{"id":44032,"date":"2024-07-25T14:55:30","date_gmt":"2024-07-25T18:55:30","guid":{"rendered":"https:\/\/hardbacon.ca\/non-classifiee\/best-secured-credit-cards-in-canada\/"},"modified":"2024-07-25T14:55:33","modified_gmt":"2024-07-25T18:55:33","slug":"best-secured-credit-cards-in-canada","status":"publish","type":"post","link":"https:\/\/hardbacon.ca\/en\/credit-cards\/best-secured-credit-cards-in-canada\/","title":{"rendered":"The 7 Best Secured Credit Cards in Canada for 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">A secured credit card in Canada is a powerful way to repair your <a data-lasso-id=\"18489\" href=\"https:\/\/www.hardbacon.ca\/en\/credit-score\/what-is-a-credit-score-the-complete-guide-for-canadians\/\" rel=\"nofollow\">credit score<\/a>. In the world of finance, your credit score is like a silent gatekeeper deciding whether or not you qualify for loans, mortgages, or even your dream job. But what happens when the gatekeeper isn&#8217;t on your side?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When traditional <a href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/\" target=\"_blank\" rel=\"noreferrer noopener\">credit cards<\/a> are out of reach, a secured credit card is one of the best ways to regain control of your financial future. They work just like regular cards and report to the credit bureaus. Using one responsibly by making your payments on time and paying off the balance in full every month will start boosting your credit score quickly. <\/p>\n\n\n    <div class=\"best-table\">\r\n        <div class=\"best-table__head\">\r\n                            <div class=\"best-table__head-item\">Secured Credit Cards<\/div>\r\n                                        <div class=\"best-table__head-item\">Best For<\/div>\r\n                    <\/div>\r\n                                    <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-1-neo-secured-credit-best-secured-card-in-canada\">Neo Secured Credit<\/a><\/div>\r\n                    <div class=\"best-table__row-item\">Everyone<\/div>\r\n                <\/div>\r\n                            <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-2-home-trust-visa-best-for-low-interest-rate\">Home Trust Visa<\/a><\/div>\r\n                    <div class=\"best-table__row-item\">Low Interest Rate<\/div>\r\n                <\/div>\r\n                            <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-3-secured-tims-mastercard-best-for-coffee-lovers\">Secured Tims\u00ae Mastercard <\/a><\/div>\r\n                    <div class=\"best-table__row-item\">Coffee Lovers<\/div>\r\n                <\/div>\r\n                            <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-4-koho-mastercard-prepaid-credit-card-best-alternative-to-a-secured-credit-card-in-canada\">KOHO Mastercard Prepaid Credit Card<\/a><\/div>\r\n                    <div class=\"best-table__row-item\">An Alternative to a Secured Credit Card<\/div>\r\n                <\/div>\r\n                            <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-5-atb-alberta-secured-mastercard-best-for-alberta-residents\">ATB Alberta Secured Mastercard<\/a><\/div>\r\n                    <div class=\"best-table__row-item\">Alberta Residents<\/div>\r\n                <\/div>\r\n                            <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-6-vancity-enviro-secured-card-best-for-bc-residents\">Vancity enviro Secured Card<\/a><\/div>\r\n                    <div class=\"best-table__row-item\">BC Residents<\/div>\r\n                <\/div>\r\n                            <div class=\"best-table__row\">\r\n                    <div class=\"best-table__row-item\"><a href=\"#h-7-capital-one-secured-mastercard-best-for-guaranteed-approval\">Capital One Secured Mastercard<\/a><\/div>\r\n                    <div class=\"best-table__row-item\">Guaranteed Approval<\/div>\r\n                <\/div>\r\n                        <\/div>\r\n        <script type=\"application\/ld+json\">\r\n        {\r\n          \"@context\": \"https:\/\/schema.org\",\r\n          \"@type\": \"ItemList\",\r\n          \"url\": \"https:\/\/hardbacon.ca\/en\/en\/credit-cards\/best-secured-credit-cards-in-canada\/\",\r\n          \"name\": \"The 7 Best Secured Credit Cards in Canada for 2024\",\r\n          \"description\": \"A secured credit card in Canada can improve your credit score. Explore the features &amp; benefits of the top 7 to help you find the right one.\",\r\n          \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderDescending\",\r\n          \"itemListElement\": [\"Neo Secured Credit\",\"Home Trust Visa\",\"Secured Tims\\u00ae Mastercard \",\"KOHO Mastercard Prepaid Credit Card\",\"ATB Alberta Secured Mastercard\",\"Vancity enviro Secured Card\",\"Capital One Secured Mastercard\"]        }\r\n    <\/script>\r\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-neo-secured-credit-best-secured-card-in-canada\">1. Neo Secured Credit &#8211; Best Secured Card in Canada<\/h2>\n\n\n\n<div class=\"wp-block-affiliate-plugin-lasso\">\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20 sm:w-[calc(100%-60px)] md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/best-credit-cards-canada\/#h-15-neo-secured-credit-card-best-secured-credit-card-canada\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"absolute