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Thread: Secured credit card
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Thu, Mar 27th, 2014, 10:25 PM #1
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It's time for me to start rebuilding my credit rating as I am just discharged from a consumer proposal. I've looked at a few, but I'm curious as to people's thoughts/experiences. I'd prefer one with no annual fee, but those are few and far between.
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Fri, Mar 28th, 2014, 12:07 AM #2
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I think if you do a GIC for a certain amount , the bank gives you a CC for about half the amt.
I have a friend who is a newcomer to Canada with NO Cdn credit card history.
So he did a GIC with TD bank for $ 1,000 and got a NO fee simple CC with a credit limit of $ 500, not a big limit but enough to buy groceries etc and to build a Credit history
He pays the bill on time and in full , when the bill comes and never carries a balance
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Fri, Mar 28th, 2014, 12:22 PM #3
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Newcomer to Canada and rebuilding your credit are 2 different things. I talked to a few banks who offer secured credit cards for newcomers but not for rebuilding. I guess they only want to take a chance on a newcomer, not on someone who's credit rating is poor.
I've looked at Capital One secured mastercard or maybe TD secured. I liked the scotiabank one, but they will only offer it to newcomers.
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Fri, Mar 28th, 2014, 12:36 PM #4
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Last edited by lecale; Mon, Feb 2nd, 2015 at 05:19 PM.
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Fri, Mar 28th, 2014, 12:53 PM #5
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Fri, Mar 28th, 2014, 07:03 PM #6
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I don't know ..what their problem is .
If you don't pay they can confiscate your GIC or take money out of it to pay your outsatnding CC bill & cancle your CC or something.
I knew someone who owed money on RBC visa & had a bank account with RBC , RBC automatically took money out of his bank account (without his permission ) & applied it to the CC bill ..not even sure if its legal or illegal for them to do that
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Fri, Mar 28th, 2014, 07:42 PM #7
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Last edited by lecale; Sat, Jan 24th, 2015 at 11:40 AM.
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Fri, Mar 28th, 2014, 08:08 PM #8
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Go get it from capital one. It's tough for you to get a secured cc at one of the big 5 banks.
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Fri, Mar 28th, 2014, 09:55 PM #9
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Home trust offers a secured credit card with no fees. I might do that. I would like to avoid annual fees, especially since they aren't giving me interest on my security deposit.
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Fri, Mar 28th, 2014, 09:59 PM #10
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Fri, Mar 28th, 2014, 10:00 PM #11
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Fri, Mar 28th, 2014, 10:13 PM #12
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Last edited by lecale; Wed, Jan 21st, 2015 at 08:01 AM.
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Fri, Mar 28th, 2014, 10:28 PM #13
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Fri, Mar 28th, 2014, 10:29 PM #14
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Sat, Mar 29th, 2014, 02:21 AM #15
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