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No Deposit Credit Card
No Deposit Credit Card

No Deposit Credit Card: There are two main no deposit credit card categories:

  • An unsecured credit card which allows typical purchases from retail stores, booking airline and motel reservations, etc. Examples of this type of no deposit credit card include Visa, MasterCard, Discover, etc.

  • The second type is not an actual "credit" card. It is a catalog card. It's an unsecured card (catalog, merchandise or discount card), which can only be used to purchase from a select line of products or from a catalog endorsed by the card issuer.  Examples of this type of no deposit card include a Sears credit card (charge card).

A no deposit credit card is an unsecured card that does not require pre-paying in order to enjoy a line of credit. These types of cards are more widely known by major issuers such American Express, Chase, Discover, MasterCard and Visa. Some issuers also offer a no annual fee credit card.

There are some cards by these major credit card company issuer which have a deposit or "pre-pay" requirement. The ones that are no deposit are aptly named "credit cards" and those that require a deposit are referred to as "cards" (without the word "credit"). Why? Because "cards" that require you to pre-pay are secure cards, and the amount you can charge against the card is determined by the amount of your deposit. If you deposit, for example, $1000, then you can charge up to $1000. Hence, there is no actual "credit" being extended. Typically, these cards are marketed as no credit credit cards because of the easy, no credit check approval.



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