Secured Canadian Credit CardsPosted on March 8th, 2011 | admin
Featured Secured Canadian Credit Card Offer
People in Canada with bad credit simply won’t qualify for an unsecured credit card especially in today’s economic conditions, financial institutions are using more caution when issuing credit cards so if you’re credit is bad then you’ll need to apply for only secured Canadian credit cards.
It’s important to note the reason I am saying you should only apply for secured Canadian credit cards because if you try to apply for an unsecured credit card offer that each and every time you apply for credit it adversely impacts your credit bureau report.
The fact is, if you’ve got bad credit and credit card companies see that you’ve been applying for card offers and personal loans that you don’t qualify for and keep getting your application rejected, financial institutions will be even less likely to issue a line of credit to you because, like I’ve already mentioned, each time you apply it impacts your credit score however financial institutions have what I call a “herd mentality” and if all the other banks aren’t lending to you then they don’t want to lend to you either.
So if you’ve got bad credit you need to focus on applying for secured Canadian credit cards and the good news is there are offers that offer guaranteed instant approval. Financial institutions can give guaranteed approval because a security deposit, usually equal to the amount of the line of credit, is required so there’s zero risk to the credit card company because if you default on your credit card they’ve got the security deposit to payout the credit card.
You need to know however that the security deposit is not there as a method to pay your bills, if you don’t pay your secured credit card bill then the issuing company will close your account and use the security deposit to pay off the outstanding balance and should that happen your credit score will take a serious nose dive.
Here is more info about the best Canadian credit cards for bad credit, and our top pick for the best secured Canadian credit card for 2011
Canadian Credit Cards for Bad CreditPosted on March 7th, 2011 | admin
If you thought you couldn’t get a credit card because your credit is less then perfect, there’s good news, there are Canadian credit cards available to people with bad credit. If your credit is really bad you might not qualify for unsecured credit cards however you can apply for a secured credit card off that reports to the major credit bureaus monthly.
If you’re in a situation where you need a tool for bad credit repair then the best bet is to apply for a secured credit card offer that will help you build your credit and then once you’ve built up your credit rating you’ll be able to apply for unsecured card offers that feature perks such as cash back or travel rewards but the first step is getting your credit back on track.
Let’s take a look financial institutions that will help you get your credit back on track and the best Canadian credit cards for bad credit so you can start building your credit score today
Capital One Guaranteed Secured MasterCard®
If you’ve run into credit problems and want to start rebuilding your credit, Capital One Canada believes that everybody deserves credit and they’ve provided you with a way to get your credit back on track with the Guaranteed Secured MasterCard. The way this card offer from Capital One works to help you build credit is you’ll be required to place a security deposit on the card and then you use your card just like a regular unsecured credit card.
It’s important that you know the security deposit is not used to pay your credit card balance, the deposit is only used if you don’t pay your bill. In order to rebuild your credit you’ll need to pay your credit card bill each and every month.
What I would advise you to do in order to rebuild your credit is apply for the Capital One Guaranteed Secured MasterCard® and make a few purchases on your card such as gas or grocery purchases then immediately make a credit card payment and that will ensure you don’t slip behind on your credit card bill.
If you establish good credit card habits such as what I’ve mentioned above you’ll be getting your credit on track faster and you’ll be able to qualify for more desirable card offers sooner than you think.
If you think you’re credit is in good standing then you should have a look at the best Canadian credit cards to see if you qualify for an unsecured credit card.
Best Canadian Credit CardsPosted on March 7th, 2011 | admin
What Are the Best Canadian Credit Cards for 2011?
You’ve likely been receiving a lot of credit card offers in your mailbox with claims that you should apply for the credit card company offer because you can get low interest rates and credit card rewards if you complete their offer and mail it back but the fact is not every offer from Canadian credit card companies is going to actually give you any real benefit if you apply for their card.
The fact is, if you complete one of those offers from a Canadian bank and you don’t qualify for it, your application could harm your credit rating, so before you apply for any credit card offer in the mail you need to know what the best Canadian credit cards are based on your personal financial situation.
