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Looking for a way to build or rebuild your credit? A secured credit cards Canada may be just what you need.
If your credit history isn’t perfect, these cards offer a sure way to start improving your score.
Now, how to choose the best among so many options? In this article, we’ll explore the best secured credit card Canada options, their benefits, fees, and everything you need to know to make an informed decision. Let’s go!
How Do Guaranteed Cards Work?
On these cards, you make a deposit that serves as collateral for your credit limit.
This deposit can range from CA$50 to CA$10,000, depending on the financial institution.
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The deposit amount, as a rule, corresponds to the limit of your credit, but some issuers may allow higher limits, depending on your analysis.
The most important thing? By using the card, you make monthly payments, and if you keep everything up to date, the deposit will be returned when you decide to close the account.
Top Guaranteed Card Picks in Canada
1. Neo Secured Mastercard (Secured credit cards Canada)
The Neo Secured Mastercard has one of the most affordable options for those seeking a secured card in Canada.
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With a minimum deposit of just CA$50, you can get a credit limit equal to the amount of your deposit, which can go up to CA$10,000.
The advantage of this card is the monthly fee of only CA$5, which makes it quite affordable compared to other options that charge high annual fees.
In addition, with an interest rate ranging from 19.99% to 29.99%, the Neo Secured Mastercard is a good option for those who want to start building or improving credit without abusive fees.
2. Neo Secured World Elite Mastercard
The Neo Secured World Elite Mastercard is for those who want more benefits and don’t mind paying an annual fee.
With a minimum deposit of CA$200, the credit limit will be equal to the amount of your deposit, which can go up to CA$10,000.
The annual fee of CA$125 is high, but the World Elite version offers exclusive benefits, such as access to a number of travel and shopping perks.
The card also has cashback with partners and advantages in rewards, which makes a difference for those who use the card frequently.
3. Secured Tims Mastercard (Secured credit cards Canada)
The Secured Tims Mastercard is for those who love coffee and saving money.
Issued in partnership with the Tim Hortons network, it offers a minimum deposit of CA$50 and a credit limit that varies depending on the deposit, which can reach up to CA$10,000.
The advantage of this card is that it does not charge an annual fee, which already makes it a cheaper option than many others.
4. Home Trust Secured Visa
The Home Trust Secured Visa has an option with no annual fee, which is an advantage for those looking for a credit card with lower costs.
The required deposit ranges from CA$500 to CA$10,000, and the credit limit will be equal to the deposit amount.
The interest rate is 19.99%, which is competitive in the market.
5. Home Trust Secured Visa
If you’re willing to pay an annual fee of CA$59, the low-interest version of the Home Trust Secured Visa may be a good choice.
The deposit requirement is the same as the version with no annual fee, ranging from CA$500 to CA$10,000, and the credit limit will be equal to the deposit amount.
The advantage of this version is the reduced interest rate of 14.99%, which can be a relief for those who use the card frequently and are looking to save on interest rates.
6. Plastk Secured Visa Rewards Card (Secured credit cards Canada)
If you want a card that offers rewards, the Plastk Secured Visa Rewards Card can be an excellent choice.
It requires a minimum deposit of CA$300 and has a credit limit equal to the deposit, which can go up to CA$10,000.
The annual fee is CA$48, plus a monthly fee of CA$6, which makes the annual cost around CA$120.
The great advantage of this card is that it offers reward points (1 point for every dollar spent). Which is an advantage for those who plan to use the card on a regular basis.
However, the interest rates of 17.99% are slightly higher than those of other options.
7. Refresh Financial Secured Visa
The Refresh Financial Secured Visa is a great option for those who have bad credit and want to rebuild it.
With a deposit of CA$200 to CA$10,000, this card has a credit limit equal to the deposit amount.
The annual fee is only CA$12.95, with a monthly fee of CA$3, which makes the annual cost very affordable.
8. Vancity Enviro™ Secured Visa
The Vancity Enviro™ Secured Visa is a choice for those living in British Columbia.
It requires a minimum deposit of CA$500 into a savings account and offers a credit limit equal to the deposit.
The card has an annual fee ranging from CA$0 to CA$395, depending on the plan you choose.
The interest rate can vary between 11.25% to 19.50%, which is very competitive in the market.
However, it is important to remember that it is only available to residents of British Columbia. Limiting its access to a specific audience.
9. ATB Alberta Mastercard Secured (Secured credit cards Canada)
Se mora em Alberta, o ATB Alberta Mastercard Secured pode ser uma ótima opção.
O depósito exigido é de CA$500, e o limite de crédito é igual ao valor do depósito. A
taxa de anuidade é de CA$49, o que é razoável, considerando que ele oferece taxas de juros de 19,99%.
Além disso, ele cobra uma taxa adicional para transferências. No entanto, ele é uma boa opção para quem mora em Alberta e deseja um cartão simples e direto, sem grandes custos adicionais.
10. Capital One Guaranteed Secured Mastercard
The Capital One Guaranteed Secured Mastercard is an option if you want a card with guaranteed approval.
The annual fee is CA$59, and the interest rate is 19.8%, which is competitive with other options.
The required deposit can vary between CA$75 and CA$300, depending on the credit analysis done by the institution. Which gives greater flexibility when choosing the amount.
This card has purchase protection and travel insurance, which adds extra value to the package.
Conclusion
Choosing the ideal secured credit card in Canada is an important step for anyone looking to rebuild or build their credit in a solid and secure way.
The options vary in fees, benefits, and deposit requirements, which means you can find the solution that best suits your financial profile.
Compare interest rates, annuities, and deposit limits to choose the card that best fits your budget and needs.
With the right card and responsible management, you can improve your credit history, getting better options. With that in mind, it is interesting that you use one of the best finance apps Canada to be able to speed up the process of improving your score.