Bad Credit Credit Cards Canada
If you have an R9 credit rating in Canada and you are looking for a credit card the first place you might consider going to is your local bank TD, Royal Bank and C.I.B.C and try to get a secured visa credit card.
What Is a Secured Credit Card.
A secured credit card is credit card that requires a deposit. A quick example is if you want a credit card with a $500 limit you would apply for a credit card and would be required to give the credit card issuer a $500 security deposit. What this does is it makes the banks or the credit card issuers loss at a minimum.
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Other Secured Credit Card Lenders in Canada
There two well known secured credit card issuers in Canada. The first one is the Home Trust Visa. This is a good secure credit card for home owners or former home owners who declared bankruptcy and are hoping to rebuild some form of Credit history. In order to get a Home trust Visa card a deposit of $1000 is required The Home trust Visa Card reports to all major credit bureaus and is an excellent way to rebuild your credit history.
The second secured credit card lender in Canada is Capital One. To get this credit card is allot less actually it’s $700 less. For only $300 you can get a secured capital one credit card with PayPass attached. Be careful with your Capital one credit card if you are close to your limit because going over incurs a $29.00 fee and if you go over twice that’s two $29.00 fees and they will bank interest. Also with capital one there is an annual fee which i believe you will have to pay upfront it starts at around $59 CAD.
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Pay As You Go Credit Cards
You can also choose to get a pay as you go credit card but personally i only see this as an option if no bank or lender will talk to you. Because Pay As you Go credit cards do not help you build or establish credit in anyone and they’re are also allot of charges associated with pay as you go credit cards. before getting a Pay As You Go credit card make sure you read about all the fees. In my opinion it’s better to have No Credit card than have a pay as you go credit card but i assume if you get a pay as you go credit card that there is a specif reason you are getting it. Maybe to book a hotel or plane ticket or something but i wouldn’t get one and use it frequently because there are lots of charges associated with this card and at the moment it doesn’t help customers build or even establish any credit history.