Key takeaways
- If you want to build up your credit and don’t have a bank account, there are secured cards that accept a deposit using a money order or prepaid debit card.
- Some of them even offer rewards, but also consider their fees and APRs.
- If you open a bank account, you would have more options for secured cards and also get more ways to manage your money.
Secured credit cards can give you purchasing power while helping you to build credit. As a condition of approval, you’ll typically need to offer up a security deposit which may also be your credit limit. The credit card issuer may ask you to link a bank account in order to transfer the funds for your deposit.
And this is where you might hit a snag. If you’re part of the 6 percent of American adults were unbanked in 2023, according to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households, you might be wondering whether it’s possible to get a secured card with no bank account. Here’s a closer look at what’s possible when it comes to funding your secured card, as well as which secured cards you might be able to get, no bank account required.
Can you get a secured credit card without a bank account?
Yes, there are some secured cards that allow you to pay your security deposit using methods other than a bank account. For instance, you might be able to mail in a money order or use a prepaid debit card to fund your account. Or, you might be able to open an account upon signing up for your card.
4 secured credit cards you can get with no bank account
When comparing secured credit cards, it helps to be conscious of your credit history and how much you can afford to put down as a security deposit. Some secured cards are suited to people with bad credit; others are designed for people who are starting from scratch with no credit history.
In terms of the minimum deposit, you might find cards that start as low as $49 for those who qualify, while others might require $200 or more. Rewards are rare with secured credit cards, but there are some that offer cash back on purchases, which is something else to consider. Also, don’t forget to consider the fees and interest rates associated with each card.
The following cards are all available without a traditional bank account, but some may better suit your needs than others.
1. OpenSky® Secured Visa® Credit Card: Best for potential unsecured upgrades
– Secured card with a $35 annual fee
– Minimum deposit of $200
– Credit limit can be up to $3,000
– Refundable security deposit if you close your account or get upgraded to an unsecured card
2. Self – Credit Builder Account with Secured Visa® Credit Card: Best for getting a mix of credit
– Secured credit card with a unique twist.