If you’ve got bad credit then you need to know not to apply for credit card offers featuring cash back rewards or other reward incentives because rewards credit cards are only for people with excellent credit and if you’ve got bad credit then applying for a rewards card offer is only going to erode your credit rating because every time you apply for credit it impacts your credit score at the credit bureau.
So let’s take a look and the best Canadian credit cards based on your credit rating, beginning with Canadians with excellent credit, then we’ll take a look at the best credit cards for people with bad credit in Canada including those people that have declared bankruptcy to help them re-build their credit rating.
Best Canadian Credit Card for People with Excellent Credit
If you’re a Canadian citizen with an excellent credit rating and want to reap the rewards of having good credit and want to take advantage of getting cash back for your responsible credit card spending and your good habits of paying your credit card bill on time then you need to apply now for the Capital One Canada offer, the
Cash Back Credit Card
If you are a Canadian citizen with a really good credit rating and want to get rewarded on you every day purchases and don’t have a Capital One credit card in your wallet then you’re going to need to pay attention because the Cash Back Plus Platinum MasterCard® from Capital One, when you apply right now, is going to give you some really amazing rewards such as:
If you’re credit is a shining star and you want to cash back rewards then Capital One has the best cash back offer for Canadians so make sure you take advantage of the privileges you get with Capital One today any apply for their offer right now before it’s gone.
Best Canadian Credit Cards for People with Bad Credit
If you’re like a lot of other Canadians that got bad credit and you need the convenience of having a credit card and are looking for the best instant approval credit cards then you’re going to need to pay attention to this.
The fact is you might feel like you deserve to be approved for a Canadian credit card that offers rewards or low interest rates but the fact that you’ve got no credit or horribly bad credit means the credit card issuing banks are NOT going to approve you for credit because they’ve seen what has happened south of the border in the United States and our Canadian banking system is MUCH better than that in the US, the fact is that Canadian bankers have gotten scared, very scared about issuing credit to anybody with less then the most perfect credit rating so if you’re credit rating is kind of sucking right now, by sucking, I mean a credit score that’s anything less then absolutely perfect, you’re going to need to apply for a Canadian credit card offer that can help you build or re-build your credit rating so let’s take a look and credit cards for Canadians with somewhat less then perfect credit scores so you can apply for the best Canadian credit cards for people with bad credit.
Best Canadian Credit Cards for People with Bad Credit
Capital One Guaranteed Secured MasterCard®
If you’ve got questions about our top picks for the best Canadian credit cards for 2011 go ahead and submit your questions below, also if you’ve got a Canadian credit card we’d love to hear your thoughts so submit your reviews about the good, the bad and the ugly, because your review and thoughts matter.
Student Awards Canadian Student Credit CardPosted on October 5th, 2010 | admin
The StudentAwards credit card is the student credit card from MBNA which gives you a basic reward system and lets you build up your credit while you are in school. This credit card is one of the few credit cards that gives a reward program for a variety of things and gives you access to scholarships and bursaries as well through studentawards.com. All in all, it’s a great way to get through school with your finances intact and even earn some money as well.
The StudentAwards credit card gives you one Worldpoint for every two dollars you spend. These Worldpoints can be redeemed for travel benefits and merchandise; both of which are very useful to students, especially if they live far away from their families. There is no expiration date on these points and you can use them any time you have enough to redeem for something. You can also gather as many as you want. The other reward of the StudentAwards credit card is that you can get access to many scholarships and bursaries through studentawards.com which you would have had access to prior to owning the credit card. This allows you to be part of a smaller group of qualified applicants which increases your chances of winning cash to put towards your schooling.
The StudentAwards credit card is also fairly easy to manage. It has an AIR of 18.99% for purchases and 19.99% for cash advances. There is no annual fee and you can take out money at hundreds of thousands of ATMs across the country. You also get access to online management and tons of customer service in case something goes wrong with your card. You even get fraud protection in case your card gets stolen and abused. Finally of course, this credit card is a great way to start building up your credit rating so that when you graduate, you are ready to do bigger and better things with your money and your life.
