Secured Credit Cards

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If you have bad credit, no credit, want a guaranteed credit card, or an instant approval credit card, we have the best secured credit cards to meet your needs.

A secured credit card is an ideal choice for consumers who are looking to start building or re-building their credit. A prior bankruptcy, bad credit rating, or no credit due to recent immigration or no previous credit products are all great reasons to get a secured credit card.

What is a secured credit card and how does it work?

A secured credit card requires a cash collateral deposit that establishes a credit line. A person can add to the account to extend the credit line coverage and sometimes, if you have a history of good payments, an institution will add credit to your account without an additional deposit. This is in contrast to an unsecured credit card that doesn't require a deposit for you to withdraw credit.

Most people get approved for a secured credit card, which makes it perfect for people who have no credit history in the country (such as newcomers) and people who need to rebuild their credit rating after financial troubles. A secured credit card typically requires a deposit of a couple of hundred of dollars and, contrary to a debit credit card or prepaid card, allows you to build credit. After building your credit rating, some people choose to switch to an unsecured credit card that offers more rewards.

How do I get a secured credit card in Canada?

A secured credit card requires you to send in an application and most people are accepted. To be accepted, you must be a legal resident and Canadian citizen that's of legal age and of age of majority in the province or territory where you live. Some companies may even offer these cards to temporary residents, such as international students and foreign nationals.

The application will require you to submit personal information, such as monthly payments, rent or mortgage payments, income amount, your employer and sources of income. You will also need a permanent address that can be verified and you may be required to submit a proof of income.

You'll also need to send in a deposit that matches your credit line of the same amount. For example, Home Trust requires you to send the deposit via a mail security deposit, money order or bank draft.

If you're interested in getting a secured credit card, we have great options for you here at We make it easy to compare cards to help you find something to suit your needs.

Can I apply for a secure credit card online?

Yes, you can! In fact, by using our online tool you'll find the perfect secured credit card for you and links to apply online. You will need to have your personal information on hand, including income amounts, monthly payments and sources of income. You may be required to mail in additional information, as well as the deposit via a mail security deposit, money order or bank draft. Most institutions will not accept cash for the refundable deposit.

What is a secured credit card good for?

A secured credit card works the same way as an unsecured credit card, so it can be used for all types of purchases, including online shopping, booking a hotel or getting a rental car. The bonus to using a secured credit, instead of a debit credit card or prepaid card, is that you can still build your credit.

This card is ideal for building your credit, if you're a student or a newcomer, or if you're looking to rebuild your credit after some financial struggles. Plus, the deposit you make to set up your credit line is completely refundable. And once you've built up your credit, you can look at an unsecured card that can give you better rewards.

If you want to see how a secured credit card could work for you, check out some of the options with our online comparison tool.

What is the difference between a secured credit card and an unsecured credit card?

A secured credit requires a cash deposit that is the same as your credit limit. That cash deposit is completely refundable. Most people are accepted for a secured credit card and this is ideal for people that are building or rebuilding their credit rating.

An unsecured credit card is what we typically think of when we imagine a credit card and does not require collateral. They usually come with more rewards than a secured credit card. However, an unsecured credit card may require a certain credit rating or income in order for you to be accepted. These cards are ideal for people who already have established credit, a higher credit score and steady income.

Where can I compare top secured credit cards?

You can compare the top secured credit cards in Canada right here at! Our tool allows you to compare interest rates, minimum deposit amounts and monthly fees to find you the best option. You can also compare these secured credit cards with all other offerings on our site, including unsecured credit cards and guaranteed credit cards.

What are some of the secure credit card options at

You can compare some of the top secured credit cards using our online comparison tool. There are some great offerings from HomeTrust and RefreshTM.

Hometrust offers both an annual fee and no annual fee option. Both offer credit limits from $500 to $10-thousand. If you pay an annual fee of $59 or $5 per month, you'll get an interest rate of 14.9% and a cash advance rate of 19.8%. The no-annual fee option offers a 19.99% interest and cash advance rate.

RefreshTM Secured Visa has a low annual fee of $12.95 and offers credit limits from $200 to $10-thousand. The interest and cash advance rate offered is 17.99%.

To find out more about our secured credit card options, how they compare with one another and our other comparison options, use our online comparison tool! You can even apply online for a secured credit card.

Are there any downsides to using a secured credit card?

With a secured credit card, you will have to put down a deposit and it may be difficult to come up with the money for that. There may also be some additional fees to the deposit, such as an application fee and an annual fee, depending on the card.

Another downside is that it doesn't offer the rewards that unsecured credit cards do. That being said, a secured credit card can help you with building a good credit rating, which in turn will help you qualify for an unsecured credit card in the future.

Compare credit cards today at and get the card that's right for you!

Note: All credit card content displayed on is for informational purposes only, to help our visitors make an informed decision when choosing and applying for the best Canadian credit card to meet their needs. All information is provided to Kanetix by credit card issuers and displayed on an as-is basis. Although great care is taken to provide precise information to our visitors, makes no representations as to accuracy, completeness, suitability, or validity of any information on this credit card site and will not be liable for any errors, omissions, delays in this information or damages arising from its display or use.