 28.49% interest rate.
  • Fingerhut – Catalog & online retailer is very upfront about the fact that it works with bad credit customers, but you can only use your credit to shop its own catalog of merchandise, which tends to be pricey when comparing the same items to other retailers. Also has a hefty 29.99% interest rate.

If your credit is very bad, you might consider:

  • Credit One Bank Credit Cards – Credit One specializes in working with people with lower credit scores. If your credit history is bad, they might give you an unsecured credit card but you can expect it to have an annual fee, a high interest rate, a very small credit line, and maybe even no grace period (meaning you’d be charged interest from the date of purchase with no chance to avoid it by paying by the due date). We don’t really recommend going this route, because it can be very costly, but if you’re determined to have an unsecured card, this is a bank that might work with you.
  • Indigo Mastercard – Another card that offers credit to those with past credit problems. As with the card above, your bad credit will likely mean a high interest rate, an annual fee, and a small credit line.
  • Other cards along these same lines (some are invitation only via regular mail): Merrick Bank, Ollo, First Savings, Blaze, Continental Finance
  • Two to avoid in particular due to excessively high fees & interest: First Premier, Total Visa