top-full left-1\/2 transform -translate-y-2\/5 -translate-x-1\/2 sm:-top-22 sm:-right-10 sm:-right-15 sm:left-auto sm:translate-x-0 sm:translate-y-0\">\n\t\t\t\t\t<img decoding=\"async\" class=\"max-w-30 max-h-30 w-auto h-auto\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/6209e06d9c5f4c05c0de0111_offer_cc_badge\" alt=\"Offer Badge\">\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/6209e06d9c5f4c05c0de0111_offer_credit_card\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/6209def30d1a89001d37ad93\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-5\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">Neo Mastercard - Secured<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular divide-y divide-primary-dark\/10\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Requires the Build membership for $7.99\/month<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee Promotion:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Waived with $5K+ balance across your Neo accounts<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Purchase Interest Rate:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Between 19.99%-29.99%<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Offer:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Start building with Canada\u2019s first credit card designed to grow with you. Receive guaranteed, instant approval, guided credit building tools, and 1% cashback on gas & groceries.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/6209def30d1a89001d37ad93\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The <a data-lasso-id=\"194500\" href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/neo-secured-card-review\/\">Neo Secured Credit<\/a> is a great way to build your credit up and, in our opinion, is the best secured credit card in Canada. The minimum security deposit is just $50 and there is no annual fee. It&#8217;s also a good card because there is no <a data-lasso-id=\"194501\" href=\"https:\/\/hardbacon.ca\/en\/credit-score\/credit-checks\/\">credit check<\/a> required and approval is easy. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/neo\/neo-secured-credit\/\">Neo Secured<\/a> cardholders earn at least 0.5% cash back, and can earn up to 15% on each first purchase at a Neo partner merchant. Neo has partnered with over 10,000 businesses across the country, which means cardholders end up earning an average of 5% cash back, making it one of <a data-lasso-id=\"194502\" href=\"https:\/\/www.hardbacon.ca\/en\/credit-cards\/the-10-best-cash-back-credit-cards-in-canada\/\" rel=\"nofollow\">the best cash back credit cards<\/a> on the market. Partners include LBCO, Clearly, Sport Check and Crave.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Neo Financial is now reporting&nbsp;live&nbsp;secured card transactions to TransUnion and all previous transactional history has been retroactively captured. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score <\/td><td>None<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be a permanent resident or Canadian citizen.<br>Have reached the age of majority in your province or territory of residence.<br>Provide security funds.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-home-trust-visa-best-for-low-interest-rate\">2. Home Trust Visa &#8211; Best For Low Interest Rate<\/h2>\n\n\n\n\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20  md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t<span class=\"absolute left-3 right-3 sm:right-auto bottom-full bg-primary-dark text-white text-center text-sm md:text-base font-medium py-2 px-8 rounded-t-lg w-content mx-auto\">\n\t\t\t\t\tStart building your credit today!\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/5f6b5fce6011f20b29a5daa9_offer_credit_card\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t<a href=\"https:\/\/visa.hometrust.ca\/en\/Home\/Secured?referral=4021693\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-5\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">Home Trust Secured Visa (no annual fee)<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular divide-y divide-primary-dark\/10\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Free<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">offerTitle:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Start building your credit today!<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Offer:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">New to Canada? Building your credit history can help you get better interest rates on loans and can increase your chances of getting approved for a rental or a mortgage. Almost everyone who applies and puts down a deposit is approved.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/visa.hometrust.ca\/en\/Home\/Secured?referral=4021693\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\n\n\n\n<p class=\"wp-block-paragraph\">The <a data-lasso-id=\"162728\" href=\"https:\/\/visa.hometrust.ca\/en\/Home\/Secured?referral=4021693\" target=\"_blank\" rel=\"nofollow sponsored noopener\">Home Trust Secured Visa<\/a> comes in two different options to suit your needs and goals. The free option has no annual fee and a 19.99% purchase interest rate. If you think you might need to carry a balance, then you can get the low-interest card that costs $59 per year with a 14.90% interest rate. The main downside of this card is the absence of a rewards program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The minimum security deposit required for the <a data-lasso-id=\"162728\" href=\"https:\/\/visa.hometrust.ca\/en\/Home\/Secured?referral=4021693\" target=\"_blank\" rel=\"nofollow sponsored noopener\">Home Trust Secured Visa<\/a> is $500. You can add another authorized user as well.