Credit cards are payment cards that allow you to borrow from your card issuer. Credit cards come with credit limits depending on your creditworthiness. For your information, your creditworthiness is determined by your credit scores. These are figures that determine your ability to pay a loan as per the creditor’s expectations. There are credit cards for bad credit scores and others for good-excellent credit scores. Today I will discuss credit cards for bad credit with instant approval and no deposit.
Bad credit score credit cards mainly assist the beneficiary in improving their credit scores. They come with high-interest rates and have low credit limits. However, if you utilize them properly, you can advance and get good credit cards. It can take some time to grow your credit scores, but you can eventually go up to excellent credit scores. To attain such a level, you must have a lot of discipline.
Most credit card issuers allow you to apply online. You only need to visit the concerned issuer’s website and apply. Some issuers give you credit cards instantly. You can get a virtual credit card as you wait for the tangible card. You should, however, visit various credit card issuers’ websites and look at various credit cards to see which suits you most.
What are the factors to check when applying for a credit card for bad credit scores?
There are various factors you should put into consideration when applying for a credit card. They include the following.
i) Credit scores needed
Credit cards for bad credit scores may require various credit score numbers. You should check that you have enough credit scores for the credit card you wish to apply for. We have guaranteed approval for unsecured credit cards for bad credit that can accept any credit score.
ii) Credit limit
Even though bad credit cards have low credit limits, the limits are not the same for all credit card issuers. Some offer a higher credit limit, and others offer lower credit limits. Therefore, it is better to look for one with the highest credit limit.
iii) Annual Percentage Rate (APR)
Bad credit cards usually have high-interest rates on the amount borrowed. However, you can still get a favorable card with a lower interest rate. That helps you to save a substantial amount of money in the long run.
Credit cards come with various fees. There are cards with annual fees whereby you have to pay a certain amount of money at the end of the year for using the card. Also, some cards come with monthly fees. That means you have to part with a certain amount of money every month for using the card. Other fees you should check include the foreign transaction fees, and cash advance fees.
Even though it is not common to find a bad credit card having rewards, some bad credit card issuers give such credit cards. If you get one, then the better as you can realize the value of your money. Rewards include cash backs, miles, and points.
What credit types are suitable for bad credit?
There are two types of credit cards that are suitable for bad credit scores. They include the following.
- Secured credit cards
- Unsecured credit cards for bad credit
Secured credit cards require one to deposit some amount of money as security in their account. The amount of money you deposit acts as the security. In case you are unable to pay your deposit, then your card issuer can use the deposit to settle your debt.
Once you gain enough credit scores to get a sound credit card, then you can proceed to get an unsecured credit card. You do not need any credit scores to get secured credit cards.
Unsecured credit cards for bad credit require you to have some credit scores. They may be poor, but as long as you have some, then you can proceed to get the bad credit card of your choice. As I mentioned earlier, bad credit score credit cards attract high-interest rates and low credit limits.
But which credit card can I get with bad credit? Well, you can get either get a secured credit card or an unsecured credit card for bad credit. However, a secured credit is much better than the other type because they have low-interest rates, and you can get a higher limit depending on the amount of money you deposit.
What are the best credit cards for bad credit instant approval with no deposit?
Following intensive research about bad credit cards, I have come up with some of the best credit cards for bad credit that you can get today without depositing money as security. They include the following.
1) Credit One Bank® Platinum Visa® card
This credit card requires you to have scores of between 300-670. The card charges an annual fee of $75 for the first year of usage, and after that, you start paying $99 annually. That translates to $8.25 per month.
Interestingly, the Credit One Bank® Platinum Visa® card comes with rewards which are very uncommon with bad credit cards. However, the credit card starts you with a low credit limit of $300, which might increase over time depending on your credit card usage.
2) Petal 2 Visa Credit Card
The credit card issuer does not charge annual fees. The Petal 2 Visa Credit Card comes with a variable APR of 12.99% to 26.99%. You can apply for your credit card online, and the issuer does not carry out a hard inquiry about your credit scores. You can even link petal to your bank account so that they can see your previous bank transactions concerning bill payments and thus avoid being subject to credit score inquiries.
3) Credit One Bank Unsecured Visa for Rebuilding Credit
If you get this card, you will get $0 to $95 for the first year, then pay $0 to $99 per year. The Credit One Bank Unsecured Visa for Rebuilding Credit has a variable APR of 17.99% to 23.99%. When using a credit card, you can get cash backs as a reward for using the credit card.
4) Deserve® Pro Mastercard
The card allows you to earn 3% cash back on travel expenses and 2% cashback on your dining purchases. The rewards apply to $500 of purchases made every billing cycle. Furthermore, you can earn a 1% cashback on all other purchases. Above all, the Deserve® Pro Mastercard can be the best option to build credit.
5) Capital One® QuicksilverOne® Cash Rewards Credit Card
The credit card allows you to earn unlimited cash backs as you build your credit scores. You will be able to rake unlimited 1.5% cashback on all the purchases you make. Therefore, there are no rewards caps as it is with most payment cards offering cash back rewards.
Unfortunately, the Capital One® QuicksilverOne® Cash Rewards Credit Card comes with a $39 annual fee. However, the annual fee should not deter you from applying for the card due to the high rewards when using the card.
How to grow your credit scores with a bad credit card
One can build credit with a secured credit card or with an unsecured one. However, the extent to which you build your credit scores will depend on your credit card usage. You can observe various things to ensure that you get the best out of your credit card usage.
a) Maintain a low credit utilization
You can make sure you maintain low credit utilization by ensuring that you spend 30% of your credit limit at most. Spending more than that creates a negative impression about your debt responsibility, and creditors may see a significant risk of giving a credit card.
b) Keep the credit card active
Never get a credit card and just keep it on the shelf and never use it. Make sure that you use a little of your credit limit. If you do not use your credit card, your card issuer will not have any usage to report to your credit issuer.
c) Pay your bills on time
The most important thing to growing your credit scores is paying your credit card debt on time. Failure to pay on time, you will negatively affect your credit score. Paying bills on time is the key to faster growth of credit scores. But can you pay a credit card bill with another credit card? If your payment date is due, you can use your other credit card to repay the debt of another card.
How long does it take to grow credit scores?
It can take up to six months to grow your credit score to favorable levels. However, the number of scores you can add to your report within the six months depends on how you utilize your credit card and the number of credit cards and loans you take. Mixing credit, paying debts on time, and disputing wrong information on your credit report ensures that you grow your credit scores faster.
Credit cards allow one to borrow money from credit card issuers. Most credit card issuers issue their cards online and usually contact a hard inquiry as soon as you apply for a credit card. There are credit cards for bad credit instant approval no deposit that allow one to repair their credit scores. Some unsecured credit card issuers do not make hard inquiries about your credit scores. Secured credit cards do not require credit scores whatsoever.