Guaranteed Approval Credit Cards
- No annual or hidden fees, and you can earn unlimited 1.5% cash back. See if you’re approved in seconds
- Earn unlimited 1.5% cash back on every purchase, everywhere. It’s that simple
- Straightforward cash back rewards without rotating categories or limits to how much you can earn
- Building your credit? Using a card like this responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- Monitor your credit with CreditWise from Capital One. It’s free for everyone and checking your credit does not hurt your credit score
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases automatically.
- INTRO OFFER: Unlimited Cashback Match only from Discover. Discover will automatically match all the cash back youve earned at the end of your first year! Theres no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Best Secured Credit Card For Wide Acceptance: First Progress Platinum Elite Mastercard Secured Credit Card
Overview: Because the First Progress Platinum Elite is a Mastercard, it is widely accepted, making it a great go-to card for the traveler.
Pros: This card has a new expedited processing option, which is handy if you are looking to get your new card quickly. Also, the First Progress Platinum Elite Mastercard Secured Credit Card doesnt require a minimum score or credit history.
Cons: While not as bad as others, this cards fees can be onerous. It carries an annual fee of $29 and a variable APR of 19.99%.
When Would A Secured Credit Card Make Sense For Me
If you have experienced financial difficulties that make getting an unsecured credit card difficult, or if you’re just starting out in the world of credit and have never had a credit card or loan before, then a secured credit card may make sense. Before applying, consider the card’s terms and conditions carefully.
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Which Banks Offer Secured Credit Cards
Many banks and card issuers offer secured credit cards. If you have a preferred bank, consider asking whether they offer a secured credit card. Don’t apply for a card without digging into the terms and conditions, however. Look at the APR, fees, and whether you can be transitioned to an unsecured card in the future.
Applicants With A Limited Credit History
If you haven’t used credit often before, there may not be enough information in your credit file to prove that you can be trusted. When you get a secured credit card, the credit card company will report every month to the credit bureaus whether you are paying off the card as agreed. By consistently paying your credit card bill on time and not spending more than your credit limit, you could build up a solid track record.
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Canadian Tire Triangle Mastercard*
The Canadian Tire Triangle Mastercard is a great option if you shop regularly at Canadian Tire, as well as CT Gas+, Sport Chek, Marks, and a variety of other retailers in the Canadian Tire family. If you apply in a Canadian Tire store and are approved, you may use the card immediately, rather than waiting for it in the mail. Or, if you apply online for instant credit and are approved right away, youll be able to proceed to checkout, where your card details will be pre-filled in the payments sectionso you can start earning 4% back on qualifying purchases immediately. You can also use your card through the Apple Pay or Google Pay apps to make purchases before you receive your physical card in the mail.
- Annual fee: $0
- Rewards at partner locations: 4% in Canadian Tire Money on purchases at Canadian Tire and partner stores, and $0.05 back at Gas+ and participating Husky stations
- Rewards on everything else: 1.5% on the first $12,000 spent on groceries per calendar year ; 0.5% on everything else
- Income requirement: None
Improve Your Credit Score Before Applying Again
If you get denied credit, you may be tempted to immediately apply for a different card. But keep in mind, a hard inquiry will be added to your credit report every time you apply for creditâeven if you’re deniedâwhich can result in a small decrease in your credit score.
If you apply for multiple credit card accounts in a short period, it can have a compounding negative impact on your credit score. Credit card applications can even be denied outright due to too many recent applications in your credit file.
As such, it’s essential to take some time to improve your credit before you apply a second time. Here are some tips to help you get started:
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Secured Credit Cards: How They Work And Why They’re Easier To Get
A stepping stone to better credit cards.
If you have a limited credit history or a low credit score, getting approved for a credit card can be a challenge. There is, however, an entire category of credit cards designed for people in this situation: secured credit cards, which can actually help you build or repair your credit score.;
A secured credit card simply means that it’s backed by something else of value. In the case of a secured credit card, it’s your cash — in the form of a security deposit — which is used to pay your bill if you default. When you put cash up in advance, it’s easier for an issuer to overlook a checkered financial track record and grant you a secured credit card with a modest credit limit. Read on to learn more.
