Canadian Credit Cards.

Discussion in 'Credit Talk' started by Alex - Cre, May 26, 2000.

  1. Alex - Cre

    Alex - Cre Guest

    A lot of people ask about Canadian credit cards on this board, the truth is that there are not many offers out there, at least on the internet, but I've managed to find 3 companies, These banks offer credit card services and have online applications:

    Now for those Canadians with "not so good" credit, I am afraid there is not much help out there, I've been told that there is no Sub-Prime banks in Canada but hopefully the banks above may be able to help you out.


    Bad Credit? No Credit? Let Us Help!
  2. Steven Z

    Steven Z Guest

    Sorry Alex I gotta contradict you on your choices.

    Both Royal and Scotiabank are as conservative as hell and hypocritical on top of that. There are the only two banks in Canada that require further documentation in the form of tax forms/pay slips in the event you are accepted for any card but if you attempt to apply with this info in hand regardless of how much you are earning or how long you have lived in one place they will base their decision solely on your credit report and if you have bad or no credit forget it.

    As for MBNA Canada they follow the same policies as the Bank of Montreal (little wonder since a former BOM v.p. is their President) which is credit scoring and inquiries weigh particularly heavily against an individual though neither will admit this as the reason for denial instead preferring to send out a refusal letter with some incredulous phony reason.

    I will give you the list of the easiest credit cards to get in Canada.

    1. Canadian Tire Options Mastercard
    2. Ailes de la Mode Mastercard (available only in Quebec)
    3. CIBC Zellers Visa
    4. TD Wal-mart Visa

    Don't even consider the Amex or Citibank cards as any negative information regardless of when it occurred means an automatic rejection.

    BTW, no information has ever come out that its easier to obtain a credit card from a Credit Union leading me to believe that it is harder.

    As for secured cards as I mentioned in previous posts from what I've heard the banks are not too interested in giving these out and if by chance one does receive one they will definately report it as secured to the credit bureaus, furthermore I have yet to hear conclusively if any bank in Canada is willing to give out a secured card for somebody with bad credit.
  3. Alex - Cre

    Alex - Cre Guest


    As always you are VERY helpful, thanks for your post. As I said in my post, the Canadian credit card market for people with "Not so good" credit is almost non-existent, the banks that I mentioned are about the ONLY ones offering Canadian credit cards online, I feel bad for these people because I know there are LOTS of Canadians out there looking for help with their credit without many options available, but again thank you for your helpful input!


    Bad Credit? No Credit? Let Us Help!
  4. Steven Z

    Steven Z Guest

    Actually, all the Canadian banks (a grand total of 6!!!) have an online presence, same goes for the American and other countries subsidiaries, you can find the urls listed here at

    I noticed Bank One set up a subsidiary in Canada and calls it Bank One International but I suspect they follow the same strategy as the other American banks and refuse anybody with bad credit.

    As for credit help in Canada you may find some at this Canadian government site
  5. Andrew H

    Andrew H Guest

    All of your information has been useful for me. I would like to add some input that might be of help to some in Canada.

    I went through bankruptcy, but have substantial assets to put down a deposit and since my bankruptcy have established assets, stocks etc., After my discharge from bankruptcy I maintained an account with CIBC. My branch offered to set up a secured credit card with CIBC Visa. The bank manager thought there would be no problem. However, even after the money was put in a GIC, CIBC Visa refused to go ahead with the Visa, even on the suggestion of the bank branch.
    When I was at a TD branch I was told by the representative there that Visa no longer wishes to offer the secured option. He said it would be easier to get an RRSP loan then pay that off to improve ones credit, and he did it for some and was able to get a credit card for them after. The problem in the past was that Visa still got stuck with people going over their limit with little transactions and not paying off their account.

    Anyways, I'm still in a bind on how I will get my credit back, aside from obtaining a loan through my branch I suppose. Was curious about international credit cards, but decided against it, as they are not likely to improve your credit rating in Canada and are expensive.
  6. Steven Z

    Steven Z Guest

    Thats very interesting information. I had heard similar via third party accounts but could never get confirmation until now.

    While I would still like to hear it from some others as it stands Canada is a black hole for anybody with bad credit.

    Canada really has an extremely conservative banking system and with so little competition can get away with it, about the only new thing to happen bankingwise in the past decade is ING Direct offering high interest savings account.

    So with Visa out that eliminates CIBC, Royal Bank, TD and Scotiabank; you might try Bank of Montreal or even National Bank as I heard (another 3rd party) that they are willing to offer a secured card though I cannot recall if this was regarding an individual with no credit or bad credit. Sorry. Though considering they both distribute Mastercards it may well be a different policy.

    Also you can look into the Credit Unions. I have never gotten definate information on them so cannot say what they would do.

    BTW, have you tried applying for the Canadian Tire Options Mastercard?
  7. Bill

    Bill Guest

    I'm another Canadian about to start trying to rebuild my credit. It appears that a getting a secured visa or mastercard is very difficult.
    How about other ways. I'm thinking about department store or gas station credit cards. I understand that a lot of rejections show up negatively on your credit report, so I don't want to use the "scatter gun" approach. Anybody have any idea which ones are easier to get? The Canadian Tire card would appear to be good one to get if there is chance they will send you a mastercard after awhile. On the Canadian Tire web site it says that their card also offers cash advances, so maybe that would make them have tighter credit requirements. I have also noticed at times Zellers has people solicting credit applications. On the surfaces that would seem to be an almost sure thing.
    I am going to be discharged from bankruptcy in a couple of months. Should I start trying right away or would waiting a few months or a year be better?
    Any feedback would be greatly appreciated.
    Thanks Bill

Share This Page