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    What is a Canadian Banks secured credit cards?

    You can get a Capital One Secured MasterCard credit card online by visiting Capital One Canada's website. I was curious as I saw people asking about which Canadian secured credit cards are available online. Until today, I hadn't taken the time to go to each of the Canadian bank's websites to research which bank offers a secured credit card. I thought that this might be a good topic for a post.

    I did some research today on the major Canadian banks and which ones have secured credit cards. The question that I asked specifically is:
    What is a secured credit card and Which Canadian banks offer online applications for secured credit cards on their websites?

    Here is what I found:
    TD Canada Trust secured credit cards:
    I went to www.tdcanadatrust.com I searched through their personal credit cards and found that TD Canada Trust DOES NOT have a secured credit card that you can apply for online. To confirm that this was the case, I contacted the TD Canada Trust toll free number hotline and asked them if they had a secured visa credit card on their website. The operator replied, "No, you have to go into the branch to apply for this type of visa card."!

    Royal Bank of Canada ( RBC ) secured credit cards
    I clicked on to www.rbc.com. I looked through their personal credit cards and credit products and discovered that Royal Bank Canada ( RBC ) DOES NOT have a secured credit card product that I could apply for on their website.

    ScotiaBank secured credit cards
    I surfed over to www.scotiabank.com.
    Scotiabank DOES NOT offer a secured visa credit card application on their website.
    I call Scotiabank's toll free number and they confirmed that I would have to go into the branch to apply for this type of visa card.

    Bank of Montreal (BMO) secured credit cards
    I clicked on to www.bmo.com. Bank of Montreal DOES NOT have a secured credit card on their site. I found that they DO have a prepaid mosaik mastercard, but that's not the same as a secured credit card, especially in Canada.
    I called BMO's customer support toll free number and was really annoyed that I had to wait for 20 minutes to get to a BMO customer support rep. I asked the rep what is a secured credit card? I was even more annoyed that when I got on the phone with the first customer service rep, that this person didn't know about secured credit cards, and then forwarded me to another customer service area. I had to wait for another 10 minutes to speak to that person. You would think that BMO has enough money to hire adequate customer service reps.

    Canadian Imperial Bank of Commerce ( CIBC ) secured credit cards
    I visited www.cibc.com and searched through their personal visa credit cards. Canadian Imperial Bank of Commerce ( CIBC ) DOES NOT offer a secured credit visa card on their website. You have to go to a cibc branch to apply in person for one of these cards.
    I did call the CIBC customer service toll free hot line number and the customer service rep confirmed that CIBC does not offer a secured visa product on their website.

    Capital One Canada secured credit cards.
    Capital One Canada DOES offer a secured credit card on their website, and you can to apply for it online.
    Apply Now!!

    My thoughts:
    Applying online for a secured credit card is very convenient for most people. Capital One Canada is a federally regulated Canadian bank. As well, they are highly visible with their beloved "hands in my pockets" and "you've got bankers" commercials.

    Even though each of the Canadian banks have decided that they don't want to offer a secured credit card product online, it's nice to know that you can get a secured credit card for Canadians on this website!!

    What is a secured credit card?

    Canadian Secured Credit Cards - Major Canadian Banks
    British Columbia (BC), Alberta, Saskatchewan (Sask), Manitoba, Ontario (Ont), Quebec (PQ), Newfoundland (NFLD), Nova Scotia, New Brunswick, Prince Edward Island (P.E.I.)

    Article Created: 2007-11-29
    Article Updated: 2014-02-11

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On Apr 16, 2012, You And Me Said:
great ad buds
On Jul 19, 2011, Monty Loree Said:
Capital One cards are now available in all provinces, including quebec!!
On May 15, 2011, N. Said:
People's Trust Mastercard is a secured credit card for people with a bad credit and discharged from a bankruptcy. It is even available in Quebec. Other secured credit cards from major banks are only for newcomers and people with a "light" poor credit.

It is without saying that People's Trust Mastercard will cost you a 1 time $50 fee for opening your account and an annual fee of around $70. But it is a small price to pay to rebuilt / re-establish your credit as it is reported monthly to the credit bureau as a "regular credit card" and not a "secured card". You also earn interests on your deposit with a GIC account. It is the only after bankruptcy card available in Quebec if you ever want to build your credit back. Capital One's secured Mastercard and Home Trust's secured Visa are not available in Quebec because of some provincial regulations. Since 2010, it has become very difficult to obtain a credit card in Canada if your credit is not "good" or "excellent" because of the credit card crisis in 2008 where almost everyone got a "pre-approved" credit card offer in their mailbox. Banks are tightening up their credit cards approval and culling away "high risk" clients.

So for those people with a bad shape credit or has just been discharged from bankruptcy, they only have very limited choices. And for those who live in a place where Home Trust and Capital One don't do business, they basically have only one choice and it's People's Trust.

