If you have just moved to Canada and have no credit history or if you're trying to rebuild your Canadian credit rating after having some past payment problems, then a secured credit card may be the answer to your problems. A secured credit card in Canada is a Visa or MasterCard that is secured by funds you deposit with the credit card issuer. Your credit limit is determined by the amount you deposit to secure the card. Below we have listed some credit card issuers in Canada that offer either a secured Visa or MasterCard.
Capital One Bank - This secured MasterCard has a guaranteed approval rate and is great for someone that had credit problems in the past or never had a credit card, loan or line of credit in Canada.
Security funds are as low as $75 and is fully refundable if you ever decide to close your account. This secured credit card can help strengthen your credit rating because they report your payment history to the Canadian credit bureaus every month. To qualify for this card you must not have an existing Capital One account, have not had a Capital One account that was in bad standing at any time within the last 12 months before applying, applied for a Capital One credit card account within the last 45 business days, and you must have reached the age of majority in the province of Canada you reside. For further information please visit their website at http://www.capitalone.ca.
TD Canada Trust - You can secure any one of their TD Canada Trust Visa credit cards and if you decide to choose one of their Reward Cards, you will earn the same rewards as any other cardholder. The amount you deposit must be at least as much as the minimum credit limit for the credit card you choose. To apply for a Visa secured TD Canada Trust credit card you must visit one of their bank branches.
Home Trust - The Home Trust secured Visa card requires a security deposit from $500 to $10,000 and your credit limit will be equal to that amount. They claim that virtually all applicants are approved. Your payments are reported to the Canadian credit agencies to help rebuild your credit rating. You can apply On-line for their Visa secured card at http://www.hometrust.ca.
Peoples Trust - This secured MasterCard is almost guaranteed even if you have had credit problems in the past and want to rebuild your credit rating, have no credit history, have a discharged bankruptcy, or you are new to Canada. Your credit limit is set by the amount of your deposit which is a minimum of CAD $500.00 to a maximum of CAD $25,000.00. This deposit will be placed in a GIC account which will serve as collateral for the secured credit card in Canada. To qualify you must have a verifiable permanent Canadian home address, be of legal age in the province in which you reside, have a valid Social Insurance Number, any bankruptcy must be discharged, and have a verifiable source of income. Applications are available On-line at http://www.peoplestrust.com.
CIBC - Has a secured credit card program available for those who have recently immigrated to Canada and don't have the credit history or employment income required for a unsecured credit card. For more information on this secured credit program for newcomers to Canada please visit their website at https://www.cibc.com.
RBC Royal Bank - Newcomers to Canada can get a RBC Rewards Visa gold card or any other eligible credit card with no credit history required. Security deposit may be required. To apply for this offer you will need a Passport Landing Paper or Permanent Resident Card. They also have other offers available to immigrants such as free day to day banking for 12 months, a exclusive cell phone offer and a one year free safe deposit box. More information on their promotions for immigrants to Canada can be found at http://www.rbc.com or by calling a RBC advisor at 1(866)756-1104
Disclaimer: The above information was written in good faith, but we cannot guarantee accuracy or credit approval. If you feel the information is inaccurate or have a credit card you wish to
add to our list, please email us at [email protected].