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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 2022, 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, remember to weigh the fees and the interest rates.
The following cards are all available without a traditional bank account, although some may be suited to your needs more than others.
The bottom line
Getting a secured card with no bank account is possible and it could be a good first step toward getting your credit on track. The secured cards listed here can be opened and funded without a bank account as long as you have access to money orders and/or prepaid debit cards.
If you’re interested in more secured credit card options, you may want to consider opening a bank account. A checking account would make it easier to qualify for a secured credit card, and it can also offer convenience for managing your money. For example, you can set up direct deposit for your paychecks, pay bills automatically and link your checking account to a savings account for easy transfers. If you’re ready to open a bank account, it’s easy to compare the best checking accounts online so you can find the right one.
*Information about the Associated Bank Secured Visa® Credit Card, the Associated Bank Max Cash Secured Visa® Credit Card and the First Progress Platinum Elite Mastercard® Secured Credit Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.
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