College Student Credit Card

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If you have no or poor credit, using a secured credit card is a good way to build or improve your credit. You can apply for a secured credit card with most banks in Canada. If you are a member of a credit union, you can check with it, too. Not all financial institutions offer secured credit cards and in fact, there is a trend away from this type of cards and toward the unsecured variety. The latter are offered with higher fees and interest rates. You should not give up though, and an unsecured credit card is not always an option. Young persons with no credit history and those who are reestablishing credit due to job loss, serious illness, or divorce, may be left with few other options.

If you have to choose a Canadian secured credit cards, which one is a better deal? You can choose from various types, including secured MasterCard and secured Visa. You can check the offer of Toronto Dominion, for example – the secured TD Canada Trust Credit Card is a type of card secured by money you deposit into the card account. The amount deposited becomes your credit limit. The funds deposited into the account may be held by the bank up to three years, depending on the card of choice. Apart from establishing credit history, this card allows holders to take care of emergency purchases, car rentals, and hotel reservations.

Another credit card you may want to look into is the Capital One Guaranteed Secured MasterCard. This card is featured with a $59 annual fee, 19.8 percent annual interest rate, and zero fraud liability. Persons who can pay at least the minimum balance and want to build credit are likely candidates. The card goes with various beneficial features such as 24/7 assistance, MasterCard Global Service, as well as MasterRoad Assist Service. The MasterCard Global Service offers referral to the closest ATM, 24/7 telephone access, emergency cash advances, and emergency card replacement.

The clients of BMO can also apply for a secured cards. The Prepaid Travel MasterCard is featured with purchase protection, zero dollar liability, extended warranty, and worldwide acceptance for a purchase fee of $9.95. Identity theft assistance is also offered though IDefence while the MasterCard SecureCode allows for secure internet shopping. The good news for cardholders is that no interest applies.They can use a bank account in many financial institutions to load the card. It is easy to load and reload this credit card. It is up to you how much to load provided that the card is prepaid and reloadable. The Prepaid Travel MasterCard is a convenient and secure alternative to other products such as traveler’s cheques.

To apply, you should provide your personal information, permanent address, employment status and employer name, together with your occupation, and other details.

Learn more about secured at secured deposit articles.