RBC Bank Secured Credit Card
If you are new to Canada or if you are looking to establish some sort of credit the RBC credit card might be what you are looking for. People who will usually qualify for the RBC Secured credit card are new immigrants to Canada as well as students and/or young adults looking to establish some sort of Credit history. If however your intent is to get an RBC Secured credit card fix your damaged credit I personally think you should consider looking somewhere else.
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Who might Not Qualify for the RBC Secured Credit Card?
If you have an R9 credit rating or you’ve declared some type of bankruptcy recently then the RBC bank Secured Credit Card might not be for you. Most major banks do not lend out secured credit cards for this purpose. Banks typically do not want to loan to people who they feel are at risk of defaulting. Don’t let this discourage you because there are other options out there.
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Other Secured Credit Card Canadians might want to consider.
If you are struggling with bad credit in Canada maybe you have an R9 credit rating or maybe you declared a form of bankruptcy such as a consumer proposal or bankruptcy there are two secured credit card options that I know of that you should consider applying for. The first is the Capital one Secured Credit Card. Fir this card you will need a minimum deposit of $300, as well expect an annual fee of around $59. As long as you’ve been discharged of bankruptcy you should qualify for this card. If you choose the Capital one secured credit card also understand that capital one does report to all the major credit bureaus and it’s a good idea not to go over your credit limit at any time. Also if you go over credit limit with Capital one they will charge you $29.00 fee along with interest. So try to stay below your credit limit.
Your other option is the Home Trust Visa card this requires a minimum deposit of $1000. This secured credit card comes with fees and high interest rate visit the Home trust visa website for more information. If you have bad credit remember that life is not over and also remember that you’re not alone there are still plenty of options out there.