It’s important for students to gain a credit rating while they can and the StudentAwards credit card from MBNA can help. You can get several rewards just for being a part of this credit card program and enjoy a reasonable interest rate with no annual fee. All in all, it’s a good way to make college life easier.
You can apply for the StudentAwards MBNA credit card here:
Premier RewardsPosted on October 5th, 2010 | admin
Premier Rewards Credit Card for Canadians
The PremierRewards credit card is a Canadian credit card from MBNA and is one of the few Canadian credit cards which gives a reward for use. This credit card gives a 1% cashback reward on every dollar spent on the card, even bills. The cashback is then applied to your balance every January, so you can watch your credit card balance melt away with no effort on your part. This is one of the few cards for Canadians which actually offers a reward and the only one which offers one like this, so it’s well worth considering.
There are two perks of the PremierRewards credit card. One if obviously the 1% cashback reward that gets put towards paying down the balance of your card every January. You get a base 1% on every purchase you make on your credit card; gas, food, clothing, hotels, even paying the phone bill! There is no keeping track of categories and no worrying about losing your reward just because you fell back a bit; indeed, you can use this cash back to help pay back your credit card, so if you end up carrying a bit of a balance, you may see it disappear come January. There is no limit on how much you can spend, nor how much money you can get back to your account, so there really is nothing to keep track of and it’s simple to use.
The other benefit of this credit card is that it has a maximum credit limit of $100,000 which is a very high limit for a Canadian credit card. It also has many other benefits befitting a platinum level credit card such as fraud protection, 24 hour customer service, and access to over four hundred thousand ATMs across the world. This card is also accepted in thousands of places, so it’s easy to use and gather up rewards.
The PremierRewards Credit Card has no annual fee and an APR of 19.99% and a balance transfer fee of 1% of the balance being transferred. There is also no introductory period yet, but the 19.99% interest rate is fixed, which is nice for anyone who worries about an uneven market rate. The rest of the fees for things like cash advances are the standard 1% of the amount taken or $7.50, whichever is more.
The PremierRewards credit card is ideal for anyone who wants a solid Canadian credit card with an easy to manage rewards system. Everything about this card is very simple, direct, and easy to manage, so it’s perfect for anyone who just wants to be able to use it and not think about it beyond paying down the balance.
You can apply for the Premier Rewards Credit Card from MBNA here:
Gold MasterCard Credit Card CanadaPosted on October 5th, 2010 | admin
Gold MasterCard Credit Card for Canadians
The Gold MasterCard is a Canadian credit card from MBNA with a really low interest rate and the possibility for a high credit limit. It’s a Canadian credit card with one of the lowest interest rates on the market and it’s moderately easy to get, though you should have a good credit standing in order to be eligible. This credit card doesn’t carry much in the way of rewards, but it is a solid credit card that is acceptable in thousands of places across the world.
The Gold MasterCard is a Canadian credit card with one of the lowest interest rates around. This card has an APR of 9.99%; far less than most credit cards which range from the optimal 11.99% and 20.99%. The card also has no annual fee; another rarity in low interest cards as many companies make up for the low interest with annual fees. The low interest also means that even if you miss some payments, your interest rates will still be lower than any other credit card (though of course, it is not advisable to ever miss a payment or it will damage your credit rating!) However, this card has no introductory period with an even lower interest fee, so you may want to keep this in mind if you like to bounce credit cards in order to take advantage of introductory fees. The rest of the fees for things like cash advances are typical of any credit card at $7.50 or 1% of the cash advance total, whichever is higher. Finally, this card is accepted in hundreds of thousands of locations and can be used to withdraw cash from thousands of ATMs across the country.
This credit card is best applied for if you have good to excellent credit though; the low interest rate means that the card is meant for those who have proven themselves capable of handling a credit card properly and so you need the credit rating to back it up. The card also has a maximum limit of $100,000, should the creditor choose to give it, and this is a very high credit limit for a credit card, especially a Canadian credit card, so it is only natural that the credit card company will only want the best customers. This means that before you apply for it, you should check up on your credit and make certain that it is as high as possible so you don’t waste any time.
