Secured Credit Cards

In the chart below you can compare Secured Credit Cards. Secured credit cards are great if you need to establish or rebuild your credit history. Your payment information gets reported to the credit bureaus, so making successful payments on time helps to rebuild your history. With Secured Credit Cards you are given access to credit, as you are any credit card. The fundamental difference is, however, that you are required to provide security funds before you access credit. The table below compares some of the top Secured Credit Cards available in Canada. With clear points on advantages and disadvantages, and information on APR, credit limits, ability to 'rebuild' your credit rating and other costs, rates and fees; Always read the terms and conditions.

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COMPANYISSUER

ISSUER

Card Issuer

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

FEES

FEES

Fees included with the cards

CREDIT LIMIT

CREDIT LIMIT

The limit of credit offered to you by the credit card provider

CHIP AND PIN

CHIP AND PIN

Chip and Pin facility available

CASHBACK

CASHBACK

Is cashback available on purchases

CASH ADVANCES

CASH ADVANCES

Cost to withdraw cash up to a certain limit

BALANCE TRANSFER

BALANCE TRANSFER

A credit card balance transfer is the transfer of the balance (the money) in a credit card account to an account held at another credit card company

NEW PURCHASE

NEW PURCHASE

A purchase rate is the interest rate charged on regular purchases put on a credit card. It differs from a cash advance rate in that it is lower because banks and issuers view regular purchases as less risky

CREDIT REBUILD

CREDIT REBUILD

Credit rebuild facility included

MORE INFO

Guaranteed Secured MasterCard
Guaranteed Secured MasterCard

Mastercard19.8%$59.00 p.a.From $300Yes19%19%19%$75 - $300YesGuaranteed Secured MasterCard
The Capital One guaranteed Secured MasterCard if perfect for people who need to establish their credit history. Receive a credit limit of $300 or more and security fund as low as $75 or $300 – this is determined after you’re approved. There is an annual fee of $59.If you have a poor credit rating but you are a homeowner then this card can be extremely helpful in rebuilding your credit rating. Make sure that you pay off the card balance at the end of the month to ensure that you rebuild your credit. Read the T&Cs carefully. DETAIL INFORMATION >>Services

Services

1. Security funds as low as $75 or $300 – this is determined after you’re approved
2. Credit limit of $300 or more
3. Your security funds are fully refundable if you ever decide to close your account – just make sure your MasterCard balance is paid in full and your account is in good standing


Advantages

Advantages

1. Guaranteed Approval
2. May help you establish or re-establish your credit history
3. $0 fraud liability for unauthorized use


Disadvantages

Disadvantages

1. Annual Fees are $59.00.

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Compare Secured Credit Cards

Secured Credit Cards – for people who cannot obtain a standard credit card due to a poor credit score or no credit history at all.

Why are credit cards useful?

Credit cards are one of the most popular financial products in the world. They are easy to use, safe and convenient. When you take out a credit card you are given a line of credit which is essentially borrowing money. You can use this card online, over the phone, in shops, restaurants and thousands of places all over the world.

People take out credit cards because they give you more financial freedom, allowing you to pay for purchases in small monthly instalments.

What is a secured credit card?

You will find that the better your credit rating the better the credit card you will receive with lower interest rates. If you have bad, little or no credit you can struggle to approved for a standard credit card. However, you will be considered for a secured credit card.

A secured credit card can help you establish or rebuild your credit while giving you the freedom of a credit card. They way they work are you deposit funds with a card provider or put up an asset that is used as collateral against the card. The credit limit on the card is then set by the amount you deposit to secure the card. If you fail to make the repayments on time, not only do you risk having this asset seized but you may have to deal with interest charges and other fines and you could damage your credit rating even further.

If you use a secured credit card correctly and repay what you owe when it is due you will build your credit rating.

How to choose the right card for you and your finances?

It is important that you take the time to research the market. You can use the table above to compare different secured credit cards to ensure you find the right card for you and your needs.

Make sure you read the terms and conditions fully before apply and that understand the risks involved.

What are the things to watch out for?

With a secured credit card you have to provide security funds as collateral before you are able to access your credit. You are not able to make withdrawals from the security funds you secure with the credit card provider. This means that you are not able to spend when you want as you are required to have the money before you can make a purchase. You could also end up losing your assets if you are not able to make the monthly repayments. As with all forms of borrowing, you must ensure that you are able to make the monthly repayments.

Secured Credit Cards - Latest News News and Charts

How To Get A Credit Card With Poor Credit

06 January 2012
Which Way to Pay

Poor credit rating cards are ideal for people who have been rejected from other card providers and in addition they have the features of a normal credit card.

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