Secured Visa Canada

If you have bad credit, have new credit, or you just declared any form of bankruptcy in Canada you might be wondering where to find a secure Visa card well the most well known Secure visa Card in Canada is the Home Trust Visa Card. The only issue with this secure visa card is the amount you have to deposit to get started.

The good news with this secure Visa Card is that almost everyone is accepted, the bad news is that in order to have your secure visa card activated you will have to deposit $1000 or more. This secured Credit card on the other hand will help build or rebuild credit and they report to all the major credit bureaus.

But if you don’t have $1000 and still want a secure credit card you might want to consider getting a Capital one Secure credit card. The minimum deposit amount for the capital one secured master card is only $300 which saves you $700 compared to the home trust visa card. Also with Capital one secure master card you can also get the PayPass which is very handy if you are purchasing gas.

The one thing you have to be careful with when it comes to the capital one secure master card is going over your limit. if you go over your limit by a few dollars you will incur a Over limit fee which will cost you $29.00. So if you put a $500 deposit down and spend $505 one day by accident they will charge you $534 dollars and still might reject the sale. Just something to be aware of if you plan on maxing out your credit card.

Another thing is don’t want you capital one balance to be more 75% of your security deposit as it won’t help your credit score much. So if your looking for a secure visa card you might also want to consider the capital one secured master card.