![]() The Discover it® Secured Credit Card gives cardholders access to many of the perks and benefits available to people with higher credit scores. The card also stands out for consumers trying to build credit because there's no security deposit required. The ability to earn up to 1.5% cash back after making 12 on-time monthly payments is not only a nice perk but a great way to encourage responsible behavior. The Petal 2 Card charges no annual fee, no late payment fee and no foreign transaction fees. 2% to 10% cash back at select merchants.1% cash back on eligible purchases right away, which can increase up to 1.5% cash back after you make 12 on-time monthly payments.Then, WebBank, analyzes your bank statements and other data, such as bill payments and earnings, to determine your eligibility. Instead of judging your creditworthiness solely based on credit history, Petal may ask you to link bank accounts during the application process. The Petal 2 "Cash Back, No Fees" Visa Credit Card, issued by WebBank, is a unique card that takes a different approach to the credit card application process. (See our methodology for more information on how we choose the best cards). We considered a number of factors, including security deposit minimums, fees, rewards programs and APR. In addition to secured cards, there are some other credit card options for people with no credit or poor credit who don't want to - or are unable to - put down a deposit.ĬNBC Select analyzed 29 credit cards that are marketed toward consumers with no or poor credit to determine the best cards for building or rebuilding your credit. But don't worry about losing that money your deposit is refundable if you pay your balance in full and close your account. Your security deposit acts as collateral if you fail to make payments. ![]() Whatever amount of money you deposit becomes your credit limit - if you want a higher credit limit, you'll need to deposit more money. ![]() They're similar to traditional cards (they extend credit, charge interest and may offer rewards) but require you to make a deposit (typically $200) in order to access a credit limit. Secured credit cards are one of your best chances at qualifying for credit. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt.
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