Published: Oct 31, 2022, 3:27pm
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Credit cards offer major conveniences for many users. Unfortunately, receiving approval for a credit card isn’t always easy, especially for those suffering from poor credit scores, those who recently filed for bankruptcy or those carrying major debt. Thankfully for some, there are still options for second-chance credit cards that don’t require a security deposit up front.
Show Summary
- Capital One QuicksilverOne Cash Rewards Credit Card: Best for Cash Back Rewards
- Petal® 2 “Cash Back, No Fees” Visa® Credit Card: Best for Building Credit
- Capital One Platinum Credit Card: Best for No-Annual-Fee
Best for Cash Back Rewards
Capital One QuicksilverOne Cash Rewards Credit Card
Up to 5% Reward Rate
Earn unlimited 1.5% cash back on every purchase, every day. Plus, earn 5% cash back on hotels and rental carsRead More
Regular APR
28.49% (Variable)
Credit Score
Average, Fair, Limited
Why We Picked It
A great option for those with less-than-stellar credit, this card offers a gateway to building better credit while earning a respectable 1.5% cash back rewards rate. You may also gain a higher credit line in as little as 6 months from account opening.
Pros & Cons
- Unlimited 1.5% cashback rewards
- Average credit applicants considered
- No foreign transaction fee
- Rewards don’t expire
- High APR
- No boosted rate in common spending categories
- No welcome offer
- No intro APR offer
Card Details
- Earn unlimited 1.5% cash back on every purchase, every day
- No rotating categories or limits to how much you can earn, and cash back doesn’t expire for the life of the account. It’s that simple
- Be automatically considered for a higher credit line in as little as 6 months
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Help strengthen your credit for the future with responsible card use
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
Best for Building Credit
Petal® 2 “Cash Back, No Fees” Visa® Credit Card
Up to 10% cash back
1% cash back on eligible purchases right away. Up to 1.5% cash back on eligible purchases after making 12 on-timeRead More
Regular APR
15.99% - 29.99% (Variable)
Credit Score
Limited/Fair/Good/Excellent
Why We Picked It
If you have no credit or limited credit, the Petal 2 Credit Card is our first choice. You can check to see if you're pre-approved without impacting your credit score (a process that uses a "soft pull"). This card is light on fees, so if you don't carry a balance you may be able to build a solid credit history with responsible use while limiting your exposure to fees. However, those with missed payments or a bankruptcy on their credit report are unlikely to be approved.
Pros & Cons
- No fees: no annual fee, no foreign transaction fee, no late fee, no over limit fee
- No security deposit
- No credit history required
- No intro APR offer
- No cash advances or balance transfers
- Applicants with a damaged credit report may not qualify
Card Details
- No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
- Variable APRs range from 15.99% – 29.99%
- Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
- 1% cash back on eligible purchases right away
- 2% – 10% cash back at select merchants
- $300 – $10,000 credit limits
- No credit score? No problem. If eligible, we’ll create your Cash Score instead.
- See if you’re pre-approved within minutes without impacting your credit score.
- Build credit alongside hundreds of thousands of Petal card members.
- Petal reports to all 3 major credit bureaus.
- No deposits required
- Card issued by WebBank
Best for No-Annual-Fee
Capital One Platinum Credit Card
Regular APR
28.49% (Variable)
Credit Score
Average, Fair, Limited
Why We Picked It
If you've got fair credit, the Capital One Platinum Credit Card offers a no-frills path to get back on your feet. Since there's no annual fee, this can be a low cost option if you make your payments on time and don't carry a balance. Given the shockingly high APR, it's wise to use the card for everyday expenses and pay the balance in full.
Pros & Cons
- No foreign transaction fees
- Applicants with fair credit may be approved
- Increased credit line possible in as little as 6 months
- Very high variable APR
- No rewards program
- No welcome bonus or intro APR offer
- Cash advance fee
Card Details
- No annual or hidden fees. See if you’re approved in seconds
- Be automatically considered for a higher credit line in as little as 6 months
- Help build your credit through responsible use of a card like this
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking from your desktop or smartphone, with Capital One’s mobile app
- Check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier. Just hover your card over a contactless reader, wait for the confirmation, and you’re all set
- Pay by check, online or at a local branch, all with no fee – and pick the monthly due date that works best for you
Best Second-Chance Credit Cards With No Security Deposit
Avoid Unnecessary Hard Inquiries with Pre-Approvals
Most of the cards listed below will pre-approve new applicants without running a hard credit check. This means someone can shop around for a few different cards and apply for pre-approval without worrying about too many inquiries on a credit line. Once a consumer makes a decision on which second-chance credit card to apply for, he or she can ask the issuer to run the hard inquiry and issue a final decision. Hard inquiries help card issuers determine important terms for customers like credit limits and variable APRs.
Bottom Line
Anyone looking for an opportunity to pay down debt or rebuild a poor credit score has plenty of credit card options to match any financial goal. Not every second-chance credit card requires a deposit, but any credit card requires responsible use and credit management. Take advantage of pre-approval offers to make shopping for a new card easy and painless.
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Chauncey grew up on a farm in rural northern California. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency.
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