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.