If you’re trying to build or rebuild credit and don’t think you’ll qualify for a regular credit card yet, you can learn more about secured credit cards below. Secured credit cards work differently than regular credit cards. They have unique pros and cons and additional considerations.
Refresh Financial offers consumers the simplest way to establish and rebuild their credit with their Secured Visa card. This card is a great fit for consumers with little or no credit, poor credit scores or bankruptcy history because there are no credit checks and minimum income requirements. All you need is a security deposit and you're approved.
Refresh Financial's Secured Visa Card helps you establish and rebuild your credit and improve your credit score.
Anyone with little or no credit, bankruptcy and consumer proposals can apply.
All you need is a security deposit to get approved. As you use your card and make monthly payments on time, they are reported to the credit bureaus and this builds your credit score.
The Home Trust Secured Visa is designed for individuals who need to rebuild or reestablish their credit. It offers easy approval for anyone and gives you a flexible credit limit, ranging from $500 to $10,000, depending on your security deposit. Of course, it also comes with other benefits such as a 21-day no-interest grace period and no annual fee.
Why We Like It:
Home Trust Secured Visa Card Review
The best way to get the credit you deserve.The application process is very simple and almost everybody is approved!
Build or re-build your credit, even if you’ve had credit difficulties in the past,
or have never had a credit card before! An excellent opportunity to establish your credit rating.
Virtually everyone is approved.
Get all the benefits of Visa* while re-building your credit:
The Home Trust Secured Visa is designed for individuals who need to rebuild or reestablish their credit. It offers easy approval for anyone and gives you a flexible credit limit, ranging from $500 to $10,000, depending on your security deposit. Of course, it also comes with other benefits such as a 21-day no-interest grace period and no annual fee.
Why We Like It:
No Fee Home Trust Secured Visa Card Review
The best way to get the credit you deserve.The application process is very simple and almost everybody is approved!
Build or re-build your credit, even if you’ve had credit difficulties in the past,
or have never had a credit card before! An excellent opportunity to establish your credit rating.
Get all the benefits of Visa* while re-building your credit:
Secured credit cards are credit cards that require a cash deposit to use them. To obtain a secured credit card, you’ll have to deposit a particular amount of money with the credit card issuer. The deposit is typically one to two times the amount of the credit card limit.
For example, if you wanted a secured credit card with a $1,000 limit, you would need to make a deposit of $1,000 to $2,000. The deposit is security to the credit card issuer in the event that you do not repay your credit card debt.
Secured credit cards are frequently used by individuals who have no credit history or are in the process of repairing their existing credit. Other people who might use a secured credit card are new immigrants to Canada, people who want to conceal a particular purchase or individuals who aren’t old enough to apply for regular credit cards yet. Regardless of who is using a secured credit card, the primary use of them is to show lenders that you can responsibly manage debt.
As with all financial products, secured credit cards have their own set of pros and cons. Let’s explore them in depth below.
Advantages
Disadvantages
More often than not, your security deposit earns interest while you use the secured credit card. So long as you always pay your secured credit card on time and in full, the total security deposit plus earned interest will be returned to you when you hand in the secured card. If you don’t pay your secured credit card on time and in full every month, you’re risking losing your entire deposit.
A good rule of thumb is 12 to 18 months, but it really depends on the credit card provider and your credit situation. While you wait, do your best to pay on time and in full every month. You should also take the time to work on your financial habits to ensure that you’re ready for more financial responsibility when you do obtain an unsecured credit card.
Unfortunately, no one can tell you what’s right for you, you’ll have to figure that out on your own! However, secured credit cards are ideal for those building or rebuilding credit. If you can get approved for a regular credit card, that is a better option which can also help you build or rebuild credit. If not, then a secured credit card is probably best for you. Before making a final choice, assess your finances and determine which credit card type makes the most sense for your circumstances.