Writer: Mike Randall
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
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While “guaranteed approval” may sound like the answer to your credit card woes, the fact is that all credit cards come with some basic requirements before a company will issue you a card. A key factor in these so-called guaranteed approval credit cards is that the requirements to qualify are usually minimal.
Most issuers of this type of card will require you to have an active checking account and to show proof of income that exceeds a certain minimum amount. There is also the question of just how bad your credit is.
Generally, if your credit score is between 300 (the lowest FICO score) and 600, it’s considered bad credit. But don’t worry—some credit card issuers are open to considering applicants with poor credit for an unsecured card. We’re here to assist you in exploring credit cards that could be helpful if you’re working with less-than-perfect credit, rebuilding your score, or just beginning to establish your credit history.
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Secured Cards With Approval Upon Deposit
Most guaranteed approval credit cards are secured credit cards. A secured credit card requires you to put down a security deposit, usually the amount of credit that will be extended to you — less processing fees, if any. This deposit is fully refundable if you keep your account in good standing.
The great thing about secured credit cards is that even if your credit isn’t perfect, you can often still qualify. Issuers report your activity to the three major credit bureaus. So, as long as you pay your bill on time and keep your balance low, you’ll likely see your credit score improve.
Here are several secured credit cards to start your search:
The Capital One Platinum Secured Credit Card may require a deposit amount less than the line of credit you’re offered, depending on your credit history. The card charges no annual fee and reports to all the major credit bureaus, making it an excellent choice for those with bad credit.
The opensky® Secured Visa® Credit Card requires no credit history, and there is no credit check for approval. That makes the opensky® Secured Visa® Credit Card ideal for someone with really poor credit. Your card activity is reported to all three credit reporting agencies to help you build credit. This secured Visa credit card has even popped up in a few business credit card reviews we’ve seen for business owners with bad credit.
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you’re approved in seconds
- Put down a refundable $200 security deposit to get at least a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
- 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
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- Monitor your credit score with CreditWise from Capital One. It’s free for everyone
- Top rated mobile app
The Capital One Quicksilver Secured Cash Rewards Credit Card accepts applicants with poor or limited credit, requiring a minimum security deposit of just $200. Plus, it gives you the chance to earn back your deposit as a statement credit after demonstrating responsible card use for a period.
+See More Secured Cards for Bad Credit
Unsecured Cards With Easy Approval
An unsecured credit card doesn’t need a security deposit and offers a genuine line of credit from the card issuer. However, these cards generally come with high fees and interest rates if you have bad credit. But here’s the catch: if they’re used responsibly, they can be a stepping stone to rebuilding your credit and eventually securing a card with better terms.
Here are some of our top-rated unsecured cards with minimal approval requirements for you to consider:
The Surge® Platinum Mastercard® provides a high initial credit limit for those who qualify. Your payment activity gets reported to each major credit bureau, which can aid in rebuilding your credit over time with responsible use, like paying your bill on time and keeping a low balance.
The Reflex® Platinum Mastercard® is a bad-credit friendly option for those who’ve experienced credit struggles in the past. You can prequalify for the card without hurting your credit and see if you’re a good candidate for the card. This card will report to the bureaus, so you can improve your credit score over time with responsible use.
The FIT™ Platinum Mastercard® offers a fast and easy application process, and all credit types are encouraged to apply. The card requires no security deposit and is very welcoming to those with poor credit. The card can be used everywhere Mastercard is accepted, subject to available credit.
+See More Unsecured Cards for Bad Credit
Prepaid Cards With Guaranteed Approval
If you’re one of those individuals who likes the convenience of using a card but doesn’t like the idea of dealing with credit or the potential for interest fees, a prepaid Visa or Mastercard may be right for you. Prepaid cards don’t require a credit check to qualify, but your card account won’t be reported to the credit bureaus — which means prepaid cards can’t help you with building credit.
A prepaid card can be used in place of a credit card for most transactions, including making purchases both in-store and online. Unlike a credit card, however, prepaid cards aren’t attached to credit lines; instead, the card uses preloaded funds to pay for purchases, just like a debit card attached to a bank account.
