There are alot of articles and informative resources that have tips and advice about deposit based cards in the U. S., but what about those individuals who need a Canadian secured credit card? Are there high risk card options for Canadian cardholders? The reality is out there, and we are helping you to get to main facts on it. If you want information about secured credit cards in Canada, this is what you have been looking for…
Yes, my friends, you can indeed get a secured credit card in Canada. You need to be a resident of Canada and have your credit reporting to Canadian credit bureaus In addition to residency requirements, you will probably also need to meet some income requirements and you will definitely need to supply a security deposit for the card.
Secured credit cards require that you put a security deposit down.
They Do Exist in Canada
There are secured credit cards online offered from Capital One Canada, HomeTrust etc.. There are also cards that are offered by the banks, but you have to go into the branch to apply
The Security Deposit Factor
Capital One probably has the lowest security deposit, based on it $70 deposit. Most of the banks will as you for a 1:1 ratio. This means that if you want a credit card with $500 credit limit, you'll have to secure it with $500 in cash.
The Fees and interest rates
The fees and interest are usually higher with secured credit cards, as they are targeted at higher risk clients.
It's logical that people with bad credit will pay higher amounts in interest. This is only until you rebuild your credit again, and then you can trade to lower interest credit cards.
Read more here:
Secured Credit Card Info
If you have questions you can ask them here in our Secured Credit Card Discussion area.
There was even a question on answers.yahoo.com about these cards
