Capital One Secured Credit Card Canada
If you’re living in Canada and trying to re-establish credit, a secured credit card is exactly what you need. From the outside looking in you might say well it should be easy to find a secure credit card but unfortunately in Canada at this time this is not the case, there are only a few lenders that offer a secure credit card. Most major Canadian banks offer secure credit cards but they still go through the whole credit check thing and there’s a good chance that if you haven’t been discharged for your bankruptcy or consumer proposal that they will say no before they even run a credit check.
Introducing the Capital One Secured Credit Card in Canada
Online there are only two secure credit cards that you are basically approved for regardless of your current financial condition; one is the Home Trust Secure visa card and the other is the Capital One Secured Credit Card. The Home Trust Secure Visa card costs more to get started. With the home trust Visa card you will have to put down a minimum deposit of $1000. Whereas with the Capital One Secure Credit Card a deposit of $300 CAD is sufficient.
The Capital One Secure Master card also comes with the pay pass which makes purchasing things like gas very easy you can also view your capital one balance online.
Capital One Secured Credit Card Downside
The downside to the capital one secured credit card is there is an annual fee I believe of $59 and also if you go over your limit even if it’s just a few cents they charge you $29.99 and if it happens more than once they will continue to pile that charge on your account so it’s a good idea to keep an eye on your capital one card if you’re close to your limit. Capital One reports to all credit bureaus and it’s a good idea to keep a watchful eye on that card and keep up to date on how they’re reporting you credit score.
In closing the Capital One secured Master card at the moment is probably the best secured credit card on the Canadian market for people looking to rebuild credit. I would recommend the capital one secure card to anyone who wants to rebuild their credit.