Guaranteed MasterCard

The Guaranteed Mastercard from Capital One is a unique and exciting product. This card offers guaranteed approval for applicants who meet some basic criteria. This card carries an annual fee of $59 and an annual interest rate of 19.8% on purchases, balance transfers, and cash advances.

This card's main feature is guaranteed approval, provided the applicants meets four basic criteria. Those criteria are (1) the applicant has reached the age of majority in his or her province or territory; (2) the applicant has not applied for a different Capital One account in the 30 days preceding the application for this card; (3) the applicant does not have an existing Capital One account; and (4) the applicant has not had a delinquent Capital One account in the year preceding the application for this card. Provided an applicant meets these four basic criteria, he or she is guaranteed to be approved for this credit card, regardless of his or her credit history or current credit score. Additional benefits include price assurance, purchase protection, extended warranties, a suite of travel insurance products, and zero-liability fraud protection.

The bottom line: The Capital One Guaranteed Mastercard is the perfect card for Canadians seeking to repair their credit. Using a credit card responsibly is one of the most effective ways to improve one's credit score and overall credit history. But it can be quite difficult to get a credit card in the first place for consumers with less than perfect credit. This card recognizes that consumers are more than just a number on their credit reports. We recommend the Capital One Guaranteed Mastercard for any Canadian looking to either establish a credit history or repair their credit. Doing so can go a long way toward setting oneself up for financial success in the future.