I have no credit but I would like a card where I don't have to put $200 deposit to start.

Answered on August 04, 2010
Updated on August 04, 2010
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
If you have limited or no credit history, and do not wish to pay a security deposit, then depending on your personal needs, you can choose to apply for a prepaid debit card or a credit card. Both credit cards for limited or no credit history and prepaid debit cards may have setup or activation fees, but they are not as high, and some of the cards either do not even charge or waive them. If you are looking for a way to build credit, view credit card offers on Limited or No Credit Cards page on our site. They may help you establish credit if you make regular on time payments to all of your creditors and keep your balances below limits. Credit cards for limited or no credit score also provide monthly credit reporting, which is important if you wish to build your credit history fast. If building credit is not as important to you as the ability to make electronic payments, then consider prepaid debit cards that require no credit check, give 100% guaranteed approval, are usually lower cost than credit cards and provide a wide selection of useful tools to help you manage your finances and not overspend.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

User Comments about This Question


You can choose one of the credit cards for limited credit to make your credit profile better. Or you can consider secured credit card. Some card offers have no annual fee and pretty nice rewards programs. Thus, you may save more money than spent on the security deposit.
If you do not have any credit history, you should consider credit cards for people with limited or no credit history. We recommend you consider secured credit cards. Don't worry about security deposit as it is refundable. Also, some secured cards have rewards programs that allow you to earn cash back on your purchases that may potentially cover your deposit expenses.
We can recommend you start with secured credit cards. These cards require a security deposit paid upfront. A secured credit card is a good way to build your credit history as it reports the account activity to major credit bureaus. You just need not to miss payments and pay off your balance. After that, getting approval for an unsecured card will be much easier. For example, you may consider the Merrick Bank Secured Credit Card. This card can help you build credit, since your account activity will be reported to all three major credit bureaus. The amount of your deposit determines your initial credit...

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There is a credit card for any credit and for any purpose. Whether you want to start building your credit from scratch or earn rewards on purchases, save on gas or travel for free, you can find a good credit card offer for that.