Thank you for this entry. I also have my Capital One secured. I am planning to get another of the best mastercard credit card Canada. With this current information, I got an idea.Kudos.

Hi

The information I provide is very current. I called Citizens Bank today May 3rd 2010 and inquired if they have a secured Visa Card (Ont & B.C). I was told "NO" since they no longer have term deposit accounts, they cannot hold the secured deposit for VISA as they do not have accounts to put the deposit into.
. Van City is for B.C only.... They have Visa but not a secured VISA card.. For any questions or concerns please call Citizens Bank

Thanks again

A friend of mine got the Citizens Bank secured Visa, simply call their Visa Line (the same number they post for their unsecured offerings) and tell them you are interested in a secured card. You need to provide a security deposit (minimum $500 IIRC), not sure how this part works since they dumped their banking (likely a GIC with Vancity I'd expect)

The benefit of this card is that after a year or two of responsible use (and assuming your credit is more palatable at that time) they'll convert the card into an unsecured card (keeping your credit history with that card intact).

Hope this was some help.

Hi

From what it sounds like..I don't think it will available ..check out the site
and give them a call to confirm

https://www.citizensbank.ca/Personal/Changes/MyProducts/Visa/

Message from the President and CEO Jason Farris
To our members:

I’m writing today to tell you about some significant changes at the bank. We’re moving to a more streamlined business model that focuses on our strengths—our successful Visa* credit card and prepaid card business for consumers, and our equally popular foreign exchange services for non-retail clients.

As a result, we’ll no longer offer savings and loans products. The bank will become a non-deposit taking bank and thus, is selling most of its residential mortgages, consumer loans and real estate secured lines of credit to The Toronto-Dominion Bank (“TD Canada Trust”). Depositors in B.C. can choose to move their accounts to comparable products within our parent company, Vancity Credit Union. Depositors outside of B.C. can choose an EasySwitch™ option with TD Canada Trust.

Why are we making these changes?

Back in 1997, Vancity, the largest credit union in Canada, launched Citizens Bank, we were one of the first online banks in Canada. We were proud pioneers. We were also the first bank, and still the only bank in Canada, with a clearly stated Ethical Policy. But it’s become a crowded marketplace. Today, only 12 years later, it’s hard to find a mainstream Canadian bank that doesn’t have an online presence and some sort of a commitment to corporate social responsibility. However, in a national, online market, we were unable to achieve the necessary size and scale to succeed.

Today we’re taking a new and streamlined direction, focusing on the services that make us successful and making a solid business decision on behalf of both our Citizens Bank and Vancity members. It’s this focus on what we do best that has kept our parent, Vancity, successful for more than 60 years. These changes represent an excellent opportunity, because they return capital that can be re-invested to improve member service throughout Vancity and its subsidiaries. We can now continue to grow, strengthen our core business, and further enhance member service by investing in improved infrastructure, systems, processes and training.

What does this mean to you?

First and most importantly, let me thank you for allowing us to serve your banking needs for the past 12 years. It has been an honour to serve as your financial institution and we’ve appreciated the trust you’ve placed in us.

We’re happy to be working with TD Canada Trust and we’re committed to making the account transition a comfortable experience over the coming months, while maintaining great service for our members who currently have mortgages or loans. For now, you do not need to take any immediate action. All your accounts, whether they are savings or loans products, continue to operate as usual. Over the coming months, you will need to transfer some of your products and services to another financial institution. Loans will be transferred to TD. Within the next few days, you’ll be receiving a letter from us about what the changes will mean to you. You can call us anytime at 1.888.708.7800, and we have a wealth of online information at our Member Information Centre organized by product so it’s easy for you to find out what is happening with which product. See the bottom of this message for complete contact information.

About Visa and Foreign Exchange

We’ll continue to offer Visa credit card products and pre-paid cards, so you can continue enjoying Citizens Bank Visa credit cards with flexible reward points to redeem the way you want, plus the convenience and security of Visa’s worldwide acceptance, 24-hour cash access from ATMs, zero cardholder liability, online statements, inclusive cardholder insurances, and the new VisaChip and PIN technology.

Similarly, we’ll also keep offering foreign exchange services to our non-retail clients. Our foreign exchange department has more than a decade of trading experience, and our services are distinguished by competitive rates, timely trade settlement and informative market intelligence.

Questions?

I encourage you to visit our Member Information Centre, which contains more details and will be kept up to date with the latest information. Our Member Service Centre is available 24 hours a day, seven days a week at 1.888.708.7800. For questions that cannot be answered through these channels, members can also contact me, the bank’s ombudsman, or any member of our Board of Directors. See the Contact Us section of our website for more information.

Again, thank you for giving us the opportunity to provide you with financial services these past 12 years.

Sincerely,

Jason Farris

President and CEO
Citizens Bank of Canada

average _joe: I've had my card since Aug 2008..

treschics: do you know how to apply for this CC as a secured one if you live in Toronto?

Visa
(Updated January 27, 2010)

What is happening to this product?
Citizens Bank will continue to offer Visa credit card products, so you will not be affected by this transition. This means you can continue to enjoy Citizens Bank Visa credit cards with flexible reward points to redeem for travel, merchandise, charitable donations, and if you have a Vancity account, for Vancity financial products. You will also continue to benefit from the convenience and security of Visa’s worldwide acceptance, 24-hour cash access from ATM’s, zero cardholder liability, online statements, inclusive cardholder insurances, and the new Visa Chip and PIN technology.

Secured Visa cards
For Visa cards secured with a term deposit, we will not be able to renew your term deposit as security for your Visa card when it matures.

Members in BC: To keep your Visa card active, you will need to transfer your secured term deposit to Vancity before its maturity date by calling our Member Service Centre at 1.888.708.7800. Alternatively, we will close your Visa card after any outstanding balance is paid with the secured funds and mail you a cheque for the remaining balance of your secured funds.

Members outside BC: When your term matures, we will close your Visa card after any outstanding balance is paid with the secured term deposit. We will then mail you a cheque for the remaining balance of your secured funds.

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I would keep using your secured card and in due time you will get accepted for an unsecured card. I don't think you need to get more secured cards. How long did you have the secured card for?

Thanks for the info guys..

I already have a capital one secured cc.. I would like to get another one as my credit HAS improved, but I'm still unable to receive an unsecured cc..

I already know about the People's Trust, and also Home Trust MC.. but I already have a MC secured card so I'm hoping to get a secured cc that's a visa instead..

I'm also trying to avoid sending in more money to increase my credit line with capital one as I know in the past they did increases if you've had the account for quite some time.. I guess they're weren't doing that last year because of the economy..

Thanks average_joe!!

/secure-credit-card-info.html

There are a few secure cards that you can apply for online.

Why not apply for a capital one secure card with a $300.00 security deposit and the odd time the security deposit can be as low as $75.00? If you go on the main page on this site there is a link for them.