&nbsp;They offer high credit limits of up to $10,000 &#8211; if you can afford to submit that much to secure the card. Unfortunately, the Home Trust Secured Visa isn\u2019t available to residents of Quebec or anyone currently in bankruptcy. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score<\/td><td>300<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be a permanent resident or Canadian citizen.<br>Have reached the age of majority in your province or territory of residence.<br>Provide security funds.<br>Be clear of bankruptcy.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-secured-tims-mastercard-best-for-coffee-lovers\">3. Secured Tims<sup>\u00ae<\/sup>\u00a0Mastercard\u00a0&#8211; Best for Coffee Lovers<\/h2>\n\n\n\n\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20 sm:w-[calc(100%-60px)] md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/best-credit-cards-canada\/#h-26-tims-credit-card-best-restaurant-credit-card-in-canada\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"absolute top-full left-1\/2 transform -translate-y-2\/5 -translate-x-1\/2 sm:-top-22 sm:-right-10 sm:-right-15 sm:left-auto sm:translate-x-0 sm:translate-y-0\">\n\t\t\t\t\t<img decoding=\"async\" class=\"max-w-30 max-h-30 w-auto h-auto\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/64dd008b7271d033a068311b_offer_cc_badge\" alt=\"Offer Badge\">\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/64dd008b7271d033a068311b_offer_credit_card\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/65f0aa48876646001b5c902e\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-5\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">Tims\u00ae Credit Card<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular divide-y divide-primary-dark\/10\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">$0<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Purchase Interest Rate:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">20.99% - 24.99%<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Cash Advance:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">22.99% - 25.99%<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Banner:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Apply for a new Tims\u00ae Credit Card and get up to 5,000 Tims\u00ae Rewards points on qualifying purchases within the first 3 months.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/api.fintelconnect.com\/t\/l\/65f0aa48876646001b5c902e\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\n\n\n\n<p class=\"wp-block-paragraph\">Why not establish your credit history while earning <a href=\"https:\/\/hardbacon.ca\/en\/rewards-points\/tims-rewards\/\">Tims Rewards<\/a> points?\u00a0Tim Hortons launched its own credit card. The <a href=\"https:\/\/api.fintelconnect.com\/t\/l\/65f0aa35876646001b5c8fbc\" rel=\"sponsored nofollow noopener\" target=\"_blank\">Secured Tims Mastercard<\/a> is specifically designed for students, newcomers, and those with little, low or no credit history. When you pay with this card at a Tim Hortons restaurant, you earn 12 points per $1 spent. Don&#8217;t forget to scan your Tims Rewards card to get the points. For groceries, public transportation, taxis, ride-sharing services, gas and electric vehicle charging, you earn 2 points per $1 spent. On any other purchase, you get 1 point per $4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you choose the Secured Tims Mastercard when you sign up, you will not undergo a hard credit check. However, this does not apply in Quebec where you can still get the secured card, but you have to undergo the credit check anyway.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score <\/td><td>None (except in Quebec)<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be a permanent resident or Canadian citizen.<br>Have reached the age of majority in your province or territory of residence.<br>Provide security funds.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-koho-mastercard-prepaid-credit-card-best-alternative-to-a-secured-credit-card-in-canada\">4. KOHO Mastercard Prepaid Credit Card &#8211; Best Alternative to a Secured Credit Card in Canada<\/h2>\n\n\n\n\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20 sm:w-[calc(100%-60px)] md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/best-credit-cards-canada\/#h-11-koho-prepaid-mastercard-best-card-to-build-credit\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"absolute top-full left-1\/2 transform -translate-y-2\/5 -translate-x-1\/2 sm:-top-22 sm:-right-10 sm:-right-15 sm:left-auto sm:translate-x-0 sm:translate-y-0\">\n\t\t\t\t\t<img decoding=\"async\" class=\"max-w-30 max-h-30 w-auto h-auto\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/637cf8206bbb7962c19ae225_offer_cc_badge\" alt=\"Offer Badge\">\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/637cf8206bbb7962c19ae225_offer_credit_card\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t<a href=\"https:\/\/kohofinancial.pxf.io\/c\/445127\/1277606\/15676?adtype=textlink&#038;adnetwork=Impact\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-5\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">KOHO Prepaid Mastercard Essential<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular divide-y divide-primary-dark\/10\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">$48 (with an initial 30-day free trial, then $4\/month or $48\/year).