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The Credit Game - Canadian Credit & Debt Services
The Credit Game - Canadian Credit & Debt Services

The credit Game

SECURED CREDIT CARDS

It is very important that you check your Canada Credit Reports at least once a year. Here is how you can get both your Equifax and TransUnion reports for Free. It is very important to request both your Equifax and TransUnion credit reports and not just one.

Major Bank Secured Credit Cards:

Pros:

  • In Canada, it looks better to future lenders to have a credit card with a major bank.
  • Great way to get your foot in the door while working to get back to unsecured credit with a major bank while building with both Equifax and TransUnion.

Cons:

  • It is extremely difficult to be approved with a secured credit card with a major bank
  • Generally, only offered for those that are new to Canada or just starting out.
  • TD and CIBC are the only two banks that I have heard even offering secured credit cards for those looking to rebuild their credit. To improve your chance of approval, I suggest you have established credit with a different credit card first or have a great banking history with them.

Capital One – Mastercard

Pros:

  • They are forgiving. Even if you still owe them money in the past or had a bad payment history, they will still consider approving you for a new credit card.
  • They offer Leveraged security. This means your limit could be higher than the security you provide. For example, you provide a $150 security and then provide you with a credit card with a $300 limit.
  • Their online application and approval process can be done within a few minutes.
  • Even if you apply for the secured credit card, they may approve you for an unsecured credit card.
  • They are the fastest secured credit card to increase your limit without the need for additional security.
  • They are the fastest secured credit card to increase your limit without the need for additional security.
  • Report to both Equifax and TransUnion.

Cons:

  • Annual Fee of $59
  • Are well known for being a credit rebuilding credit card

Home Trust Secured Visa Application

Pros:

  • No Annual Fee option.
  • Home Trust also offers mortgage financings. It never hurts to build an internal relationship with along with your credit score.
  • Reports to both Equifax and TransUnion.

Cons:

  • The turnaround time is 3+ months to get a credit card
  • The minimum limit is $500.
  • They don’t leveraged security, which means that if you want a limit of $500 than you have to put $500 for a security

Refresh Secured Via

Pros:

Cons:

  • This card no longer is available.

Plastik

Pros:

  • Interest rate 17.99% (most of the other ones are at 19 to 20%).
  • Low Annual Fee ($48)
  • Offers Reward Points

Cons:

  • It only reports to Equifax not TransUnion
  • Annual fee $50 first year and $3/month going forward.

People’s Trust Secured Credit Card (Currently Unavailable)

Pros:

  • After you have built a very strong relationship with them, they may increase your limit without the need for additional security.
  • Report to both Equifax and TransUnion

Cons:

  • Annual Fee of $71.50.
  • They very rarely offer leveraged security to begin with, if you want a limit of $500 than you have to put $500 for a security.
  • The minimum limit is $500.

In conclusion read above top Canadian Secured Credit Card Review, compare and find the best Secured credit cards. Furthermore, our Canadian Secured Credit Card Review is totally unbiased and not affiliate with any service provider.

The Credit Game - Canadian Credit & Debt Services

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