Prepaid cards can be reloaded as needed, sometimes for a very modest fee or even for free. Here are a few of our top prepaid recommendations:
While you won’t receive credit bureau reporting with the Brink’s Armored™ Account, you can still make purchases everywhere Mastercard is accepted. Other than verifying your identity, there are no credit checks or income requirements to get approved for this card, which makes it about as guaranteed approval as you can get.
Additional Disclosure: The information related to PayPal Prepaid Mastercard® has been collected by CardRates.com and has not been reviewed or provided by the issuer or provider of this product or service.
The PayPal Prepaid Mastercard® is an ideal choice for anyone who has a PayPal account. You can easily transfer money between your account and your prepaid Mastercard (among other reload options), so you can make purchases in stores or at online shops that don’t use PayPal but do accept Mastercard.
The NetSpend® Visa® Prepaid Card has no activation fee, no minimum balance requirement, and no credit check required to get a card. Prepaid cards do generally come with a host of other fees, including a monthly or per-transaction fee, so be sure to read the cardholder agreement before deciding to order one.
Prepaid cards offer a simple way to enjoy the perks of using plastic without the risk of going into debt or having to deal with credit checks. However, since prepaid cards don’t report to the credit bureaus, they won’t affect your credit report or score. This means they can’t help you build or improve your credit profile.
In other words, prepaid cards can be a good option for consumers who want to make convenient, cash-free purchases, but it isn’t a good option for people looking to improve their credit history or credit scores.
Alternatives to Guaranteed Credit Cards
If you need cash quickly rather than a payment method, think about applying for a bad credit loan. You can prequalify through a lending network, and the best part is, it won’t affect your credit score at all.
The prequalification step will attempt to match you with a direct lender. You’ll be presented with the loan’s rates and terms so you can decide whether you wish to move forward with an application. Upon approval, the loan funds will be deposited into your bank account within one business day.
Our top-rated lending network is MoneyMutual, which can match you with a bad credit loan offer of up to $5,000 — far more than the initial credit limit you’d receive on a credit card.
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- Not available in NY or CT
- Loans from $500 to $10,000
- All credit types accepted
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
You might want to explore cash advance apps, which provide short-term, interest-free loans based on what you earn. To qualify, you’ll need to have a job and a bank account.
You may also be able to get a closed-loop store credit card from your favorite retailer. Most stores offer their own credit card, and they usually offer two options — one that operates on the Visa, Mastercard, or Amex payment network and can be used everywhere, and another that can only be used at that store. The option that can only be used at the store is generally reserved for applicants with bad credit.
While a store card won’t help you pay for things outside the store, it will help you build credit because the account will appear on your credit report.
Finally, credit unions offer Payday Alternative Loans that are easy to qualify for. They have reasonable interest rates and terms, but you’ll need to be a credit union member. You can use this tool from the National Credit Union Administration to find one near you.
What Are Instant Approval Credit Cards?
Instant approval credit cards refer to any credit card that gives you a quick approval decision after submitting the application. Most major credit cards offer a near-instant approval decision, whether that decision is approved or denied.
An instant approval credit card is not a guaranteed approval credit card. Aside from one secured card — the opensky® Secured Visa® Credit Card and prepaid cards — no credit card offers guaranteed approval for everyone.
No Unsecured Card Can Offer Guaranteed Approval
Before you can get a line of credit from a credit card company, you’ll need to meet some basic criteria, unless you choose a secured card. Some secured cards skip the credit check, but you’ll still need to provide a cash deposit as security. The good news is that you’ll get this deposit back after demonstrating responsible use of the card over time.
You’ll probably get an instant approval decision when you submit your application. If you’re approved, expect your card in the mail within seven to 10 business days. If not, you’ll receive an Adverse Action Notice that explains why your application was denied.
You can use these insights as a game plan to steadily boost your credit score. Before long, you might find yourself qualifying for top cash rewards credit cards or premium travel cards. Imagine the possibilities!
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