<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Annual Fee Promotion:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">$0 if you deposit $1,000 per month to your KOHO Essential account OR set up a Recurring Direct Deposit.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Offer:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Earn 1% cash back on transportation, groceries, and restaurants. Plus, start 30 day free trial.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"flex justify-between py-2\">\n\t\t\t\t\t\t\t\t\t<span class=\"shrink-0 block font-medium w-[180px]\">Special Offer:<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"text-right\">Get $20 when you sign up for a KOHO account with code HARDBACON and unlock 5% savings interest!* Conditions apply.<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/kohofinancial.pxf.io\/c\/445127\/1277606\/15676?adtype=textlink&#038;adnetwork=Impact\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\n\n\n\n<p class=\"wp-block-paragraph\">While a prepaid card is not the same as a secured credit card, <a href=\"https:\/\/kohofinancial.pxf.io\/c\/445127\/1277606\/15676?adtype=textlink&amp;adnetwork=Impact\" rel=\"sponsored nofollow noopener\" target=\"_blank\">KOHO<\/a> offers a unique solution to help you build credit  &#8211; so they deserve a spot on this list. If you open an account with KOHO, you get a <a data-lasso-id=\"18506\" href=\"https:\/\/www.hardbacon.ca\/en\/credit-cards\/the-10-best-prepaid-credit-cards-in-canada\/\" target=\"_blank\" rel=\"noopener nofollow\">prepaid credit card<\/a> that you can load with your own money and enjoy no-fee spending everywhere that Mastercard is accepted. While a prepaid card doesn\u2019t technically help you build credit like a secured credit card does, KOHO is currently the only prepaid card on the market that offers a credit-building service for users.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">KOHO Essential, the basic plan, costs $4 per month. It offers 1% cash back on on groceries, eating &amp; drinking, and transportation. At select merchants, you can get 1.5% cash back. Plus, you earn 5% interest on both your spending and savings account.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you subscribe to KOHO&#8217;s Credit Building program, they&#8217;ll open a credit line and report your monthly subscription payment. Every on-time payment can help boost your score over time. The fee is $10 a month if you have the KOHO Essential plan. Otherwise, it&#8217;s just $7 per month with the Extra account package and $5 with the Everything plan. Depending on your plan, you can get up to 2% cash back on eligible purchases and 5% interest on your deposits. <\/p>\n\n\n\n<div class=\"wp-block-affiliate-plugin-lasso\">\t\t<div class=\"relative p-10 rounded-sm shadow-(--shadow) !my-20  md:max-w-[900px] md:mx-auto\">\n\t\t\t\t\t\t\t<span class=\"absolute left-3 right-3 sm:right-auto bottom-full bg-primary-dark text-white text-center text-sm md:text-base font-medium py-2 px-8 rounded-t-lg w-content mx-auto\">\n\t\t\t\t\tOnly $10\/month for 6 months\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<div class=\"md:flex gap-20 items-center\">\n\t\t\t\t<div class=\"shrink-0 md:w-1\/3 flex flex-col items-center justify-center\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/hardbacon-prod.s3.us-east-1.amazonaws.com\/comparators\/64dfa667646f0366d002a013_offer_other_product\" alt=\"Offer Image\" class=\"!my-0 mx-auto\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"text-center md:text-left\">\n\t\t\t\t\t<span class=\"font-medium text-xl md:text-2xl block mb-10\">Credit Building by KOHO<\/span>\n\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"font-regular\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Take out a line of credit, pay it off on time and build your credit history. We'll be with you every step of the way.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t<a href=\"https:\/\/partners.koho.ca\/hardbacon\/?cat=credit-score?lang=en\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline hidden md:block mt-10 w-fit mx-auto\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"text-center md:hidden mt-8\">\n\t\t\t\t<a href=\"https:\/\/partners.koho.ca\/hardbacon\/?cat=credit-score?lang=en\" class=\"whitespace-nowrap button-link-sm-base button-link-filled text-white no-underline\" target=\"_blank\" rel=\"noopener noreferrer\">Get it now<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/koho\/koho-easy-card\/\">KOHO&#8217;s prepaid card<\/a> is linked to an app that automates savings and helps with <a data-lasso-id=\"18507\" href=\"https:\/\/www.hardbacon.ca\/en\/budget\/12-extremely-simple-budgeting-tips\/\" rel=\"nofollow\">budgeting<\/a>. There is no credit check required to open an account with KOHO, get a prepaid card, or sign up for Credit Building &#8211; which makes the KOHO Prepaid Mastercard one of <a data-lasso-id=\"194504\" href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/credit-cards-for-bad-credit-canada\/\">the best cards in Canada for bad credit. <\/a>&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score <\/td><td>None<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be a permanent resident or Canadian citizen.