Secured Visa Credit Cards in Canada
Obtaining a Secured Visa Credit Cards in Canada at major bank is not always a good decision if you’ve declared bankruptcy. If you’ve filed a consumer proposal you must wait 3 years from the date you are discharged in order to qualify for a major Bank owned Secured Visa Card. Fortunately this not your only option as a Canadian because Home Trust also has a credit card that might interest you. With the ‘home trust visa Card’ you can have credit and be on the road to credit recovery in no time. A recommendation would also be to get a TD Canada trust account my advice is to stay away from Scotia bank if you have bad credit or have declared bankruptcy. If you have any type of insolvency next to your name the rumor is Scotia Bank is the wrong bank to be a part of.
The best banks for Canadians with not so good credit
The better of major banks if you have bad credit are TD Canada Trust and Royal bank as they tend to help out people with poor credit, this is not always the case but I’ve heard much better stories from Royal and TD than all the others combined.
If you are looking for a secured credit card with a low minimum deposit consider using the capital one Secured Credit card; for as little as $300 you can get a capital one Secured Master card. The one thing to be careful of when using the capital one secured credit card is the fees if you go over your minimum deposit limit you will incur a $29.00 fee from Capital One. These fees can stack up quickly and pile on interest so be careful when you get your capital one credit card not to go over your limit. I would also advise you to sign up as soon as possible to start rebuilding your credit, do not to apply until you have at least $300 to deposit as it might not reflect well on you to capital one.
Don’t forget the annual fee
Another thing with secured credit cards is the annual fee depending on what Canadian province you are living in the fee might be about $59 annually that is a separate charge from any monthly fees you might have. If you need a secured credit card and want to build credit i think at this time capital one is your best bet. But also remember you to keep the Home Trust Visa card in mind and to stick with Td Canada Trust and/or Royal bank where your chances of obtaining unsecured credit in the future are far better.
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