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BAD CREDIT CARD CANADA

BAD CREDIT – FAIR, NO OR LIMITED CREDIT AND NO CREDIT HISTORY

Bad credit can affect an individual in different ways. It gives you less chance from being granted to have conventional credit card. In getting loan approvals, the company or bank will not approve you because you have a history of unsettled bills. It is actually a gradual process for a person to have a bad credit as it doesn’t happen immediately. Bad credits have made a lot of people experience financial problems especially that client has a large amount of debt and thus, he is unable to pay. It also affects the credit history of the client which is the basis for a card company to approve your application. Moreover, credit history is the record of a card holder past borrowing and repaying. This also includes information about the late payments and bankruptcy you went through.

The credit cards that are presented are those credit cards that are provided even though the clients have poor credit history after suffering from bankruptcy or had committed numerous late payments. The cards here have guaranteed approval which means that credit history or past issues of how you handle your finances will not be a qualification and thus, it won’t matter. Three categories here are given and these are the secured credit cards, carry a balance cards and doesn’t carry a balance cards.
These cards are all going to be helpful for the client to rebuild the credit history he/she had before.

Compare each card in each category in order for you to get the best bad credit card Canada possible offered. It will then hopefully guide and help you in building your credit history to the maximum level which is having an excellent credit history and credit rating.

Apply Today! Capital One - Guaranteed Secured MasterCard®

SECURED CREDIT CARDS – LOW INTEREST AND SECURITY BALANCE

Credit cards in this category come from different card companies or banks. They are offering these kinds of cards to those card holders that don’t have enough credit history to have the traditional cards. These cards are also safe from getting someone into financial problems as these cards are only allowed to be used based on the amount of credits the client could repay when the time payments are asked. Assess these cards and select the best bad credit card Canada for you.

Capital One Low Rate Guaranteed Secured MasterCard®

Capital One offers this card to clients who don’t have any credit or limited credit history. This is a card that allows customers to start building their credit history. One of the perks of this card is that there is always a guaranteed approval of having the card once the client applies. Another feature would be the low interest rate it offers as well as low annual fees.

This credit card comprises these following features:

• Any application of the card has a guaranteed approval.
• Master RoadAssist™, MasterCard Global Service™ and MasterCard PayPass™ are use in tap-and-go pay system that gives less hassle for the client in payment as the card don’t need to be swiped.
• Low Interest rate of 14.9% on purchases and balance transfer that does not bring trouble to client during payment of balances.
• The customer service is on standby 24/7 through phone or online.
• Provides 0$ fraud liability for any unauthorized purchases done by the card user.
• Give you the chance in building a credit history.

Citi® Secured MasterCard®

This credit card helps clients rebuild their credit history to be able to apply soon to conventional credit cards. The bank would require depositing an amount that would range from $200 to $5, 000 into a certificate of deposit. This would then become the credit limit of the bad credit card Canada.

Here are the features of the credit card:

•Having the card you may become eligible for an unsecured card after 18 months of card usage.
• $0 liability on unauthorized charges made into the client account.
• Citi® Identity Theft Solutions protects the account and personal information of the card holder.
• No required income or co-signer to start building a record of account performance.
• With retail purchase protection, the items purchased with your card are safe against accidental damage or theft for up to 90 days from the day the product is bought.
• Tap-and-go system of Citi MasterCard® Payment Tag with PayPassTM is a new innovation where you just tap your card rather than the old system of swiping it.
• Citi® Credit Card Benefits & Services offers cash or rewards such as American Airlines® awards and travel benefits to cash back and college saving.

Orchard Bank Secured MasterCard®

Clients who undergo bankruptcy would have a hard time qualifying for a conventional credit card because of its qualification such as having a good credit history. This card offers best value for customers who need to restore their credit history after undergoing serious credit setback. The company gives much benefit to their card holders. Check the list of features and benefits that the card offers.

List of Orchard Bank Secured MasterCard benefits:

• No annual fee charges on the 1st year of card usage. Succeeding years would have fees but can be waived based on credit performance.
• No account processing fee for any transactions made.
• Low interest rate for the client enjoyment of card usage.
• A credit report is transmitted to 3 major credit bureaus that evaluate and updates the client’s credit history.
• Credit limit is based on the account deposit funds. It starts at $200 account balance.

Home Trust Secured Visa Card

This card company allows their client to build or rebuild their credit history without putting much financial burden. Bad credit cards Canada that are discontinued don’t put the card holder at risk of trouble but it only requires the client to pay the outstanding balance as the company has served you. In exchange for the payment is that your security balance will be returned.

All the benefits that the cards offers:

•Minimum balance of $500 is all what the company needs for you to get the credit card.
•Interest rate is at 19.99% for cash advances and purchases.
•Annual fee is charged which is at $49.
•With card approval, everyone is considered prospects.
•Client can either make purchases over the phone or through online.
•Card holders access to their cash are available over 1 million Visa or Plus affiliated ATMs all over the world.
• Over 24 million locations worldwide are provided to the card holders to shop and use their credit card
•Easy to plan and book a vacation when using this Home Trust credit card.

RBC Royal Bank Secured Card

This card basically has of the same features with other secured credit cards. But what makes this card unique is that in a security account, the client is the one who will decide on how much amount he would deposit to the bank account. RBC Royal Bank gives the client the freedom how much amount to deposit to obtain the secured card.

