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    Best Secured Credit Card Canada



    Bad Credit – Fair or No Credit History



    As a credit card applicant compares all the secured credit cards in the market being offered by the card issuers, he/she becomes aware of the different services the credit cards can provide them. They will search for a credit card that can provide the maximum benefits and features it can offer.

    Furthermore, as one compares the different credit cards, the user can identify the cards which will help and protect their financial stability in the process of building up a good or excellent credit history. But other than what is mentioned, card users must also take in consideration of the amount of security deposits that these card companies requires because it will be the basis of a cards’ credit limit.

    Maybe, soon the card holders will have problems paying their card if the starting deposit is too high in value. Clients should also check on the other charges that could add up on the payments that need to be settled every end of a month. These could be the interest rates or charges and annual fees. These specific items must be evaluated well in order to get the safest and most beneficial credit card in the market.

    Compare all of the secured cards show in this article that is currently available for application.

    Security Deposits



    Secured credit cards are safe for use for the clients especially for those card holders who have past experiences of bankruptcy or having penalized with many charges. One of the techniques that card issuers have created is requiring an applicant to make a security. The security deposit works as a security fund that is the only allowable amount of credits that will be granted for the client to use for any transactions using the card. Best Secured Credit Card Canada. Once the balance is exhausted, the client can no longer use the card unless the client settles the balances or pays the bills. The amount of money deposited in the account will be the equivalent credit limit of the card. In this way, the card users are saved from over spending beyond the credit limit. This will protect the card holder from bankruptcy as well.

    Here are some of the credit cards that have low security deposit requirements:

    HomeTrust Secured Visa Card


    This card company allows their client to build or rebuild their credit history without putting much financial burden. Cards that are discontinued don’t put the card holder at risk of trouble but only required 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.

    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 credit card.

    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.
    • Best Secured Credit Card Canada
    • 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.

    RBC Royal Bank Secured Card


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

    Interest Rate



    The credit cards that are presented here have low interest rates. These cards will help the client rebuild a credit history. Once the credit history begins to get better, the client would then be able to transfer or apply for a different credit card with more benefits and features to offer. Best Secured Credit Card Canada. These charges will sometimes become a burden to a card holder especially when the amount of balances needed to be settled becomes higher every time a billing statement is received. Paying on time and not beyond the due date is the best way to deviate the charges. Punctuality in settling the accounts must be strictly followed to prevent financial struggles or reach the point of bankruptcy.

    Compare these two credit cards that offers Low Interest Rates.

    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 a guaranteed approval of having the card. Another is 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.
    • 0$ fraud liability for any unauthorized purchases.
    • Give you the chance in building a credit history.

    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.

    Annual Fees



    Card issuers do charge annual fees depending on the type of cards. However, some credit cards don’t have any annual fees but doesn’t give the maximum benefits in return. The benefits provided to the card holder is only limited. Annual fees are considered a payment for the service offered by the card company and the source of the revenue. There are instances that this fee is waived but it depends on how the client utilizes the credit card and the payment method used.

    Evaluate both credit cards that come from two different card issuers which have Low Annual Fee Charges.

    Capital One - Guaranteed Secured MasterCard®


    Apply Today! Capital One - Guaranteed Secured 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.
    • Best Secured Credit Card Canada
    • 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 is an ideal card for building or rebuilding credit. We present the credit 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.
    • Annual fee is at a reasonable cost of $39-$59.

    Transferability to A Better Credit Card.

    The transferability to an improved credit cards when the credit has gotten better of these credit cards presented is not a problem since these cards will help clients rebuild a credit history. Best Secured Credit Card Canada. The client will be able to pass the requirement of other credit cards especially those cards that require good or excellent credit history. Having the conventional or high value credit cards give clients the maximum benefits that a card issuer can give while compared to secured cards where the accounts have limitations and restrictions. It is really preferable to have the conventional cards.

    But the card holders must also be responsible enough to settle the payments on time and taking good care of the credit history he has worked for. Refraining from getting any penalties or violations against the card issuer’s policy in using their credit cards is a good way to avoid higher charges by the end of the month.

    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



    Canadian-Money-Advisor Credit Cards

    Canadian Credit Cards

    Best Credit Cards in Canada

    Cash Back MasterCard Credit Card Canada

    Cash Back Visa Credit Card Canada

    Rewards Credit Card Canada

    External Links



    List of Top Visa Credit Cards

    Canadian Credit Cards

    FCAC - Best Credit Cards in Canada

    MBNA Credit Cards

    Credit Card Reviews

    BEST SECURED CREDIT CARDS CANADA


 
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26 Comments
On Jun 16, 2011, lmitralny Said:
But ever so often it says in the fine print that the gold benefits are not available if it is the secured version. And many banks do not pay interest on the deposit.
On Jun 15, 2011, folgersd3 Said:
glandharo6Fs0.. It can take a couple days. I got worried because I didn’t receive a confirmation email like you think you would once they took my deposit out, but I received my card within a week.
On Jun 15, 2011, Laggoo0 Said:
hello there.. How long of good payment history will it take for a secured card to become an unsecured card?
On Jun 14, 2011, Jean Karla Said:
hey glandharo6Fs0.. contact them by phone. That should clear up anything that may be pending. They may require a copy of a picture id, or some proof of income, or some other documentation.

Capital One customer service
On Jun 14, 2011, jonathanpaul Said:
Fairfax..