<br>Have reached the age of majority in your province or territory of residence.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-atb-alberta-secured-mastercard-best-for-alberta-residents\">5. ATB Alberta Secured Mastercard &#8211; Best for Alberta Residents<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hardbacon.ca\/wp-content\/uploads\/2023\/05\/ATB-Secured-card.png\" alt=\"Best secured credit card in Canada for Alberta residents\" class=\"wp-image-226132\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\"><strong>Interest rate:<\/strong> 19.99% on purchases, 22.99% on cash advances<br><strong>Annual fee:<\/strong> $49<br><strong>Security deposit:<\/strong> $500<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>*Only available to residents of Alberta<\/em><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/atb\/atb-financial-alberta-mastercard---secured\/\" style=\"background-color:#ff4746\">APPLY NOW<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/atb\/atb-financial-alberta-mastercard---secured\/\">The ATB Alberta Secured Mastercard<\/a> is exclusively for Alberta residents. The minimum security deposit to get the ATB Secured Mastercard is $500. With the card, you can get up to 25% off on eligible car rentals through Avis and Budget. Unfortunately, you won&#8217;t qualify for this card if you have declared bankruptcy in the last 5 years. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score (estimated)<\/td><td>600<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be a permanent resident or Canadian citizen.<br>Have reached the age of majority in your province or territory of residence.<br>Provide security funds.<br>Have not declared personal bankruptcy in the past five years.<br>Intend to use the card for personal use only.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-vancity-enviro-secured-card-best-for-bc-residents\">6. Vancity enviro Secured Card &#8211; Best for BC Residents<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/hardbacon.ca\/wp-content\/uploads\/2023\/07\/vancity-visa-Classic-shine.jpeg\" alt=\"\" class=\"wp-image-248234\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\"><strong>Interest rate:<\/strong> 11.25% or 19.50%<br><strong>Annual fee:<\/strong> $0 &#8211; $395<br><strong>Security deposit:<\/strong> $500<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>*Only available to residents of British Columbia<\/em><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.vancity.com\/bank\/credit-cards\/enviro-secured\/\" style=\"background-color:#ff4746\" rel=\"nofollow noopener\" target=\"_blank\">APPLY NOW<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The Vancity enviro Secured Cards are issued by Vancity <a data-lasso-id=\"18519\" href=\"https:\/\/www.hardbacon.ca\/en\/banking\/credit-unions-in-canada\/\" rel=\"nofollow\">credit union<\/a> in British Columbia, and some of those cards have great perks like travel insurance, lost baggage insurance, and price protection. There\u2019s a rewards program as well, depending on the card you choose. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Any of the <a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/vancity-visa\/\">Vancity credit cards<\/a> can be applied for as a secured card credit card. The interest rate is either 11.25% or 19.50% depending on the specific card, and the annual fee ranges from $0 for a basic no-rewards card, to $395 for a premium rewards card. The minimum deposit to get this secured credit card is $500.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score (estimated)<\/td><td>600<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be a permanent resident or Canadian citizen.<br>Have reached the age of majority in your province or territory of residence.<br>Provide security funds.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-7-capital-one-secured-mastercard-best-for-guaranteed-approval\">7. Capital One Secured Mastercard &#8211; Best for Guaranteed Approval<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/hardbacon.ca\/wp-content\/uploads\/2023\/05\/Capital-One-Guaranteed-Mastercard-1-1024x683.jpg\" alt=\"Best secured credit card in Canada for guaranteed approval\" class=\"wp-image-223727\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\"><strong>Interest rate:<\/strong> 21.90% on purchases and cash advances<br><strong>Annual fee:<\/strong> $59<br><strong>Security deposit:<\/strong> $75<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-50 is-style-fill\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/hardbacon.ca\/en\/financial-institutions\/mbna-bank\/credit-cards\/capital-one-guaranteed-mastercard\/\" style=\"background-color:#ff4746\" rel=\"nofollow\">APPLY NOW<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">As long as you submit the security deposit, you&#8217;re guaranteed to get this popular secured credit card in Canada. The <a href=\"https:\/\/hardbacon.ca\/en\/financial-institutions\/mbna-bank\/credit-cards\/capital-one-guaranteed-mastercard\/\">Capital One Secured Mastercard<\/a> comes with an annual fee of $59 and and interest rate of 21.90%. It\u2019s one of the lowest minimum required deposits starting at $75 and going up to $300. It\u2019s a good choice for those who want a secured credit card but don\u2019t have a huge amount of cash for the deposit. