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A secured credit card can help you build credit and increase your purchasing power at the same time. As a condition of approval, you’ll usually have to pay a security deposit, which can be a line of credit. Credit card issuers may ask you to link a bank account to deposit the security deposit funds.
Here’s where you might get stuck. If you’re part of the 6% of American adults who don’t have a bank account in 2022, according to the Federal Reserve’s U.S. Household Financial Well-Being report, you might be wondering if you can get a secured card without a bank account. Here, we’ll take a closer look at what’s possible when it comes to secured card financing, as well as secured cards you can get without a bank account.
Can I get a secured credit card without a bank account?
Yes, some secured cards allow you to make a deposit in ways other than through a bank account — for example, you can mail in a money order or use a prepaid debit card to deposit money into the account — or you might be able to open an account immediately when you apply for the card.
4 secured credit cards you can get even if you don’t have a bank account
When comparing secured credit cards, it helps to be aware of your credit history and how much you can put down as a deposit. Some secured cards are suitable for people with poor credit, while others are designed for people starting from scratch with no credit history.
When it comes to minimum deposits, some cards start at $49 if you qualify, while others require $200 or more. Perks are rare on secured credit cards, but some cards offer cash back on purchases, which is something to consider. Also, don’t forget to take fees and interest rates into account.
All of the cards below can be used without a traditional bank account, but some may better suit your needs than others.
Conclusion
It’s possible to get a secured card even without a bank account, and it could be a good first step to getting your credit back on track. The secured cards listed here can be opened and funded even if you don’t have a bank account, as long as you have access to a money order or a prepaid debit card.
If you’re interested in more secure credit card options, consider opening a bank account. A checking account can make it easier to qualify for a secured credit card. It also gives you more control over your money. For example, you can set up automatic direct deposit of your paycheck, pay your bills automatically, and link your checking account to your savings account for easy transfers. When you’re ready to open a bank account, you can easily compare the best checking accounts online to find the right one for you.
*IInformation regarding 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 verified or endorsed by the issuers.
