CIBC Secured Credit Card Canada

Most major Canadian Banks do not offer secured credit cards CIBC is not an exception to this. From my understanding Royal bank has a secured credit card but it’s for a particular kind a client, this client would be new to Canada or maybe a student or young adult with no credit or job. It would be better to contact Royal Bank for yourself with these questions if you fall into the category mentioned above.

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Is There an Alternative to the CIBC Secured Credit Card?

Yes the best alternative for Canadians looking for a secured credit card would be Capital One. In order to qualify for the capital one secured credit card you must be discharged of bankruptcy. If you have an R9 credit rating and no one will talk to you or if you’ve filed for some sort of insolvency such as a consumer proposal or bankruptcy then Capital One Is probably your best option at the moment.

One thing to be aware of when dealing with capital one is the fees. First I believe the minimum deposit amount for capital one in Canada is $300 also the capital one secured credit card also comes with an annual fee of around $59. Another thing you want to be sure of is after you qualify you don’t want to go over you minimum deposit amount because the fee for this is $29.00 plus interest. This money can pile up in a hurry so if you do apply for the capital one secured credit card try not to go over your minimum balance.

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If you don’t like Capital One there is another option called the Home Trust Visa secured credit card. I think at the moment this Home Trust visa card is going through a transition so for more details you might want to check out their website. The minimum deposit amount for the Home Trust visa is $1000 as long as you’ve been discharged of bankruptcy you should qualify. This secured visa card in my opinion would be more for Home Owners I think Home trust is a mortgage company but you should check for yourself to make sure.

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