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?
Tags
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