The Gold MasterCard credit card is one of the best low interest Canadian credit cards out there. Your main reward is the ability to save a great deal of money on interest and the lack of annual fees and other maintenance fees. For many people, this is enough of a reward to make up for the lack of points or miles.
Apply for the Gold MasterCard Credit Card Now
Shoppers OptimumPosted on October 5th, 2010 | admin
Shoppers Optimum Rewards MasterCard Review
The Shoppers Optimum MasterCard is the credit card from Shoppers Drug Mart which allows you to get more Shopper’s Optimum points which can then be redeemed for merchandise from the drug store. The main perk of this card is the ability to augment your Shopper’s Membership by making every day purchases. It is also a Canadian credit card.
The Shoppers Optimum Drug Mart credit card is a departmental credit card; it’s relatively easy to get and only has rewards that are linked to the store. In this case, the credit card allows you to get Optimum points more quickly with every purchase and take advantage of promotional deals, especially when you first join up.
The Shoppers Optimum Rewards Drug Mart card gives you 15,000 Optimum points after you make your first purchase on the card and 25 points for every one dollar you spend using the credit card in the drug store. These points can then be redeemed for Shoppers Optimum Drug Mart merchandise such as make up, shampoo and baby stuff; even groceries.
The Shoppers Optimum Drug Mart credit card is a pretty standard departmental store credit card though. It has an introductory APR of 1.99% for the first six months, including balance transfers and check cash advances, and then 19.99% after. Unlike many other cards of its type, it has no annual fee and has purchase and fraud protection, just in case something goes wrong with your credit card. This credit card is best used only if you got Shoppers Drug Mart frequently or else you’ll end up with a wasted and rather expensive credit card. It has fairly standard fees in other things such as cash advances. However, if you like shopping at this particular pharmacy, then this is a good card to have because you can get free stuff faster from the store while buying whatever you need.
The Shoppers Optimum MasterCard is in essence, another departmental credit card; it’s really good to have when you shop at that particular store relatively frequently, but it is only good for that. It has a narrow niche of rewards and use, though you get a hefty pay of for using it in that fashion. All in all, you should apply for this card if you want more from Shoppers Drug Mart.
Apply for the Shoppers Optimum MasterCard Now
PharmaprixPosted on October 5th, 2010 | admin
Pharmaprix MasterCard Review En Englais
Revue française venant bientôt . . .
The Pharmaprix MasterCard is the credit card tied with Shopper’s Drug Mart in Quebec and the Optimum points system that this drug store has. It is a Canadian credit card, though it can be used wherever you can use a MasterCard, though since the rewards are all tied with Pharmaprix, it’s best to use this card if you have this drug store nearby and shop there.
The Pharmaprix MasterCard lets you more than double the amount of points you get from each purchase in Pharmaprix letting you get the rewards of discounts and even free merchandise faster. When coupled with the Optimum membership card, you can get up to twenty five points for every dollar spent in the drug store. If you are just using the credit card, you can still get up to five points for every dollar spent anywhere outside of the drug store, so it’s easy to stockpile Optimum points. These points are then redeemed either for money off purchases or free things depending on how many points you want to redeem. The points are tallied up at the end of every month and added to your account so you never have to keep track of anything and there is no cap on the amount of points you can gather up or any expiration date on them.
The Pharmaprix MasterCard also has 24 hour customer service and fraud protection. It uses chip technology to secure the financial lines so you can feel safe using the card anywhere.
The Pharmaprix MasterCard is fairly basic for a department store card in most other respects. It boasts no annual fee and an introductory period of six months whereby any balance transfer APR for interest is only 1.99%. After the introductory period, the APR settles at a fixed 19.99% for purchases and balance transfers. Cash advances are the standard 1% or $7.50, whichever is more. All in all, it’s a fairly standard credit card offer from a store as opposed to a bank, so its main perk is the Optimum points you can gather using this card.
