The Best Secured Credit Cards of 2020
If you find yourself saddled with a poor credit score, there is a fast and easy way to begin the rebuilding process, by obtaining a secured credit card.
A secured credit card is one that requires the borrower to provide money upfront to guarantee the credit limit. In doing so, the customer agrees to alleviate the risk to the credit card issuer, in exchange for an opportunity to rebuild their credit.
Remember, a credit card is no different than any other type of loan. If you have a poor repayment history, or no previous credit, your chances of being approved decrease. This is where a secured credit card comes in.
If you are willing to provide a security deposit as collateral, you can receive a credit card. Better yet, If you make your payments on time, and demonstrate good habits, you can improve your credit to the point at which it is possible to qualify for an unsecured card. This means having your security deposit returned to you, and being able to once again use a “regular” credit card.
As you’ll see in our reviews below, secured credit cards offer a variety of features and benefits. Some issuers, like Refresh, for example, guarantee approval regardless of your credit status. Others, such as Capital One, provide ease of access by accepting minimum security deposits as low as $75.
To help you determine which secured credit card is best suited for you, we’ve chosen what we feel are the 5 best secured credit cards in Canada, and reviewed their features and benefits. Here are our selections, in the order in which we’ve ranked them.
DISCLAIMER: While we attempt to keep all credit card details current, the rates, fees, rewards and benefits may have changed since the last update. Please visit the credit card supplier through the “Apply Now” links to ensure you have the latest details for that card.