Consilidating credit cards
That’s the highest deposit allowed in Canada, to our knowledge, giving you the baility to create a ,000 line of credit and all the flexibility to spend on big ticket items to meet your individual needs.This card is ideal if you have had credit problems and want to rebuild your credit rating, have no credit history and want to establish a good credit rating or are a discharged bankrupt. If you intend on carrying a balance, you’re probably better off not getting the card and using the money that you would have used for your deposit to pay for your service – interest free.The idea here is for you to use good credit habits and pay down your credit card bill every month, not just the minimum payment, on time – use automatic payments if you can’t trust yourself.Pay down your balance every month and the interest rate is irrelevant.It does come with an annual fee of per year, charged at per month.Reasonable for the risk the bank is taking, and when you consider many secured credit cards also come with an annual fee.Why It’s a Winner: The Home Trust Secured Visa, is a great option for those not approved for an unsecured credit card, looking to re-build or establish credit through a secured credit card but don’t want to pay an annual fee.
Even though this is a secured credit card, some people still may carry a balance from time to time, and if you do, a low interest option is critical to keeping down your borrowing costs.
However, because it is unsecured, you won’t have to put any deposit or security against the card, and you’re not required to have a bank account.
It’s a great alternative if you’ve been turned down for a credit card by the banks. You get a true line of credit, without having to give a security deposit. Your credit history gets reported to the credit bureaus. It allows you to build or re-build your credit, even if you had difficulties in the past or present – even consumer proposal or bankruptcy.
Why It’s a Winner: The Affirm Master Card is our top ranked credit card for bad credit, because it stands alone in Canada as the only unsecured credit card for bad credit with absolutely no security deposit required.
It’s a great opportunity for those who have declared bankruptcy or have been or are in consumer proposal, offering unsecured credit lines as high as ,000.