Prepaid Credit Cards For Canada Capital One Canada

Prepaid Credit Cards for Canada? - Canada
6 Reasons why prepaid credit cards are good.
1. Prepaid credit card is guaranteed acceptance
  This is a nice feature as it gives you the peace of mind that if you apply for this card, you'll be accepted for this card. There are many people who do not have credit in Canada such as people with bad credit, students, and new immigrants to Canada.
  
  Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island,
  
  Apply Today! Apply for a Capital One Secured Credit Card today!
  
  When people have bad credit, they tend to apply for many different credit cards all at once. The problem with this is that every time a credit card company takes your application they get a credit report from Equifax Canada and/or TransUnion Canada. Every time a credit card company accesses your credit report, it costs you approximately 6 points off your credit score.
  
  What is a prepaid credit card?
  
  That means that if you apply for 10 credit cards all in the same week, you're going to lower your credit score by 60 points. This makes it even harder for you to you be accepted for a credit card.
  
  With guaranteed acceptance by Canada, you only have to apply once and thus won't have an adverse affect on your overall credit score.
  
  SEE ALSO: Freedom Prepaid Debit Card for Canadians
  
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2. Prepaid credit cards help your credit report / credit score
  People who are just starting off and have no credit history often have a difficult time attaining credit as their future creditors have no credit history to show how they've dealt with their credit previously.
  
  I spoke to an insider at Equifax Canada. She mentioned that a little known fact is that Equifax Canada won't open up a credit history unless you have two pieces of revolving credit (ie two credit cards). This means that even if you have a car loan but no credit cards, you may not have a credit history started with Equifax!!
  
  By having a prepaid Canada credit card, and at least one other credit credit card, this will ensure that you have your credit history started and on the way.
3. Prepaid credit cards help students and immigrants get credit
  STUDENTS AND PREPAID CREDIT CARDS
  University and college Students are usually starting off financially and haven't got that necessary credit history started.
  They may have a part time job while working on their studies. Once you turn 18, it's the first time that you can get a credit card on your own. It's a pretty exciting time. Students can getting a pre paid credit card on their own with out having their parents or friends co sign for it.
  
  That's a strong first step for the student to becoming independent and making a way for themselves without their parents involvement.
  
  IMMIGRANTS AND PREPAID CREDIT CARDS
  With immigrants it's difficult to start your credit. Even if you're moving in from the United States or other country. It's not commonly known that Equifax and TransUnion keep a separate database of consumers for each country.
  
  That means that if you have good credit and even alot of credit in the U.S., this doesn't carry over if you move to Canada. Canadian creditors won't see what your credit is like in America.
  
  If you're moving to Canada for a job, to get married, or to be with your family or origin, a prepaid credit card will help you reestablish the good credit that you have in the other country. And the nice part of it is that you won't need co-signers to help you get started.
  
  Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island,
4. Prepaid credit cards help people with bad credit
  I've spoken with many people who have bad credit. They have bad credit as a result of bankruptcy, divorce, loss of job and income or just plain negligence. ( Just being honest :-) )
  
  It's a very hard and lengthy process for some people to reestablish their credit. As has been commonly said, "it took them a while to destroy their credit, and now it will take a while to re-establish their credit".
  
  A prepaid credit card from Canada shortens the time it takes to reestablish your credit. Upon acceptance and usage of this credit card, immediately starts to report your good credit to Equifax Canada and Transunion Canada giving you positive credit reporting in as little as a months time.
5. Prepaid credit cards help you control your spending habits
  I like the psychology of a prepaid credit card. If you give a security deposit of say $500, then that's your credit limit. You can't spend any more than the $500 credit limit. This helps you if you're in the mood to shop uncontrollably as you know that you've got a limit and you have to stick to it.!!
6. Prepaid credit cards security funds are as low as $75
  Some other secured credit cards that require deposits of $500-$1000. This large amount may take a long time to save up, especially if you're a student or immigrant and have alot of start up costs.
  
  For only $75, you can get a prepaid credit card that will start your credit history off, and won't cost you an arm and a leg.
NOTES:
1. Live in and are at least the age of majority in AB, BC, MB, NB, NL, NS, ON, PE, or SK;
2. Don't have an existing account or a account that is not in good standing within the last 12 months before applying;
3. Haven’t applied for a account within the last 65 business days; and
4. Provide security funds as required, by cheque or money order (Please do not send postdated cheques or cash).
Provinces available.
Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island,

What is a prepaid credit card?

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8 Comments
On Feb 18, 2010, Monty Loree Said:
hi B Akenchuk I'm thinking that they should be the same.. I know that the cards from prepaid cards from Money Mart , the Cash Store are pretty expensive with reloads etc... I guess would have to shop a little bit.
On Jan 25, 2010, B Akenchuk Said:
Prepaid Visa or Prepaid Mastercard? Is there any difference as far as fees, interest rates etc? I'm looking to get a prepaid card, but i want to make sure i'm getting the best deal possible.
On May 4, 2009, Cesar Said:
someone know Prepaid Mosaik Master Card (Bank of Montreal). I new immigrant in Calgary and I want to start a my credit.
On Jan 23, 2009, Charlene Said:
You are right - I was looking into the cost of each card, with fees and the like - it's just a bit ridiculous. I thought they worked like a store card (like those you would give as a gift) a card you put money on and can use when you want (however with the benefits of a credit card, without the hassle), however in my opinion it's worse, with all the fees. Thanks for getting back to me right away!!
On Jan 23, 2009, Monty Loree Said:
you can get prepaid credit cards at all of the money stores... money mart, cash store, western union etc again, in my opinion, these are really expensive. let me know what you decide.
On Jan 23, 2009, Charlene Said:
Hey Monty, I'm new at this website - and still trying to find out if there are any pre-paid credit cards available to Canadians. If so - where would I purchase or obtain one? Thanks, Charlene
On May 18, 2008, Monty Loree Said:
Hey Betty, Thanks for that.. you're right. I wrote that before I got the definitions right. Prepaid credit cards and secured credit cards are relatively new in Canada. I was interchanging the names as I wasn't sure about them, and wasn't sure that people would be looking for a secured and calling it a prepaid. thanks again.
On May 18, 2008, Betty Smith Said:
There is a difference between a "Prepaid" card and a "Secured" credit card. A "Secured" credit card shows on your credit bureau (your credit report begins with the first check on your credit, although you need a minimum of 2 revolving accounts in order to get a credit score). While you put a security deposit down, this is not necessarily the full amount of the card, and you need to make regular payments as if it were a regular credit card. A "Prepaid" credit card is more like a long-distance phone card. It does not show on your credit bureau at all. You do not need to make regular payments, only top it up when it runs low to continue using it, and you always pay the full amount of the card beforehand. You are describing a "Secured" credit card. Get your terminology right! This business can be confusing enough!

Prepaid Credit Cards for Canada? - Canada

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