Bank of Montreal (BMO) Secured Credit Cards

I can honestly say by far in Toronto Canada that BMO has the slowest telephone support out of all the major Canadian Banks. If any of you reading this went through the same thing I did I can imagine how frustrated you must feel dealing with BMO Bank. From my understanding Bank of Montreal does not have a secured credit card but they do have a pre-paid master card called the Mosaik Master Card. I’m not sure who came up with this pre-paid credit card idea but still find it a complete waste of money and time.

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Pre-paid Credit cards suck!

With every pre-paid master card I’ve reviewed they have fees for almost everything and worse than the fees are the fact you WON’T be building any type of credit history with anyone. Pre-Paid cards remind me of gift cards and generally I don’t like them nor do I recommend them to anyone. I have given credit card gift cards to friends before but I wouldn’t recommend someone get a prepaid credit card it just doesn’t make much sense to me.

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BMO Secured Credit Card Alternatives

The best secured credit card option available to Canadians at the moment in my opinion is the Capital One Master Card. In order to qualify for the capital one secured credit card you must be discharged of any type of bankruptcy you might have filed for. I think you also might need to have a job it would be a good idea to contact Capital One for yourself.

If you don’t like capital one there is another option called the Home Trust Visa card which in my opinion is more for home owners who may have run into tough times in the past and who are looking to rebuild credit. Before signing up for either it’s a good idea to look into the fees with each.

Secured Credit Card fees

I am pretty sure capital one has annual fees and I think 19% interest or higher. As well the Home trust visa card has fees you might want to look into. Besides these fees you will need a minimum deposit of $300 with the secured Capital one credit card and a minimum deposit of $1000 with the Home trust secured Visa card.