Here are the secured card benefits enumerated below:

•A co-applicant is also entitled to get a card under one account.
•Spending limit of the card is based on how much the card holder has deposited in the security account.
•The security money is deposited in RBC Guaranteed Investment Certificate (GIC) under the client’s name. This would then gain interest as long as the money there.
• Once the client has established a good credit rating after using the secured card well, the bank will release the GIC security from the clients account.
•18 month is the minimum requirement to establish a credit rating.

Apply Today! Capital One - Low Rate Guaranteed Secured MasterCard®

CARRY A BALANCE – GOOD REWARDS WITH MAXIMUM BENEFITS

In this category, credit cards carry a balance depending on how much deposited money you have on your security account. For example, when you put in $2500 in your account, this will then serve as the amount of credit you can use with your card. It will also act as the credit limit that you should not go beyond. This is designed in this way so that the card holder won’t get into trouble again and would allow rebuilding of credit history.

Capital One Guaranteed MasterCard®

This card allows the card users to experience all the benefits of having a credit card. Capital One gives the client the luxury to be able to rent a car, do shopping online or book hotel rooms. With this Capital One credit card in your hands, your credit history will not suffer but instead build up as long as you pay your bills on time. This card has a lot more to offer. Check it out below.

Other Capital One Guaranteed MasterCard benefits:

• Travel benefits offered: Master RoadAssistTM, MasterCard Global ServiceTM, MasterAssistTM Travel Assistance Service for client safety all the time.
• Travel accident insurance is also given aside from the safety assistance.
• MasterCard PayPass™ give convenience in paying bill for the card holder.
• Tap-to-Go system when using the card to have less hassle from card swiping.
• 27/7 standby customer service to phone or online.
• Provides $0 fraud liability for unauthorized card use done by the client.
• The Guaranteed MasterCard® additionally protects you with purchase assurance and extended warranty for the time the client is still rebuilding the credit history.

Orchard Bank Platinum Visa®

The Orchard Bank Platinum Visa credit cards are ideal cards for building or rebuilding credit. We present the card benefits that allow managing your account easy, such as a payment due date that you have chosen and online account access 24/7. The bank also provides text or email alerts to advise you ahead of time that a payment is due.

Rewards and Benefits of the credit card:

• Reports to 3 major credit bureaus monthly to update the client’s rebuilding of credit history.
• Customer service is ready to assist the card holder for questions or concerns.
• The card is accepted over millions of areas worldwide.
• Website purchases and reservation is available for service.
• The bank offers their client to create a personalized credit card.
• Card holders are given the opportunity to choose what day the bank will set with the due date.
• You can manage your account 24/7 through online service.
• Receive emails and text messages sent by the bank for reminders on due billings. bad credit card Canada
• Annual fee is at a reasonable cost of $39-$59.

Apply Today! Low Rate Guaranteed MasterCard®

DOESN’T CARRY A BALANCE – REWARDS CARDS

Card holders under this category are considered convenience users as they use the card credit and pay them off each month when their billing statement is received. They spend less but get as many reward points. The acquired points can then be redeemed with rewards. In addition, cash back are given in certain percentage of the purchases made.

Capital One Cash Back Guaranteed MasterCard® for Gas & Groceries

For client who is seeking for a rewards card and at the same time building an excellent credit history, Capital One Cash Back Guaranteed MasterCard is the right credit card for you. This bad credit card Canada would let you gain points to redeem specific equivalent rewards. It also provides cash back on the total purchases made using the card. Receiving cash back doesn’t have any limit as long as the account exists.

More credit cards benefits listed below:

• 2% cash back on gas payment are returned to the client and also with the groceries purchases.
• Additional 1% cash back on all other purchase with the card.
• Provides $0 fraud liability on unauthorized use of the credit card.
• Client can reach the 24/7 customer service through phone or online.
• In redeeming rewards customer is given an option to choose if the cash back will be via statement or cheque.
• Annual fees are reasonably fair as the company allows additional authorized user to every account.

Capital One® Students Rewards Card

This card is for students who are in need of building their credit history back to where it was before. They utilize this card for purchasing and collecting reward points. bad credit card Canada. Furthermore, make an impression to the credit bureau on how you settle your balances. This is one factor to consider in rebuilding a credit history as well as credit rating.

Benefits entitle by the company to the card user:

• No annual fee charge is guaranteed.
• 2% cash back on payments made on restaurant, entertainment, cell phone and books bills.
• 1% cash back on all other purchases made using the Student rewards card
• Earning cash back is one way of building again the client credit history.
• The client is given the option on how to redeem the cash back. It may be set-up for hassle-free automatic redemptions.

Apply Today! Capital One Guaranteed MasterCard®

See Also

Best Credit Cards Canada

Best Balance Transfer Credit Cards Canada

Best Cash Back Credit Cards Canada

Best Capital One Credit Cards Canada

Best MasterCard Credit Cards Canada

Best MBNA Credit Cards Canada

Best Visa Credit Cards Canada

Best Secured Credit Cards Canada

Travel Credit Cards Canada

REFERENCES

Love to Know - What Is APR?

Wikipedia - Annual Percentage Rate

Credit Card Travel Insurance Policies

EXTERNAL LINKS

HomeTrust Secured Visa

Need To Carry A Balance For Good Credit

Need to Carry A Balance To Get Good Credit Score

Canadian Credit Cards - MBNA Cards

ReviewCentre - Credit Card Reviews

BAD CREDIT CARDS CANADA