COMPARE SECURED CREDIT CARDS
Take advantage of great credit card offers today and start saving
MOST POPULAR CREDIT CARDS
Female handing over credit card to another
Sort By:
Featured Companies
Amex logo BMO logo mbna logo scotiabank logo amex logo BMO logo mbna logo scotiabank logo

Rates.ca Credit Cards

The secured credit card is one generally targeted to those with little or no credit history, with low credit scores or for customers who have previously filed for bankruptcy. Recent immigrants to Canada who want to start building a credit history often consider the secured credit card option.

To obtain a secured credit card, one is usually required to provide the card issuer a security deposit before being able to use the card. The credit limit for the card usually depends on the amount of the deposit or a percentage of the deposit; in many cases it's 100 percent of the actual security deposit.

The secured credit card issuer is basically using the deposit you contribute as a form of collateral. Therefore, the deposit made is not available to you to pay towards the credit balance you accumulate as you use the card. If the cardholder is unable to keep up with repayment obligations and the account falls into arrears, the credit card issuer may choose to use the deposited funds for payment.

Develop a Credit History
However, as you use the card responsibly, pay off balances accordingly or meet the payment requirements set out by the credit card company, you develop a credit history.

Once a good credit score is established, you have a better chance having the security deposit requirement waived or obtaining another personal credit card such as a rewards credit card or even other credit products such as a line of credit or mortgage loan.

Even though secured credit cards are a valuable tool for those who've been turned down for other types of credit and are in some ways an ideal solution to building up a credit score, there may be additional fees associated with acquiring one.

That's why it is important to shop around for the right secured credit card to ensure you're not paying more in fees and charges than you should. Some card issuers will charge an application fee. Others may have higher interest charges or heavier late payment penalties. On the positive side, some card issuers might pay interest on the sum you have on deposit.

In the process of comparing secured credit cards, be sure to find out how long your deposit is needed by the credit card issuer before you could become eligible for an unsecured credit card. Some companies may require you to have the money locked in for more than one year.

It's always a good idea to examine terms of use carefully, as different card issuers have different fee structures, charges, minimum deposit requirements and payment policies.
Credit Card Guides
Thumbnail image of guide
Choosing the Right Credit Card
Thumbnail image of guide
Credit Cards & Your Credit Score
Thumbnail image of guide
Interest Rates For Credit Cards
Thumbnail image of guide
Avoiding Credit Card Fraud
Thumbnail image of guide
Credit Cards With No Or Bad Credit
Stay On Top of Your Finances
Sign up to subscribe to our newsletter, receive alerts when rates change or schedule a reminder prior to the renewal of your insurance policy and/or mortgage
FAQ
Are there any fees associated with comparing rates on Rates.ca?
Comparing rates on Rates.ca is absolutely free! We get paid by the brokers and financial services companies we work with so our service always remains free for the consumer.
What products can I compare on Rates.ca?
Currently you can compare car insurance quotes, mortgage rates and credit card offers.
What provinces is Rates.ca available in?
Car insurance is currently only available to Ontario & Alberta residents. Mortgages and credit cards are available across Canada.
How will the information I provide on the site be used?
Any information that you provide on Rates.ca will only be transferred to the financial services provider who you've chosen to share it with in order to fulfil your request. We will not sell your information to any third parties without your consent.
Is Rates.ca a broker?
Rates.ca is not a broker and is not affiliated with any particular financial services company. This allows us to take an objective/un-biased position in helping you compare products on our site.
How does Rates.ca make money?
We get compensated by insurance and mortgage brokers for referrals we send to them and by credit card issuers for approved credit card applications originating from our site. We only send referrals to our partners when you indicate that you want to be contacted by them. We do not sell your information to third parties without your consent.
How do I change my email address?
If you're subscribed to one of our services you can change your email on the Subscriptions page. Every one of our emails also contains a link at the bottom to edit your subscription and change your email. Lastly, you can send an email to [email protected] to request the change.
Does it matter what browser I use to access Rates.ca?
Rates.ca is compatible across all browsers and devices. If you do however spot an issue using a particular browser/device please notify us by emailing [email protected]
How do I change my subscription preferences?
Simply click on "Edit Existing Subscriptions" at the top of the Subscriptions page. You will be promoted to enter your email and check your inbox for an email from us containing a link to edit your current subscriptions. Every Rates.ca email also contains this link at the bottom. You will be able to change your subscriptions as well as unsubscribe. You may also email [email protected] to request any changes to your subscriptions.
How do I contact Rates.ca?
You may contact us via email at [email protected] or call 1-844-726-0907.
Rates.ca, 360 Adelaide Street West, Suite 100, Toronto, ON M5V 1R7, Canada
© 2018 Rates.ca. All Rights Reserved.