Secured Canadian Credit Cards Canada
When a person goes into bankruptcy he has to hand in all his credit cards to the trustee. After that person has been discharged from bankruptcy, he or she is often a good credit risk, since that person has no debt.
Regardless, a discharged bankrupt who has received their bankruptcy discharge in the recent past often has a difficult time getting a new credit card.
An option is to acquire a “secured credit card”. A “secured credit card” is a card backed-up or secured by funds you have deposited with the financial institution. The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card.
You can start rebuilding your credit rating and improve your credit score if you use a credit card that is secured.
When you use a secured credit card the credit company Peoples Trust will report the payments you make each month which helps rebuild your credit as you make regular payments over time.
Card Features include:
Minimum deposit of $500;
Credit limit is 100% of security deposit;
Monthly fee for cardholder is $5.95;
One time set up fee of $49.00;
Security deposit earns interest annually in a CDIC insured GIC Account (current rate is 0.50%);
Available in all Canadian Provinces;
Approval is virtually guaranteed.