If you have a Pharmaprix or a Shopper’s Drug Mart nearby and you shop there often, then this is a good card to have in your wallet for shopping at the drug store. Otherwise, there’s not much point to it, just like any store credit card. It is very good at gathering up reward points for you but since that’s its only perk, you’ll have to consider how much shopping you realistically do and whether it would be worth having.
Apply for the Pharmaprix MasterCard Online Now!
Sony Card CanadaPosted on October 5th, 2010 | admin
Sony Card Canada MasterCard Credit Card Review
The Sony Card Canada MasterCard from MBNA is ideal for anyone wishing to get more free Sony merchandise by collecting points through every day purchases. This is also a Canadian credit card. The Sony Card Canada MasterCard uses a points system which can be redeemed for music, electronics, and video games, among other things, at the Sony online store. The Sony Card is easy to use and it’s easy to get the merchandise you want with your points.
- Sony Card Canada
MasterCard is geared towards those who love their electronics. Use of this card nets you reward points which are gained at the rate of one dollar spent giving you one reward point. However, there are plenty of ways to get more, including the use of your card in the online Sony store where you can earn double the reward points. There is no expiration for reward points and they can be redeemed any time you want to. You can even purchase things partially with points and partially with your credit card if you are impatient or just want to save some money. You can get a bonus 2,000 reward points right now if you join the credit card program which is an easy way to jump start your account and start getting the Sony credit card rewards and gadgets you love.
Like most credit cards of this type, it has a higher APR at 19.99% and no annual fee. The transaction fees for things like cash advances are about average at 1% or $7.50. You can pay your balance at any time without losing your reward points, though it’s always a good idea to pay off your balance in full whenever you can so that you don’t get buried in debt, especially with this relatively high APR to consider. This card is best for those with good or better credit, largely because of the rewards program. However, you should only apply for this credit card if you are actually going to shop at the online Sony store (SonyStyle.ca) or it will be completely useless to you and expensive to own as well.
The Sony Card Canada MasterCard from MBNA is a good credit card for anyone who loves Sony and wants to get free merchandise and goodies from the company for using their credit card. However, if this doesn’t describe you, then you should give this card a pass because it has a higher interest rate and really only has the reward program to offset this. It’s a very specialized card, meaning that if you want to use the reward points, you’ll love this card, but if you don’t care about Sony, it will be useless. Consider your electronics use before you apply for this card and you’ll be much happier either way.
Apply for the Sony Card Canada MasterCard Now!
Canadian Platinum Plus MasterCard Credit CardPosted on October 5th, 2010 | admin
Canadian Platinum Plus MasterCard Credit Card Review
The Platinum Plus MasterCard Credit Card is from MBNA credit company and is a Canadian credit card. This credit card features a 15 month introductory period with 0% APR and no annual fee. The Platinum Plus MasterCard also features platinum member benefits such as 24/7 customer service, fraud protection, and million of stores and ATMs across the globe which accept the card.
This Canadian credit card features a long period of low interest which gives you great incentive to switch from a high interest card to a low one in order to make the payments more freely. This credit card also has no annual fee and low fees in other things like cash advances and other fees. However, like most Canadian credit cards, this one has nothing in the way of a rewards program and is in most ways a basic credit card with no real frills or gimmicks. Instead, it rides on its long term low interest term and entices people to join up in order to pay down their bills easier.
The Platinum Plus MasterCard credit card has no annual fee and after the 15 month introductory period, it has an APR of 17.99%. There is a fee of 19.99% on balance transfers made after the fifteen month period, so be sure to get all of your bills lined up beforehand. Fees for things like cash advances are average for this sort of credit card at 1% of the total cash advance or $7.50; whichever is more.
The Platinum Plus MasterCard credit card is a fairly basic credit card with the perk of a longer introductory period of no interest. You also get platinum member benefits such as top of the line customer service and fraud protection. However, you need to have a good credit rating and if you don’t, you may want to consider one of the secured or lower credit MasterCards from MBNA instead and work up to this one.
Apply for the Platinum Plus Canadian MasterCard Credit Card