Secured Credit Cards

Secured credit cards are different from the more common unsecured credit cards in that card holders must provide an initial deposit to the credit card company for the amount of the credit card limit they wish to have.

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  • Secured Credit Cards used to improve your credit.
  • Issued to most people with some income, of more than minimum age for their province.
  • Guaranteed to improve credit scores if at least minimum payment ALWAYS made by due dates and balances are never exceeded.
=>No Annual Fee

=>Lower Rate + Fee

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STEPS Common to both Secured Cards :

1) Make sure you have personalized cheques., i.e. cheques with your name and address printed on them - counter cheques will not do. If you don't have a chequing account, set one up and order cheques right away.

2) Fill in the application for whichever credit card you wish to have. Print it out and sign it. Attach your personal cheque in the amount of the credit limit you wish to have. The fastest method to receiving your new credit card is to have the personal cheque certified. DO NOT SEND A BANK DRAFT OR MONEY ORDER. DO NOT WIRE THE FUNDS. Mailing your application with a certified personal cheque is the fastest way to getting your new secured credit card. Mail the signed application with your cheque to the Trust company on the application.

3) These Secured Credit Cards are selected from two established mortgage trust companies. If you plan to apply for a mortgage in the future, then a minimum $ 1,500 deposit is needed - anything less does not help your credit rating from a future mortgage lender.