Secured credit cards in Canada are ideal for those with little to no credit history or for those who are just starting out. The banking institution that issues a secured credit card holds the deposit made as collateral. If the cardholder doesn’t make payments as agreed, they’ll be charged the whole amount of their credit limit (the deposit).
The good news is that secured credit cards are simple to acquire, even with weak credit, despite the deposit required. This article compares and contrasts the five best secured credit cards in Canada. We’ll also go through the reasons why the Neo Financial secured credit card is our top pick.
Credit Card with Zero Liability from Neo Financial
When looking for a secured credit card in Canada, we recommend the Neo Financial card. Neo Financial, a rapidly expanding digital bank, is the issuer of this card: https://www.creditcardsforbadcredit.ca/neo-financial-secured-credit-card-and-money-account/
If you have poor credit, you should apply for a Neo Financial secured card. The card has a reasonable APR of 14.99% and doesn’t cost its users anything to use. In addition, it has this cool thing called the “Neo Cashback Booster” that lets you get up to 5% cashback on certain transactions.
The card provides excellent customer assistance, including a toll-free number, online lessons, and a live chat function.
Secured Visa Credit Card from HomeTrust
Canadian banking organisation Home Trust issues the Home Trust Secured Visa Card. The 19.99% APR on this card is low, and there are no annual fees. Every purchase you make will earn you points in the Home Trust rewards program.
The Home Trust Secured Visa Card is a good option for those with low credit scores; however, a minimum deposit of $500 is required.
BMO’s Preferred Rate Mastercard
Bank of Montreal offers a secured credit card called the BMO Preferred Rate Mastercard. Enjoy a low 14.99% APR and no annual fee with this card. Every purchase you make will earn you points in the BMO rewards program.
The BMO Preferred Rate Mastercard is a good choice for folks with low credit scores since there is no annual fee and the minimum deposit is just $500.
RBC Visa Avion
Royal Bank of Canada offers a secured credit card called the RBC Avion Visa. (RBC). There are no yearly fees or introductory APR on this card. Every purchase you make will earn you points in the Avion rewards program.
For people with poor credit, the RBC Avion Visa is a good alternative since it only requires a minimum deposit of $500.
Visa CIBC Advantage
Canadian Imperial Bank of Commerce offers a secured credit card called the CIBC Advantage Visa. Enjoy a low 14.99% APR and no annual fee with this card. All of your purchases will earn you points in the CIBC rewards program.
The CIBC Advantage Visa is a good alternative for folks with poor credit since it just requires a minimum deposit of $500.
The Neo Financial Secured Credit Card is a clear winner among the best 5 secured credit cards in Canada: https://www.creditcardsforbadcredit.ca/ It has no annual fee, a low interest rate, and a cool Cashback Booster function. While the other cards are advantageous in their own right due to their low APRs and rewards programs, only the Neo Financial secured card provides the Cashback Booster.
People with low credit scores might benefit greatly from secured credit cards. In this piece, we analyzed and contrasted five of Canada’s best secured credit cards. Based on our research, we recommend the Neo Financial Secured Credit Card due to its low APR, lack of fees, and Cashback Booster perk. The Neo Financial card is the best of the bunch, but none of the others give the Cashback Booster that it does.