Who Offers Secured Credit Cards In Canada

Secured credit cards are available in most Major Canadian Banks. A quick word of advice from somewhere whose been there if you have bad credit the major banks you want to stick to is Royal Bank and T.D Bank after your credit is cleared those banks will give you credit. When it come to obtaining a secured credit card in Canada there’s only two options at the moment one is Home Trust Visa and the other is Capital One.

Home Trust Visa in my opinion is probably the last option you want to take their minimum deposit is $1000 and then i believe they also have annual fees and other high interest fees. They may have changed their pricing policy i’m not sure but in my opinion that’s the last place you want to go to. The good thing about them is no one is turned down unless of-course you haven’t been discharged from your bankruptcy or proposal.

The other option is Capital One. In my opinion this is the best option. Their minimum deposit is $300 and if you pay your card on time you can avoid paying fees altogether well every fee except the annual fee which i believe is $59. You can also view your credit card online as they have online services as well capital one has the pay pass that you can use at the gas stations.

I would say capital one is the better of the two. back on the subject of the bank secured credit cards. the only time a bank will give you a secured credit card is if you are a student or you are new to the country and i think there maybe other special circumstances but generally that’s it. If you have bad credit history or filed for a form of bankruptcy the banks will usually turn you down. If that’s your situation look into Capital one or Home Trust Visa