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Building your credit can be difficult, especially if you’re new to Canada or have previous negative remarks on your credit report like a bankruptcy. When you have a bad or no credit history, gaining access to different credit products can be extremely difficult and expensive. If you’re looking to build credit, a secured card can help.
Annual Fee | Interest Rates | Min. Deposit | |
Refresh Financial Secured Visa | $12.95 | 17.99% | $200 |
Plastk Secured Visa Credit Card | $48 (+$6 monthly fee) | 17.99% | $300 |
Home Trust Secured Visa Card | 0$ or $59 | - 19.99% (no annual fee) - 14.9% (with annual fee) | $500 |
Vancity enviro Secured Visa Card | $0 - $395 | - 11.25% - 19.50 % | $500 |
TD Secured Credit Card | $29 | 19.9% | $500 |
Capital One Guaranteed Secured Mastercard | $59 | 19.8% | $75 |
A secured credit card helps you build credit like any other credit product. Here are some tips on how to use your secured credit card to build credit:
The main goal of using a secured credit card is to build your credit scores. In order to accomplish this, you need to ensure that your lender reports to the major credit bureaus. Failing to do so will result in you not getting the results you need to move on with your finances. It is important to ensure that your secured credit card helps you work towards your personal financial goals.
Requirements for a secured credit card are fairly minimal. Most creditors will approve you, so long as you are able to provide the minimum security deposit. Since you’re security deposits acts as collateral, these creditors generally don’t have any credit or income requirements, making it very easy to qualify for. However, that doesn’t mean that no creditors will check your credit and income.
In order to apply for a secured credit card, you may need to provide certain information and documents during the application, such as:
Depending on the provider, there may be age restrictions, as well as other company-specific requirements.
While an unsecured credit card is the goal of most individuals, there are still some benefits to a secured credit card.
Just as there are benefits, there are also drawbacks to secured credit cards including:
A secured credit card in many ways works just like a standard credit card provided to you by a bank or lender with one major difference: the secured credit card is only provided in return for a monetary deposit used as collateral. For this reason, a secured credit card is available to a much larger subset of the population. A secured credit card can be obtained if the applicant has a bad credit rating and also in the event that the applicant has no credit history at all. A secured credit card works as an effective way to build (or rebuild) your credit for a brighter financial future.
A secured credit card can be advantageous to those with no or poor credit. While it may take a while to build your credit, if you are patient and diligent with paying your secured credit card, you’ll soon be able to access regular credit products. In most cases, it can take a little less than a year for you to transition from a secured credit card to an unsecured credit card.
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