Best Secured Credit Cards in Canada

Why do we need to look for best secured credit cards in Canada? Because we don’t have any credit score? We are a beginner in using the card? We need to build it? We didn’t pay monthly bill on time that damaged the credit score?

Yes, these are all the reason why we are here to look for some credit card that will ask for our own money to spend our own money through some card issuer. It’s bad, it’s very bad for not having good credit reputation that no one is giving us line of credit without any security deposit of money. It’s like they don’t trust us with their money and we need to trust them by giving our money to get some secured credit cards.

Here we are looking for some best secured credit cards in Canada:

If that’s the case then let’s look for some really great secured credit card that will give us maximum benefits for our own money like form of some reward points for spending money through the card or some other really good card benefits. Let’s find out which one suits each one of us.

  1. No-Fee Scotiabank Value® VISA Card

The first place goes to this Secured Credit Card in Canada called No-Fee Scotiabank Value Visa Card. This is the best secured card for you when you transfer your balance. Get 21 days of Interest-free period with this card and enjoy the intro rate of just 3.99% for first 6 months. This introductory rate is applicable on all your balance transfers, credit card checks and cash advances. Also get some special discount like car rental discounts with this card. In case of some unfortunate events like disability or job loss, then you will get the optional credit card protection coverage that comes with the card.

Features:

  • Annual Fee: No Annual Fee or 0 or None
  • Regular Interest Rate: 16.99%
  • Intro Interest Rate: 3.99%
  • Balanace Transfer Fee: ZERO or 0%
  1. Refresh Financial Secured Visa

Get this Brand New latest Canadian secured credit card from Refresh Financial to build or re-build your credit score from the scratch. There is no need of any credit check to start with which makes it one of the most easy to get. This card is targeted on the people who are having no credit or bad credit score.

Features:

  1. Annual Charge: CAD $12.95
  2. Regular Interest Rate: $17.99
  3. Credit Limit: $200 to $10,000
  4. Home Trust Secured Visa Card

This is another secured credit card that will help you to build or re-build your credit score when you don’t have any credit or bad credit. This is offered by Home Trust and usually all request for this secured visa credit card gets approved.

When you apply for this credit card then there are two ways that you can get this secured card which are:

  • Pay annual fee of $59 and get interest rate of 14.9

Or

  • Pay No or Zero Annual Fee and get interest rate of 19.99%

It’s your choice how you want to proceed with you secured credit card according to your behavior. If you are going to miss your monthly bill payment more often than the card where you need to pay the annual fee is better option.

Apart from this offer of interest rate and fee, you will also get option to add other additional authorized user who will also be able to use the duplicate card and you may want to give it to your spouse. Get the credit limit as high as $10,000 with minimum being $500. Use this card normally for any purpose such as purchasing something online or paying the bill or booking your travel vacation.

  1. Vancity Enviro Secured Visa

This is what we need. We pay our own money as security deposit but we are here to look for some extra benefits and perks. This secured credit card which is offered by Vancity will require a minimum of $500 deposit to begin with. But once you start with this card, then you will get many benefits similar to unsecured one that you can enjoy such as travel accident insurance, price protection, lost baggage insurance or delay insurance etc. The person who has recently immigrated or who is not having any past Canadian credit history can only apply. This card will help those people who are facing financial problem and wants to build their credit score. Enviro Classic is a good option for those people who always pay the balance in full.

Features:

  1. Interest Rate: 19.5%
  2. Annual Fee: Zero
  3. DCU Visa Platinum Secured Credit Card

We always want secured credit card which are similar to features of unsecured one and this card is like that only. This is one of the low-cost alternative to other secured cards with which you will get some amazing benefits like optional overdraft protection, everyday benefits, travel benefits etc. Some additional benefits can be like extended warranty, auto rental collision damage waiver, travel insurance coverage etc. You will glad to know that there is no minimum interest charge that you will need to pay. Not only that, you will also get benefit of Free Cash Advances and Free Balance Transfers. With the Visa Card, Your card is worldwide accepted and it will be safe and convenient for you to do shopping.

Feature:

  1. Annual Fee: Zero
  2. Penalty Charges: 18%
  3. Interest Rate: 11.50%
  4. RBC Visa Classic Low Rate

If you want to do debt consolidation to save on the interest payment then this card is for you. There are some standard and optional add-ons available with the card like Chip & Pin Technology or Travel Insurance etc, which is offered to you by RBC. This card is best for people who don’t pay their complete bill and carry it to next month. You can get additional card also without any annual fee on it. For the purpose of convenience and ease, this card also provides you card registration service for your payment service and important documents.

Features:

  1. Annual Charge: $20
  2. Interest Rate: 11.99%
  3. Capital One® Guaranteed Secured MasterCard®

If you apply for this card, then you approval for the secured credit card is guaranteed. You can easily establish your credit history for higher line of credit. The minimum credit limit is $300 and it can go higher. You will only need to pay a minimum security deposit fund of $75 to begin with. There are some standard benefits which comes with this card like zero liability or referral to the closest ATM etc. You can use it like any other normal card such as purchasing gas, booking car rental, booking hotel reservation, in-store purchases and internet purchase.

Features:

  1. Grace Period: Minimum 25 Days
  2. Annual Charge: $59
  3. Purchase Rate: 19.8%

Conclusion:

The conclusion from the above mentioned card is that you have now got all kinds of secured credit card to choose from. You will need to now decide which is the best secured credit card in Canada is for you according to your behavior and preferences. There are cards that come with many benefits, some with low interest rate, some with extra perks and some with guaranteed approval so choose wisely before apply for credit card.

Leave a Reply

Your email address will not be published. Required fields are marked *