How To Upgrade your Capital One Secured Credit Card in Canada?
If you live in Canada and you’ve made some credit mistakes and have bad credit credit the best secured credit card to get once you’ve been discharged from your consumer proposal or bankruptcy is Capital One. Prior to the arrival of Capital One the only option we as Canadians had was the “Home Trust Secured Visa Card” which currently has a minimum security deposit of $500 – $10,000. If you want to Upgrade your capital one secured credit card you have to call them and let them know.
Time frame to Upgrade your Capital One Secured Credit Card in Canada?
The imaginary time frame people make up is 6 months. However there is no actual set time frame that Capital One has set in stone that allows you to upgrade your account, with that said if Capital One keeps sending you messages in the mail that they’re giving you a higher credit limit chances are they’ll consider upgrading your credit card as well, if they don’t what I would advise you to do at that point is to see if you qualify for another credit card company. Capital One is in business to make money and if they see the potential of losing you to another competitor they’ll take your requests for an upgrade a little more serious.
Capital One when they just got into the Canadian market targeted people with bad or not so good credit, people who typically got turned down by the banks however as of 2014 they’re also making a serious effort to target Canadians with good credit. I don’t recommend asking Capital One for an upgrade if you have an existing balance with them, you can try, but don’t be surprised if you get declined.
The Big 6 Banks in Canada
If you have a secured credit card with capital one make sure that when you ask for an upgrade that your current balance is zero. A good indication that Capital One will give you an upgrade is if one of the big 6 Banks in Canada (Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia and TD Canada Trust, National Bank of Canada) gives you a Visa card.
People with Canadian Bank Visa cards learn pretty quickly especially if they have good credit that all 2nd tier credit card issuers (Capital One being one of them) will jump at the chance to have them as a premier clients, this is because Canadian banks as of 2014 have great reputations all over the world and they’re known for having higher standards in order for their clients to get credit with them.
This doesn’t mean capital one will give you their best credit card but chances are they’ll consider you for an upgrade as long as credit report shows that you’ve been paying your bills on time and haven’t used up more than 30% of your credit limit when you’re applying.
In general the world of Credit is simple pay your bills on time, stay on top of your credit meaning check your credit score and pull your credit report every three months to make sure nothing fraudulent is going on there and you’ll always have that backup credit cash when you need it which will make you feel richer and keep the added stress out of your life!