How to Get Secured Credit Cards, no Downpayment

If you're looking for a secured credit card with no downpayment, chances are, you'll have to look a little harder to find one. Because the main point of a secured credit card is that it is funded by money you place in an account and the bank takes absolutely no risk, it is hard to get a secured credit card with no downpayment. However, for those who are willing to look a little harder, and pay a little more interest and fees, there are some credit card companies and banks that specialize in dealing with bad credit. These banks will offer cards with an annual fee--charged to the card itself--to those who are trying to rebuild credit.

Another option for a secured credit card may be a pre-paid credit card. These have guaranteed approval and are completely funded by the individual they are issued to. Many times, they come with an account and routing number, allowing people to transfer money from their bank account to the prepaid credit card account on a regular basis. These cards can hold a certain amount of money at one time, and usually come with no fees, with the exception of purchasing the card. There are both prepaid Visa and MasterCards available.

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