Capital One Cecured Credit Cards For Canadians

Capital One Secured credit cards for Canadians
I made this video as I thought It would be pretty informative for those who are looking to build or rebuilt their credit.

SecuredCC.com

CapitalOne Secured Credit Card

Alot of people ask me about how to improve their credit rating on the Canadian-Money-Advisor website

They're applying for a car loan, credit card, or mortgage and they have "bad credit" or even "new credit".

Let's talk about this for a moment

NEW CREDIT
New credit means that you've never had credit that's reported to the Equifax and/or TransUnion credit bureaus before.

This could be because you're a student, just turned 18, or perhaps you've newly immigrated to Canada.

BAD CREDIT
Bad credit means that you've missed a few payments on a credit card, loan or car payment... or maybe even had some dealings with a collection agency

The Capital One secured credit card can help you get started with a new and improved credit rating

Before I continue, let me give you a little information about what a security deposit is:

A security deposit is just that... it gives the creditor security against your loan, and... the amount required will be based on your current credit rating.

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By giving CapitalOne a security deposit of as little as $75, you have guaranteed acceptance with their secured credit card. This will give you a credit line of up to $750... credit lines of up to $1500 are available based on your credit rating, and higher security deposit.

This means within a very short period of time, your new credit card will start to report to equifax and transunion and start to develop your credit score.

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In my opinion.. for only $75 ... this is the least expensive credit card that will help you build or rebuild your credit rating.!!

Apply today at: ---SecuredCC.com--- Again... that's SecuredCC.com

Please Note: Capital One Secured Credit Cards are not available to the following:
Individuals who have not been discharged from a bankruptcy
Individuals who live in Quebec, Northwest Territories, Nunavit, or Yukon Territories

Apply Now ! Secured Credit Cards

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13 Comments
On Mar 13, 2009, melissa Said:
what if you have student loans do they still give you a card
On Feb 25, 2009, dave Said:
great post , thanks for sharing...
On Feb 19, 2009, Vitzbitz Said:
Thanks for looking into this Monty. Their response seems to confirm my original point, their secured card offering (at this time) cannot be converted into a normal credit card. Without attributing any motives to this I think it is fair to say that this is a serious shortcoming from a consumers perspective. This is mitigated somewhat by the fact that it remains one of the easiest (and most economical) secured cards one can obtain. I would also agree that unlike other secured cards Cap1 does increase the credit limit on their secured cards without the consumer having to deposit more funds as security. So we have the pros and the cons, as with everything else it is up to the consumer to do their research and to decide if this card is for them. In the meantime lets hope the Cap1 continues to improve on their secured card program.
On Feb 18, 2009, Monty Loree Said:
Hey Vitzbitz... I received this reply from Laurel Ostfield who is the director of communications at Capital One Canada VitzBitz's question regarding transferring his account from secured to unsecured is accurate in that he would need to close down his secured account first before applying for a Capital One unsecured account. As you have seen through Roadtobettercredit.ca, we are focusing a lot of our efforts on educating Canadians and we are working to integrate credit education into the way we do business. We are starting to take steps with our Guaranteed MasterCard for Newcomers to graduate customers from a secured to an unsecured account who demonstrate good credit behaviour for one year. We understand that peoples' credit needs change so we also regularly review our accounts and periodically raise credit limits for secured card holders, with no additional security deposit required.
On Feb 16, 2009, warren Clooney@ creditmagic community Said:
A really nice and informative post. Capital one credit cards will be a great option and the deposit fees is also nominal. But is there any extra hidden cost or charge involved???
On Feb 13, 2009, Vitzbitz Said:
Thanks Monty!
On Feb 13, 2009, Monty Loree Said:
VitzBitz... I've sent your concern to the person that handles communications at CapitalOne... she should be able to give us a fair response to this. Thanks.
On Feb 13, 2009, Monty Loree Said:
Ok... got it.... Thanks
On Feb 13, 2009, Vitzbitz Said:
I understand that Monty, my point is that someone with BAD credit is likely going to have to provide Cap1 with a $300 deposit anyway (for a $300 limit), considering the extra fees involved it\'s a small increase to $500 for a normal secured card. I\'m not bashing Cap1, don\'t get me wrong I still have their card, but I think it\'s important that people be aware of ALL the details of their offer, and while it makes good \"short term\" sense, it is less attractive over the long term.
On Feb 13, 2009, Monty Loree Said:
VitzBitz... There are people with different stages of bad credit. Some people are desparate, and don't have alot of money... So, the capital one secured credit card is a good choice. Bad credit usually implies that you're just trying to get on your feet credit wise. Many people don't have the $500 or $1000 needed to get a card at a bank. I'll check into the secured card and why it won't be transferred over.
On Feb 13, 2009, Vitzbitz Said:
Capital One was a great help when I was working to re-establish my credit, and there was a time when I would recommend them to others that mentioned they were trying to establish/re-establish their credit, but I think that time has passed. You have to figure that someone who gets this card is paying a security deposit of between $75 and $300 and will earn $0 (zero) on that deposit as long as it is held by Cap1. The cardholder will also pay an annual fee of between $59 and $79 per year, and in return will receive no real 'perks" or rewards from C1 for their money. Cap1 states that they "WILL NOT" convert a secured card to one of their normal credit card offerings, so a person re-establishing their credit is left with the difficult decision of cancelling their oldest credit line (and taking the accompanying hit on their score) or continuing to pay the annual fee on the secured card. A much better choice is to spend $500 up front with a normal bank to obtain a secured card (both TD and Citizens bank offer secured Visas), these cards are typically offered with NO annual fee, pay interest on the GIC the secured funds are deposited into AND will be converted to a normal card once the cardholder has demonstrated responsible use (1 year typically, but depending on circumstances) which means that they can keep their oldest established credit line without having to cancel it. Cap1 makes for a good short term inexpensive fix, but presents long term consequences and expenses that will not be recovered. Establishing or re-establishing your credit costs money, this is absolutely true, but anyone starting down this path needs to consider the long term effects and expenses. In this respect Cap1 is seriously unattractive.
On Feb 11, 2009, creditcardsaustralia Said:
I have always found capital one to be very good to get on with
On Feb 10, 2009, Riscario Insider Said:
Hi Monty. This is an interesting idea for those with problem credit. I hope I never need to use it ...

Capital One Secured credit cards for Canadians

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