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What To Do If You’re Denied For A Secured Credit Card
If you’ve been denied credit due to information found on your credit report, the lender should have sent you an adverse action letter. This letter will explain why you were denied and the rights you have as a consumer, such as the ability to get a free copy of your credit report. If your credit score was the basis for your denial, the letter will also include your score, the date it was pulled and the method used to generate it.
Here are some steps you can take after being denied for a secured card that may help to improve your chances of getting approved next time.
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Tips For Applying For An Instant
If youre applying for an instant-approval credit card, the below tips can increase your chances of success:
- Know your credit score: Depending on the card youre applying for, where your credit score sits will help determine if you get instantly approved. If you have a fair credit score , along with other factors like payment history and relationship with the issuer, consider retail and store credit cards. For scores 650 and up, look into applying for a reward-based card, like a cash-back credit card. If your score is 700 and higher, you have options for a more premium card, like a Visa Platinum/Infinite or Mastercard World/World Elite card. However, if your score is below 600, you should consider a secured card with a deposit requirement.
- Strategize your card applications: Each time you apply for a card, the issuer may perform a hard credit pull, which can temporarily and negatively impact your score. These reviews determine your credit history and eligibility, but too many applications at once are flagged as risky. Space out your applications for a more favourable credit score and history.
- Review present credit card debts: If you already owe money on one or more credit cardseither over 30% of your total credit limit or more than 40% of your incomebanks will be less likely to approve your application. Address your debt first by paying back a significant portion.;
What Is The Credit Builder Secured Account
It is an account that holds the money youve moved to Credit Builder. This money determines the amount you can spend with your Credit Builder card . You get to set your own limit by moving any amount to and from your Credit Builder secured account whenever you want.
When you make a purchase, a hold is placed on that money you just spent in your secured account. You can use this money later, to pay your monthly balance. Your Available to Spend will also go down. This way, you know how much more you can spend with your Credit Builder card.
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- Annual fee:;$120
- Welcome bonus: 10% cash back for all purchases for first four statement periods
- Earn rate: 4% back on groceries and gas; 2% back on dining, recurring bills and daily transit; 1% on all other purchases
- Additional perks: Emergency medical and accident coverage; car rental collision and damage coverage; mobile device insurance; purchase security and mobile device insurance; and save up to $0.10 per litre at participating Chevron, Ultramar and Pioneer gas stations when you link your card with Journie Rewards.
- Income required:;$60,000 or $100,000 as a household
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Easy Credit Cards To Get With Fair Credit
If you are denied for a secured credit card, you could apply for a different secured card , become an authorized user on someone elses credit card account, or apply for a credit-builder loan. Some secured credit cards dont even check your credit when you apply. So you will only be turned down if you do not have a U.S. mailing address, a Social Security number , or enough money to fund your deposit and make monthly payments.
In general, secured credit cards are much easier to get than unsecured cards because they require a refundable deposit that also serves as your credit limit. Because theres less risk for the issuer, secured cards are able to offer nearly guaranteed approval, even to people with damaged credit. But that doesnt mean everyone is accepted, and some secured cards are easier to get than others.
Typically, if youre denied for a secured credit card, the cards issuer will send you a letter explaining why. That can be a good place to start when determining your next steps.
Can You Be Denied A Secured Credit Card
Usually, the biggest obstacle to getting a secured credit card is coming up with the refundable deposit that acts as collateral in case you don’t pay your bill.
Most deposits are around $200, and if you want a higher credit limit, you’ll need to deposit more money. The;First Tech® Federal Credit Union Platinum Secured Mastercard®, for instance, allows cardmembers to deposit as much as $25,000 to receive an equivalent line of credit.
But even if you have the money for a deposit, you can be denied a secured card if your credit profile is deemed too risky to a lender. Each lender, or card issuer, has a set of standards as to what an ideal borrower looks like. This includes your , your income and your current and former debts. If you have a long history of late or missing payments, delinquent accounts and/or bankruptcy, a prospective lender will have a harder time taking a chance that you’ll be a reliable borrower.