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The most interesting feature of this card is its insurance. You get common carrier accident insurance, baggage delay protection and assistance when you travel, as well as purchase protection, extended warranty and a car rental collision damage waiver.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Eligibility<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td>Credit score <\/td><td>None<\/td><\/tr><tr><td>Minimum income<\/td><td>None<\/td><\/tr><tr><td>Other<\/td><td>Be the age of majority in your province or territory of residence.<br>Provide the necessary security funds \u2013 $75 or $300.<br>Haven\u2019t applied for a Capital One account more than once in the last 30 days or had a Capital One account that was not in good standing in the last year.<br>Don\u2019t have an existing Capital One account or a pending application for one.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What is a Secured Credit Card?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Getting a secured credit card works a bit differently than a traditional credit card, even though they function the same when you pay for something. Before you get a secured credit card, you have to provide a security deposit. Why do you have to do that? <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Security Deposit<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Think of it this way: Imagine you&#8217;re signing a lease for an apartment. You typically provide a security deposit to cover any potential damage you might cause to the unit. Similarly, when you sign up for a secured credit card, you make an upfront deposit. You&#8217;re providing collateral\u2014the cash deposit\u2014that guarantees the lender won&#8217;t be left high and dry if you stop making payments. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s all about building trust with the lender. If you&#8217;ve got a history of financial hiccups or if you&#8217;re just starting to build credit, this deposit acts as an insurance policy for the lender. If you stumble and can&#8217;t pay back your balance, the lender can dip into this fund. Hence, it&#8217;s &#8220;secured&#8221; because there&#8217;s a safety net that protects both you and the lender in the event you can&#8217;t pay. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Luckily, the security deposit is refundable, provided you&#8217;ve paid off your balance in full if and when you decide to close the account or <a href=\"https:\/\/hardbacon.ca\/en\/compare\/credit-cards\/\">upgrade to an unsecured credit card.<\/a> Always check the specific terms and conditions of any secured credit card you&#8217;re considering to understand the deposit requirements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Security Deposit vs Credit Limit<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The amount of the security deposit is usually equal to the credit limit you want on the card.&nbsp;However, in some cases, the deposit might be lower than your approved credit limit. It depends on the credit card issuer, your credit file, and your unique financial situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Is a Secured Credit Card Guaranteed Approval?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Secured credit cards in Canada are based on the same principles as secured loans. A secured credit card can often be considered a guaranteed card because they are designed for people with bad credit or no credit, but that doesn&#8217;t mean every secured credit card offers guaranteed approval for everyone. When you get a secured credit card, your collateral will be the amount of money you deposit. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The lender isn\u2019t at risk because the money is available. This makes secured credit cards an excellent and easily accessible option for people who don\u2019t have credit and can\u2019t get a traditional credit card, and it\u2019s a great way to rebuild your credit in Canada if you&#8217;ve had some mishaps in the past. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-using-a-secured-credit-card-vs-a-regular-credit-card\">Using a Secured Credit Card vs a Regular Credit Card <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A secured credit card functions just like a regular credit card. Once you\u2019ve paid the security deposit, the card can be used for purchases in person, online, over the phone, and abroad. You will receive a credit card statement that shows your total balance owing, the minimum payment amount, and the due date. