canadian secured credit cards

Discussion in 'Credit Talk' started by William Ca, Jul 11, 2000.

  1. William Ca

    William Ca Guest

    Dose anyone no if there are any secured credit cards offered to canadians
  2. Alex - Cre

    Alex - Cre Guest

    No such thing...


    Unfortunately I've found out that there is no sub-prime credit market in
    Canada, therefore secured cards or credit cards for people with credit
    problems do not seem to exist :(

    How ever you might want to visit this site:

    They may be able to give you information that may help you. Good luck and I hope this helps!


    BAD credit? NO credit? Let Us Help!
  3. Michael

    Michael Guest

    RE: Beg to Differ

    If you are a new immigrant to Canada you can usually get a secured card through your local bank branch.

    Bank of Montreal, Royal, and Banque National do them where the branch holds the funds and is responsible.

    If your credit is screwed up you may still get them to do it but you may find they want double or triple the security to limit ratio!

  4. Alex - Cre

    Alex - Cre Guest

    RE: Beg to Differ

    Quite a few canadian people have emailed me and stated that they have tried to do this but the bank requires a ridiculously high deposit, some as high as $10,000!
  5. Michael

    Michael Guest

    RE: Beg to Differ

    Look at my advice I stated "Don't take the first no as a final answer".

    Some branches may say things like that, but the point is if you approach 6-7 branches of 3-4 different branches you will get to know some great loan officers who will help.

    You can also call the M/C or Visa centres 800# and ask them if the bank can do that. Perhaps the reason some branches say no is because they don't know they can do it.

    If you receive a yes from the M/C Centre then you can tell the branch who you spoke with and get them to learn how to do it.

    I Know Banque National does it as I've had a M/C done that way with a branch! ($500.00).
  6. Steven Z

    Steven Z Guest

    RE: Beg to Differ

    Until recently the banks offering Visa's had phased out their secured credit card programs based on their belief that their were too many previous problems with those who held the cards.

    As for M/C its true as far as BOM and Banque Nationale they offer secured cards (which will be reported as secured) to those either no credit history or NO BAD CREDIT. Last I heard the ratio was 125/100, pretty sucky but still better than the typical offshore 150/100.

    Though Swiftier1 made an interesting post last month

    Wherein he stated that Canada Trust, also M/C (which requires a ridiculous $5000+ deposit) would, I wonder what will happen to their program when they finish being swallowed up by TD.

    He also claimed that both TD and CIBC had both supposedly changed their stance and were now taking on secured clients, though this like the co-op he does business with may be only limited to Ottawa as neither of their sites or press releases makes any mention of this.

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