Guaranteed Canada Credit Cards

When it comes to guaranteed Canada credit cards, you will find they offer a number of benefits for many different reasons.  For instance, if you were a new immigrant to this country whereby you have not yet established yourself as a Canadian, this type of card would be extremely helpful.  If you were a foreign student going to a college or university in Canada, the guaranteed card would provide you with available money, but also peace of mind.  Even if you currently have bad credit, a guaranteed Canada credit card would give you the opportunity to make purchases in person or online while rebuilding your credit.

Trying to secure a regular Canada credit card only to be denied time after time is not just frustrating and discouraging but it is also damaging to your credit score.  Instead of taking the risk, the better option would be to apply for one of the best guaranteed cards offered in Canada.  With this, you would avoid the embarrassment of denial but also have a card to carry for regular or emergency purchases.  These cards are backed by MasterCard and Visa, which means they can also be used anywhere in the world where these cards are accepted.

The best and easiest method of finding and applying for a guaranteed Canada credit card is by using the internet.  With this, you could conduct research to locate those with the lowest interest, fewest fees, and best benefits.  Then, you would have the chance to read about the cards in details, choosing one, possibly two that would serve you best.  From there, you would simply visit the Canada credit card’s website, complete the application online, and typically have an answer regarding approval within minutes.  Keep in mind that because of the way guaranteed credit cards are set up, being denied is rare.

We wanted to provide you with a few recommendations pertaining to the best guaranteed Canada credit cards currently being offered.

•    Capital One Secured MasterCard – This particular credit card company actually has several great options.  Capital One has established a good reputation for the variety of cards but also the benefits, interest rates, and low fees so you should definitely look at possible guaranteed Canada credit cards with this company.  The Secured MasterCard is one of the best, making it possible to purchase online, rent cars, stay in hotels, go out to eat, and more, all while cleaning up your credit history.

•    Home Trust Secured Visa – This card is another great guaranteed Canada credit card that allows deposits to the account to be made with $1,000 or all the way up to $10,000.  Many guaranteed cards only allow deposits of $300 to $500 so this is an excellent opportunity.

•    Vancity Savings Secured Visa – For this guaranteed Canada credit card, you could start the account with $500 and build from there.  The great thing about this credit card issuer is that as you prove your creditworthiness by making payments on time and never going over the deposit amount, the company would begin to extend the credit and even change you to an unsecured card.

•    Horizon Plus Secured MasterCard – The last guaranteed Canada credit card we wanted to recommend is this one.  Designed for people with bad credit, you would have the ability to start over and build a solid credit history so you could eventually be approved for a more traditional type of card.