The Best Secured Credit Cards Canada 2018

Best Secured Credit Cards

Secured credit cards are a great method for building up your credit score. We made a list of the best secured credit cards in Canada for 2018 to make side-by-side comparisons and settle once and for all which is the best one.

Whether you're looking for the lowest interest rate, the lowest annual fee, the card with the lowest minimum deposit, or the one that will approve you no matter what, we've got them listed below.

Winner based on the Lowest Interest Rate

  • BMO Preferred Rate Mastercard has the lowest interest rate bar-none, BUT they won't accept just anybody. You won't be able to get this card if you've claimed bankruptcy in the last 7 years. If you don't mind an annual fee and are worried about getting approved, I would recommend the Peoples Trust Secured Mastercard at 12.99% -- that's one of the lowest interest rates. Just be careful because if you don't miss your minimum payment, or it jumps up to 24.5%!

Winner for the Lowest Minimum Deposit

Winner for the Lowest Annual Fee

  • The Home Trust Secured Visa has a no annual fee version of their card. The interest rate is 19.99% -- so as long as you're going to be making your payments on time than it's a no-brainer.

Winner for the Easiest Approval Process

  • This is a tie between Capital One and Peoples Trust. Both permit online applications and a guaranteed approval.

Home Trust Secured Visa with annual fee vs. without annual fee


  • Interest Rate: 14.90% with an annual fee or 19.99% with no annual fee
  • Conditions: Read more here
  • Minimum Deposit: $500
  • Annual Fee: $5/month or $59/year, or free with higher interest
  • Authorized User Fees: $2/month ($19/year) or no fee, with higher interest
  • Guarantees: Most applicants are guaranteed. Bank account with Home Trust is required.

More information on the Home Trust Secured Visa here.

Capital One Guaranteed Secured Mastercard

  • Interest Rate: 19.80%
  • Conditions: Read more here
  • Minimum Deposit: $75
  • Annual Fee: $59.00
  • Authorized User Fees: No Fee
  • Guarantees: Guaranteed approval

Apply for the Capital One Guaranteed Secured Mastercard.

Peoples Trust Secured Mastercard

  • Interest Rate: 12.99%
  • Conditions: Read more here
  • Minimum Deposit: $500
  • Annual Fee: $69.60
  • Authorized User Fees: $35.40/year
  • Guarantees: Guaranteed approval

Apply for the Peoples Trust Secured Mastercard.


BMO Preferred Rate MasterCard

  • Interest Rate: 11.99% (with annual fee) or 17.5% (without)
  • Conditions: Read more here
  • Minimum Deposit: Approval dependent
  • Annual Fee: $20 (or free with higher interest rate)
  • Authorized User Fees: Free
  • Guarantees: No guarantees. Limited approvals.

Apply for the BMO Preferred Rate Mastercard.


Vancity Enviro Secured Visa


  • Interest Rate: 19.50%
  • Conditions: Read more here
  • Minimum Deposit: $500
  • Annual Fee: None
  • Authorized User Fees: Free
  • Guarantees: In-person applications at local branches only.

Find out how to apply for the Vancity Visa.

TD Emerald Visa


  • Interest Rate: 12.75%
  • Conditions: Read more here
  • Minimum Deposit: $1,000
  • Annual Fee: $25
  • Authorized User Fees: Free
  • Guarantees: Thorough application process. Special options for newcomers and folks looking to repair credit. Online applications accepted.

Check out how to apply for a TD Emerald Visa


Tips:

Make sure to ask whether the issuer will flag the report to the credit bureaus as a secured card. Consumer Action points out that such a flag could be a deterrent to rebuilding credit.

Who can get a secured credit card:

  • Any legal resident or Canadian citizen of legal age
  • Some lenders (TD is a good example) have secured credit cards for international students and temporary residents
  • You may have to provide proof of income and verify your permanent address, and even provide information about your monthly bills (existing lines of credit, loans, mortgages, etc.).


Is a secured credit card for you? Secured credit cards are great for recent immigrants, newcomers, students, not to mention folks who are looking to repair or reestablish their credit after a bad run (it's more common than you probably think!). The reality is that if you're interested in a future loan, it's smart to get started now to build your credit so you'll be approved later when you need it.

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