Imagine the fantastic feeling of having a credit card that doesn't require an upfront deposit! Sounds too good to be true? Well, it's not. In this Flik Eco blog post, we'll explore several credit cards that don't need a deposit, enabling you to keep your cash in your pocket while enjoying the convenience and perks of a credit card. So, if you're a millennial looking to build credit without breaking the bank, read on!
Credit Cards You Don't Need A Deposit For Table of Contents
What are No Deposit Credit Cards?
No deposit credit cards, also known as unsecured credit cards, don't require the account holder to put down a security deposit to open the account. These cards are available to those with good to excellent credit scores, making them perfect for millennials looking to establish or build their credit history without needing to lock up their funds in a deposit.
The Top Credit Cards You Don't Need a Deposit For
After thorough research and analysis, we have identified the top no deposit credit cards available today. Here is a list of cards that stand out in their respective categories:
- Best for cashback: Chase Freedom Unlimited
- Best for travel rewards: Citi Premier Card
- Best for dining and entertainment: Capital One SavorOne Rewards
- Best for students: Discover it Student Cash Back
1. Chase Freedom Unlimited
If you seek a no-deposit, cashback credit card with a straightforward rewards structure, the Chase Freedom Unlimited card is an excellent option. With no annual fee and a flat cashback rate of 1.5% on all purchases, this card is perfect for everyday use. Plus, as an introductory offer, you can earn a $200 cash bonus after spending $500 in your first three months of card membership.
2. Citi Premier Card
For those who love to travel, the Citi Premier Card offers generous rewards without requiring a deposit. Cardholders earn three points per dollar spent on travel, including gas, two points per dollar spent on dining and entertainment, and one point per dollar spent on all other purchases. Additionally, as a signup bonus, new cardholders can earn 60,000 bonus points after spending $4,000 within the first three months of owning the card. Points can be redeemed for travel rewards, gift cards, or even statement credits.
3. Capital One SavorOne Rewards
Are you a foodie? The Capital One SavorOne Rewards card is the perfect match for you, offering great rewards for dining and entertainment purchases without needing a deposit. Cardholders can earn 3% cashback on dining and entertainment, 2% on grocery store purchases, and 1% on all other spending. Additionally, there's no annual fee, and new cardholders can earn a $200 cash bonus after spending $500 on purchases within the first three months.
4. Discover it Student Cash Back
For students looking to build their credit without needing a deposit, the Discover it Student Cash Back card is ideal. With no annual fee and generous cashback rewards, this card offers 5% cashback on rotating categories, like gas stations, grocery stores, or restaurants, up to the quarterly maximum, and 1% cashback on all other purchases. Plus, as a bonus, Discover matches all the cashback earned at the end of your first year of card membership.
Credit Cards You Don't Need A Deposit For Example:
Tom, a millennial food enthusiast, loves eating out and trying new restaurants. He decides to apply for the Capital One SavorOne Rewards card without needing a deposit by applying online. After a quick approval process, Tom receives his new card, which allows him to earn 3% cashback on his dining and entertainment purchases. He uses the card to pay for his weekly dinners out, cinema tickets, and even his Netflix subscription. Tom enjoys his benefits and watches his cashback rewards grow effortlessly, while building his credit history.
So now you know that credit cards without a deposit do exist, and they offer fantastic benefits for millennials looking to improve their credit history. With a variety of options available to suit your individual preferences, you can enjoy rewards on travel, dining, entertainment, and more, all without needing to put money down upfront. Don't forget to share this article with your friends and explore other fantastic guides on Flik Eco to help you get ahead on your personal finance journey.