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most credit cards, including secured credit cards, offer a 21-day interest-free grace period. If you do not pay off your purchases in full during this grace period, they will start to incur interest charges. It\u2019s important that you also pay your other bills on time and in full to really improve your credit. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Payments you make are reported to the credit bureaus, <a data-lasso-id=\"18491\" href=\"https:\/\/www.hardbacon.ca\/en\/credit-score\/transunion-credit-report-review\/\" rel=\"nofollow\">TransUnion<\/a> or <a data-lasso-id=\"18492\" href=\"https:\/\/www.hardbacon.ca\/en\/credit-score\/equifax-credit-report\/\" rel=\"nofollow\">Equifax<\/a>. As long as your payments are made on time, that positive repayment history will help to (re)build your credit score. While anyone can take advantage of secured credit cards, they are designed for Canadians with <a href=\"https:\/\/hardbacon.ca\/en\/credit-score\/bad-credit-score-canada\/\" target=\"_blank\" rel=\"noreferrer noopener\">low credit scores<\/a>, and they are the ones getting the most benefit from using them. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once you\u2019ve got a credit score of 600 to 650, you may be approved for an <a href=\"https:\/\/hardbacon.ca\/en\/credit-cards\/easiest-credit-card-to-get-in-canada\/\">easy to get unsecured credit card<\/a>. An unsecured credit card is revolving credit and this is what you commonly get from Visa, Mastercard, or American Express.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Secured credit cards in Canada generally have an interest rate of anywhere between 12% to 24.99%. There may be annual fees depending on the card and the benefits it provides. However, you\u2019re going to see some zero-annual fee options as well. Nowadays, there is a secured credit card to fit all types of needs, goals, shopping habits, and the type of rewards you want.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">When to Consider a Secured Credit Card in Canada<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One crucial decision you might face is whether or not you need a secured credit card. This type of credit card is not for everyone, but in certain situations, it can be a lifeboat guiding you toward the shore of better credit health. Here&#8217;s when to consider getting one: <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You Have a Bad Credit Score<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Every credit card issuer has a different minimum credit score requirement for a regular credit card, but it generally starts at 660. If your credit score falls below 660, a secured credit card is probably your best option. Using it responsibly can help improve your credit score over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You&#8217;re Trying to Build a Credit History From Scratch<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re new to the world of credit, say a recent graduate or new to the country, and don&#8217;t yet have a credit history, a secured credit card can be a good starting point to establish your creditworthiness. No credit history is often worse than a bad one, so a secured credit card can help you access credit and start things off on the right foot. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You Need to Rebuild Your Credit After Something Bad Happened<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Even people with excellent credit can experience financial missteps or life-changing events that negatively impact their credit. If you want to repair your credit score, a secured credit card can be a powerful tool to help you do that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You&#8217;ve Been Denied an Unsecured Credit Card <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;ve been denied an unsecured credit card due to a low credit score, lack of credit history, or you&#8217;re carrying too much debt (even if you&#8217;ve never missed a payment!), a secured credit card can offer a viable alternative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A secured credit card in Canada is a powerful way to repair your credit score. In the world of finance, your credit score is like a silent gatekeeper deciding whether or not you qualify for loans, mortgages, or even your dream job. But what happens when the gatekeeper isn&#8217;t on your side? When traditional credit [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":53823,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[192,377],"tags":[],"class_list":["post-44032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards","category-secured-credit-cards"],"acf":{"has_no_offer_box":"0"},"_links":{"self":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/posts\/44032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/comments?post=44032"}],"version-history":[{"count":0,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/posts\/44032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/media\/53823"}],"wp:attachment":[{"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/media?parent=44032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/categories?post=44032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hardbacon.ca\/en\/wp-json\/wp\/v2\/tags?post=44032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}