In this case, the lender may say no and you’ll need to rely on other means to build your credit history.
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How Do Secured Credit Cards Work
Secured credit cards can be used like any other credit card to make payments, and will run on one of the big payment networks like Visa, Mastercard, American Express or Discover. But secured cards are designed for those with limited to no credit or those with damaged credit.
Just like with other types of loans, such as mortgages, auto loans or student loans, credit card issuers use past credit history to determine eligibility and interest rates for their products. The better your credit score, the better your offers will be. Thats because a good credit score signals to lenders that youre less likely to default or pay late.
But if you have no credit or not-so-great credit, a lender may determine that its too big of a risk to approve you for a credit card. Enter secured cards. Lenders who are reluctant to issue credit to borrowers who have struggled financially or are lacking a credit history may be more willing to approve applicants for a secured credit card, as it requires a deposit that can be seized if the debt is unpaid. That deposit is like insurance for the lender if the cardholder fails to make on-time payments.
Each card comes with its own minimum and maximum credit limits, typically starting at a minimum required opening deposit of a few hundred dollars up to several thousand dollars, depending on the card limit and how big of a deposit youre willing to give.
What Is The Easiest Credit Card To Get With No Credit Or Thin Credit
Having no credit means you don’t have any credit history at all. A thin credit file means you have some credit history, but it’s not enough to generate a credit score. In either case, you could be “invisible” to credit card companies when trying to apply for new credit.
In that case, the easiest credit card to get may be a starter card or secured credit card. Examples of cards you might qualify for include:
- OpenSky Secured Visa:The OpenSky Secured Visa is a no credit check card that’s also a secured credit card. You can set your credit limit by making a cash deposit of $200 to $3,000, and your account activity will be reported to all of the three major credit bureaus.
- First Progress Platinum Elite Secured Mastercard:The First Progress Platinum Elite Secured Mastercard requires no credit history or minimum credit score for approval. Your security deposit is refundable, and the card is accepted nationwide.
- Deserve EDU Mastercard for Students:The Deserve EDU Mastercard for Students doesn’t require a Social Security number to apply, so it could be good for international students.
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How To Use Your Secured Card To Build Credit
Now that you understand how secured credit cards work, how do you handle one correctly? It only takes 3 easy steps:
- Pay on time. While it takes months to build your credit with good payment habits, one or two late payments can cause a big drop in your score. And not only is paying on time good for your credit, it keeps you from having to pay late fees and even losing your card.
- Pay in full. In fact, pay multiple times a month to keep your utilization ratio low because you dont know when your issuer will send your account information to the 3 major credit bureaus. This will also help you avoid interest charges.
- Place a small charge on the card. Dont forget to use the card each month. If you lose your card to inactivity, you cant build credit month by month. Put a recurring reminder on your calendar to ensure that you dont forget. Or better yet, place an auto debit for a small charge on your card.
Be Able To Show Employment Or Some Type Of Cash Flow
Given the surging unemployment rates, lenders are looking at your income just as much as your credit score to see if you qualify for new credit.
“With over 40 million Americans out of work, creditors are most likely concerned about potential delinquency and the overall ability for consumers who may be struggling to repay the debt that they borrow,” Triggs says. “Consumers may have to provide additional information to prove their employment and income than they may have had to provide in the recent past.”
While documentation requests aren’t standardized from lender to lender, applicants could be asked to send in additional verification to confirm their identity and prove their income, Leslie Tayne, a debt-relief attorney and founder of;Tayne Law Group, tells CNBC Select.
“Some lenders are now asking for copies of bills for proof of address and social security cards for identity purposes,” Tayne says. “Credit scores and credit reports don’t provide creditors with insight regarding an applicant’s income, so proof of income may be required to secure the approval of a credit card.”
If you’ve recently lost your job or you are anticipating a layoff, you can still qualify for a credit card but you need to show that you have the ability to make payments. The good news is that you don’t have to show high disposable income, just verified income.
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