A second chance is simply being given the opportunity to start over and try again likely after making a mistake. We all need second chances from time to time and the same is true in our finances.

All too often we either start off our financial path on the wrong foot and mess up our credit before ever getting started, or we end up in an unfortunate situation that did a lot of damage to our credit.

In either case, second chance credit cards and second chance bank accounts help consumers restart again so they can start building their credit to what it once was or what it should have been.

Related: How to Get the Most From Your Credit Cards

Here are the best second chance credit cards with no security deposit required

The Total Visa® is for people with poor or limited credit, and is a great tool for rebuilding credit.

You don’t need to put down a security deposit because it is an unsecured card for bad credit; however, the card will do a hard credit pull if you decide to apply and if you add up the amount of fees, you might be better off going with a secured card.

There is also a fee to request a raise in your credit limit.

The Credit One Bank® Visa® Credit Card is a pretty good unsecured credit card for people with bad credit. The Credit One Visa Card gives users a $300 initial spending limit, with no security deposit needed, in return for up to $99 in annual fees. It also offers cash back rewards and monthly credit-bureau reporting.

Credit One cards are notorious for their baffling terms, often filled with unexpected fees and rates that aren’t guaranteed until you prequalify. In fact, the Credit One Platinum Visa for Rebuilding Credit may have the most red tape of all. Milestone® Mastercard®

You won’t get any rewards or benefits with this card, but will get a few standard offerings through Mastercard, including identity protection with the ID Theft Monitoring program, card replacement in case of loss or theft, and zero liability for fraudulent transactions.

And because this card is a Mastercard, your spending power isn’t limited to a single retailer — you can use your Milestone Gold Mastercard anywhere Mastercard payments are accepted.

I recommend the Indigo® Platinum Mastercard® for bad credit. So if you’re someone who still wants an unsecured card, but your credit isn’t great, the Indigo® Platinum Mastercard® is a pretty good option. 

The credit limit on this card only goes up to $300, and they deduct the annual fee from your credit line. So if you qualify for the $300 credit line and your annual fee is $59, your credit limit may start at $241, which for some people is fine as they’re building credit, but for others who want to make a purchase larger than $240, it’s going to be an issue. 

Why Unsecured Isn’t Always Better

If you have less-than-stellar credit, a secured credit card may be the better option since they’re typically easier to qualify for with poor credit (scores below 580) or no credit. And the best part is there are typically fewer fees which is a big deal.

If you can’t afford the $200 security deposit, you could look to other ways to raise your credit score, including becoming an authorized user on someone else’s account. You might also want to look for a card geared toward consumers with low credit that don’t require a deposit.

Which ever card type you choose, it’s important to remember that these cards are tools to build your credit score over time. You can build to better cards once your creditworthiness has been established.

This means missing or making payments late will only hurt your chances of better options later on. Make small purchases that you can easily afford and never make a payment late, and you’ll see the difference it makes in your overall credit rating.

Keep reading for more secured second chance credit card options.

The Best Secured Second Chance Credit Cards:

The Fingerhut FreshStart® Credit Account lets you buy items from Fingerhut and pay them off over six or eight months after a down payment. It has a $0 annual fee, but watch out for its very high 29.99% fixed APR on purchases.

After you place a qualifying order and pay off your balance, you may graduate to the WebBank/Fingerhut Advantage Credit Account. This lets you spend up to your credit limit and potentially qualify for credit-line increases.

You can’t apply for the Fingerhut FreshStart® Credit Account directly. Rather, you’ll apply through a general Fingerhut application, after which you may receive the WebBank/Fingerhut Advantage Credit Account or the Fingerhut FreshStart® Credit Account depending on your creditworthiness.

The OpenSky® Secured Visa® Credit Card is an excellent option for people who are just starting their credit profile or are starting to rebuild their credit profile. One of the great features of OpenSky is that they believe everyone should have an opportunity to build their credit, so there is no credit check required to apply for the card. 

You can choose your deposit amount yourself, and it starts at $200, which is refundable. Open Sky allows you to quickly build your credit as they report your activity to all three major credit reporting agencies.

The Secured Mastercard® from Capital One is another excellent option for rebuilding your credit with a secured card. There is no annual fee on this card. However, the purchase rate is on the high end at 26.99% (Variable). 

As long as you make the minimum required security deposit, you’ll get an initial credit line of $200. So those who make a security deposit of $49 or $99 will tend to have better credit (there is a credit review with this card).