For those people with a good credit, you might not be able to grasp the whole importance of a secured credit card and you shouldn't even bother with it. Just be careful and keep that score up. But for people who went through hardships and need a second chance, there's hope. I have 2 advices for you.
1- Save, save and save money. Then put them into a RRSP or a GIC savings account.
2- Apply for a secured credit and rebuilt your credit as soon as you can. You don't have to wait for 7 years for your bankruptcy to clear before you can start applying for credits. But avoid all major banks because they won't even bother listening to you if you don't have at least 2-3 of re-established credit when you apply for credit or a loan.
On Jan 4, 2011, Rumpelstiltskin Said:
I just got a Capital One Secured TWO Visa, only cost my first born, I could have gotten a Secured One Visa but I had a boy... better credit if your first born is female....
On Nov 9, 2010, Dano Said:
FYI...Scotiabank Secured VISA cards are only available to 'new' Canadians, like those guys that came in on the boat a couple of months ago. Real Canadians do not qualify at Scotiabank. Not sure about the other 'big 5' banks.
On Oct 20, 2010, Paul Said:
From what everyone's saying here it sounds like Capital One is actually a company to stay AWAY from. So you have to go into the branch with the major Canadian banks; big deal. I'd rather that than to be filling out masses of paperwork and faxing in copies of my personal id.

Plus, I'm always wary of too much 'cheerleading' for a company/deal in the way that Monty Loree seems to be doing. It always sets me on edge and leaves me wondering if there are some other underlying motives going on.
On Aug 30, 2010, MATT Said:
On Jun 10, 2010, Robert Said:
I beleive you are passing incorrect information to your readers - the BMO Mosaik Travel card exactly like a credit card - I have one and have used it to order items online, at stores and have not had any problems with it.
On Feb 18, 2010, Monty Loree Said:
Capital One has a high risk card , which is a secured credit card.... this means that they will deal with people who have demonstrated bad credit.. they also have credit cards that are for people with good credit. Example: Capital One - SmartLineâ„¢ Platinum MasterCard which is has an APR of 5.99%. You need really good credit to be approved for this one...

For a secured credit card however, Capital One, does offer them, online, and they're almost guaranteed approval. Capital One Secured Credit Cards
On Feb 13, 2010, phil.normand@sympatico.ca Said:
CapitalOne, seem the right option.

How about those who aren't employed and do they still have chance in getting secured mastercard?
On Jul 28, 2009, Blaise Said:
The reason its not available in PQ, NB etc is simple they have consumer protection laws that prohibit the requirements that Capitol One imposes on you, and they are unwilling to be flexible and adjust to the local laws that don't allow them to abuse their customers.
Capitol One is known as a high risk lender, they prey on the vulnerable. Its not unheard of for them to jack up peoples rates without notice and without reason. Also your credit limit isn't really your limit. They have amazing software that based on the type and size of purchase your credit score is reevaluated and the transaction may be declined. So if for example you applied for a new loan and the credit check causes a drop in your score, you may be denied a purchase.
On Jul 28, 2009, Blaise Said:
The Major banks want you to go into branch because they aim their secured cards towards new comers to canada, as a way of establishing credit. The idea is that they can easily verify identity as most people wont have a credit profile (capitol one uses your credit profile from equifax or transunuion to verify identity and address...) If you don't have a credit profile you have to go through a huge maze of paperwork they send you and mailing in your birth certificate and other proof of identity)
Captiol one also charges an annual fee of $59. And worst of all they don't pay you interest, you have to agree to surrender any interest to them. When you are established they can refuse to return you deposit if you are "not in good standing" when the account closes, or delay the return.

The major banks require you to open a GIC which they hold in trust and only have access to those funds when you fail to meet the requirements of terms like not paying your bill. The GIC earns 3.5% interest when you get established it is returned to you.
If you chose for example to have a CIBC Aero Gold you give them the money and you get the benefits of the Aero Gold card. If you want a simple Classic no fee card you don't have fees.

why pay a fee when you are already giving them money up front and making sure they have your money and its interest...
On Aug 17, 2008, Monty Loree Said:
They are a way to demonstrate a person's ability to pay, when many other methods are refused to them.

If people had stellar credit, they wouldn't need secured credit cards. That's a statement in itself.

Thus, Capital One secured credit cards offer some of value to the consumer. And they're conveniently available online, which can't be said for the major banks.
On Aug 17, 2008, Chris Said:
I've had a few discussions with lending representatives and while secure cards from MBNA and CapitalOne do increase your credit score they don't do much in the way of "re-establishing credit". If you want to re-establish credit, get a secure credit card from a major bank in Canada... example, TD, CIBC, Scotia, etc.
On Jul 10, 2008, Monty Loree Said:

I found this on Capital One's website.
Not available to residents of QC, NT, NU, or YT

For some reason, the laws in Quebec scare companies away.
On Jul 9, 2008, Éric Said:
Capitol One does not do business in Québec, the same applies for Vancity Visa
On Dec 17, 2007, Monty Loree Said:
Thanks Peter,

The major Canadian banks have secured credit cards however, they don't promote them. They don't like them as much as the "good credit" cards.

HomeTrust Visa is a secured credit card that we have on our site, however, it's a much more manual process to be accepted than Capital One.
On Dec 17, 2007, Peter Wood Said:
it floors me,that it took an American credit Card Company(CAPITAL ONE),to help canadians,with a secured credit card.I guess it's not big enough business,for canadian banks......I have a Capital one card,and am telling everyone I can,to get one online.