If you have poor or no credit, having a secured credit card will help you establish or improve your credit score. You can obtain secured credit cards from most Canadian banks or other credit card providers. If you are a union member, you may want to check with your institution as well. Secured deposit credit cards in Vancouver are not offered by all institutions and in fact, most credit card issuers prefer the unsecured variety. Unsecured credit cards go with higher interest rates and fees. You should not give up though, and an unsecured credit card is not always an option. Young persons with no credit history and those who are reestablishing credit due to job loss, serious illness, or divorce, may be left with few other options.
If you have to choose a credit cards for newcomers in Canada, which one is a better deal? You can choose from secured Visa, secured MasterCard, and other types. Toronto Dominion, for instance, offers the secured TD Canada Trust Credit Card, which is secured by the cardholder’s deposit. The credit limit on this card is equal to the amount of your deposit. The funds deposited into the account may be held by the bank up to three years, depending on the card of choice. Apart from establishing credit history, this card allows holders to take care of emergency purchases, car rentals, and hotel reservations.
Another credit card you may want to look into is the Capital One Guaranteed Secured MasterCard. This card is featured with a $59 annual fee, 19.8 percent annual interest rate, and zero fraud liability. Persons who can pay at least the minimum balance and want to build credit are likely candidates. The card goes with various beneficial features such as 24/7 assistance, MasterCard Global Service, as well as MasterRoad Assist Service. The MasterCard Global Service offers referral to the closest ATM, 24/7 telephone access, emergency cash advances, and emergency card replacement.
The Bank of Montreal also offers to its clients secured cards in Ontario. The Prepaid Travel MasterCard is featured with purchase protection, zero dollar liability, extended warranty, and worldwide acceptance for a purchase fee of $9.95. Identity theft assistance is also offered though IDefence while the MasterCard SecureCode allows for secure internet shopping. The good news for cardholders is that no interest applies.They can use a bank account in many financial institutions to load the card. It is easy to load and reload this credit card. Given that the card is reloadable and prepaid, you decide on the amount to load on it. The Prepaid Travel MasterCard is a convenient and secure alternative to other products such as traveler’s cheques.
If you apply for this card, you should present your personal information, employer’s name, employment status, occupation, and other information.
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Tags: banking, credit, Credit Cards, debt, finance, Secured Credit Cards