You get your deposit back if there is no balance on the card. If there is a balance on the card at the time of cancellation/account close, then the deposit is used to pay the balance. You would be responsible if there is anything left over. I hope this help.
On Jun 14, 2011, glandharo6Fs0 Said:
I did my deposit online but nothing has come out of my account and it has been a couple days. How long does it take them to process deposit?
On Jun 13, 2011, David-AA Said:
hey Fairfax.. As long as you maintain your account in good standing. And pay off the balance when account is closed or has graduated to regular account…you get ALL your money back.
On Jun 13, 2011, Fairfax Said:
I have a question regarding the deposit refund. Does one get the full deposit back or is it just a partial refund? Let’s assume the card is used responsibly 100% of the time & payed in full every month.
On Jun 13, 2011, shokolov Said:
CCHelper.. Ive been to Capital One's web site and this card is nowhere to be found. It would be helpful if the complete web address is provided or maybe even a link.The Capital One website has many card offers but the secured card is not there.
On Jun 12, 2011, CCHelper Said:
shokolov.. the best secured card is the Capital One Secured Card... your deposit is going to be between $70-300 depending on your credit status and what type of credit limit you want.. this card is especially designed from people who are new to canada.
On Jun 12, 2011, Monty Loree Said:
I created a secured credit card video - featuring Capital One video on... you can see it here.. it will give you some good pointers on secured credit cards in Canada
On Jun 7, 2011, Jean Karla Said:
Well, technically pretty much every CC in Canada can be a secured card. You can secure a card with a term deposit at any bank or credit union that offers a credit card. If the card has a minimum limit, you just need to put at least that in a term deposit.
On Jun 7, 2011, shokolov Said:
Which is the best secured credit card in Canada? I\\\'ve moved to the Cold Dark North recently and I want to get a nice credit card with travel medical insurance and car rental insurance, but I don\\\'t have a credit history here. My very good European credit history is ignored here.
On Jun 6, 2011, Geanie Said:
stephenjones.. I suggest, a person does not need to apply for several secured card out there. This is because there is an examination of every enquiry and if a person has a huge enquiry load with only a few credit grants, potential lenders may assume that something is wrong.

Hope that helps with your decision.
On Jun 6, 2011, stephjones Said:
Are there any benefits in getting multiple secured credit cards? Lets say for even persons starting out with no credit. Of course the card companies will have to be reporting to the credit bereaus. I was thinking since having multiple card companies reporting, that would build your credit faster since you have no credit history. keeping in mind that you pay your bills ontime.
On Jun 5, 2011, CCAnalyst Said:
Also... you're talking about the Citi® Secured MasterCard®... that card is American as well.

The URL for Citi Canada is here:
http://www.citi.com/canada/homepage/english/index.jsp#

That site doesn't show a citibank secured card at all... they do have No Fee Cards, Low Rate Cards, Business Cards, Rewards Cards, and Store cards... the store cards are from HomeDepot & Petro Canada
On Jun 5, 2011, CCAnalyst Said:
You're referring to the Orchard credit cards in this blog post... I think those are HSBC in the U.S. this is the HSBC site in Canada... and I don't see the Orchard secured credit cards on this site
On Jun 5, 2011, Betsy-BC Said:
What about the Horizon secured card? Is one any good?
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On Jun 5, 2011, amy234 Said:
i am 23 years old and have really bad credit... i blew it over the last few years... just young and foolish i guess... what do you recommend to repair my credit? i hear on radio ads that getting a car loan is the best way to repair bad credit? I see from this article that secured credit cards in canada may be the best way to go... how do these work?
On Jun 4, 2011, Targindra Said:
Capital One lower my interest by 20 perccent. ANd I had their card for almost two years.
For those who don't know, Capital One is the best unsecured credit card for those with no credit or who has cleaned up thier bad credit. I have compared Capital One's credit cards with other Banks' that specialize in unsecured credit cards for those with credit problems or no credit. Also, they are a tiny fraction of credit unions that give people with no credit history a fair chance to build their credit with an unsecured credit card as well as the secured verison.
On Jun 4, 2011, Surfboard Said:
I recently opened a secured credit card account with Capital One to establish my credit. It has been almost 3 months since I opened the account and last week I received a Pre-Approved offer letter in the mail for a high interest/low limit credit card. I decided to give it a try, but after doing the application online I was not approved for this particular Pre-Approved card.

How can I not be approved for a pre-approved offer through the company in which I hold my secured card Thanks.
On Jun 3, 2011, Fairfax Said:
Hi Monty.. Aside from the house and property that you have mentioned, what other things can be used to secure the mortgage?
On Jun 3, 2011, Monty Loree Said:
Best Secured cards Canada are for people who have brand new credit or bad credit and want to build up their credit score.. the concept is that you're giving security to back up the credit line that is given.

Backing up your credit line with security seems kind of odd at first, but every bad, whether they have good credit or bad, has to secure their mortgage with their house and property
On Jun 3, 2011, Monty Loree Said:
Hi Marco... we don't have Secured Orchard cards on our site.. but we do have Capital One secured cards here:
Capital One secured cards

Secured cards are good if you're building up your credit score.. what are you using yours for?
On Jun 2, 2011, jonathanpaul Said:
hey Marco.. you can apply for the Secured Orchard Bank Platinum Visa by visiting Orchard Bank website. Orchard Bank
On Jan 30, 2011, Marco Iannelli Said:
I'm looking to get a Secured Orchard Bank Platinum Visa. Please send me an eail, with a phone number to get this Visa, a customer service number, Please and Thank You
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